Deals

GMAC sells home financing unit to Brookfield

The Cerberus-owned home and auto lender has agreed to sell its home services division to the Toronto-based investment firm Brookfield Asset Management.

Providence hires former Deutsche exec for debt fund

Thomas Gahan will take over the media and telecom-focused firm’s $1bn debt investment programme, which is exploring investment opportunities in the stagnant credit markets.

Fortress forgoes dividend to target financial services

Founder Wesley Edens has said the firm will not pay a third quarter dividend in order to retain capital for ‘tremendous opportunities’ in banks, insurance companies and other asset management businesses.

New Zealand private equity activity suffers steep drop

Private equity investments in New Zealand fell by more than 90 percent in the first half of 2008, compared to the same period last year.

Report: WaMu seeks private equity buyers

The ailing savings and loan had previously sought to be taken over by banking giants JPMorgan and Citi, but as such talks have not yet resulted in any deal, the bank is reportedly seeking a deal with Blackstone or Carlyle.

RE execs say resolute action needed in US(3)

The US industry body, the Real Estate Roundtable, said the US government’s $700bn plan to buy-up troubled mortgage-related assets had a high ‘price tag,’ but argued that it was the best way forward.

US hotel market to hit bottom in 2009(3)

A report by consultants PKF reveals declining demand and increasing supply will result in two years of decline for the hotel sector – the first time in two decades.

Flowers to buy $14m Missouri bank in his own name(2)

JC Flowers' founder may use the First National Bank of Cainesville as a platform acquisition for other distressed and failed deposit-taking institutions, according to a regulatory filing.

US hotel market to hit bottom in 2009(2)

A report by consultants PKF reveals declining demand and increasing supply will result in two years of decline for the hotel sector – the first time in two decades.

RE execs say resolute action needed in US(2)

The US industry body, the Real Estate Roundtable, said the US government’s $700bn plan to buy-up troubled mortgage-related assets had a high ‘price tag,’ but argued that it was the best way forward.