Three real estate-investment bankers at Credit Suisse Group AG, UBS AG and Citigroup Inc. are leaving to start their own company to tap rising demand for property transactions in Germany, three people with knowledge of the matter said.
Lone Star Funds, the private-equity firm led by Chairman John Grayken, bought 23 buildings from State Farm Mutual Automobile Insurance Co. and will lease them back to the largest U.S. property-casualty insurer.
Apollo Global Management LLC, which has raised $3.9 billion to buy distressed European assets, is hunting for hotels and resorts in Spain as tourists from across Europe help pull the country out of a two-year recession.
Commerzbank AG, Germany’s second- biggest lender, cut its riskiest shipping and property assets by 33 percent to 8 billion euros ($11 billion) in the third quarter after the sale of its U.K. real estate unit.
Oregon’s state pension plan decided against increasing its investment in two real estate funds being raised by Lone Star Funds, the Dallas-based investment firm specializing in distressed mortgages and other property assets.