Babcock & Brown has launched a direct property investment drive believed to worth at least £300m, joining other US investment banks in the race to get a foothold in the UK property market.
German bank HypoVereinsbank injected £75m ($120m) of capital into the San-Francisco-based bank in return for a 20% stake in the investment. The deal also included a 50% stake in Babcock & Brown’s German operation.
The company is expected to build on its reputation as a serious player in the PFI market to acquire a strong UK and continental European portfolio. Peter Hofbauer heads its 10-strong UK property team, which is expected to recruit a further three people to cope with the expansion.
Property Week 15/10/99 page 7
