Zoe Hughes
Speaking on the opening day of the annual AFIRE conference, the global head of Blackstone's real estate group said the firm's success comes down to a simple strategy of team continuity and buying at a discount. In the US, a lack of new construction was giving the firm even greater confidence in the asset class.
Douglas Kinney has joined the Washington, DC firm after more than two years at Greenhill’s Chicago office. The move will bolster Carlyle’s global real estate fundraising efforts, after raising $2.3 billion for its sixth US opportunity fund last year.
The Greenwich, Connecticut-based firm is expected to round out its latest distressed opportunity fund at close to $3 billion by the end of 2012, near the high end of its original target range.
Ranieri Real Estate Partners, the New York-based firm co-founded by Lewis Ranieri, has held a $158 million first close on its distressed debt vehicle targeting US commercial real estate opportunities.
The Greenwich, Connecticut-based firm, led by Barry Sternlicht, is targeting between $2 billion and $3 billion for Starwood Distressed Opportunity Fund IX and is offering management fee breaks for the first time in its history.
The real estate equity investment arm of the US insurance group has committed more than $1.1 billion this year and is in the process of growing its portfolio by up to $3 billion over the next three years. It expects an even bigger expansion into direct investing in the US, particularly through co-investments and JVs.
Like every other asset class, real estate investors face massive uncertainty thanks to today’s macroeconomic policies. Noted chief economist Diane Swonk calls for a path to action, not just for real estate but for the entire US economy. PERE Magazine, December 2011/January 2012 issue
Hugh Macdonnell has joined Clarion Partners, effective today, to lead its global capital raising operations after more than 14 years at Morgan Stanley.
The real estate placement group, led by Anthony Carpenito (pic), has hired former REMCap executive Maxwell Rothaus as it bolsters its advisory activities ahead of potential new deals in 2012.
As politicians this week act to reform the Foreign Investment in Real Property Tax Act, industry professionals warn the law is preventing the US from fully competing for foreign investment.