2010AWARDS & AnnuAL REVIEW - PERE

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EuROPE LP OF THE YEAR 1. norway Government Pension Fund Global 2. APG 3. the uK Pension Protection Fund Strictly speaking, the Norway Government Pension Fund Global has not become a limited partner yet. However, when one of the world’s largest sovereign wealth funds says it is about to start investing in real estate and then begins doing so in a big way, it must be worthy of recognition. The first deal for the $524 billion fund, which is advised by Norges Bank Investment Management, arrived in November when it won a bidding competition to buy a 25 percent stake in London’s Regent Street shopping district from The Crown Estate for £448 million (€523 million; $719 million). The Norwegian fund currently is looking for more large-ticket assets in established western European markets such as the UK, France and Germany that it can acquire mainly through club deals and joint venture structures. According to head of real estate Karsten Kallevig, the time will come when it does consider investing in funds. “I am not making a judgment call on opportunity funds, whether they are good or bad,” he said in a recent interview with PERE. “They can generate very good returns, and there are a lot of very good people who, at some point, I would love to work with. At this stage, however, we are just starting out building a portfolio, and I just think that actively looking to invest in opportunity funds is starting at the wrong end of the spectrum right now.” Still, the influence of the Norway Government Pension Fund Global as a true LP will almost certainly grow once it has built up a core portfolio of assets towards its overall investment target of $26 billion. EuROPE PLACEMENT AGENT OF THE YEAR 1. Credit Suisse Real Estate Private Fund Group 2. Jones lang lasalle Corporate Finance 3. Cushman & wakefield Corporate Finance When it comes to enticing LPs to part with their equity, 2010 will go down in the books as one of the hardest years in private equity real estate history. With just $28 billion raised for valueadded and opportunistic strategies, it’s notable that Credit Suisse Real Estate Private Fund Group (REPFG) raised an estimated $1.5 billion for its mandates in 2010, according to PERE data. One trend that shone through in REPFG’s activities last year was European appetite for core and core-plus strategies. Acting as placement agent for ECE Projektmanagement’s European Prime Shopping Centre Fund, REPFG helped the firm hold a €490 million first close on the vehicle, which has a target of up 18 PERE | 2010 AwArds & AnnuAl review EuROPE FUNDRAISE OF THE YEAR 1. Rockspring Property Investment Managers, £336 million Rockspring uK Value Fund 2. Brockton Capital, £500 million Brockton Capital Fund ii 3. eCe Projektmanagement, €380 million eCe european Prime shopping Centre Fund On paper, Rockspring Property Investment Managers was not the favourite to garner the most votes in the Europe Fundraise of the Year category. Instead, that was Brockton Capital with its success in raising £500 million for Brockton Capital Fund II. Nevertheless, the fellow London-based firm won this battle with a £336 million ($502 million; €408 million) fundraising for the Rockspring UK Value Fund, which with bank loans could amass up to £700 million of property. The fund’s strategy is to focus on small- to medium-sized assets primarily in the office, retail and industrial sectors, and the goal is to deliver a net total return to investors of 13 The Rockspring team: (L to R) Dittmer, Bains, Shegog and Gilchrist percent each year. At the time of closing, Rockspring had called down £82 million of the equity for four acquisitions. Rockspring reportedly started raising money for the fund in the first half of 2008 but abandoned the effort following the credit crisis. All credit to the firm then for perseverance and for finally corralling an impressive amount of capital at a tough time for fundraising. to €750 million. Seeded with assets from ECE – the company owned by the Otto family – the shopping centre fund has won commitments from the Government of Singapore Investment Corp and a German insurance company, among others. Of course, Europe is not just all about core. REPFG also is believed to have retained the mandate to raise the follow-on fund to Neinver’s €480 million value-added Irus European Retail Property Fund. Fund II also will target out of town shopping centre deals and developments and is expected to target €450 million, ensuring REPFG is quickly off the fundraising starting blocks in 2011.
We are honored to receive the PERE 2010 North American Fund of Funds / Secondary Fund of the Year Award for the Morgan Stanley AIP Phoenix Global Real Estate Secondaries 2009 L.P. Fund. Many thanks to our investors for their continued support of our hard work and our commitment to achieving their goals. To learn more about Morgan Stanley Alternative Investment Partners (AIP), please contact: Christopher Golio, Managing Director +1 212-296-0862 PMS 7463 chris.golio@morganstanley.com Morgan Stanley alternative inveStMent PartnerS Private Equity | Hedge Funds | Real Estate Distributed in the U.S. by Morgan Stanley Distribution, Inc. © 2011 Morgan Stanley PMS 7462
Page 1 and 2: MAR 2011 | perenews.com FOR THE WOR
Page 3 and 4: Senior Editor, Real Estate Erik Kol
Page 5 and 6: OWNERS OPERATORS & INVESTORS IN REA
Page 8 and 9: GLOBAL pg. 8 GLOBAL INDUSTRY FIGURE
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Page 37 and 38: Investors, among others. After bein
Page 39 and 40: In June, Morgan Stanley Real Estate
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Page 43 and 44: For further information please cont
Page 45 and 46: seas real estate and had been large
Page 47 and 48: 3Throwing down the gauntlet the tow
Page 49 and 50: Political football An excerpt from
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Page 55 and 56: ThE DEfInITIvE guIDE TO rEal EsTaTE
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2010AWARDS & AnnuAL REVIEW - PERE

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