Robin Marriott
The German government today launched its long-awaited takeover approach for Munich-based property lender Hypo Real Estate. Private equity firm JC Flowers and private equity real estate firm Grove International have said they want to retain their minority shareholding.
Though South Africa is on the brink of recession and mergers and acquisition volumes have tumbled, a report by information provider Mergermarker says there have been a string of real estate deals in the first quarter of the year.
The New York-based firm has hired Robert Cervinka as head of asset management and transactions in Germany.
The move by the German Financial Markets Stabilisation Fund (SoFFIN) is a prelude to full nationalisation.
JC Flowers' founder has resigned his position from the supervisory board of troubled European property lender Hypo Real Estate to avoid conflicts of interest as he fights to preserve the value of the firm's investment. Richard Mully, a managing partner of fellow Hypo investor Grove International, has also resigned.
The US distressed investor is reportedly interested in rescuing the UK’s largest estate agency from the brink of collapse. Apollo acquired the firm at the height of the UK housing bubble for £1bn.
The US firm wants to raise the money to help pay down debt in its German residential business, Gagfah, as well as alleviate funding issues at its other real estate investments, according to a report.
The placement agent has hired Alex Walker from the global real estate advisory business, DTZ.
Residential developers are starting to raise prices on distressed housing stock sales in a ‘clear early sign’ that the housing market is reaching the bottom, says property investment company, Assetz. House prices at auctions also appear to have started to plateau since the New Year, according to the same firm.
Administrators to Lehman Brothers in Europe have put the first few propety assets up for sale, most of them being joint ventures. PricewaterhouseCoopers says it has logged more than 300 expressions of interest in Lehman’s real estate investments since the bank collapsed.