ProLogis launches four funds
Logistics developer ProLogis has created four property funds with a combined capacity of more than $14bn. The funds, which will own distribution centres in the US, Mexico, Europe and South Korea, will be able to make third-party acquisitions as well as buying Prologis-developed schemes.
Canadian buy for US REIT
US REIT Behringer Harvard has agreed to buy Canadian REIT IPC US for $1.4bn. The Canadian REIT owns 35 US office properties. The IPC portfolio will give Behringer Harvard a presence in markets including New York, New Jersey and Las Vegas.
Blackstone goes big in Japan
Private equity firm Blackstone Group is opening an office in Tokyo to hunt for deals in Japan’s booming property market. Blackstone’s first Asia office was set up in Mumbai to handle private equity and real estate investments. It has since opened an office in Hong Kong.
JLL snaps up LA bank
Jones Lang LaSalle Incorporated has bought Los Angeles-based real estate investment bank Zietsman Realty Partners. JLL said the deal added “a team with strong relationships and a reputation for arranging complex deals”. Founder Michael Zietsman, a former banker with Lehman Brothers, becomes a JLL managing director.
Indian developer boosts output
DLF, one of India’s largest developers, has pledged to increase the amount of space it develops each year in the office, retail and residential sectors from 2m m² to 5m m² over the next three to five years.
