Graham Winfrey
Average cap rates in 13 of 30 US commercial real estate markets could go down by as much as 100 basis points, according to a survey by PwC. In the past three months, average cap rates have declined in 17 out of 30 US markets.
The New York-based real estate investment firm is changing its name from GoldenTree InSite Partners to GTIS Partners after spinning out from its parent company, GoldenTree Asset Management.
JP Morgan’s $716.3m CMBS sale last week contains the strong underwriting reminiscent of years past, but whether this will develop into a pattern as the market sees more transactions remains to be seen, according to the latest Fitch Ratings US CMBS newsletter.
Stockholm-based independent asset manager East Capital Explorer has decided to close its Russian Property Fund, returning the capital back to its investors.
Heitman chief executive officer Maury Tognarelli warned that the need for US banks to protect their balance sheets, coupled with regulatory pressure, is preventing financial institutions from foreclosing on troubled assets. This phenomenon could last up to four years, he said, but opportunities for deals should emerge in the next 12 to 18 months.
The real estate fund manager has added veteran real estate investor Mark Burton to its investment committee as an external member. Burton spent the past decade as CIO of Abu Dhabi Investment Authority and the Abu Dhabi Investment Council.
The Miami-based firm is targeting a first close in September for its $500m real estate vehicle, which is focused on distressed office properties in the southern half of the US. On Monday, Parmenter announced the acquisition of a distressed office tower outside of Dallas, the 10th investment for its third fund, which has roughly $600m in assets.
The San-Francisco-based real estate investor says it’s looking to take advantage of recapitalisation opportunities given the problems in the current debt market.
Tishman Speyer and SITQ have invested $700m of equity in a portfolio of 28 Washington DC office buildings in an effort to retire $600m of debt as well as fund working capital.
LNR Property will launch a $400m rights offering to recapitalise its business. The firm, the parent company of the largest special servicer in the US, LNR Partners, has engaged Goldman Sachs and Bank of America Merrill Lynch for a new $445m loan which, together with the rights offering, will refinance a $868m senior loan.