Robin Marriott
Two senior professionals have departed the firm in the span of two weeks, amid a turbulent period for the placement industry.
PIK Group, the Moscow-based public property company, has abandoned plans to raise a fund from third party investors in the wake of the credit crunch. The decision was taken earlier this year, according to a spokeswoman.
The Canadian ski slope company is selling lodging and commercial operations at Arc 1950 Resort in Savoie and Flaine Montsoleil Resort in the French Alps.
More than $93bn worth of properties in the US are in default, foreclosure or bankruptcy. Research by Real Capital Analytics warns the equity in $1.3tn of property bought or refinanced between 2006 and 2008 is at risk - if it hasn't already been wiped out.
Paris-based insurer Axa says its real estate investment management business has struck an agreement with Chinese insurer, Ping An, to co-invest in residential projects in the country. A China real estate fund is also on the way.
The Association of Real Estate Funds (AREF), which represents UK unlisted vehicles, and the Property Industry Alliance (PIA), made up of various UK property associations, have fired off letters to the Treasury in London and the UK’s Financial Services Authority amid concerns about a European Union draft directive that has huge implications for private equity real estate funds operating in Europe.
The Canada Pension Plan Investment Board has agreed to inject equity into a retail park fund advised by REIT, British Land, and managed by Schroder Property.
The New York firm has sealed its status as the largest raiser of private equity for real estate by closing Blackstone Real Estate Partners Europe III.
Bridge Capital, a South African corporate and property advisor, is launching a €130 million fund to take advantage of South African opportunities. The firm points to IPD, whose world property index suggests the South African market has been one of the best performers in the last six years.
The cash infusion will help Goodman meet liabilities this year. The Australian property group says the agreement with CIC also envisages the pair working on a broader strategic relationship.