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May 2013 issue
DECONSTRUCTED
PERE 50
PERE reveals the results of its sixth annual ranking of the largest private equity real estate firms in the world in terms of fundraising activity. This year, there was a reshuffling of firms at the top of the ranking as large funds closed in 2007 fell out of consideration.
STATESIDE
Fund managers with noncore strategies can achieve high returns in a low-risk,stable environment by getting their hands dirty with development. By James Comtois
AMERICAS NEWS
Starwood discusses its big equity haul
Mexico’s REIT market heats up
Talking about what investors want
EUROZONE
Technology hubs such as Cambridge and resource-related markets such as Aberdeen are catching the eye of UK fund managers as they look outside of London for fresh investments, but the bulk of the deals will remain in capitalconstrained and distressed situations. By Robin Marriott
EUROPE NEWS
Behind EAPF’s real assets mandate
Mixing co-investment and fundraising
Unipension revamps property focus
ASIAVIEW
With a $500 million commitment, one US pension has set Blackstone well on its way to raising the largest real estate opportunity fund in Asia. By Jonathan Brasse
ASIA NEWS
Phoenix puts focus on China
Wong goes wider with TransAsia
Allianz take long view on China
GO BIG OR GO HOME
Jeff Schwartz’s career has long been defined by the growth he has generated, first with ProLogis and currently with Global Logistic Properties. PERE caught up with the man in Hong Kong to hear about where he sees growth coming from next. By Jonathan Brasse
GETTING OVER THE GOAL LINE
In a tricky fundraising environment, fee breaks are becoming a more prevalent and influential factor in drawing investors into a fund’s first close. By Evelyn Lee
CAPITAL WATCH
THE NEWS IN NUMBERS
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April 2013 issue
DECONSTRUCTED
REMEMBERING PETER LEWIS
When the head of Americas real estate investment research for global consulting firm Towers Watson died unexpectedly last month, numerous industry executives paid tribute to a friend and colleague known as much for his quick wit as his expertise.
STATESIDE
A new bill purports to help make California public pension plans more competitive, but it also appears to contradict the pro-transparency stance that many investors have adopted as of late. By Evelyn Lee
AMERICAS NEWS
Blackstone faces challenges in Brazil
NYC pensions invest in rebuilding
Cantor eyes debt fund business
EUROZONE
Doubts that buyers of nonperforming loans can make 20 percent returns in low-growth Europe have surfaced with regularity over recent weeks. By Robin Marriott
EUROPE NEWS
Oaktree takes stake in Griffin
Starwood’s Taljaard forms new firm
Cyprus cause scare for GPs
ASIAVIEW
Whether or not Dubai’s real estate market is experiencing a mini-recovery, there are indicators of a positive future. By Jonathan Brasse
ASIA NEWS
MGPA on the auction block
Goodman’s HK fund motors on
More core funds in Asia
BREAKING NEW GROUND
Brookfield Asset Management is ushering in a new era for its real estate business as it strives to build a global opportunistic platform. By Evelyn Lee
THE LOGISTICS OF E-COMMERCE
As e-commerce giants like Amazon and eBay grow at a staggering rate, so are their needs for global warehouse space.What private equity real estate firms are doing to capitalize on this growing trend and what value they can provide to the Amazons of the world. By James Comtois
IT'S A WRAP
The pavilions at this year’s MIPIM property show in Cannes have been taken down, but the plot could have been very different had Cyprus blown up earlier. By Robin Marriott
BECOMING THE HUB OF COMMUNICATION
Alter Domus explores the role of depositaries for real estate funds under Europe’s Alternative Investment Fund Managers directive.
COME FOR CORE, STAY OPPORTUNISTIC
International capital continues to be drawn to Europe for core properties in safe haven markets, but more investors are beginning to come for the region’s potential opportunistic plays.By Robin Marriott
CAPITAL WATCH
THE NEWS IN NUMBERS
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March 2013 issue
DECONSTRUCTED
ON THE COMEBACK TRAIL
In his first interview since Deutsche Bank announced a strategic review of its asset management businesses nearly 18 months ago, Pierre Cherki, global head of RREEF Alternatives, talks about how the organization hopes to grow again. By Robin Marriott
STATESIDE
Latin America now commands some of the world’s highest office rents, which raises questions about the feasibility of opportunistic returns for that property type in the region going forward. By Evelyn Lee
AMERICAS NEWS
Related expands to high-yield debt
MayfieldGentry CEO pleads guilty
Carroll lands sizeable separate account
EUROZONE
With conflicting views from a handful of market players and industry reports, the growing question is how good Europe will get for opportunistic investors. By Robin Marriott
EUROPE NEWS
Papachristophorou returns with BSG
Doughty Hanson exits RE business
GE Capital sells CEE fund to Valad
Pramerica’s changing of the guard
Ivanhoe looks to set up shop in London
ASIAVIEW
Capital commitments to a China car parks vehicle, led by two of Asia’s biggest private real estate investors, indicate the region’s readiness to embrace alternative real estate assets. By Jonathan Brasse
ASIA NEWS
CBRE forms new capital advisory biz
JLL makes the case for China50 cities
BLUEPRINT: INTO THE UNKNOWN
Hong Kong-based Arch Capital has quickly made its imprint on private equity real estate in Asia, but its very existence required something of a leap of faith. By Jonathan Brasse
BUYING THE 'BANK'
Some private equity real estate groups have been buying specialty finance businesses in the US, further underlining their ‘behemoth’ status. By Evelyn Lee
THE AMERICAN TOUCHDOWN
Wells Fargo, Bank of America and possibly Morgan Stanley are firing up UK commercial real estate lending practices as Europe begins to see more liquidity. By Robin Marriott
FROM BUST TO ROBUST
Michael Nierenberg, head of global mortgages & securitized products at Bank of America Merrill Lynch, explains how and why the seemingly moribund commercial mortgage-backed securities market is steadily recovering. By James Comtois
RISE OF THE LOAN SALES MARKET
Two new reports chart the emergence and growth of the real estate loan sales market in the UK, Ireland and Europe.By James Comtois
CAPITAL WATCH
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February 2013
DECONSTRUCTED
STATESIDE
There may be no research to suggest that having independent directors on the investment committee is a sure fire way to improve IRRs. Nevertheless, there is a notable body of opinion in US private equity real estate suggesting that indies should have a greater role to play in the industry. By James Comtois
AMERICAS NEWS
CPPIB explains its global view
Joseph Stecher forms his own firm
PREI revamps LatAm strategy
PERE Summit New York
EUROZONE
Findings of a report by our in-house data service,PEREConnect, suggests JVs, separate accounts and co-investments are gaining popularity as LPs look to greater control. By Robin Marriott
EUROPE NEWS
Spain finally creates a ‘bad bank’
Mountgrange looks to rename
Interview with Första AP-Fonden
PERE Global Investor Forum Amsterdam
ASIAVIEW
There is plenty of capital in South Korea for international real estate investment managers to court. Actually harnessing it is another matter.By Jonathan Brasse
ASIA NEWS
A pivotal moment arrives for China’s largest fund
Morgan Laughlin joins PREI
Private J-REITs rise up
BLUEPRINT INTERVIEW
Keith Breslauer, the founder of London’s Patron Capital, talks about life, family and business…and why he can’t keep still. By Robin Marriott
EMERGING MANAGERS
With the private equity real estate space continuing to see more new players, PERE highlights those firms with the right combination of strategy and personnel to succeed in the long run. By the PERE team
ASIA ROUNDTABLE
Four long-serving Asia private equity real estate executives are clear the opportunities still abound in Asia despite persistent global economic uncertainties. By Jonathan Brasse
CAPITAL WATCH
THE NEWS IN NUMBERS
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December/January 2012 issue
DECONSTRUCTED
STATESIDE
There may be no research to suggest that having independent directors on the investment committee is a sure fire way to improve IRRs. Nevertheless, there is a notable body of opinion in US private equity real estate suggesting that indies should have a greater role to play in the industry. By James Comtois
AMERICAS NEWS
CPPIB explains its global view
Joseph Stecher forms his own firm
PREI revamps LatAm strategy
PERE Summit New York
EUROZONE
Findings of a report by our in-house data service,PEREConnect, suggests JVs, separate accounts and co-investments are
gaining popularity as LPs look to greater control.
By Robin Marriott
EUROPE NEWS
Spain finally creates a ‘bad bank’
Mountgrange looks to rename
Interview with Första AP-Fonden
PERE Global Investor Forum Amsterdam
ASIAVIEW
There is plenty of capital in South Korea for international real estate investment managers to court. Actually harnessing it
is another matter.By Jonathan Brasse
ASIA NEWS
A pivotal moment arrives for China’s largest fund
Morgan Laughlin joins PREI
Private J-REITs rise up
BLUEPRINT INTERVIEW
Keith Breslauer, the founder of London’s Patron Capital, talks about life, family and business…and why he can’t keep still. By Robin Marriott
EMERGING MANAGERS
With the private equity real estate space continuing to see more new players, PERE highlights those firms with the right combination of strategy and personnel to succeed in the long run. By the PERE team
ASIA ROUNDTABLE
Four long-serving Asia private equity real estate executives are clear the opportunities still abound in Asia despite persistent global economic uncertainties. By Jonathan Brasse
CAPITAL WATCH
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