The Great Pyramid of Giza, the last remaining of the Seven Wonders of the Ancient World, was built, by the most widely accepted archaeological accounts, for the Egyptian pharaoh Cheops and completed around 2560 BC. Though experts differ wildly on the number of laborers required during construction—estimates range between 15,000 and 300,000 workers—most Egyptologists agree on the amount of time it took to build the 6-million-ton pyramid: 20 years.
In its brief, 20-year history, the private equity real estate industry has engineered some landmarks of its own—although whether or not any of those buildings will be around 4,500 years from now is open for debate. In this issue of Private Equity Real Estate, we present our picks for the 20 landmark transactions that have not only generated the biggest headlines, but also the greatest influence on the asset class' development. Check out p. 27 to see if your deal made our cut.
One firm that did make our list, Macquarie Global Property Advisors, is quickly making a name for itself in the private equity real estate industry, particularly in Asia. Beginning on p. 22, we speak with MGPA chief executive officer James Quille and discover what it takes to keep up in today's global marketplace. Hint: it involves a lot of frequent flyer miles.
As far as landmarks go, the European hotel market has its fair share, from Claridge's in London, where George IV held court in the 1800s, to the Hotel de Crillon in Paris, commissioned in 1758 by King Louis XV. Beginning on p. 44, Arthur de Haast, chief executive officer of Jones Lang LaSalle Hotels, examines private equity interest in the European hospitality sector and the possible exit strategies for opportunistic investors.
Back in the US, another well-known building, Elvis Presley's home Graceland, was recently named a National Historic Landmark by the US Department of the Interior. It made the news reels once again when Japanese Prime Minister Junichiro Koizumi, a huge Elvis fan, toured the property with US President George W. Bush last month (see p. 6). Judging by the news coverage of the event, Elvis has not left the building.
Enjoy the issue,