| IN THE
April 14,
2009 ISSUE |
Dynamic Duo? Apartments, Industrial Gain Favored
Status
“Bleak” may be one of the most common descriptors for
the national commercial real estate market outlook in 2009. But
according to new research, apartment and industrial properties are
expected to rebound sooner than other sectors.
When will that recovery occur? Not until later this year or the
beginning of 2010 at the earliest.
Apollo Closes $1.4 Billion European Real Estate
Fund
Apollo Real Estate Advisors has closed its third dedicated
European fund, the Apollo European Real Estate Fund III, with a total of
approximately $1.4 billion of committed capital. The fund is comprised
of $600 million and 535 million euros.
The international real estate investor and fund manager anticipates
investing 30% to 40% of the fund in the UK; 30% to 40% in Western
Europe, including France, Germany, Switzerland, Italy and Spain, and
approximately 25% in Central and Eastern Europe.
Former Lehman Exec Joins Starwood Capital
Group
John McCarthy has joined Starwood Capital Group as global
head of asset management. In his new position, McCarthy will be
responsible for Starwood Capital’s worldwide real estate portfolio. He
will be based at the firm’s headquarters in Greenwich, Conn. and will
be part of the senior management team that reports directly to chairman
and CEO Barry Sternlicht.
Previously, McCarthy served as global co-head of asset management for
Lehman Brothers. While there, he managed five separate funds with more
than $40 billion worth of assets. He oversaw more than 150 transactions
globally and was responsible for Lehman’s activities in Europe, the UK
and India.
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