Colony Capital makes first purchase in the Caribbean International real estate firm Colony Capital Inc. has purchased Hotel Guanahani, the only full-service, luxury resort on St. Barthelemy Island.
The Caribbean hotel, which is the first investment within this region for Colony, features 76 bungalows on 12 acres. It was purchased from a consortium of French financial institutions led by AXA.
Finostate & Robert acquires ISM SA of Credisuez J.E. Robert Cos.' (JER) Paris-based operation, Finostate & Robert, with partners Bankers Trust and GE Capital, has acquired 97% of ISM SA, the real estate and credit leasing subsidiary of Credisuez.
ISM owns more than 432 real estate assets, has significant credit bail and holds controlling interest in Bail Investment, Codetour, Selectibanque and ICC, all of which are listed on the Paris stock exchange. ISM controls a more than $2.5 billion portfolio of over 2,000 real estate and credit bail assets.
This is the largest transaction completed in France for J.F. Robert Cos. and the fifth that the company has closed in that country this year.
Insignia/ESG reports final-quarterworth $1.2 billion Insignia/ESG's European subsidiaries have closed $1.2 billion in transactions.
Tarwick Ltd., an affiliate of Insignia RE GmbH, has advised DESPA on acquiring the Opera-Victoire office building in Paris for $200 million. In London, Richard Ellis Group Ltd., Insignia/ESG's UK subsidiary, has completed the sale of eight shopping centers owned by Pillar Caisse for a total of $425 million.
The latter was a joint venture between Pillar Properties Plc and SITQ International, the Canadian Fund, which is part of Caisse de Depot du Quebec. Pillar and SITQ received a return of $100 million.
In addition, the company obtained the management and leasing responsibilities for Hato Rey Tower in San Juan's business district in Puerto Rico. The 369,000 sq. ft., 23-story office tower is 98% occupied, and the full-service rent is $22 per sq. ft.
Kennedy-Wilson expands business into Japan American investors agree that Japan has developed strong investment opportunities, so Kennedy-Wilson International recently established a business arm to expand its operation in Japanese real estate.
The new venture involves Jyutaku Ryutsu, a real estatefirm led by former executives of Dai-Ichi Corp., a non-bank financial institution that went bankrupt in June. Kennedy-Wilson's infusion into Jyutaku Ryutsu sealed the venture, which fits into its plan to become Japan's dominant real estate service firm.
Kennedy-Wilson also financed a new venture called Asset One, a fully licensed loan servicing vehicle for Dai-Ichi Corp.'s liquidation of more than $400 million.
Baja's Plaza Rosarito acquired by Tri-National Development Tri-National Development Corp. in San Diego has provided the down payment for Plaza San Fernando in Baja, Mexico, which is valued at more than $37 million.
The acquisition from Banco Bital was made through a newly formed Mexican subsidiary, Tri-National Holdings, S.A. de C.V. and has been renamed Plaza Rosarito.
The site features 15 acres of land for a 450-room hotel, 415,000 sq. ft. of commercial space, 40 developed residential lots and a 36-unit condominium complex.
Tri-National has commitments for leasing 300,000 sq. ft. of the commercial property at up to $1.80 per sq. ft., which should generate an excess of $6 million annually.
Ritz-Carlton Cancun financed by Grupo Tourist Escorpion Grupo Tourist Escorpion (GTE) has obtained a $75 million mortgage loan for permanent financing of the Ritz-Carlton in Cancun, Mexico.
GTE is financing Cancun's Ritz-Carlton with a $75 million mortgage.
GTE is owned by Enrique Molina Sobrino and Credit Suisse First Boston, a company that originated the loan and sold it as part of a pool of second market loans through a securitization program.
The loan has an expected repayment date of 10 years and bears interest at 8.87% annually with a 25-year amortization schedule.
Hugh Hall, a vice president in the Principal Transactions Group of CSFB, says the transaction is the first securitization of commercial property debt located in a non-investment grade sovereign to be sold as an investment- grade public offering in the United States.