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The asset management giant has appointed the former HPI executive as portfolio manager with the real assets division.
BlackRock has completed its latest investment in UK social housing with a £100 million commitment to a development project in Scotland.
Lloyds Bank Commercial Banking and BlackRock are among a group of lenders which have provided a £275 million (€323 million) debt package to a housing association in Manchester, UK, according to Real Estate Capital's sister title, Private Debt Investor.
BlackRock has launched an alternative income fund targeted at UK defined benefit pension schemes through which it will aim to invest in UK real estate debt.
The majority of insurance companies surveyed in a new study from BlackRock plan to increase holdings in one or more income-producing private debt strategies. Eighty-two percent of the insurers, comprised of 248 respondents and representing $6.5 trillion in assets, said that they would increase allocations to at least one alternative credit strategy such as commercial real estate debt.
LaSalle Investment Management's Michael Zerda is joining Blackstone and Blackrock's Rawle Howard is joining Canadian Pension Plan Investment Board. Zerda, European director in the debt investments and special situations group at LaSalle, is to become managing director at Blackstone Real Estate Debt Strategies (BREDS). He will report to senior managing director Rob Harper and is expected to start his role in Q1 2016. Howard, head of European real estate debt originations at BlackRock, is to become head of European real estate debt at CPPIB.
Real estate is winning out over other asset classes despite the steady increase in pricing over the past two years due to its relatively higher yields, delegates at the Urban Land Institute’s annual conference in Paris heard today. Speaking as part of a panel dubbed “Follow the money? – Global Real Estate Capital” Jack Chandler, chairman of Blackrock Realty Advisors, said that investors saw the asset class as more palatable than bonds or gilts, some of which were providing a negative return subject to inflation.
JPMorgan Chase Bank has provided a five-year, $190m loan on CV Properties’ new One Channel Center office building in South Boston. The bank placed an additional $50m mezzanine loan through global investment management company BlackRock. One Channel Center (Credit: David Ryan, The Boston Globe). One Channel Center (Credit: David Ryan, The Boston Globe). The debt replaces $170m of construction financing that the lenders provided two years ago and allows for a recapture of equity. The 500,000-square-foot, 12-storey office building and an adjoining 970-car garage is fully-leased to financial services giant State Street, which opened the new building last month. Completed last year, it can house more than 3,500 employees. One Channel Center is part of the broader Channel Center project, a 2m-square-foot mixed-use development with office, residential and retail, and plans for at least two open space parks. CV Properties bought an undeveloped portion of Channel Center from Beacon Capital Partners LLC in 2007 for a reported $21.5 million, overseeing the development and redevelopment of about 1m square feet with the backing of capital partner AREA Property Partners, which was later acquired by Ares Management. CV Properties and JP Morgan Chase Bank declined to comment.
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