Commercial real estate firm Cassidy Turley has reportedly entered acquisition talks with Texas-based private equity firm TPG Capital. [more]
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Half of the bidders in the war over Anglo Irish’s $9.5 billion U.S. real estate portfolio are now out of the race, the Wall Street Journal reported, including TPG Capital, which was once considered a front-runner.
While several of the firms are vying for specific parts of the portfolio, which is being marketed by Eastdil Secured and includes both performing and non-performing loans, others such as a Blackstone Group partnership, a partnership which includes LNR Property and Lone Star Funds are looking to bag the whole lot.
Others that made it to the second round include Colony Capital, H/2 Capital Partners and Area Property Partners.
The portfolio includes a loan on the Apthorp building at 390 West End Avenue.
Second-round bids are due next week, with Anglo slated to choose a winner by September. [WSJ]
While others in the property market focused their attentions on the Anglo Irish Bank portfolio bidding war, Wells Fargo & Co. has quietly beaten out 25 real estate investors and banks, including Lone Star Funds, Blackstone Group and TPG Capital, to win Bank of Ireland’s $1.4 billion U.S. commercial real estate portfolio for close to face value, sources told the Wall Street Journal. The sale has not yet closed.
The 25 loans included in the portfolio are backed primarily by property in New York, Boston and Washington, and are classified as performing, the Journal said.
Bank of Ireland has been deleveraging by selling off its foreign assets in bulk, after Ireland’s financial regulatory body instructed the bank to reduce its loan portfolio earlier this year by 25 percent, or $43 billion, by the end of 2013.
Holliday Fenoglio Fowler represented the bank in the deal. [WSJ]
Banks and private equity firms are eagerly throwing their hats in the ring for the approximately $9.5 billion U.S. real estate portfolio on offer from Anglo Irish Bank, the Wall Street Journal reported. The largest single commercial property loan sale since the start of the recession, complete with a number of troubled loans, the portfolio has attracted much attention from investors in distressed property.
By the deadline yesterday, Blackstone Group, Lone Star Funds, LNR Property, TPG Capital, Colony Capital, Area Property Partners, Starwood Capital Group, Five Mile Capital Partners and the CIM Group had all submitted or were intending to sumbit bids for at least some portion of the portfolio, sources said. The portfolio has also attracted the interest of banks, including Wells Fargo, JPMorgan Chase and Bank of America, given that there are three portfolios of loans that are performing and expected to mostly stay that way through maturity, the Journal said. … [more]
Banks, private equity firms and investors may be tallying their resources as first-round bids for a $9.5 billion U.S. commercial real estate loan portfolio owned by failed lender Anglo Irish Bank are due tomorrow, Reuters reported.
However, anxiety among investors over the fluctuating capital markets may slightly reduce the offering prices, as the properties’ performances become more difficult to underwrite.
“With nervousness, everybody’s discount rate goes up and nobody knows exactly by how much. It makes it more difficult and likely makes it less valuable,” Richard Green, director of the University of Southern California’s Lusk Center for Real Estate. “If I’m bidding for something where I’m really uncertain about its value, I’m not going to bid as much.” … [more]
Despite the sharp contrast between the steady rise in investment sales prices for New York City’s trophy buildings over the past year and a sputtering national economy, a group of local real estate professionals said the Manhattan market was still heating up. Adam Spies, a sales broker and senior managing director at Eastdil Secured, moderated a four-person panel last night on the rooftop of the Olivia residential rental building, at 315 West 33rd Street, that touched on property values, office rent pricing, hotel occupancy and residential development, sponsored by the real estate division of the Friends of the Israel Defense Forces (see photos above). The four panelists were David Schonbraun, co-CIO of office landlord SL Green Realty; Neil Luthra, principal with hotel owner Highgate Holdings; Scott Alper, principal at the property investment firm Witkoff Group; and Avi Banyasz, managing principal at private equity firm TPG Capital. Compiled and condensed by Adam Pincus Click here to read the Q & A.