Investors

Transformers

Private equity real estate firms add value—and earn their carry—by transforming property assets. PERE looks at three real-world examples. By Paul Fruchbom

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CASES IN POINTSelected case studies in asset transformation

COST
FIRM PROPERTY NAME LOCATION (MILLIONS)
Canyon-Johnson State Place Chicago $96
Morgan Stanley Ebisu Prime Square Tokyo $400
Terra Firma Annington Homes England, Wales £1,700

STATE OF THE CITY
CANYON-JOHNSON BLOWS UP THEN BULDS UP
Sometimes, the best way to transform an asset is simply to demolish it.

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