This month’s issue of PERE has gotten into the summer spirit too. Indeed, the editorial team offers you a choice of three interesting destinations.
First up is Ireland. In a special report on p. 6, Robin Marriott examines the fall of the Bank of Ireland and the resulting sale of its once high-flying property management business. Wax nostalgic as Robin recalls the pinnacle of the firm’s success, then open yourself to its possibly bright future as part of Kennedy Wilson.
Next, it’s on to China. Asia reporter Jonathan Brasse takes an indepth look at the country's sovereign wealth fund, China Investment Corporation. Starting on p. 26, he explores the fund's strategy, focus on optionality and its plans to hand out more mandates to new managers.
Lastly, PERE visits Scandinavia. Robin, in Stockholm to discuss the state of the Nordics with several of its larger players, finds that the region has undergone an evolution as everyone’s attention was focused elsewhere. Not quite the safe haven it once was, the region is dealing with a Danish banking system in disarray, Icelandic subsidiaries grinding out sales and localized distress in Sweden. Read all about it, beginning on p. 38.
As for catching up with old friends and making new ones, I suggest you check out our feature on emerging managers. Starting on p. 31, PERE profiles 10 up-and-coming private equity real estate firms that LPs should get to know. While most emerging managers are unlikely to achieve success, these firms have the right combination of skills, experience and strategy to go the distance. The section kicks off on p. 30 with an overview of what constitutes an emerging manager and why LPs should care.
Beyond that, the PERE team also brings you news on Lone Star attracting $5.5 billion for its latest real estate fund, Baring Private Equity Asia making its foray into real estate and complete coverage of the PERE Forum: Europe in London.
Sorry we couldn’t deliver on the beach or relaxation, but I leave that part up to you. As for myself, I plan to partake of both over the coming weeks as part of a much-needed break from the daily grind.
Enjoy the issue (and the summer),
Senior Editor, Real Estate