Zoe Hughes

The direct asset management arm of NAB has acquired a 35% non-controlling interest in the New York private equity real estate firm as AREA looks to expand its institutional base and fund operations.

Land and property prices continue to rise in Brazil’s two largest cities, São Paulo and Rio de Janeiro, but local GPs and industry groups say fears of a bubble are overblown with the country “buying for growth”.

The Boston-based private equity real estate firm was expected to launch Rockpoint Real Estate Fund IV in the first quarter targeting a similar amount to its predecessor, Fund III, which closed on $2.5bn in 2007.

Jeffrey Rutishauser has been appointed senior managing director of the New York-based private equity real estate group responsible for acquisitions and capital raising.

After allocating $75m to three Brazil GPs, the real estate equity investment arm of the US insurance group is considering investments in the Asia-Pacific region, possibly India, as it seeks to create a global property portfolio.

The New York-based firms are believed to have invested $100m of equity in the eight-property portfolio in Virginia and Maryland. RREEF sold the assets after the CMBS loans secured against the portfolio were sent to special servicers.

The SoTan China Real Estate I vehicle has raised $200m from a group of LPs and $200m from TAN-EU’s JV partner Shui On Construction and Materials. It will primarily target residential anchored mixed-use developments in China’s second tier cities.

The real estate investor and former president of Istanbul football club Besiktas has held a €32m inital close on the private equity real estate fund, which is targeting hotel and residential opportunities in the country.

Allianz will commit €400m to the venture – it’s largest industrial JV ever – as it looks to target logistics deals in the Eurozone.

James Sunday has been named partner at the Simsbury, Connecticut-based group, while Ira Shaw has been promoted to vice president.