Blackstone to buy hotels
Blackstone Group is to buy real estate investment trust Strategic Hotels & Resorts in a deal valued at around $6bn (£3.9bn). The private equity giant has offered $14.25 per share to take the company private. Strategic’s portfolio includes the Four Seasons hotel in Washington, DC, the Westin St Francis on Union Square in San Francisco and the Ritz Carlton Laguna Niguel in Orange County.
HIG grabs Portuguese assets
HIG Capital has secured a deal to buy two Portuguese portfolios from asset manager Finangeste. The portfolios comprise 77 properties and 114 loans with a face value of more than €110m (£80.7m).
CIF to fund New York project
The Children’s Investment Fund, a UK-based hedge fund set up by activist investor Christopher Hohn, is to finance the construction of Related Companies’ residential development 15 Hudson Yards in New York with an $850m (£552.4m) loan. The fund is among the most active lenders to New York luxury residential projects.
Partners eye Iberian retail
Redevco and Ares Management have launched a €500m (£367m) retail joint venture focused on Spain and Portugal. Redevco Iberian Venures will invest in shopping centres, retail parks and high street properties across the region.
Fosun plans sell-off
Fosun’s billionaire founder Guo Guangchang has said he plans to slow down the company’s global buying spree and sell off some of its real estate assets. Guo said Fosun would take time to digest the string of insurers, banks and asset managers that it has acquired recently and that the rate of new acquisitions would slow over the next two years.
jack.sidders@estatesgazette.com
