REIT Summary: Helmsley, HFF, Apollo Management, Indiana PERF
Helmsley Estate To Sell $170M NY Hotel
The estate of real estate investor, Leona Helmsley, will sell a Manhattan hotel for about $170 million, The Wall Street Journal reports. The Helmsley Carlton House is being sold to a venture between private equity firm, Angelo, Gordon & Company and Extell Development. CB Richard Ellis is representing the Helmsley estate in the deal. Other interested buyers included New York developer, Harry Macklowe, along with private equity firms, Fortress Investment, Starwood Capital, Arthur William Zeckendorf and developer, Daniel Brodsky.
Reported by The Wall Street Journal
HFF Sells $105.4M Loan Portfolios
Holliday Fenoglio Fowler has sold two real-estate loan portfolios, totaling $105.4 million, Business Wire reports. The sale was arranged on behalf of a special servicer and bank. The portfolios, which include 95 loans in 25 states, were sold in 26 different transactions to 18 local and regional buyers. The seller was represented by HFF managing director, Bill Mitchell, and senior managing director, Stuart Salins.
Reported by Business Wire
Additional Reporting by Commercial Real Estate Direct
Apollo, Citi Ink $12.5B RE Unit Deal
Apollo Management has reached a preliminary agreement to acquire
Citigroup’s property investment division,
Financial Times reports. The private equity firm will receive about $12.5 billion in gross assets, along with securing a team of 60 Citi professionals. Apollo, which will venture into the European markets for the first time with the acquisition of Citi Property Investors, has appointed
Grant Kelley in Hong Kong to boost its real estate efforts in Asia. Citi has been holding talks to sell its hedge fund unit to
SkyBridge Capital.
Reported by
Financial Times Additional reporting by
The Wall Street Journal
Indiana PERF Invests $230M In RE Debt
Indiana Public Employees Retirement Fund is making two investments worth $230 million in real estate debt, IPE reports. The fund will invest up to $150 million in Prima Mortgage Investment Trust, which primarily invests in commercial mortgage whole loans. Indiana PERF has also committed $80 million to the Walton Street Real Estate Fund V loan facility, which is a follow-on fund to Real Estate Fund V. The fund is expecting to achieve a 6% real return for all of its real estate investments.
Reported by IPE