Despite Prudential Real Estate Investors' global heft, chief executive officer Allen Smith believes the firm is as nimble, and flexible, as any boutique operation. By Zoe Hughes
10 min read · 05 January 2013
Fresh off raising $208m from the IPO of its mortgage REIT, Apollo Global says it could raise a series of private equity real estate funds. The firm’s sixth buyout fund has taken a hit following investments in Harrah’s and Realogy.
2 min read · 05 January 2013
Fresh from acquiring the landmark John Hancock Tower out of foreclosure, the private equity real estate firm has appointed Mark Roopenian to manage it and other properties in Boston. Roopenian was previously with former Hancock Tower owners Broadway Partners.
1 min read · 05 January 2013
Just five years after launching it, Citi is following the lead of other institutions and trying to exit its private equity real estate funds business. CPI must first win approval from 67% of its LPs.
2 min read · 05 January 2013
The departure of TCW’s chief investment officer Jeffrey Gundlach has triggered a key man clause in its PPIP fund, according to the US Treasury.
2 min read · 05 January 2013
The New York-based private equity real estate firm has restructured $459m in mezzanine loans with Lehman Brothers, which had been due in May. However it means handing back three properties and giving full control of seven others to the bank. The properties were purchased from Beacon Capital in 2007.
2 min read · 05 January 2013
Otera Capital Corp, part of Canadian pension fund Caisse de depot et placement du Quebec, has reportedly bought part of the 1330 Avenue of the Americas building after the property developer defaulted on a $130 million mezzanine loan.
1 min read · 05 January 2013
The current real estate crisis will be worse than the RTC of the 1990s, but a recovery will not gain ‘traction’ until late 2011 or 2012, according to the latest economic trends report from ULI and PricewaterhouseCoopers.
2 min read · 05 January 2013
The level of distress in the global real estate market has risen by more than half since the end of 2008. In the first quarter of 2009, defaults on commercial mortgages and failed property companies were more than $55bn.
2 min read · 05 January 2013
There are many parties at the table in CMBS workout situations. It is still far from clear who the winners will be, if any. PERE November issue.
8 min read · 05 January 2013
