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Key Real Estate headlines are:
• USAA takes 49% stake in Square Mile – USAA Real Estate has formed a strategic partnership with Square Mile Capital Management, acquiring a non-controlling interest in the New York-based real estate investment firm. In exchange for an approximately 49 percent stake, the real estate arm of the San Antonio, Texas-based financial services firm will invest an undisclosed amount of capital in Square Mile upfront, as well as make a substantial commitment to invest in future vehicles. In recent years, Square Mile has emerged as a savvy real estate investor with a knack for distressed and high-yield debt, recapitalisations and undervalued equity situations. Since launching in 2006, the firm has deployed nearly $2 billion of equity raised through three discretionary funds. The benefits of the partnership An accomplished real estate investor in its own right, USAA Real Estate’s expertise historically has been in core, core-plus and development strategies rather than the distressed and opportunistic approach that is Square Mile’s forte. Its multi-billion dollar portfolio includes $3 billion in recent acquisitions and $2 billion in development assets.
• Avenida eyes Colombian retail project – Avenida Capital will invest in the construction of a 400,000-square-foot shopping centre in the city of Yopal, marking the New York-based firm’s first investment on behalf of its debut real estate fund, Avenida Colombia Real Estate Fund (CREF) I. The proposed shopping centre, Unicentro Yopal, will be the first enclosed, air-conditioned shopping centre in the city, which is the capital of the state of Casanare and roughly 240 miles from Bogota. CREF I is an opportunistic vehicle targeting $125 million in equity commitments. The fund is focused on development projects primarily in the retail and middle-income residential housing sectors across the primary and secondary cities of Colombia. Although it initially was reported that the fund was expecting a first close in the fourth quarter of 2011, a first close is now expected sometime this summer.
• Morgan Stanley, Wainbridge team for London offices - Morgan Stanley Alternative Investment Partners (AIP) has partnered with Jersey-based property investment manager Wainbridge Capital to invest in value-added offices in London, and the pair already has lined up the partnership’s first project. Wainbridge’s UK-based property investment advisory and asset management arm, Wainbridge Ltd., will be responsible for deal sourcing and for executing the various asset management initiatives on behalf of the partnership. The first project in the partnership will be the completion of FC200, a 164,000-square-foot office development in West London. Wainbridge initially purchased the project in September for £16 million (
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