Merle Crichton
The private equity giant’s chairman said the firm has sold nearly all of its New York office holdings but maintains properties on the West Coast where sector demand is growing.
‘The extra distribution capacity is key to our growth plans,’ says chairman Richard Croft of the benefits of selling a 6% stake in the manager to Hong Kong finance house TTB Partners.
Consistency in strategy and performance has led to strong investor support for the Chicago-based manager born after the global financial crisis.
Investors seeking to acquire non-debt distressed assets will have to wait, the executive and other managers told a recent webcast.
The duo will target both the acquisition and origination of loans secured by real estate in the western US, Ireland and the UK.
The asset manager’s recently structured real estate team will seek to take advantage of opportunities arising from the covid-19 crisis.
The acquisition would have been the biggest sale of UK retail parks in a decade.
The €150m separate account awarded to manager AEW kicked off last week in Paris with the purchase of a 37,000-square-foot office for €50m.
After a lofty point in the investment cycle saw the definition of prime real estate become flexible, investors are now unwilling to tolerate extra risk without additional rewards.
The pandemic will make it difficult to invest capital during the first half of the year but declines in asset pricing are expected to help deal volumes rebound in H2 2020.
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