The US’ second largest mall owner, burdened with $27.3bn of debt, has ‘reluctantly’ filed for Chapter 11 bankruptcy protection after unsuccessfully trying to refinance its loans out of court. The REIT has obtained $375m of DIP financing from investment firm Pershing Square to continue operations.
2 min read · 05 January 2013
The Teacher Retirement System of Texas is set to commit up to $2bn in capital to real estate in an effort to close the 6% gap between its actual and target allocations.
2 min read · 05 January 2013
After talks with Colony Capital fell through, the 50/50 investors came to an agreement with their lenders to finance the completion of City Center in Las Vegas.
1 min read · 05 January 2013
While office occupancy costs dropped in most of the world, The Middle East and Africa as well as Central and Eastern Europe saw cost per workspace per annum increase by 28% and 11% respectively in 2008.
2 min read · 05 January 2013
The asset manager raised capital from its limited partners, including the Oregon Investment Council, to repay margin debt on the German apartment owner which has reportedly been struggling with its debt load.
1 min read · 05 January 2013
There is no model for the newspaper business capable of stemming what may be ‘unending losses’, the chairman of Berkshire Hathaway said at its annual meeting. Despite the declining market, Platinum Equity recently acquired the San Diego Union-Tribune, and HM Capital is reportedly in negotiations to buy Blethen Maine Newspapers.
2 min read · 05 January 2013
The New York-based private equity firm’s latest fundraising efforts bring Blackstone’s total dry powder for private equity to $13bn. Reporting a $193.6m fourth quarter loss, Blackstone said it remains focused on investing in non-cyclical industries.
2 min read · 05 January 2013
The private equity firm has said it is looking at select investment opportunities 'in areas that have already hit bottom', such as rescue financing for the retail sector, while it waits for the resurgence of its core areas of focus, private equity and real estate.
2 min read · 05 January 2013
The private equity firm has brought on Morgan Stanley’s global head of healthcare investment banking, John Moore, to lead its North American healthcare team. The team will focus on global scalability and cost effectiveness.
2 min read · 05 January 2013
The Dubai-based investment firm is entertaining bids for the iconic New York store after buying it for $942m in 2007, according to reports. A sale would likely mean a substantial loss for Istithmar.
2 min read · 05 January 2013
