Gillerman at the Crossroads
Former Och Ziff head of real estate David Gillerman has launched a real estate investment fund with €375m (£270m) from Dutch vehicle BXR Group and €150m-€200m from three institutional investors. The open-ended Crossroads Real Estate Fund will invest in various asset classes including mezzanine debt positions and will use up to 60% gearing, giving it potential firepower of €920m.
Whitewood to raise £125m
Whitewood Group is to raise up to £125m for a new real estate fund. The Whitewood REFF will raise its initial capital through the issue of 125m ordinary shares at £1 each. It will invest mostly in Benelux offices and already has a £178m pipeline. It is targeting total returns of 10-15%.
Orbit spins off bond
Social housing developer Orbit Group will issue its first public bond this month. The £250m bond will be used to build 220 homes and improve its existing stock. Moody’s has given Orbit an A1 rating ahead of the bond issue. Lloyds, Santander and HSBC have been appointed as arrangers.
NorthStar shines on Aerium
US REIT NorthStar Realty Finance has continued its European expansion by buying a 15% stake in the operating business of investment manager Aerium. NorthStar has £10.4bn of assets under management, while Aerium manages £4.3bn of assets across 12 countries and is raising capital for its Pan-European Value-Add fund.
