Cornerstone launches fund
Cornerstone has launched a $1bn (£709m) European focused core fund. The fund will target a 7-9% return from investments in office, retail and industrial space across major markets. Total firepower is expected to be £1.3bn with gearing of close to 30%. Jorge Duarte and Albert Yang are expected to be appointed to manage the fund.
AEW and Ciloger to merge
AEW Europe and French investor Ciloger are to merge in a deal that will create France’s third-largest retail fund platform, with €23bn (£18bn) of assets under management. The distribution network of Ciloger’s parent company, La Banque Postale, will be combined with AEW’s network of Natixis branches across France.
CapCo posts 17% return
Capital & Counties has reported a 17% total return for 2015, boosted by a portfolio value increase and a strong performance from its Covent Garden, WC2, assets. Its portfolio value rose to £3.6bn, a 14% increase on a like-for-like basis over the year, up from £3.1bn at the end of 2014.
