Mon, 04 Mar 2013 | COMMERCIAL PROPERTY
Beny Steinmetz has created a $2 billion London-based venture focused on snapping up distressed properties in Europe.
The diamond mining entrepreneur and Israeli billionaire, Mr Steinmetz, has brought in Chris Papachristophorou, who was previously the head of real estate at Deutsche Bank’s fund management arm RREEF, to manage the business.
The business, called Invel Real Estate, will buy up offices and shops needing financial help and redevelopment, and will be run as a subsidiary of the Beny Steinmetz Group (BSG), which owns diamond, gold and nickel mines across West Africa and the Balkans.
BSG is to give Invel $400 million to get started. The business will then work on bringing in investors for individual properties, rather than going down the more traditional private equity fundraising route.
Mr Papachristophorou told the Financial Times: “A lot of people are wanting to invest in European real estate at the moment but are concerned by the eurozone crises and want some clarity on what they are buying. That means two things: they want to co-invest with people who know the market well and they want visibility over exactly which assets they are buying, rather than being in a commingled fund.”
The Europe-wide rise in poorly performing businesses in the recession and governments seeking to sell off properties to generate much needed capital, has proved to be highly attractive to US private equity firms and sovereign wealth funds over the past two years looking to expand their presence and increase their property portfolios.
____________________________________________________________________________
Related news:
Find distressed business opportunities at the right time
The company is an automatic and industrial door supplier, installing a variety of systems, including but not limited to, automatic doors, fire resistant shutters, entrance barriers, roller shutters and garage doors.
Well-established company operating for over 23 years. Offers a range of driving positions, which include day runs, local runs, local shunting, nights out and tramping.
The company is a business-to-business wholesaler of cask ales, continental lagers, and craft cider. Since its establishment, the business has cultivated strong relationships with high-profile and local breweries, gaining exclusive access to their pro...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.