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LAW FIRM OF THE YEAR – LAW FIRM OF THE YEAR – LIFETIME ACHIEVEMENT FUND FORMATION TRANSACTIONS AWARD p. 32 Kirkland & Ellis Clifford Chance

Barry Sternlicht LAW FIRM OF THE YEAR – AFRICA p. 48 TRANSACTIONS GLOBAL p. 36 Simpson Thacher & Bartlett FIRM OF THE YEAR Actis FIRM OF THE YEAR Blackstone p. 42 ASIA p. 49 FIRM OF THE YEAR INDUSTRY FIGURE OF THE YEAR UBS FIRM OF THE YEAR Jonathan Gray, Blackstone Gaw Capital Partners p. 44 DEAL OF THE YEAR INDUSTRY FIGURE OF THE YEAR Blackstone’s $6.5 billion from FIRM OF THE YEAR John Lim, ARA Asset Management Strategic Hotels’ sale to Blackstone Anbang Group DEAL OF THE YEAR INDUSTRY FIGURE OF THE YEAR BlackRock’s sale of Asia Square INSTITUTIONAL Jeremy Plummer, CBRE Global Tower 1 OF THE YEAR Life DEAL OF THE YEAR OF THE YEAR CAPITAL RAISE OF THE YEAR Blackstone’s $3.48 billion acquisition APG Asset Management Brookfield Strategic Real Estate of OfficeFirst from IVG Partners II CAPITAL RAISE OF THE YEAR INSTITUTIONAL INVESTOR PAG Real Estate Partners SECONDARIES FIRM OF THE YEAR OF THE YEAR GIC Private FIRM OF THE YEAR – Blackstone MULTI-MANAGER/ INDIRECT FIRM CAPITAL RAISE OF THE YEAR OF THE YEAR KKR Real Estate Partners Europe FIRM OF THE YEAR – CHINA CBRE Global Investment Partners ARA Asset Management FIRM OF THE YEAR – NORTH AMERICA p. 40 SOUTHERN EUROPE FIRM OF THE YEAR – Meridia Capital Partners Global Logistic Properties FIRM OF THE YEAR Blackstone FIRM OF THE YEAR – FIRM OF THE YEAR – Blackstone Piramal Fund Management INDUSTRY FIGURE OF THE YEAR Peter Ballon, Canada Plan FIRM OF THE YEAR – CAPITAL ADVISORY FIRM Investment Board Investment Managers – OF THE YEAR Real Assets Macquarie Capital DEAL OF THE YEAR Blackstone’s sale from $6.5 billion FIRM OF THE YEAR – UK LAW FIRM OF THE YEAR – Strategic Hotels to Anbang Aberdeen Asset Management FUND FORMATION Insurance Group White & Case FIRM OF THE YEAR – THE NORDICS INSTITUTIONAL INVESTOR Nordic Real Estate Partners LAW FIRM OF THE YEAR – OF THE YEAR TRANSACTIONS Canada Pension Plan Investment FIRM OF THE YEAR – Mayer Brown JSM Board UBS Asset Management

CAPITAL RAISE OF THE YEAR CAPITAL ADVISORY FIRM Lennar Multifamily Venture

CAPITAL ADVISORY FIRM LAW FIRM OF THE YEAR – OF THE YEAR FUND FORMATION Hodes Weill & Associates Clifford Chance GLOBAL 6

FIRM OF THE YEAR INDUSTRY FIGURE OF DEAL OF THE YEAR THE YEAR 1. Blackstone 1. Blackstone’s sale of the bulk 2. Brookfield Asset Management 1. Jonathan Gray, Blackstone of $6.5bn Strategic Hotels portfolio to Anbang 3. Global Logistic Properties 2. Goh Kok Huat, GIC Private 3. Brian Kingston, Brookfield 2. TPG Real Estate and Ivanhoé Asset Management Cambridge’s sale of $2.55bn P3 Logistic Parks to GIC Private

You know you are doing something 3. Colony/NorthStar merger, which right when the President-elect created a $54bn sector giant wants to sound you out for office as did last November with Blackstone’s real estate head. Gray said he had a “terrific meeting” discussing the Treasury Secretary role in Trump’s cabinet, but decided OfficeFirst’s Squaire: part of Europe’s biggest deal ultimately “I still have much work to do at Blackstone.” The New York-based powerhouse It is this dedication to the role, and won this award last year after raising to the firm – alongside a fair splattering the sector’s biggest real of success – that has seen Gray emerge estate fund. It won this year on the back as the heir-apparent to Blackstone of deploying it. While there were no founder Stephen Schwarzman. It has capital splurges in the league of its 2015 also seen him win, or at least jostle for, joint-capture of the $23 billion real this award time and time again. estate portfolio of GE Capital, the deals For his fifth triumph in the Strategic Hotel: Ritz Carlton in Half it managed in the year were hardly category, he can accredit the success Moon Bay, California small fry. Headline among them was to his overseeing of large acquisitions, the capture of BioMed Realty Trust, an including the purchase of US The sale of Strategic Hotels & Resorts $8 billion REIT specializing in medical biomedical landlord BioMed Realty was a momentous deal for both its technology and pharmaceutical Trust and Germany’s biggest office New York-based seller, Blackstone, accommodation which crystallized portfolio, OfficeFirst, as well as some and its -based buyer, Anbang in January. The year culminated with major exits to Chinese buyers. Trump’s Insurance Group. For Blackstone, the Europe’s largest transaction, the failure to land private equity real estate’s transaction signified a remarkable $3.5 billion purchase of OfficeFirst, golden child remains Blackstone’s gain. exit, as the alternative asset manager a company wrapped around a large had closed on its own $6 billion office portfolio in Germany initially acquisition of Strategic three months intended to be floated. prior to signing an agreement to There were notable offloads too, sell the company for $6.5 billion in including a 25 percent stake in hotels March 2016. For Anbang, the deal operation to furthered the insurer’s expansion China’s HNA Group for $6.5 billion into US real estate. The transaction and a majority stake in Chinese did face one major obstacle when property company SCP Company to the US government halted Anbang’s China Vanke in a $1.9 billion deal. The purchase of a hotel near San Diego fact these deals pale in comparison over concerns about the property’s with transactions like Hilton or GE proximity to a naval base. The demonstrate just how far Blackstone insurer successfully closed on the has come. Gray: turned down President Trump remaining assets. SIMSALABIMBAM/COMMONS/CC BY-SA 3.0 SIMSALABIMBAM/COMMONS/CC BY-SA

2 PERE | 2016 ANNUAL AWARDS & REVIEW CREATING VALUE IS ALL ABOUT HAVING THE RIGHT VISION

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INSTITUTIONAL INVESTOR OF THE YEAR CAPITAL RAISE OF THE YEAR 1. China Life 1. Brookfield Strategic Real Estate Partners II 2. GIC Private 2. Global Opportunity Fund XI 3. Ivanhoé Cambridge 3. Lone Star Real Estate Fund V

In one of the fiercest contests in this year’s awards, China Life Brookfield Asset Management handily won this category Insurance defeated the runner-up, GIC Private, by just four votes. for the $9 billion equity haul for its second global real estate In particular, China’s largest life insurance company made a big opportunity fund, Brookfield Strategic Real Estate Partners splash with its cross-border joint venture with Starwood Capital II, in April. Group, in which the former bought a stake in approximately $2 It was the largest global real estate capital raise in 2016 and billion of select-service Starwood hotels in the US. a comfortable $3 billion ahead China Life will serve as both the anchor and leading investor of its nearest rival, Lone Star for the portfolio alongside a group of sovereign wealth funds Funds’ $5.9 billion Lone Star and other investors understood to include the National Pension Real Estate Fund V. Service of Korea. The portfolio – which covers 40 states – BSREP II blasted through comprises 280 select-service hotels. its $7 billion target and In other big-ticket investments, came in at more than double China Life also teamed with its predecessor, which RXR Realty in the $1.65 billion collected $4.4 billion in acquisition of 1285 Avenue of 2013. Additionally, BSREP II Brookfield CEO Brian the Americas, one of the largest attracted approximately 110 Kingston: saw his firm beat Hampton Inn: now part office building limited partners, about twice expectations with its of China’s Life’s portfolio transactions in 2016. as many of BSREP I. second fund

SECONDARIES FIRM OF THE YEAR MULTI-MANAGER FIRM OF THE YEAR 1. Partners Group 1. CBRE Global Investment Partners 2. 2. UBS Asset Management 3. Madison International Realty 3. Sparinvest Property Investors

The Zug-based global private markets investment firm is regarded In terms of both capital raising and deployment, CBRE Global as the leading light in private real estate secondaries investing and Investors’ partnerships-focused business has been a leading light that much was reaffirmed as PERE readers crowned it Secondaries for the Los Angeles-based giant in 2016. Firm of the Year. Among key wins in 2016 was its acquisition of For the first, not only did the firm take the of its five fund positions from New Zealand Superannuation Fund. flagship, core-plus CBRE Global Fund beyond the $2 billion They were plucked from a $500 million portfolio of fund stakes mark, it raised its largest closed-end vehicle too: European Value- and at a meaningful discount to par, it was understood. That, Add Fund pulled in $840 million from just six investors. CBRE and a selection of purchases from fund restructurings, saw GIP was also prolific on the acquisitions trail, participating in the firm deploy much of the capital from its sector-record 2013 major deals including the November investment in a $1.5-billion, secondaries fund, a vehicle for which Partners originally targeted 7 million-square-foot retail portfolio Stateside from private equity $1 billion, but ended up with almost twice that amount. Whether firm Merlone Geier Partners for there is a market to support so much Global Alpha. European Value-Add is secondaries capital is a debate. But understood to be almost fully deployed that will not stop Partners from now. Such activity has propelled CBRE going for medals again as at year-end GIP’s standing within Global Investors it launched its 2017 successor fund and that was evidenced in April when

Zug: Partners brings and is understood to want more than head Jeremy Plummer was promoted CBRE HQ in LA: top home the glory $2 billion this time around. to lead the firm’s European business. honchos are celebrating COOLCAESAR/COMMONS/CC BY SA 3.0 SA BY COOLCAESAR/COMMONS/CC

4 PERE | 2016 ANNUAL AWARDS & REVIEW Building Relationships.

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FIRM OF THE YEAR INDUSTRY FIGURE OF DEAL OF THE YEAR THE YEAR 1. Blackstone 1. Blackstone’s sale from 2. Global Logistic Properties 1. Peter Ballon, Canada $6.5bn Strategic Hotels to Pension Plan Investment Anbang Insurance Group 3. Och-Ziff Real Estate Board 2. China Life’s investment in $2.1bn 2. Doug Harmon and Adam Spies, Starwood hotel portfolio Cushman & Wakefield 3. , NorthStar Asset 3. Ted Eliopoulos, California Public Management, NorthStar Realty Employees’ System three-way merger

Peter Ballon had a big year in 2016. In May, he was elevated to head of Swedish sales: Blackstone picked up investments, real estate at the Canadian Stockholm-based Alecta’s US RE assets Pension Plan Investment Board from his former role as head of real estate for the Blackstone strikes billion-dollar real Americas. In his new post, Ballon – who estate deals with such regularity that it joined CPPIB in 2007 – is responsible has become unusual for a transaction for all real estate investments globally for Essex House: part of Anbang’s not to carry a 10-figure price tag. Its the pension plan. Blackstone haul North American property transactions Ballon’s promotion coincided with in 2016, however, were standouts for Graeme Eadie, previously global Blackstone’s quick exit of its Strategic reasons beyond their size. head of real estate investments, being Hotels & Resorts investment was one Most notably, the New York-based named head of the pension plan’s newly of North America’s most memorable alternative asset manager agreed to sell formed real assets group. As previously real estate transactions in 2016, not only Strategic Hotels & Resorts to Chinese reported by PERE, Ballon’s expanded for its speed and size, but also for its insurer Anbang Insurance Group for role is understood to not have resulted unexpected twist. $6.5 billion in March 2016, just three from the creation of the group, but The New York-based alternative asset months after Blackstone closed on its rather the growth of CPPIB’s real estate manager closed on its $6 billion public- own $6 billion purchase of the high- portfolio, which is currently managed to-private takeover of the high-end end hotel and resort company. by more than 80 professionals globally hotel and resort company in December The firm – which sold its US logistics and now encompasses C$37.2 billion 2015, as one of the first deals from its business, IndCor to GIC Private and ($28.15 billion; €26.65 billion) in assets. $15.8 billion Blackstone Real Estate Global Logistic Properties in 2015 “The increasing complexity and Partners VIII. Three months later, – also made a strong comeback into breadth of the activities of the REI team Chinese insurer Anbang Insurance the sector with the purchase of 46 US required that we continue to evolve and Group – which had acquired the industrial properties from LBA Realty deepen the REI’s management team,” Waldorf Astoria hotel from Blackstone’s for $1.5 billion in September. a spokesman told PERE in September. Hilton Worldwide in 2015 – agreed to Additionally, Blackstone made “In order to do this, Peter Ballon took buy Strategic for $6.5 billion. another big US bet with the $1.8 billion on more responsibilities in REI.” The transaction hit a snag, however, purchase of the US real estate assets when the Committee on Foreign of Alecta, as the Swedish pension Investment in the raised manager sought to offload its overseas concerns about Anbang’s purchase of property holdings. Strategic’s Hotel del Coronado near San reportedly was the original winner of Diego, given the property’s proximity the portfolio, but Blackstone ultimately to a US naval base. The $1 billion hotel’s claimed the prize after the Goldman acquisition was called off in October deal collapsed due to a disagreement Ballon: heading up real estate after the insurer had already bought 15 over terms. investments globally of the 16 Strategic properties.

6 PERE | 2016 ANNUAL AWARDS & REVIEW 6

INSTITUTIONAL INVESTOR CAPITAL RAISE OF THE YEAR CAPITAL ADVISORY FIRM OF THE YEAR OF THE YEAR 1. Lennar Multifamily Venture 1. Canada Pension Plan 2. Brookfield Premier Real Estate 1. Hodes Weill & Associates Investment Board Partners 2. Shelter Rock Capital 2. GIC Private 3. Bridge Investment Group 3. Macquarie Capital 3. Ivanhoé Cambridge Partners, Real Estate Opportunity Capital Multifamily Hodes Weill & Associates’ work and Office Fund III One of the tightest races of this year’s with opportunistic funds over the awards was in this category, featuring course of 2016 helped the company four of the largest institutional secure the top spot in this category investors in real estate, but ultimately for the third year running. The New Canada Pension Plan Investment York-based real estate advisory firm Board prevailed. Although it has been secured the award in 2015 after shortlisted for the honor almost every it helped rake in $909 million for year, CPPIB’s real estate achievements PCCP’s sixth fund. Last year in North America stood out in 2016. Los Angeles-based PCCP again Among the pension’s biggest closed on a big haul, raising $600 highlights in the region were its forays Multifamily commitments: Miami-based million for its latest opportunistic into two US niche real estate sectors. At LMC drew in $2.2 billion fund, PCCP Equity VII. The vehicle the start of 2016, CPPIB made its entry closed in September, well above its into the US student housing market Relatively unknown in the private $500 million target. through the purchase of University equity sphere, Lennar Multifamily In another target-shattering House Communities Group and its Communities – a Lennar Corporation fundraise, Hodes Weill advised 21-campus portfolio in a joint venture unit formed in 2011 to build high- Cerberus Capital Management on its with GIC Private and The Scion Group rise, mid-rise and garden apartment $1.8 billion global fund. The vehicle for a total of $1.4 billion. It then followed communities – was the surprise winner originally launched in the second up a month later with its debut senior of the capital raise of the year in North quarter of 2015 with a $1.5 billion housing investment in the country with America. target. As with PCCP’s fundraise, the acquisition of a 97.5 percent stake The Miami-based firm closed its Cerberus Institutional Real Estate in a Florida senior housing portfolio multifamily develop-to-core fund, Partners IV was the manager’s largest from Discovery Senior Living for Lennar Multifamily Venture, on $2.2 opportunistic fund to date. $555 million, in partnership with billion in October, the biggest-ever Heading south, Hodes Weill also Welltower. capital raise for the property type. worked on one of the few Latin America- In other major news, CPPIB also LMC launched the vehicle in the fourth focused real estate funds to reach a expanded its North America real estate quarter of 2014 with a $1.25 billion to final close in 2016. New York-based TC team, bringing aboard Hilary Spann, $1.5 billion target. The firm held a first Latin America Partners collected $268 formerly a top acquisitions professional close in July 2015 on $1 billion. With million for the Terranum Capital Latin at JPMorgan Asset Management this the capital raised, LMC will develop America Real Estate Fund. year as its first head of US real estate. Class A multifamily communities in 25 target markets throughout the US. The fund consisted of a $504 million commitment from Lennar, with the rest of the capital coming from six institutional investors, comprised of foreign , sovereign wealth funds and insurance companies. Macquarie Capital was the financial Aston villa: Aston Gardens, part of the Big apples: Hodes Weill helped Cerberus Discovery Senior Living portfolio advisor and placement agent for LMC. and PCCP pull in big commitments

2016 ANNUAL AWARDS & REVIEW | PERE 7 NORTH AMERICA 6

LAW FIRM OF THE YEAR LAW FIRM OF THE YEAR FIRM OF THE YEAR – FUND FORMATION – TRANSACTIONS – LATIN AMERICA 1. Kirkland & Ellis 1. Simpson Thacher & Bartlett 1. UBS Asset Management 2. Goodwin Procter 2. King & Spalding 2. GTIS Partners 3. Clifford Chance 3. Greenberg Traurig 3. Hemisfério Sul Investimentos

Kirkland & Ellis edged out tough Interestingly, the firm that took home competition to take the top slot in the award has the least Latin America fund formation. With no shortage real estate investing experience of fund work in 2016, the Chicago- among the three shortlisted based firm helped sponsor new real candidates. estate funds with total commitments In October, PERE reported that of over $31 billion, including what UBS Asset Management was aiming PERE readers chose as the top to raise a total of $2.3 billion across North American fundraise, Lennar three Brazil-focused fund strategies. Multifamily Venture. Kirkland This total included $300 million for real & Ellis also advised Starwood estate , to help address the shortage Capital Group, a perennial PERE RioCan: the REIT’s sale to Blackstone was of real estate financing in the market; award winner, on Starwood Global a headline deal for Simpson Thacher $1 billion for investments in income- Opportunity Fund XI, which generating real estate, primarily in launched in mid-2016 with a New York-based Simpson Thacher office and logistics; and $1 billion for $5 billion-$6 billion target and held & Bartlett advised prolific PERE opportunistic residential, focusing on its $2.7 billion first close in October. award winner Blackstone in a variety the acquisition of constructed units In May, the law firm helped Walton of dispositions in 2016, including from distressed sellers. To achieve Street Capital reach a $654 million the banner sale of most of Strategic its targets, the company formed an final close for its first dedicated Hotels to Anbang Insurance Group exclusive partnership with Real Estate real estate debt fund, Walton Street and the sale of Wexford Science & Capital, a Brazilian consulting firm, Real Estate Debt. Kirkland & Ellis Technology’s life science and medical which will execute transactions only also worked with Swift Real Estate real estate to a healthcare real estate for and with UBS for an undisclosed on a quick fundraise for Swift Real for $1.5 billion. period. Estate Partners Fund II, launching The law firm kept pace on the UBS’s major push in Brazil may the value-added vehicle in December acquisitions side, as well. Blackstone seem uncharacteristic of the asset and closing it in May on $410 million. purchased 32 multifamily properties management arm of the Swiss from Greystar Real Estate Partners group. After all, it for $2 billion; a portfolio of 64 is one of the world’s largest core real senior living properties for $1.3 estate investors: of its $78 billion of billion, including the formation of real estate , a joint venture between Blackstone only $8 billion, or approximately 10 and a REIT to own and operate the percent, is non-core. portfolio; seven office properties from Hines REIT for $1.3 billion; and 49 retail properties from RioCan REIT for $1.9 billion. Since Blackstone had $10.7 billion of available capital in its latest global opportunistic fund as of the fourth quarter, Simpson Thacher is likely Wind in its sails: Chicago’s Kirkland & Ellis Latin lessons: UBS making headway in helped gather $31 billion in commitments gearing up for another busy year. South America ALLIE CAULFIELD/COMMONS/CCBY 2.0 CAULFIELD/COMMONS/CCBY ALLIE

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FIRM OF THE YEAR INDUSTRY FIGURE OF DEAL OF THE YEAR THE YEAR 1. Blackstone 1. Blackstone’s $3.48bn 2. AXA Investment Managers, 1. Jeremy Plummer, CBRE acquisition of OfficeFirst Real Assets Global Investors 2. TPG/Ivanhoé Cambridge’s 3. AEW Europe 2. Léon Bressler, Aermont Capital $2.55bn sale of P3 Logistics 3. Wolfgang Egger, Patrizia 3. Lone Star’s $944m purchase of Immobilien Propertize

What a year it has been for Jeremy Plummer. The softly-spoken Englishman started 2016 as chief executive for the real estate investment management giant’s partnerships division Global Investment Partners, a business with $15.1 billion of assets under management. He finished it at the helm of $55 billion of assets – more than half the AUM for the entire The Squaire: the Frankfurt office now Blanchardstown: Blackstone bought the resides with Blackstone Irish shopping center for €950 million CBRE Global Investors business – after being promoted to head of EMEA for The New York giant can attribute this the parent company. It was as predictable as night follows victory to raising the most capital for His ascension was hardly a surprise day. When IVG, the Bonn-based real an opportunistic investment strategy given GIP had a record year on both estate company pulled the planned and to its deployment endeavours. fundraising and deployment fronts, IPO of its German office portfolio In December, PERE revealed how thanks to attracting $3.1 billion in OfficeFirst in November, it would Blackstone had almost reached the fresh capital and deploying $3.8 only be a matter of time before the €6.5 billion mark against a €7 billion billion into funds, secondaries, circling Blackstone took another target for its Blackstone Real Estate co-investments and JVs with operating bite at it. IVG cited a “significant Partners V Europe fund. The firm partners. European highlights on deterioration” in European financial has developed a knack of hitting Plummer’s watch included an $840 markets as the cause for the the hard-caps it sets for its funds, million raising for GIP’s value-added 11th-hour cancellation, believing but even if it fails to hit the target European co- and the it would not obtain the $3.5 billion for BREP V Europe, the capital haul completion of ’s biggest deal valuation it required for the sale of already is the biggest achieved for an in two years, the capture of the IZD an initial 13.5 percent stake on the opportunity fund in the region. Tower in Vienna in a €212 million deal. Frankfurt . Of course, such copious capital Having already made an piles require deploying and, for unsolicited bid of about $3.2 some firms, outlaying that heft of billion in the months following the capital would take some doing. Not formation of OfficeFirst earlier in the so for Blackstone, which capped off year, Blackstone pounced by meeting 2016 completing the region’s biggest IVG’s valuation. This second bite deal of the year, buying the German was sufficient to convince the office property firm OfficeFirst from German company’s shareholders IVG Immobilien in a deal valued at into forgoing any future upside €3.3 billion. That came months after by cancelling a drip-feeding of it purchased Blanchardstown, the OfficeFirst stock into the market and shopping center, from Irish accepting a wholesale exit instead. property company Green Property Ascension: a record year saw CBRE’s PERE’s award voters were evidently for €950 million. Plummer take the EMEA helm impressed. DEAN MOLYNEAUX/COMMONS/CCBY 2.0 MOLYNEAUX/COMMONS/CCBY DEAN

10 PERE | 2016 ANNUAL AWARDS & REVIEW 6

INSTITUTIONAL INVESTOR CAPITAL RAISE OF THE YEAR FIRM OF THE YEAR – OF THE YEAR SOUTHERN EUROPE 1. KKR Real Estate Partners 1. GIC Private Europe 1. Meridia Capital Partners 2. Canada Pension Plan 2. CBRE Global Investment 2. BLG Capital Investment Board Partners’ European Value-Add Fund 3. CBRE GIP 3. APG Asset Management 3. Brockton Capital Fund III Though a relatively new name in global When Ivanhoé Cambridge exited from real estate, Meridia Capital Partners its investment in European logistics has been quietly doing business in property company P3 Logistics Parks for more than a decade. However, in November, the decision raised a few 2016 was something of a breakout year eyebrows. As a private equity business, for the Barcelona-based fund manager partner TPG was always expected to after it made headlines with the launch sell its stake, but why the Canadian of its third Spain-focused vehicle, investor would relinquish such a Meridia III, through which the firm strategic holding in the one property is targeting €250 million in capital sector defying the industry’s current commitments, €100 million more than value downturn was a point of debate. its two previous funds. There was little debate, however, According to Meridia, the main about why ’s pre-eminent driver behind this was an insatiable would want to Cassou: led KKR’s fund raise increase in demand from its existing purchase the 35.5 million-square-foot, institutional investors, all of whom 163-property portfolio with another The New York-based private equity firm re-upped for fund III, as well as piqued 15 million square feet of development scooped the award for the successful interest from a raft of new global land. In one swoop, GIC was able raise of its debut Europe-focused real investors. to complement already meaningful estate vehicle. It was one of a small group In 2016, under the guidance of exposures to the logistics markets of of first-time fund managers, including Javier Faus, founding partner and chief Asia and the US with this aggregation fellow -based firms Tristan executive, and Juan Barba, managing of sites, and an experienced team, Capital and Kildare Partners, to have director for real estate, Meridia in Europe. It was the highlight of a reached a final close for an opportunistic acquired Nestlé’s Spanish headquarters busy year for GIC in which it also fund in Europe since the global financial in Barcelona, on behalf of fund II, and participated in the joint $538 million crisis. made the first purchases for fund III, investment in a 7,150-bed portfolio of Led by head of European real estate, three office portfolios in Madrid and student housing assets in the UK with Guillaume Cassou, the firm corralled Barcelona, for a total of €118 million. -based operator Global Student $739 million in around 10 months, with Accommodation in September. $100 million of the total contribution by KKR itself. The fund, which will reportedly aim for gross returns of around 16 percent, was also seeded with six investments, a mixture of assets in Scotland, Italy, Germany and France, which accounted for around 20 percent of the vehicle’s equity. KKR attributed the capital raise to Cassou and his recently-formed team, which includes head of asset management Marcus Ralling and P3 Blonie: Polish warehouse complex Faus: CEO led Meridia through a was part of P3 buy director Jenny Hammerlund. breakout year

2016 ANNUAL AWARDS & REVIEW | PERE 11 EUROPE 6

FIRM OF THE YEAR FIRM OF THE YEAR – FRANCE FIRM OF THE YEAR – UK – GERMANY 1. AXA Investment 1. Aberdeen Asset 1. Blackstone Management – Real Assets Management 2. Patrizia Immobilien 2. Meyer Bergman 2. Brockton Capital 3. Real Estate 3. Henderson Park 3. TH Real Estate Investing AXA IM Real Assets’ confidence in France was demonstrated in 2016 when it completed one of the country’s biggest post-financial crisis single-asset acquisitions by purchasing the Tour First office tower, in La Defense, from Beacon Capital Partners in a deal that valued

TrepTowers: the Berlin office complex the asset at around €800 million. The Hammersmith Grove: Aberdeen moved picked up by Blackstone firm was also busy with hires. It made quickly to sell the asset two crucial appointments in 2016: the After winning two European hire of Ruulke Bagijn, as global head of The asset manager was on the Brexit categories in 2015, the UK and real assets, from Dutch frontline following the UK’s vote to Southern Europe firm of the year, the PGGM, and the promotion of Germain leave the European Union. Jittery real estate behemoth has gone one Aunidas to global head of development. investors in some of the UK’s largest better this time. Blackstone’s win in Both would be key in June’s launch open-ended retail funds responded by Germany came after it invested big, of the €300 million AXA Selectiv’ ramping up withdrawals, leaving firms across two deals valued at a combined Immoservice fund, which is targeting with little choice but to gate the affected €3.5 billion. French retail investors, as well as its vehicles. The decision meant 60 percent, Clearly the most significant, and 2012-vintage predecessor, which is or £15 billion, of the UK commercial possibly drawn out, deal of the year investing €1.7 billion. The firm also property market was under lock and in Germany was the €3.3 billion launched three other funds. key within weeks of the referendum. purchase of the 97-strong office But Aberdeen took a slightly different portfolio OfficeFirst from IVG, using approach to its peers, deciding to gate its capital from its latest opportunistic two affected funds, which totaled more fund, Blackstone Real Estate Partners than £3.2 billion, for just six days as well Europe IV. as, crucially, imposing a withdrawal The deal’s completion also marked reduction meaning that any investor the end of a three-year pursuit of the who sought to withdraw capital would OfficeFirst portfolio by Blackstone face a 17 percent price reduction. and signified that London’s stagnating The move had the desired effect

office market, post-Brexit vote, had because within days the majority of KING OF HEARTS/COMMONS/CC BY SA 3.0 serious competition. But Blackstone’s investors’ redemption requests had faith in the German office market been withdrawn. The firm responded didn’t end there because the firm by moving quickly to sell two London also picked up the €230 million assets, Sedley Place and Hammersmith TrepTowers office complex, totaling Grove for a total of around £215 million 850,000 square feet, in Berlin. in order to free up liquidity. PERE understands that Blackstone In comparison, Aberdeen’s peers, will continue to back the German such as Canada Life, Standard Life and market this year, with its eyes firmly Aviva, waited until September, October fixed on commercial and residential and January, respectively, to lift the opportunities in key gateway cities. Tour First: €800 million office tower trading suspensions. AXEL MAURUSZAT/COMMONS/CC BY 2.0 DE

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FIRM OF THE YEAR – FIRM OF THE YEAR – ITALY CAPITAL ADVISORY FIRM THE NORDICS OF THE YEAR 1. UBS Asset Management 1. NREP 2. Savills Investment Management 1. Lazard 2. Partners Group 3. M&G Real Estate 2. Park Hill Real Estate 3. NIAM 3. Greenhill & Co A banner year in Italy for the Zug, -based asset management firm saw it seal 2016’s largest real estate mandate in Italy, and one of the largest in Europe, with a €400 million deal from Swiss investment insurance. Following an intense nine-month battle, which saw UBS face strong competition from NREP: small deals, high volume five other potential suitors, the firm emerged victorious in July with a Weber: taking advice from Lazard’s Another year, another win for NREP 15-year mandate, titled UBS – Zurich European platform makes it a hat-trick of successes in Italy Real Estate Fund (UBS-ZIREF), the Nordics category since 2014. to invest capital in Italy but also the Financial advisory and asset Headline news in 2016 was November’s wider eurozone in core and core- management firm Lazard prevailed record fund raise, when the pan- plus retail, office and industrial assets. as the year’s favored Europe Capital Nordic investment manager quickly Although UBS has been active in Italy advisor for a fourth consecutive year hit a hard-cap of €600 million in since 2004, the company established with more than half the votes cast for capital commitments and saw its an Italian platform in 2015 and the the category. ninth Nordics-focused vehicle get UBS-ZIREF fund is its first Italy- This year’s success can be attributed significantly oversubscribed – a 50 focused mandate to be publically to its efforts for pan-regional, percent increase on its predecessor. announced. Nordic and Central and Eastern According to partner Gustaf Also in July, the €68 billion asset European strategies. In addition to Lilliehook, the fund also attracted manager bolstered its Italian business advising Nick Weber’s boutique firm, re-ups from around 85 percent of by recruiting Andrea Rondena, Henderson Park, on its $500 million its existing investors as well as new from Morgan Stanley, as head of pan-continental maiden vehicle, institutional investors in the US. In fund operations, as well as securing Lazard advised real estate investment previous years, NREP managed a a separate €300 million mandate, manager Nordic Real Estate Partners number of sector-specific funds based which could be topped up with an on reaching €600 million for its NREP on its operating platforms but the extra €200 million depending on Strategies Fund II, €200 million more latest fund series bundles all strategies performance, from Italian insurance than originally targeted. It also advised under one umbrella. While the firm firm Poste Vita to invest in core and Bluehouse Capital on raising more has grown, it has continued to invest core-plus European office assets. than €150 million for its fourth Central primarily in single properties with and Eastern Europe fund and Turkish relatively small ticket sizes – averaging private equity real estate firm BLG around €10 million – before adding Capital on raising $160 million for its value and selling them as part of larger BLG Turkish Real Estate Fund II. There institutionalized portfolios. The firm was also capacity to advise on more has also invested in a number of larger than €150 million of secondary trades projects, such as the BIG shopping involving European vehicles. mall in Copenhagen which NREP sold This diverse corpus of work saw to CBRE GI in April for a reported When in Rome: UBS set up its Italian the firm remain PERE’s European €150 million. platform in 2015 champions of capital advisory in 2016.

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LAW FIRM OF THE YEAR LAW FIRM OF THE YEAR FIRM OF THE YEAR – AFRICA – FUND FORMATION – TRANSACTIONS 1. Actis 1. Clifford Chance 1. Clifford Chance 2. Asset Management 2. Goodwin Proctor 2. Kirkland & Ellis 3. Novare Equity Partners 3. Kirkland & Ellis 3. Herbert, Smith & Freehills London-headquartered private To say that London-based law firm equity firm Actis set a new bar for Clifford Chance has dominated the private real estate strategies in Africa Fund Formation Europe category last year with its record equity haul would be an understatement. The for the Actis Africa Real Estate Fund magic circle firm, led by Nigel Hatfield, 3. With more than $500 million has now won the title 10 years in a row, raised, Actis’s third Africa-focused a feat achieved by no other firm in any opportunistic real estate fund has category. Highlights include advising become the biggest institutional fund Dublin’s Dundrum Shopping Centre: PGIM on the formation of its $1.3 Clifford Chance advised on €1.3 billion deal raised for the sector in the continent. billion pan-European Pramerica Real The fund is markedly larger than its Estate Capital VI debt fund, which will Although not as dominant when predecessor fund, the Actis Africa provide senior debt on core and core- compared with the fund formation Real Estate Fund 2, that closed on plus assets in the UK and Germany, category, Clifford Chance still picked up $278 million in 2012. and AXA Investment Managers – Real its fifth transactions award in 10 years. In a sign of growing interest of Assets’ €400 million vehicle, which After seeing off rivals Nabarro and Paul global institutional investors wanting will primarily target value-add retail, Hastings, which won the award in 2014 to deploy capital in the region, Actis, office and logistics assets across Europe. and 2015 respectively, Clifford Chance’s with the support of placement agent Other fund closes included TIAA victory saw it claim a rare Law Firm of First Avenue, was able to surpass the Henderson Real Estate, Deutsche Asset the Year double this year. original $400 million target for the Management and DRC Capital. Given the firm’s track record in recent fund. The Singaporean state fund GIC Clifford Chance also bolstered its years, it is also perhaps unsurprising Private is one notable name in the LP dedicated European fund formation that it was involved in some of Europe’s base, marking its debut investment in team with the promotion of Alexandra largest single-asset deals last year. These African real estate. Davison to partner and added new included the €1.3 billion purchase of Actis, together with RMB clients to its impressive roster, including Dublin’s Dundrum Shopping Centre by Westport and Paragon Holdings, new instructions for real estate Real Estate and Hammerson; also exited its investment in the Ikeja mandates from M&G, Bridgepoint and Patrizia Immobilien’s €800 million City Mall, the largest mall in Lagos, Epiris, formerly Electra Partners. acquisition of Germany’s tallest for an undisclosed amount. building, the Commerzbank Tower in Frankfurt; and the €400 million purchase of the Der Rotterdam building by Asset Management, a single asset record in the . Incidentally, many of these deals were backed or in partnership with Korean institutional capital. On the recruitment front, Clifford Chance brought in Jonathan Soloman as new global head of real estate in July, replacing Alfonso Benavides, and promoting Chris Sullivan to partner in Hatfield: continued domination private equity real estate transactions. Ikeja Mall: a headline sale in Africa

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FIRM OF THE YEAR INDUSTRY FIGURE OF DEAL OF THE YEAR THE YEAR 1. Gaw Capital Partners 1. BlackRock’s sale of Asia 2. PAG Real Estate 1. John Lim, ARA Asset Square Tower 1 Management 3. Brookfield Asset Management 2. Brookfield Asset Management’s 2. Jon-Paul Toppino, PAG Real acquisition of IFC Seoul Estate 3. Merger of e-Shang and Redwood 3. Chris Heady, Blackstone

As group chief executive of ARA Asset Management, John Lim has steered the Singapore-listed fund manager to the forefront of Asia’s private real estate industry. The firm sealed 2016’s biggest Florentia Village: the outlet mall is owned by Gaw via a joint venture platform single-asset property transaction in Asia-Pacific with the acquisition of This is the second consecutive win for Century Link in Shanghai. The agreed the -based private equity value of the asset is 20 billion yuan real estate firm that has continued its ($2.9 billion; €2.7 billion). assault on all major Asian markets, Even more impressive was that Lim with fundraises and headline deals. helped instigate the privatization of the The highlight of 2016 was Gaw business he helped to grow since its Capital Partners’ $1.3 billion haul formation in 2002. In November, ARA Asia Square: the prime Singaporean tower for its fifth opportunistic real estate announced that a group of investors was BlackRock’s pre-crisis investment fund. Gaw Capital Real Estate Fund had proposed to take it private for V was launched in 2015 with a record S$1.78 ($1.28; €1.16) per share. The In June, BlackRock completed one fundraising target that significantly deal would value ARA at just under of the largest single-asset property outnumbered the $1 billion raised for S$1.8 billion. The consortium consists transactions in Asia-Pacific when Fund IV. of: JL Investment Group, the private it sold Asia Square Tower 1 to the The investment manager also investment arm of Lim; Straits Trading Middle Eastern state fund Qatar launched regional and sector-specific Company; Hong Kong-listed Cheung Investment Authority for S$3.4 funds, including a $1.2 billion China Kong Property in partnership with billion ($2.4 billion; €2.2 billion). outlet mall fund with TH Real Estate. private equity firm ; The lump sum price indicated that The firm then went on to make its and Chinese investment manager the 43-story office tower, comprising Australian industrial market debut AVIC Trust. The private capital at play more than 1.2 million square feet by partnering with Abacus Property is considered more efficient in helping of Grade A office space and 40,000 Group to set up an opportunistic ARA continue to grow from its already square feet of retail space, was sold fund. impressive Asia-Pacific portfolio of for S$2,720 per square foot. On the investment side, the firm around S$30 billion worth of assets, as The deal brought to an end deployed capital from Fund V in a of September 30. a drawn-out sales process by Shanghai-based co-working network BlackRock held under challenging called Naked Hub. The firm also market conditions. It also provided achieved a successful exit from its an important exit to the New York Hyatt Regency hotel investment in asset manager from the pre-crisis Osaka. One source told PERE the investment and to the investors in sale generated more than 20 percent the $3.9 billion fund. The sale is IRR and a 2x multiple on the back of understood to have generated a high asset management and the growth in Century Link: ARA bought the single digit internal rate of return, as Japanese tourism. Shanghai property last year PERE reported.

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INSTITUTIONAL INVESTOR CAPITAL RAISE OF THE YEAR FIRM OF THE YEAR OF THE YEAR – AUSTRALIA 1. PAG Real Estate Partners 1. APG Asset Management 2. Raffles City China Investment 1. Blackstone 2. GIC Private Partners III 2. AXA Investment Managers 3. Canada Pension Plan Investment 3. GreenOak Asia Fund II – Real Assets Board 3. Investa

Dutch pension fund asset manager APG Blackstone has retained its title Asset Management currently manages as Firm of the Year – Australia by an €8.5 billion real estate portfolio in continuing to be one of the nation’s Asia-Pacific across public and private largest commercial property investors. markets. On the private market side, In November, the New York-based the investor grew significantly in 2016 real estate powerhouse committed and expanded into new geographies to one of Australia’s largest logistics and markets across the region. deals, a second industrial portfolio In November, APG made its first from Goodman, valued at around investment in India’s retail sector via A$650 million ($498 million; €463 the launch of a $450 million retail million). The deal, expected to close platform in partnership with Virtuous in 2017, would deliver another 21 Toppino: PAG’s managing partner led Retail and the Xander Group. Sachin the firm’s debut core-plus fundraising logistics facilities around Australia Doshi, managing director and head of to Blackstone’s existing holding of 15 private real estate investments for Asia- Hong Kong-based investment assets, acquired from Goodman in July Pacific at APG, called it a “landmark management firm PAG’s fundraising for A$640 million. transaction for Indian retail real feat for PAG Real Estate Partners The deal makes the firm one of the estate at a time when the sector is at an made headlines for more than one largest players in Australian logistics inflection point.” reason. This was the firm’s debut and brings Blackstone’s combined The investor had already signaled its core-plus real estate fund in Asia, a investment in the market to around intent for the country earlier as it had new strategy away from the series A$1.3 billion. Blackstone’s entire teamed up with Godrej Properties, the of opportunistic funds it runs in property portfolio in Australia now Mumbai-based developer, in March the region. While the original totals around A$6.6 billion and to launch a $275 million residential fundraising target was $1 billion, includes the May acquisition of two property development program. APG PAG closed the fund on $1.32 billion shopping centers in Queensland – also committed to a $500 million in June, becoming the largest Asia- including the Toombul Shopping Korean logistics club led by e-Shang focused real estate fund to have been Centre – and another in Victoria from Redwood with CPPIB, marking a first raised in 2016. the listed Vicinity Centres for A$613 foray into the logistics sector in Korea, Jon-Paul Toppino, the firm’s million. This came after the purchase in addition to participating in the managing partner, together with of the Rundle Mall retail center in merger that created the logistics firm placement agent Park Hill, was Adelaide in a A$400 million deal that itself. successful in raising more than the included an office complex. target equity from between 10 and 15 investors. Backers include the European insurer Allianz and Dutch pension fund manager PGGM. The firm has been deploying the capital in some landmark transactions, including the purchase of a portfolio of 26 assets from GE Japan Mumbai: happy hunting ground for APG Toombul: part of Blackstone’s continued in 2016 Corporation. Australia expansion

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FIRM OF THE YEAR – CHINA FIRM OF THE YEAR – JAPAN FIRM OF THE YEAR – INDIA 1. ARA Asset Management 1. Global Logistic Properties 1. Piramal Fund Management 2. Gaw Capital Partners 2. IDERA Capital 2. Brookfield Asset Management 3. Blackstone 3. LaSalle Investment Management 3. Xander Group

In a year of several iconic trophy Piramal Fund Management has asset sales in Asia-Pacific, ARA Asset emerged as one of the most made headlines by Indian real estate fund managers acquiring Century Link in Shanghai providing debt financing to developers. for a record price of 20 billion yuan The firm has made investments ($2.9 billion; €2.6 billion), making across the capital stack, from early- it one of the largest single asset stage private equity to senior secured property transactions in China. debt and construction finance, in The Singapore-based real estate residential and commercial projects. fund manager – which is backed by The biggest of these last year was the Hong Kong business tycoon and a 23.2 billion rupee ($340 million; the owner of Cheung Kong Property €319 billion) investment, structured Holdings Li Ka-shing – bought the Mei: demand for modern logistics as a fixed-return debt investment twin office towers and six-story facilities remains strong with periodic coupon payments, retail podium complex via the ARA made to the Lodha Group to Harmony VI fund in October. An Global Logistic Properties, the complete projects in south and undisclosed investor backed the Singapore-based logistics real estate central Mumbai. This transaction single-asset vehicle while two other developer and investment manager, has been pegged as one of the single ARA-managed funds, Peninsula started 2016 with a major play for largest debt financing deals in Indian Investment Partners LP and Japan property. In February, the firm real estate. Peninsula Co-Investment Holdings, launched its second Japanese logistics Other investments in the took minority stakes. joint venture partnership with Canada residential sector included the At a time when investors remained Pension Plan Investment Board. The 7 billion rupees in funding given cautious about deploying capital in total equity committed by the two to Omkar Realtors in Mumbai; China amid continuing fears of an partners in the 50:50 JV is ¥100 billion 7 billion rupees sanctioned to Adarsh economic slowdown, ARA Asset ($880 million; €790 million). developers; and 6.25 billion rupees to Management was able to get its hands Ming Mei, chief executive of Sheth developers for its projects in on a landmark commercial complex GLP, said that demand for modern Bangalore. On the commercial side, in a prime location in Shanghai. logistics facilities in Japan remains the firm extended 4.25 billion rupees strong and the firm is targeting an as construction finance to the Vatika increase in total equity investment Group for its commercial project in in GLP Japan Development Venture Gurgaon. II to $2 billion over three years. The venture was seeded with a large- scale logistics park in Greater called GLP Nagareyama providing 3.4 million square feet of total gross floor area. The project will be GLP’s largest development in the country and constructed in phases at a total investment cost of ¥59 billion. The firm also made $600 million of sales Century Link: the largest single-asset Construction projects: part of Piramal’s property deal in China last year to its GLP J-REIT during 2016. debt financing strategy

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CAPITAL ADVISORY FIRM LAW FIRM OF THE YEAR ASIA LAW FIRM OF THE YEAR ASIA OF THE YEAR – FUND FORMATION – TRANSACTIONS 1. Macquarie Capital 1. White & Case 1. Mayer Brown JSM 2. JLL 2. Morrison & Foerster 2. Paul Hastings 3. Park Hill Real Estate 3. O’Melveny & Myers 3. Simpson Thacher & Bartlett

Taking the top spot in this category is global law firm White & Case. The standout moment for the firm’s fund formation team was representing PAG, the Hong Kong-based investment management firm, for its first pan- Asia core-plus real estate fund. The firm closed the fund in June after collecting $1.3 billion in commitments,

China multifamily: Macquarie enters Asia surpassing the original $1 billion target with Greystar partnership set when the vehicle launched in 2014. This transaction was led by local Macquarie Capital helped several partner Anthony Wong. firms make their debut investments White & Case has nine offices in across the real estate sector in Asia, and the fund formation team Asia last year. One of the biggest for the region is led by corporate and transactions for the firm was the investment funds partner Sharon Parkside purchase: ’s Hong Kong deal was one of many Mayer tie-up with Greystar Real Estate Hartline who, along with Wong, has Brown JSM had a hand in Partners, the US multifamily real helped sponsors in Asia set up various estate operator, to mark its entry types of private equity funds for more Holding on to its spot as the top into Asia. Macquarie Capital than 20 years. real estate transactions law firm and Greystar formed an Asia- The practice is well-known for in Asia, Mayer Brown JSM again Pacific rental housing and student advising clients from the US, Europe consistently represented private accommodation platform to raise and Asia, on their investments in Asia- real estate’s major players in Asia institutional capital to invest in focused funds as well as for working on their deals. The firm was at niche asset classes in the region. with novel structures and drawing the table for AEW Asia on its The firm also advised Logos on the partners’ multi-disciplinary $145.2 million acquisition of office Property Group on $1 billion of experience. building Continental Place in Hong equity commitments for seven Kong, a 26 floor property with a total logistics ventures in the region, gross floor area of around 48,700 which included Logos’ foray into square foot. Also on the island city South-East Asia with the creation of the law firm advised China Overseas a Singapore-headquartered platform Land & Investment on the disposal that would focus on Singapore, of China Overseas Building and and Indonesia. Hoover Towers for more than Other transactions included $681.2 million. Outside of Hong the formation of JM Capital, a real Kong the firm also advised Silk Road, estate investment management an Asian based private equity fund platform with China Jinmao that formed as a spinoff from AEW, Holdings that would invest domestic on the RMB 291 million acquisition Eastern appeal: White & Case represented and international capital in global Hong Kong-based PAG as it raised its first of retail area of LJZ Century Palace residential and commercial assets. core-plus fund in China. CEPHOTO, UWE ARANAS / CC-BY SA 3.0

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