A painful debt hangover continues to hamper Spain’s and Portugal’s economic recovery, not to mention the banks’ willingness to lend. But the turbulence is also throwing up opportunities from distressed sellers and previously reluctant family-owned companies, reports Nicholas Donato
The pair call the Czech Republic ‘one of the most resilient economies’ in Europe as they reveal the purchase of two shopping centres from Multi Corporation.
Avedon Capital Partners has completed its spin-out from Dutch bank NIBC, a transaction led by Goldman Sachs Asset Management. Goldman is taking a stake in the group's prior fund and is also one of three major backers for Avedon's current fund, which is targeting €200m.
‘The strong credit quality of the asset class and resilient contractual structures’ has helped European public-private partnerships withstand the financial crisis well. But deteriorating public finances, ongoing austerity and a constrained bank market pose risks for the industry.
Together with UK-based NATS, the Spanish developer will provide air traffic control services at 10 Spanish airports. Local private air traffic control company Saerco was awarded the contract for three other Spanish airport control towers.
The real estate investment arm of Morgan Stanley and The Witkoff Group have purchased 1107 Broadway from Lehman and plan to infuse $100 million into the property to convert it to luxury condos.
The new fund will seek up to $500m in commitments and will provide debt financing in special situation transactions.
The firm has made four investments in Europe this year and is more active in the region than in the US, says president Tony James.
The private equity firms will invest $50m each in Amalgamated Bank for a shared 40% stake in its common stock.
The proceeds from the new fundraising will be used to buy nine operational PPP projects from John Laing, increase a stake in an existing project, and reduce the fund’s debt. The fund is also in negotiations to acquire a ‘small portfolio of third-party social infrastructure assets’.