Abu Dhabi Investment Company has reportedly bought a 90 percent stake in Manhattan’s iconic Art Deco building from an arm of Prudential Real Estate Investors. The building is believed to have sold for close to $900m.
Olivier Piani, GE Real Estate’s chief executive in Europe, is leaving his post to head up Allianz’s new business. Piani, who is credited with building GE's real estate investments in Europe after a decade with the firm, will take up his new post with Allianz in October.
Ernst & Young veteran Howard Roth will lead the firm’s global real estate practice, succeeding Dale Reiss who retired in June this year. The group is focusing in the near term on infrastructure, sustainable investing, the credit dislocation and new reporting standards.
The US senior housing real estate investment trust, American Land Lease, is the latest company to announce a strategic review of its assets, including a possible sale of its properties. Since the start of 2008, the US REIT benchmark index, the FTSE NAREIT All REIT Index, has fallen 5.5 percent.
The US senior housing real estate investment trust, American Land Lease, is the latest company to announce a strategic review of its assets, including a possible sale of its properties. Since the start of 2008, the US REIT benchmark index, the FTSE NAREIT All REIT Index, has fallen 5.5 percent.
Fees generated from private equity-sponsored buyouts and other transactions are at their lowest level since 2003; First Reserve replaces Blackstone as the top revenue source for investment banks.
The ratings agency has highlighted the need for strong management that can manage liquidity in a new report.
The US buyout firm's abandoned cash injection forced an overnight rescue by the lender's existing shareholders, who have been offered similar terms. The share price has fallen below the price of the rights issue.
The head of Korea Exchange Bank has said that Lone Star may have no choice but to go for a block sale of the bank's shares if the deal with HSBC fails to materialise.
Mark Preston succeeds Jeremy Newsum as chief executive officer of British property group Grosvenor, owned by the Duke of Westminster. Preston was former head of the firm’s UK operations and fund management business.