Zoe Hughes
The veteran real estate investor has reportedly launched a $625m credit fund to target distressed real estate securities. The vehicle, Zell Credit Opportunity Fund, has raised $125m to date, according to regulatory filings.
The two real estate fund managers are turning to the public markets to raise capital for their next debt vehicles. Brookfield Realty Capital Corp. and Marathon Real Estate Mortgage Trust are targeting $500m and $300m respectively.
The London-based property fund manager is reportedly targeting the British real estate market with its UK Value Fund. The firm has raised £90m to date.
The $123.8bn California pension plan took a 50% write-down in its value-added/opportunistic real estate investments in the year to 31 March 2009. The pension has completely written off its equity in some funds, while others are currently reporting IRRs of more than -100%.
Prudential Real Estate Investors has disposed of a 570,000-sq-ft office to US REIT KBS. It comes as the real estate investment firm also repaid $145m of a $616m credit facility with JV partner Kimco Realty.
PERE Magazine September 2009: Barden Gale, recently named CEO of JE Robert Companies, speaks with Zoe Hughes about the challenges and opportunities facing JER and its need to keep ‘constantly evolving’
PERE Magazine September 2009: The decision by Citigroup to sell Citi Property Investors may be about reducing risk, but it only ensures the bank misses out on the potential for outsized returns over the next five years. By Zoe Hughes
Rules governing foreign investment in US property are outdated, argue opponents. Capitol Hill may finally be listening.
As part of the US REIT’s efforts to reduce its debt load, Maguire Properties is handing over control of seven buildings once valued at more than $1 billion. The properties were bought between 2004 and 2007. LBA Realty is reportedly taking over one asset, Park Place I.
Tony James and Wes Edens have each said during earnings calls this week that their firms are eager to do US bank deals, but warned proposed FDIC policies may deter investment.