The London-based private equity real estate firm has teamed up with Sixth Street to buy the UK housebuilder it once owned.
The Chicago-based firm joins a growing list of managers targeting distress.
The Miami-based manager raised nearly 30% of Fund IV’s equity from co-investment capital, driven in part by platform investments.
The Singapore-headquartered firm will combine its real estate and alternative assets units into a real assets platform led by the group CEO.
All told, the Los Angeles-based manager now has $5.5bn to target distress real estate opportunities in the US and Europe.
The UK manager plans to treble its residential allocation and form more institutional partnerships as part of an ongoing real estate revamp.
The five assets are in Massachusetts, Maryland, New Jersey, Pennsylvania and Virginia.
As prices tumble, the mega-manager is back to investing aggressively in a sector it spurned two years ago.
The Dallas-based private equity real estate firm has kickstarted its fast deployment plans for the $2.7bn vehicle with a large logistics, retail and offices portfolio.
The Swiss bank’s multi-manager real estate business has made an initial commitment of more than $100m to the Los Angeles-based manager.