Institutional Real Estate Newsline
February 18, 2008: Vol. 15, No. 7
American Campus Agrees to Acquire GMH Communities
American Campus Communities (NYSE: ACC) has agreed to acquire the student housing business of GMH Communities Trust (NYSE: GCT) for approximately $1.4 billion, including outstanding debt of approximately $963 million.
CB Richard Ellis Investors Closes Asian Fund with $400 Million
CB Richard Ellis Investors has closed Strategic Partners Asia II with approximately $400 million in equity raised from institutional investors in the United States, Europe and Australia.
Global Property Transactions Top $1 Trillion in 2007
Real Capital Analytics (RCA), an independent research firm focusing on the capital markets for commercial real estate, announced worldwide acquisitions of commercial property surpassed the $1 trillion mark in 2007.
Home Properties Inc. Replaces Kellwood Co. in S&P SmallCap 600 Index
Home Properties Inc. (NYSE: HME) has been added to the S&P SmallCap 600 Index, replacing Kellwood Co. after the close of trading on Feb. 12. Kellwood is being acquired by a private equity firm. Home Properties is a multifamily REIT based in Rochester, N.Y.
Interstate, FFC Capital Purchase 22 Midwestern Hotels
Interstate Hotels & Resorts has formed a joint venture with Pittsburgh-based FFC Capital Corp. to acquire 22 Exel Inn properties, which were converted to various Wyndham Worldwide brands upon closing.
Stenham Property Closes Berlin Residential Fund
Stenham Property, which operates out of London and the Channel Islands, has closed Stenham Berlin Residential Fund with nearly €50 million ($73 million) in equity. With leverage, the opportunity fund will have a buying power of more than €175 million ($257 million) to acquire, refurbish and manage residential buildings in central Berlin.
Western Holds First Closing with $200 Million
Western National Properties, a member of multifamily firm Western National Group, has held the first closing of Western National Realty Fund II LP, the firm’s second private equity fund, with more than $200 million in equity.
ING Real Estate Combines Two Funds
ING Real Estate has integrated the €600 million ($880 million) AZL residential real estate fund into the €1.1 billion ($1.6 billion) ING Dutch Residential Fund (IDRF), creating a product valued at €1.7 billion ($2.5 billion).
European Real Estate Securities Fall in 2007
European listed property companies underperformed in 2007, according to LaSalle Investment Management’s European Real Estate Securities Quarterly Review and Outlook.