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  • In late May, Russia’s state-owned Agency for Housing Mortgage Lending opened the local mortgage-backed securities market with a deal that aims to lay the foundations for domestic issuance. AHML, the government agency established in the mid-1990s to refinance mortgages, has been a driving force in the development of Russia’s MBS law. This first public deal is seen as a test of this law, which should drive the development of Russia’s burgeoning mortgage market.
  • Investors are being won over by the argument that currencies provide systematic returns, writes Jason Batt of Deutsche Bank.
  • From humble beginnings a decade ago, Deutsche Bank’s commercial real estate business has grown into a powerhouse. Led by Jon Vaccaro, the group is making headlines globally with high-profile deals – from the Blackstone Group’s acquisition of Hilton to the development of Macao Studio City. Rachel Wolcott reports.
  • It was just a matter of time before the true extent of the damage caused by sub-prime mortgage losses was uncovered. When, in February, the significant increase in sub-prime delinquencies became known, credit market watchers could only speculate about the ultimate impact.
  • HSBC Investments’ multi-manager team has been expanded to incorporate a dedicated team of property fund selection experts.
  • Australia’s Macquarie Bank is getting big in real estate. Stephen Girdis, its global head, speaks to Chris Wright about the bank’s worldwide plans.
  • NAI Global has announced an increase in its coverage of Scandinavia with the formation of NAI Finland – a full-service commercial real estate firm specializing in office, industrial, retail properties and land. NAI Finland was founded by Janne Nuutinen. Nuutinen has an extensive background in commercial real estate, acting as a senior consultant at Comreal, a leading property advisory firm in Finland.
  • UBS made a serious statement of intent in June when it unveiled Donald Belanger as managing director and head of EMEA real estate capital markets. Belanger joins after two years spent at Credit Suisse, where he held a similar European role, responsible for origination, structuring and distribution of all real estate debt in Europe.
  • Blackstone’s landmark acquisition of Hilton Hotel Corporation in July could spark off a wave of deals in the hotel sector. The $26 billion deal makes Blackstone the number one hotel group globally and has alerted other private equity houses and real estate investors to the hotel market’s potential.
  • The UK hotel-based Reit market failed to launch as the widely anticipated initial public offering from Vector fell flat in June. The planned £2 billion deal was scheduled to be the UK’s first hotel-based Reit. This failure has not discouraged market players and analysts, who are still confident that the market will develop with time.
  • UBS Global Asset Management has hired Roddy Sloan as global head of real estate funds of funds and securities within its global real estate business. Based in London, he will lead a newly created global real estate funds of funds initiative and supervise the existing global real estate securities business, which will continue to be co-headed by Bruce Ebnother and Laurent Wunderli.
  • Sun Hung Kai Properties’ iconic buildings dominate the Hong Kong skyline. Michael Wong, executive director, tells Chris Wright about the company’s plans to continue to shape Asia’s largest cities.