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Normandy, Five Mile buy John Hancock TowerThe Boston skyscraper was sold for a reported $20.1m, plus the assumption of a $640.5m mortgage, after Broadway Partners defaulted on a loan. Broadway paid $1.3bn for the skyscraper and two other buildings in 2006.
- 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.
- Oaktree takes control of bankrupt Pierre Foods
The Los Angeles-based private equity firm acquired most of the food product supplier’s debt for less than $200m after it filed bankruptcy earlier this year. Madison Dearborn Capital Partners bought Pierre for $422m in 2004.
- The sound of money
While many private equity and real estate firms are investing in faraway locales like India and China, limited partners in the US are finding similar opportunities much closer to home – in Mexico. By Paul Fruchbom.