Waterton

Former Lennar exec John W Gray succeeds retiring investment chief Rick Hurd as the Chicago-based firm looks to grow its development business.

The venture is expected to significantly expand the South Korean investor’s real estate platform business, which was launched last year.

The Chicago-based firm joins a growing list of managers targeting distress.

The transaction is the third in the New York-based firm’s minority stakes strategy investing in real estate managers.

Private real estate insiders point to the key factors that made Julie Donegan the winning candidate for one of the industry’s most high-profile jobs.

Taking charge of the pension giant’s $50bn AUM property business is a daunting task. But Julie Donegan is prepared for the challenge.

In the world’s largest property market, insurance companies are stepping in for retrenching banks, while cash is king in refinancings.

Market uncertainty could put more transactions on ice during the second half of the year, according to capital advisory firm Hodes Weill.