Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Wednesday, 03 May 2006

Liquid Realty Makes Massive Secondary Market Fund Deal

Liquid Realty Partners has acquired interests in 10 funds with property investments in the United Kingdom. The transaction, valued at $775 million, is the largest ever secondary market trade of shares in private-equity funds.

Commercial Real Estate Direct Staff Report

Liquid Realty Partners, a San Francisco investment manager that operates a series of fund-of-fund vehicles, has acquired interests in 10 funds that own 200 properties in the United Kingdom, including several well-known trophies.

The acquisition is the largest ever secondary trade of shares in real estate private-equity funds and bolsters the size of Liquid Realty's portfolio to $900 million. Its latest acquisition was valued at roughly $775 million.

The 10 fund interests …quot; actually, Jersey Property Unit Trusts, which are akin to limited partnership stakes …quot; involve funds managed by firms such as Schroders, British Land, Lend Lease and Grosvenor.

Liquid Realty is, perhaps, the only firm that raises institutional capital for funds that invest solely in shares of other funds. While other vehicles will pursue secondary market transactions, Liquid Realty's sole focus is on the secondary market.

The company was started roughly four years ago and is led by Scott Landress and Jeff Giller. Landress had previously been head of real estate investment banking at Bank of America, while Giller was a senior...


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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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