Henderson is guide to Silk Road
Henderson has been appointed adviser to a group of investors in Chinese designer outlet centres, in a joint venture called Silk Road Holdings. The investors include the Italian Fingen Group, Gaw Capital Partners of Hong Kong, Sino-US Waitex and a US institution. Fingen’s property development company RDM Asia is the operating and development partner. The first investment is the 41,000m2 Florentia Village, Jingjin Designer Outlet, near Beijing, which opened last year.
Gilbert moves to Renshaw Bay
Lynn Gilbert has joined Renshaw Bay, the hedge fund set up by former JPMorgan real estate bankers Bill Winters and Jon Rickerts. Renshaw, backed by Jacob Rothschild’s RIT Capital Partners and Reinet Invest-ments, is setting up a senior debt fund. Gilbert was head of origination for Barclays’ CMBS conduit, Eclipse, and before that, at Morgan Stanley.
Alpha finds TIME for new funds
TIME investments, a new subsidiary of institutional fund manager Alpha Real Capital, has launched two funds for retail investors, to be marketed through IFAs. The Freehold Income Trust and Capital Trading Companies funds are run by former executives from Close Asset Management.
Kingfisher buyers land financing
RBS and Santander have financed Oaktree Capital Management’s and Capital & Regional’s £130m acquisition of Kingfisher shopping centre in Redditch at an 8% yield, from Scottish Widows. The five-year, £86m senior debt represents around a 66% loan-to-value ratio. Scottish Widows bought the mall in 2004 for £211m, at a 6% yield.