Zoe Hughes
Pine Brook Road Partners, along with Goldman Sachs, JPMorgan, PartnerRe and Renaissance Re, has pumped $500m into Essent - a new private mortgage insurance company targeting US residential loans.
With LPs increasingly seeking safety amid quality, core real estate assets, Falcon Real Estate president Jack Miller said it’s essential for all sides to have an honest debate about the type of returns they can realistically expect from real estate in the coming years.
Peter Pereira-Gray reiterates his cautious approach to investing in private real estate funds, warning alignment of interest among LPs is a key concern.
The New York-based real estate firm, which was originally targeting investments primarily in Latin America, is now targeting the US. The firm is also raising an agribusiness vehicle targeting agricultural land in Argentina, Brazil, Colombia and Uruguay.
India’s largest listed developer is reportedly preparing to sell non-core assets over the next three years to repay more than $2.8bn of debt. DLF founders this week sold 10% of the development company to raise cash to buy out private equity firm DE Shaw from property trust, DLF Assets.
John Herbert, a former managing director of Merrill Lynch’s European property and hotel group, has joined the Italian firm as senior advisor of its €300m fund of funds.
The Cayman Islands-based firm has launched a residential housing fund, with hopes of closing the vehicle by the end of the year. Half the fund is expected to invest in Peru and Colombia. The firm's last fund closed on $42m last year.
PERE Magazine May 2009: With the risk of defaults on commercial real estate mortgages rising, some firms are snapping up mezzanine debt pieces in an effort to be first in line when a foreclosure occurs
Despite few properties trading hands in the capital, Monday Properties CEO Anthony Westreich says cap rates in Washington DC are above their historical trends suggesting the metro office market may have repriced too far. Washington DC, he says, is the "best" market in the US.
Despite glimmer of hope that the commercial real estate debt and equity markets will improve over the coming year, property CEOs warn the TALF and PPIP lending programmes must urgently unveil their plans to help real estate.