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Real estate convertibles are the hot ticket

Reits and other areas of Greek property finance are likely to grow strongly if restrictive regulations are liberalized. Dimitris Kontogiannis reports.

Andrew Vaughan joined the board and became chief operating officer (COO) of Redevco Europe on June 1. He leaves his old role of managing director of Redevco UK and Nordics and succeeds Jan Dalmeijer, who will retire on September 1 but will retain a part-time role. Vaughan will be in charge of the strategic direction of a number of national organizations under the Redevco Europe title.

Real estate convertibles are the hot ticket

One old board member promised to tell me “all the sordid details.”

Morgan Stanley’s former head of securitization, Craig Phillips, re-emerged in March as the chairman, CEO and founder of a new alternative asset management firm called Ptarmigan Capital.

Wenning Jung, a former official at California Public Employee’s Retirement System (Calpers), is to join Franklin Templeton real estate advisers in California to lead the team’s Asia business on behalf of its four managing directors. At Calpers Jung served as an investment officer in its real estate department. Her newly created role at Franklin, designed to help boost the firm’s investments into Asian real estate, will require Jung to identify third-party real estate managers in Asia, conduct due diligence, run her teams as well as identify new opportunities arising in the region.

An opening of the market to more market makers should boost derivatives use.

Heraclis Economides, managing director, corporate finance, Bridgewell Group.

Departing president of the British Property Federation Nick Ritblat in conversation with Peter Lee.

GE began acquiring real estate in earnest in the 1990s at the suggestion of its commercial lenders. It has acquired so much that it now derives 10% of its earnings from property. Jeffrey Immelt, GE’s chairman and chief executive, has an unexpected problem: if he does not want GE to be cast as a property company, he may need some nimble balance sheet management. Michael Pralle, GE Real Estate’s CEO, tells Peter Lee how it feels to own so much.

Morgan Stanley’s real estate investing business has grown explosively by backing its founders’ ballsy, counter-consensus calls in Germany, Japan, and hotels and developers in emerging markets. While the firm seeks to implant this can-do spirit into its other investing businesses, the real estate arm wants to continue its outperformance in tougher market conditions. Peter Lee reports.