Friday Letter Cast your votes

The end of any year brings with it the inevitable flurry of top 10 lists, awards ceremonies, New Year’s resolutions and soggy rum-soaked fruitcakes. Here at Private Equity Real Estate, things are no different—at least when it comes to awards ceremonies. We don’t really like fruitcake.

This year, Private Equity Real Estate and PrivateEquityRealEstate.com have established The 2006 Global PERE Awards, a first for us and a first for the industry as a whole. Unlike other awards that are chosen by a select group of editors in smoke-filled newsrooms, The 2006 Global PERE Awards will be voted on by all of you—the only awards for the industry as voted directly by the industry.

From the industry’s leading personality of 2006 to the year’s best exit, this is your chance to have a say on the people, firms and deals that shaped the industry over the past 12 months. By clicking on the link below, you will be able to cast your vote in 10 different categories and three separate geographic regions, Americas, Europe, Asia and Rest of World. You don’t have to vote in every category, just the ones you choose.

To vote, click here:

http://www.privateequityrealestate.com/awards06/

Once the winners from each section are established by our readers, our editorial teams in New York, London and Singapore will then select the overall global winners. All of the results will be published in the March 2007 edition of PERE to coincide with the MIPIM conference in Cannes, France. The winners will also be prominently listed on our website, www.PrivateEquityRealEstate.com, as well as in our weekly newsletter.

At www.PrivateEquityRealEstate.com, you’ll also be able to refresh your memory by searching for some of the deals, news stories and people that defined the past year. And what a year it was.

From the largest private equity transaction on record (Blackstone’s acquisition of Equity Office) to the biggest real estate fund ever raised (Blackstone…again), the past 12 months have seen records fall in staggeringly quick succession. And judging by the dollars spent in the past week alone—the $17 billion acquisition of Harrah’s by TPG and Apollo; another ski resort acquisition by Fortress; the purchase of Cushman and Wakefield; Apollo’s $9 billion takeover of Realogy—either private equity real estate investors, like most holiday shoppers, have been infected by the spirit of the season or the industry is getting set for another big year in 2007.

Yet 2006 was more than just a year of feverish activity in the US. More than any other period on record, the past 12 months demonstrated the reach of the asset class across the globe. In the Asia-Pacific region, 2006 saw the largest private equity real estate funds raised for Australia (AMP Capital) and India (IL&FS), as well as the industry’s largest deals ever in Japan (KK DaVinci’s stake in Pacific Century Place) and India (Xander’s minority investment in Bandra Kurla). In Europe, Fortress listed its Gagfah residential portfolio, creating the largest publicly traded real estate company in Germany. Morgan Stanley made its first investment in the Russian property markets. And in the UK, Liquid Realty completed the largest real estate secondary transaction ever.

Which one of these stories deserves to be a winner in The 2006 Global PERE Awards? Cast your vote today and have your say. There might just be a fruitcake in your future.

Happy holidays.