Graham Winfrey
Billionaire activist investor Nicolas Berggruen has reportedly won the bidding for the troubled German department store chain, Karstadt. The Goldman Sachs-led investment entity Highstreet, which owns a majority of Kartstadt real estate assets, is said to be unwilling to make concessions requested by Berggruen to save the department store brand.
More than a third of UK pension funds already invested in real estate are actively looking to increase their exposure to the asset class, according to Aberdeen Asset Management.
Racebrook Capital, which is still raising its first discretionary real estate fund, is eyeing the massive amount of CMBS product that is due or coming due, following reports of record delinquencies.
The bank is considering selling five of its private equity fund management businesses, one of which invests in real estate properties throughout the US and Latin America. The potential moves comes as a result of the changing regulatory requirements of the banking industry.
The San-Francisco-based private equity real estate firm has appointed ex-Highland Realty Capital executive Adam Aasen and former Goldman Sachs manager Martin Walsh as director of investments and director of private capital, respectively.
A proposal to host the 2012 Grand Prix in Jersey City went in and out of the mayor’s office faster than a Ferrari. PERE magazine June 2010
A collection of West coast office buildings has California seeing green. PERE magazine June 2010
Not even Madonna’s promotional skills could save Japanese property developer Properst from bankruptcy. PERE magazine June 2010
Argonaut Private Equity, an investment firm of US billionaire George Kaiser, has teamed up with hotel real estate and management company Aimbridge Hospitality for a $100m co-investment fund. The partnership marks Argonaut’s foray into hotel investments.
The Makena Beach & Golf Resort in Hawaii has been sold at a foreclosure auction for a reported $55m, snapped up by the hotel’s mortgage holders led by Wells Fargo. The auction marks a substantial discount on the resort’s 2007 price tag of $575m, when it was acquired by Morgan Stanley Real Estate Fund V and developer The Dowling Company.