Investors

New York’s highest court finds that Tishman, BlackRock, and previous owner MetLife, improperly deregulated rents at the Manhattan complex. Tenants who brought the case are claiming back rent and damages of up to $600m.

The São Paulo-based firm raised more than half the capital since September 2008, targeting North American and European investors. The firm will focus on office and affordable housing developments in Brazil.

In the year to the end of June 2009, opportunistic real estate funds returned -50.3% to investors, compared to -34.4% for closed-ended value-added funds, according to the latest NCREIF/Townsend performance figures.

The property management arm of British insurer L&G has revealed it has snapped up more than 9 assets in the retail, office and industrial class.

The $200bn pension’s senior portfolio manager for infrastructure has hired two additional portfolio managers under him, Christine Yokan and Todd Lapenna.

The Denver-based logistics giant says the refinancing now means it has “addressed, refinanced or paid off $2.2bn of its debt maturities in 2009 and 2010.

Four investors, including Danish pension fund PenSam, committed more than €100m to Sparinvest Property Fund II. The fund will target UK property funds first.

The struggling Central European property firm, Orco Property Group, has reportedly hired UBS bank to help find potential new investors. Colony is still in talks to acquire a stake in the group after Orco filed for bankruptcy protection.

The private equity and real estate firm has fallen short of its target, but raised 35% more than Fund II.

Investors support continuation of fundsin the non-listed real estate market despite their own liquidity issues, says INREV.