Hellerup-based Patrizia Multi Managers, formerly known as Sparinvest Property Investors, has raised €182 million for its fifth fund, PMM Global V, PERE can reveal.
The target raise for the vehicle is €700 million with a hard cap of €900 million, an increase from the previous fund, PMM Global IV, that attracted €505 million. The firm is hoping to generate returns of 10-12 percent IRR from its investments.
Blackstone Group LP expects to raise $18 billion for its biggest real estate fund ever. The firm, already the private equity industry’s largest real estate investor, will have a strategy similar to its last fund, investing in distressed properties globally, according to people with knowledge of the plans. Blackstone’s prior fund gathered $15.8 billion in 2015.
JLL has announced a significant addition to its extensive proptech capabilities with the launch of JLL Spark, a global business that will identify and deliver new technology-driven real estate service offerings. JLL Spark will be led by co-CEOs Mihir Shah and Yishai Lerner who have successful, broad-based track records of founding, managing and investing in profitable technology businesses.
Europe Real Estate – 14 June 2018
Tom Arnold is to replace Bill Schwab as global head of real estate at the Abu Dhabi Investment Authority (ADIA). Arnold, who is currently deputy global head and head of Americas real estate, will take up the new position on 1 June. Schwab has overseen real estate investments at the sovereign wealth fund since his appointment at the beginning of 2009. Arnold joined later that year from Cerberus Capital Management.
IPE Real Assets – 09 May 2018
Lisa Kaufman has been appointed to succeed Stan Kraska as head of LaSalle Investment Management’s global real estate securities business. LaSalle said Kraska, who’s been with the company for more than 30 years, will retire at the end of the year. Kaufman, a managing director and North America portfolio manager, will head LaSalle Securities from September. Kraska will remain in an advisory role from September.
IPE Real Estate - 30 April 2018
Prologis Inc (PLD.N) (PLD.N), a logistics company with a global footprint, will acquire smaller U.S. rival DCT Industrial Trust Inc (DCT.N) in an $8.4 billion all-stock transaction, including the assumption of debt, the two companies said on Sunday.
The acquisition will deepen Prologis’ presence in high-growth markets including Southern California, the San Francisco Bay Area, New York, New Jersey, Seattle and South Florida, the companies said in a statement.
Fundraising for Brookfield Asset Management’s $10 billion (€8.28 billion) global opportunity fund is 90% complete and is expected to reach a final close next month, according to sources that track capital raising.
Filings with the SEC in March revealed that Brookfield Strategic Real Estate Partners III had raised $9.04 billion.
IPE Real Estate – 27 April 2018
Global investors, including pension funds, have backed Starwood Capital Group to raise $7.55 billion (€6.09 billion) for its latest global opportunity fund.
Starwood will be investing in distressed debt, value-add acquisitions and corporate transactions in the US and Europe, targeting gross returns of between 17% and 20%.
IPE Real Estate – 18 April 2018
Partners Group has joined a growing number of firms moving into impact investing with the launch of a cross-asset fund targeting private equity, real estate, debt and infrastructure, PG LIFE has a $1 billion hard-cap and will target deals in line with the United Nations Sustainable Development Goals across developed and emerging markets globally.
The vehicle will have a 75 percent allocation to equity and up to 25 percent to debt. It will include a particular focus on education, healthcare, energy access, clean energy and social inclusion.
PERE News – 27 March 2018