Starwood Capital, Fortress, DE Shaw and Five Mile have offered $3.5bn for the hotel group’s $4.1bn first mortgage, according to the WSJ.
2 min read · 05 January 2013
Thomas Barrack writes an open letter to Santa Barbara residents appealing for the community to welcome Michael Jackson fans with open arms as they descend on the singer’s “only true home”, the Neverland Ranch. Colony reportedly spent more than $3m renovating the property this year in preparation for its sale.
2 min read · 05 January 2013
The $123.8bn California pension plan took a 50% write-down in its value-added/opportunistic real estate investments in the year to 31 March 2009. The pension has completely written off its equity in some funds, while others are currently reporting IRRs of more than -100%.
2 min read · 05 January 2013
Steven Lin, the executive vice president of Capmark Financial and head of its Asia operations, has resigned effective immediately, according to a regulatory filing. Lin was formerly with Goldman Sachs' Real Estate Principal Investment Area.
1 min read · 05 January 2013
A Capmark bankruptcy could lead to one of the biggest private equity losses ever. KKR, Five Mile Partners and Goldman Sachs invested $2.1bn in equity in the company in 2006.
3 min read · 05 January 2013
In the year to the end of June, Virginia Retirement System’s real estate portfolio returned -28.3% compared to a 19.8% benchmark. The pension has lost $12.2bn in value in 12 months.
2 min read · 05 January 2013
The $72.3bn US pension joins a raft of North American funds recording losses for the year to June 30. Once again real estate was the best performing asset class returning 8.74%, followed by fixed income and private equity.
2 min read · 05 January 2013
Patricia Gerrick has resigned after driving the state pension exposure to real estate and private equity to 5%, respectively.
2 min read · 05 January 2013
As part of the US REIT’s efforts to reduce its debt load, Maguire Properties is handing over control of seven buildings once valued at more than $1 billion. The properties were bought between 2004 and 2007. LBA Realty is reportedly taking over one asset, Park Place I.
2 min read · 05 January 2013
The New York-based investment manager has $12.4bn of capital to deploy to real estate and $14bn for private equity. Announcing its second quarter results, Blackstone wrote down its real estate portfolio by 19 percent.
1 min read · 05 January 2013
