Graham Winfrey
Listed investment firm, Fairfax Financial, will purchase up to $100m of the Beverly Hills-based firm’s convertible preferred stock.
A Starwood Capital-led consortium has reportedly made a ‘better’ offer than rival Centerbridge Partners and Paulson & Co. for the bankrupt hotel operator. Starwood’s bid was delivered Monday, the last day to submit competing bids.
Washington DC-based The Carlyle Group has closed its Asia Real Estate Partners II fund on $485m after setting out to raise $1bn in 2008. The company has remained active in raising capital and deploying equity over the past year.
The New York-based pension fund and asset manager is expanding into investment management for endowments and foundations, hiring Rice University’s Scott Wise as chief investment officer of the new management business.
The Beverly Hills-based investment firm has entered into an equity joint venture with debt shop PCCP to acquire the Summer House apartment complex in Alameda for $86m.
The $16.7bn Austin-based Texas Municipal Retirement System has hired consultant ORG to help it add real estate as a new asset class. Texas MRS aims to allocate 10% of its portfolio to real estate over the next ‘several’ years.
A Starwood Capital-led consortium is reportedly nearing a deal to receive $2.2bn in financing from Goldman Sachs for a bid to acquire bankrupt hotel chain Extended Stay.
The Canada Pension Plan Investment Board has acquired a 45% interest in the McGraw Hill building from SL Green for roughly $576m and acquired another 45% stake in the REIT’s recent purchase of 600 Lexington Avenue for approximately $87m.
The US REIT has withdrawn its acquisition and recapitalisation proposals for bankrupt mall REIT General Growth Properties, alleging the firm ‘hastily’ decided to transfer hundreds of millions of dollars of value to the Brookfield-led consortium plan.
Brookfield chief executive officer Bruce Flatt called the cost of warrants his firm would receive from bankrupt REIT General Growth ‘irrelevant’ and ‘meaningless.’ GGP will reportedly decide Thursday whether to postpone a key bankruptcy hearing to debate the offers after Simon submitted a new bid.