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Cantor Fitzgerald hires Andrew Stark to launch real estate group

Fri, 09 May 2008, 06:00



Interdealer broker Cantor Fitzgerald has announced the creation of Cantor Real Estate and appointed Andrew N. Stark as an executive managing director to head the group's entry into the real estate investment and development market.
Hedgemedia's AltInvestment Global News Round-Up: Arx Investment's Dwight Sipprelle calls it a day

Fri, 09 May 2008, 05:55



Star manager Dwight Sipprelle is winding down his USD1.2bn global credit fund and retiring from active money management. The founder of New York-based Arx Investment Management, who previously spent 16 years at Morgan Stanley, plans to shut down the Arx Global High Yield Master Securities Fund, which has gained 150 per cent since its launch in February 2002, by June 30. His brother and fellow Morgan Stanley alumnus, Scott Sipprelle, shut down his own firm Copper Arch late last year.

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Dubai wealth fund eyes property group Minerva

Fri, 09 May 2008, 01:45


The Independent

Minerva, the property group long rumoured to have a string of suitors, is preparing for a potential takeover bid from the sovereign wealth fund Dubai World, which officially confirmed its interest yesterday, sending the shares soaring by almost a quarter. Limitless, a division of the Dubai fund, said that it was in the "very preliminary stages of considering its options in respect of Minerva". One analyst said a bid could be worth up to GBP322m.

Investors pouring money into US REIT funds

Thu, 08 May 2008, 22:31


CNN Money/AP

Despite a sluggish economy, a credit squeeze and slowing fundamentals, investors this year are plowing money into funds that invest in real estate investment trusts, reversing a long trend of outflows. A total of USD1.23 billion flowed into domestic REIT funds in the first three months of the year, according to a recent research note from Keefe, Bruyette & Woods. The funds include REIT mutual funds, which invest in a diversified portfolio of REIT stocks; exchange-traded funds, or ETFs; and closed-end funds, which raise money once and offer a finite number of shares.

European REITs show promise despite correction

Thu, 08 May 2008, 19:15


Economic Times

Appetite for direct European property buys has withered in the heat of the credit crisis but Europe's listed property markets harbour enticing opportunities, Principal Global Investors said on Thursday. Simon Hedger, the manager responsible for Principal's Global Property Securities Fund, said market turmoil had so far failed to undermine a slew of compelling reasons to maintain portfolio allocations to European property stocks.

Soft economy gives REITs 'competitive advantage,' COPT's Griffin says

Thu, 08 May 2008, 18:48


Baltimore Business Journal

While not insulated from the economic woes facing businesses across the nation, Columbia-based Corporate Office Properties Trust CEO Randall M Griffin said he believes the company continues to hold an edge over private development firms as the credit crunch continues to play itself out.

Indiabulls files IPO prospectus with Singapore authority

Thu, 08 May 2008, 15:40


The Hindu

Indiabulls Real Estate on Thursday said the firm's business trust Indiabulls Properties Investment Trust (IPIT) has submitted its prospectus for an initial public offering with the Monetary Authority of Singapore. IPIT is a business trust registered under the laws of Singapore and is planning to make an offer of its units for subscription by investors, including those in that country.

PERE magazine unveils 30 largest private equity real estate firms

Thu, 08 May 2008, 14:53


Earth Times

The Blackstone Group and Morgan Stanley Real Estate are the two largest private equity real estate firms in the world, according to the PERE 30, a new ranking of private equity real estate firms produced by PERE magazine. Together, Blackstone and Morgan Stanley have raised more than USD36 billion in private equity real estate direct-investment capital over the past five years. In aggregate, the firms of the PERE 30 have raised more than USD190 billion in private equity real estate direct-investment capital over the same period from January 2003 to mid-April, 2008.

Pub companies set for REIT conversion following HMRC ruling

Thu, 08 May 2008, 11:53


Forbes/Thomson Financial

News that pubs group Enterprise Inns Plc will be eligible to convert its estate into the more tax efficient Real Estate Investment Trust (REIT) model is likely to open the flood gates for other pub operators and trigger a spate of merger and acquisition activity across the sector. Enterprise Inns, which is one of the UK's largest operators of tenanted pubs with about 7,600 outlets, said on Wednesday it had now received the go-ahead from HM Revenue & Customs (HRMC) for conversion to a REIT following a restructuring of the group. This is likely to be in the form of a twin opco/propco (operating company/property) company, although the final details of the structure are still being finalised.

Are commercial REITs now stabilising?

Thu, 08 May 2008, 11:41


Seeking Alpha

It would appear from the recent quarterly reports of four commercial REITs that the credit market, at least in the ways that it affects the commerical REITs, is beginning to stabilize.  Here is a list of the four REITs that, when you consider what has happend over the last year, have reported incredible reports over the last week: Rait Financial Trust (NYSE: RAS); Resource Capital Corp (NYSE: RSO); CapitalSource (NYSE: CSE); Alesco Financial (NYSE: AFN). The quarterly reports put out by these four companies are all worth a read as they show four companies that are well positioned to begin expanding their businesses after a brief but sharp contraction caused by the turmoil in the credit markets last August.  

Centro shares surge on debt relief

Thu, 08 May 2008, 11:36


Sydney Morning Herald

Shares in Centro Properties Group have surged after the struggling shopping centre fund negotiated a seven-month extension on AUD2.8 billion in debt. Centro shares opened more than 18 per cent higher after it resumed trading Friday morning, and by 1122 AEST were still 2.5 cents, or 5.32 per cent, higher at 49.5 cents. Centro Retail Trust shares were also trading 1.5 cents, or 3.12 per cent higher, at 49.5 cents.

Widows and Axa put block on property pension transfers

Thu, 08 May 2008, 11:16


Money Marketing

Advisers have slammed Scottish Widows and Axa for not allowing pension customers who are partially invested in commercial property funds with restrictions to transfer any of their pension to another provider. Scottish Widows, Axa, Aegon and Friends Provident all imposed withdrawal restrictions on their commercial property funds earlier this year and these are still in place. Most pension providers allow the transfer of the part of the pension portfolio which is not invested in these property funds to another life office but Scottish Widows and Axa will not allow this.

ProLogis expands industrial portfolio in South Korea

Thu, 08 May 2008, 11:10


Earth Times

ProLogis, the world's largest owner, manager and developer of distribution facilities, announced today that ProLogis Korea Property Fund has acquired approximately 889,000 square feet of industrial warehouse space in the cities of Milyang, Icheon and Cheonan. The fund has purchased a USD31.0 million portfolio in Milyang City totaling 292,330 square feet (27,168 square meters), a USD38.1 million portfolio in Icheon City totaling 327,000 square feet (30,426 square meters) and a USD17.2 million portfolio in Cheonan City totaling 269,560 square feet (24,959 square meters) of distribution space.


Invesco Real Estate appoints European head of investment structuring

Thu, 08 May 2008, 22:54



Invesco Real Estate has announced the senior appointment of Alexander Taft as head of investment structuring for its European business, responsible for bringing together the core functions of business development, fund management, transactions and fund accounting to ensure an integrated and effective service for clients.

Stellar Asset Management launches Baltic states property fund

Thu, 08 May 2008, 22:10



Stellar Asset Management is launching the Stellar Baltic States Fund, its first investment fund for UK investors, which aims to capitalise on the developing property market in the Baltic states, working in partnership with regional property specialist Bristol & Stone and Capital City Developments.
International Housing Solutions receives USD175m for South African housing fund

Thu, 08 May 2008, 06:00



International Housing Solutions, which specialises in financing affordable housing developments and has operations in the US, the UK and South Africa, has received USD175m in capital for its newly-launched South Africa Workforce Housing Fund.
Acquisition of Goodman Property Investors boosts Aberdeen's UK presence

Wed, 07 May 2008, 06:00



Aberdeen Asset Management is to acquire Goodman Property Investors from the Goodman Group for an initial cash consideration of some GBP89m, boosting the assets under management of its specialist property investment division Aberdeen Property Investors by more than 42 per cent to around EUR30bn.
Robert Goodman named head of private equity and real assets at Sterling Stamos

Wed, 07 May 2008, 06:00



Robert Goodman has been named global head of private equity and real assets for Sterling Stamos Capital Management, responsible for management, fundraising, operating and investment activities for the firm's private equity and real assets platform.
RMR Advisors launches RMR Real Estate Securities Fund

Tue, 06 May 2008, 06:00



Newton, Massachusetts-based RMR Advisors has announced it has expanded its investment offerings with the addition of RMR Real Estate Securities Fund, its first open-ended mutual fund.
How KKR blazed a trail for listed private equity

Mon, 05 May 2008, 07:35



Arguably the biggest single boost to Guernsey's private equity industry was the launch in June 2006 of KKR Private Equity Investors, which raised USD5bn from investors and obtained a listing on Euronext Amsterdam. The deal has prompted other private equity houses - and hedge fund managers - to seek listings, although nearly two years on, the verdict on the fund's success is more nuanced.
Youthful exuberance

Mon, 05 May 2008, 07:30



Gibraltar's fund services industry is a relatively young but robust industry. Although Gibraltar fund legislation dates back years, it was the introduction of "Experienced Investor Fund" legislation in August 2005, designed for experienced, high net worth, sophisticated investors that truly made Gibraltar a serious, attractive and competitive jurisdiction. Since then, the market has gathered momentum and Gibraltar has experienced a substantial increase in the volume of fund business.
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