Capita lands first QIA jv deal
CapitaLand’s wholly owned serviced residence business Ascott and the Qatar Investment Authority have completed the first deals for their $600m (£398m) global serviced residence fund, with acquisitions in Paris and Tokyo. The fund paid $145m for Citadines Suites Champs-Élysées Paris and the Somerset Shinagawa Tokyo. It will invest a further $33m in Paris to convert the office building into 70 serviced flats.
Green Tree branches into B&B
Chinese budget hotelier Green Tree is in talks to bid for the €1bn (£710m) stake in B&B Hotels owned by Carlyle Group. The Shanghai hotel group is competing against PAI and Goldman Sachs for the 80% interest in the French hotel operator. Caryle bought the stake for €480m in 2010 and appointed Morgan Stanley to advise on a sale or IPO in July this year.
Gaw drives Asian vehicle
Gaw Capital Partners has started raising $1.5bn (£1bn) for its fifth Asian real estate fund. The vehicle will invest across Asia and is a follow on from Gaw’s $1bn Gateway Fund IV, which closed in 2013.
China secures $1bn shed stake
China Life has bought a $1bn (£650m) stake in a 58m sq ft US logistics portfolio from Singapore’s Global Logistics Properties. The investment represents a 30% stake in GLP’s $4.6bn acquisition of US warehouses from Denver’s Industrial Income Trust, which was agreed this summer.
Savills expands in the US
Savills Studley has opened new offices in Minneapolis, Minnesota, and Austin, Texas. It has hired senior managing directors Carrie Eggleston and Ericka Miller to run the Minneapolis office. The Austin office will be run by new hires John Scoblick and Alecia Burdick as corporate managing director and associate director.
