Zoe Hughes

The Kuwait Investment Authority is reportedly launching a fund targeting local real estate markets.

As the two industrial fund managers work towards a merger, the firms report damage estimates from the earthquake and tsunami. AMB said 40% of the $6m in damages suffered to its portfolio applied to its $673m Japan Fund.

The New York-based firm purchased the interest in X-Leisure Fund from BT Pension Scheme and Hermes Real Estate for a reported £65m.

Through a 50-50 joint venture, the two US REITs have merged $400m of debt positions in the $1.3bn New York office property owned by Broadway and Investcorp.

The San Francisco-based logistics developer and fund manager will invest $88m into the venture with HIP China Logistics, a specially created entity backed by international capital.

Carolijn ter Haar has left Morgan Stanley Alternative Investment Partners for personal reasons, prompting fellow portfolio manager David Boyle to move to London. Joseph Stecher continues to lead the team from New York.

The chairman of Morgan Stanley’s real estate business is quitting his role as CEO of the bank’s Asia operations. He is set to return to New York in June, but reportedly declined to say whether he would remain with Morgan Stanley in the future.

Daniel Mudd will challenge a ‘Wells notice’ served by the Securities and Exchange Commission, as the federal agency investigates the conduct of Fannie Mae and Freddie Mac in the run-up to the financial crisis.

The 28-property Highland Hospitality portfolio was purchased for $1.28bn by US REIT Ashford Hospitality Trust and Prudential Real Estate Investors. Around $200m of equity from JER was wiped out in the deal.

The Philadelphia-based arm of the London investment firm is targeting between $250m and $500m for a multifamily development vehicle, the Grosvenor US Multifamily Fund. Meanwhile, Sares-Regis eyes $200m for multifamily acquisition.