Zoe Hughes
The latest sentiment survey from the US real estate lobby group, the Real Estate Roundtable, finds that confidence is rising in the industry – but there is still a ‘grim sense of reality’.
The high returns of the boom years have been replaced by another ‘R’ word: risk, according to a series of white papers by Ernst & Young. Real estate companies should now be focused on capital sources, reevaluating their business model and managing global risk.
The current real estate crisis will be worse than the RTC of the 1990s, but a recovery will not gain ‘traction’ until late 2011 or 2012, according to the latest economic trends report from ULI and PricewaterhouseCoopers.
Dan Teper has been hired by RBC Capital Markets to help expand the bank’s US real estate investment banking group. Teper was previously managing director at Bank of America Merrill Lynch.
PERE’s Zoe Hughes interviewed the co-founder of Equity Group Investments, Sam Zell, at the 4th Annual Kirkland & Ellis Real Estate Private Equity Symposium in New York. Zell warned against irrationally exuberant grave dancing in the current market. PERE November issue.
There are many parties at the table in CMBS workout situations. It is still far from clear who the winners will be, if any. PERE November issue.
Get over it; be constructive; be part of the solution, not the problem. GPs and LPs were offered some sober advice on the last day of the PREA conference in Beverly Hills.
Jeff Giller has left Liquid Realty after four years as CIO. He hopes to build an investment business to take advantage of the real estate distress. PERE Magazine, November 2009.
The US government has no plans to launch another "large-scale" bailout programme for the commercial property sector, but could help through TARP if the industry faces serious problems, the PREA conference was told today.
The court ruling that Tishman Speyer and BlackRock improperly raised rents on rent-stabilised apartments at a landmark New York complex is big news for the firms - and New York real estate. By Zoe Hughes