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...Another former Goldman partner, Justin Gmelich, was hired the following year to be co-chief investment officer alongside the promoted Russo....
...Conspicuously absent from the committee in investment banking was anyone from Goldman’s equity capital markets and real estate businesses....
...Breit discloses other metrics more commonly used by public real estate investment trusts....
...Writedowns on its real estate investments and a slowdown in investment banking and trading have also weighed down on earnings....
...Grosvenor, the Duke of Westminster’s property company, is launching a £900mn lending business focused on residential development, as real estate investors opt for debt investments over the risk of buying...
...Last year tea and coffee company Finlays sold its tea estates, which neighbour Lipton’s, to Sri Lankan group Browns Investments....
...Even today, after a real estate boom in the area and a remade mansion, it is perhaps worth even less than the debt on the property....
...Proprium Capital Partners, a real estate private equity group, has sold back its 35 per cent stake in Motel One to the company’s majority shareholder, One Hotels & Resorts, according to a statement on Tuesday...
...The two investment groups began talking about a strategic partnership nearly two years ago but that conversation foundered over competing visions, according to at least five people briefed on the talks....
...Solomon said Goldman remained “constructive on the health of the US economy” but that persistent inflation, weakness in the commercial real estate market and escalating geopolitical tensions “could slow...
...After 17 years at Goldman Sachs, he made his real fortune fronting a group in 2009 to acquire IndyMac, which now ranks as the fifth-biggest failed bank in US history....
...NYCB’s recent losses on property loans have rekindled worries about potential defaults in the real estate market....
...Goldman on Tuesday said it had surpassed a fundraising target of $225bn at its so-called alternatives business, a vital plank of that strategy that includes private equity, private credit and real estate...
...The worries around real estate are not limited to the US....
...Over the past two years it has bought real estate in Paris and New York, fragrance house Creed, sunglass maker Maui Jim and a stake in Valentino — for a total investment of perhaps €10bn....
...But being the lender to real estate folks is better in this rate environment and you get the property as collateral.”...
...banks that will have real ramifications for how they operate.”...
...“We really see real estate bottoming from a valuation standpoint,” Gray told the Financial Times last month....
...“It’s not a hiccup — it’s not Covid and then recover,” said Leo Huang, the head of commercial real estate debt at Ellington Management Group, an asset manager....
...estate investments....
...This week, however, it caused a frisson in the real estate world....
...“We devoted a large part of 2023 to making investments — whether through spending, our investments in stores and in real estate — to strengthen the exclusivity and elevation of our brands,” Kering’s deputy...
...The real estate group, which is owned by Brookfield and the Qatar Investment Authority, has agreed a £553mn financing package as it stares down at debt deadlines, the FT’s Joshua Oliver reports....
...Like other real estate investors, Canary Wharf has had to cut the size of its loans to refinance against properties that are worth less....
...Weightman stepped into the private credit arena after his 2020 departure from Cromwell, the Australian real estate investment firm he founded two decades earlier, following a bitter boardroom battle....
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