_Economy and Finance

RCG Longview Remains Positive, Closes Fourth Debt Fund at $602M Posted by CREOPoint Managing Editor on February 10, 2009 at 12:27 pm Commercial Property News Feb 10, 2009 By: Barbra Murray, Contributing Editor The list of real estate debt investors daunted by the frosty lending climate is a long one, but New York City-based RCG Longview is not one of them. The real estate opportunity manager has closed RCG Longview Debt Fund IV L.P., having raised $602.5 million in equity. Like the previous three investment vehicles, Fund IV will target a variety of real estate transactions ranging from bridge loans and mezzanine loans to bridge mortgages and preferred equity opportunities across the country. http://www.creopoint.com/forum/topics/rcg-longview-remains-positive

Purely financial capitalism has perverted the logic of capitalism, Financial capitalism is a system of irresponsibility and ... is amoral. It is a system where the logic of the market excuses everything. - Nicolas Sarkozy , French President, At the Symposium "New World, New Capitalism," Paris, Jan. 9, 2009

Deutsche Bank slashes price tag for two Macklowe buildings December 09, 2008 05:12 PM By David Jones As pressure mounts to close the books on the Harry Macklowe foreclosure saga, Deutsche Bank has lowered the price tag for 1540 Broadway and Worldwide Plaza to $800 million, according to financial and legal sources familiar with the discussions. http://therealdeal.com/blog/2008/12/09/deutsche-slashes-price-tag-for-two-macklowe-buildings-2/

Frankfurt office market: A safe stopover landing despite turbulence 2 Oct, 2008, Frankfurt In the third quarter, the Frankfurt office market looked to be virtually unshaken by the turbulence in the global financial markets. In the first nine months of the year, a total of 385,000m² of office space was leased, almost a third of this (120,000m²) in the third quarter – an excellent result in view of the current situation. However, it is still clear that lease activities in the Frankfurt market have fallen by 9.4% in relation to the first three quarters of 2007 (first to third quarter of 2007: 425,000m²). http://www.cushwake.com/

Dresdner takeover could spell bad news for Frankfurt's office market Date: 8 September 2008 Commerzbank's acquisition earlier this month of rival Dresdner Bank from insurer Allianz for EUR 9.8 bn will not only shake up Germany's financial landscape but could also cast a shadow over Frankfurt's office market. http://www.propertyeu.info/index-newsletter/dresdner-takeover-could-spell-bad-news-for-frankfurts-office-market/

http://www.wilkinsonwilliams.co.uk/ LaSalle Acquire Tesco Foodstore Adjacent Oxford Shopping Park HSBC, a client fund of LaSalle Investment Management acquired the Tesco supermarket adjacent to its existing Oxford Shopping Park for a price of £35.959m reflecting a net initial yield of 4.9%, an equated yield of 5.6% and a reversionary yield of 7.81% based upon the assumed RPI uplifts throughout the term from Tesco. The property is let to Tesco Stores Limited with a guarantee from Tesco PLC for a period of 20 years from completion subject to a tenant’s option to extend the term for up to an additional 30 year term at a rent equating to £25.00 per sq ft. The supermarket extends to approximately 65,000 sq ft together with surface car parking for 510 customer cars. Wilkinson Williams acted for LaSalle.

Frankfurt property market in freefall BY EDWARD HARRISON / ON 26 AUGUST 2008 AT 13:00 / As far back as May, I had warned that commercial property was destined for a bust — collateral damage in the real economy. In particular, I mentioned the U.S. commercial real estate (CRE) market as a particular problem for local and regional banks, which have large exposure to the CRE market. In May, I also mentioned incipient declines in the London commercial property market. http://www.creditwritedowns.com/2008/08/frankfurt-property-market-in-freefall.html