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ASIA NEWS: Apollo missionHaving just set up his own platform, Asia investment veteran Grant Kelley, has opted instead to back a bigger horse. PERE Magazine, March 2010 issue.
- Asia advance
Apollo Global Management is expanding its real estate operations into Asia, at a time when more traditional competitors are hanging on by their fingertips. The emergence of capital-rich domestic buyers, though, will keep Apollo - and other Asia-focused GPs - on its toes
- Glenmont closes Fund III on $100m
Glenmont Capital founding partner Larry Kestin expects lenders to get more realistic over prices in 2010. The firm recently acquired a Florida hotel from a bank after the borrower filed for bankruptcy.
- Orco-Colony deal becomes less likely
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.
- Colony Capital eyes group public listing
The firm’s founder, Tom Barrack, has reportedly signalled his intention to take the firm public, using its REIT debut vehicle, Colony Financial, as a stepping stone.
- Colony taps Brent Elkins from Morgan Stanley Real Estate
The former Morgan Stanley and AMB executive has joined Colony Capital to help the Los Angeles-based firm develop new funds. Colony is targeting $5.25bn for its two latest vehicles.
- Colony will address Neverland future in “due time”
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.
- Blackstone, Morgan Stanley top PERE 30
The New York-based private equity real estate firms are once again the two largest private equity real estate firms in the world. The top 30 firms raised more than $211 billion in value-added, opportunistic capital over the past five years.
- Station Casinos files for Chapter 11
After much publicity over its $5bn debt-load, the Colony Capital-backed casino operator has filed for bankruptcy protection.
- The grass is always greener …
As private fund managers look to the US public markets to raise capital, one public REIT is looking to a private fund to take advantage of the downturn. By Zoe Hughes