The New York-based real estate firm has brought on Matthew Delicata from London-based Patron Capital to bolster its planned distress real estate fund team. The fund is expected to focus on the five boroughs of New York. King Penguin has also hired former Carlton Group professional, Garett Pelton.
The Las Vegas-based real estate investment firm is raising its debut fund to take advantage of a short-lived period during which homebuilders are unloading properties at deep discounts. The firm says it plans to take advantage of a tax rebate window. The fund will have a lock-in period of just one year after the final close.
While office occupancy costs dropped in most of the world, The Middle East and Africa as well as Central and Eastern Europe saw cost per workspace per annum increase by 28% and 11% respectively in 2008.
The asset manager raised capital from its limited partners, including the Oregon Investment Council, to repay margin debt on the German apartment owner which has reportedly been struggling with its debt load.
The US government’s Term Asset-Backed Securities Loan Facility should successfully create clear market prices, but will need the participation of the private sector, according to speakers at the PREA spring conference in Washington DC.
The $26bn Maryland State Retirement Agency has been cleared to unwind its direct real estate investments – on the basis that the pension is not ‘big enough’ to pursue such a strategy – and will instead focus on funds and REITs.
Morgan Stanley VP Insa von Jürgensonn has joined the fund management arm of global property services firm Jones Lang LaSalle as fund manager for the firm’s German funds also overseeing the firm’s Northern European assets.
The real estate investment firm co-founded by Sam Zell and Gary Garrabrant has purchased 20m shares of Sao Paolo-based Construtora Tenda after Equity’s portfolio company Gafisa took a 60% ownership stake last year.