Singapore’s GIC, Jefferies Group, and LoanCore Capital Form JV Real Estate Finance Company
24. Feb, 2011
According to the press release, “Jefferies Group, Inc. and the Government of Singapore Investment Corporation (GIC) announced today that, through affiliates, they and LoanCore LLC, led by Mark Finerman, have formed Jefferies LoanCore LLC, a new joint venture commercial real estate finance company with $600 million in initial equity commitments that will be leveraged appropriately. Jefferies LoanCore will originate commercial real estate debt through a team of professionals led by Mr. Finerman, with the support of the broad real estate, investment banking and securitization capabilities of Jefferies, and the deep real estate and mortgage investment expertise of GIC Real Estate, the real estate investment arm of GIC.
“We are very excited to partner with GIC Real Estate to launch Jefferies LoanCore LLC, which further expands Jefferies’ investment banking and trading franchise by offering commercial real estate investors further access to capital,” said Richard B. Handler, Chairman and Chief Executive Officer of Jefferies Group. “Mark Finerman has an outstanding track record as a leader in the commercial real estate finance sector, and we are pleased to be working with Mark and his talented team.”
“We welcome the opportunity to establish a long-term partnership with Jefferies Group in commercial real estate finance,” said Dr. Seek Ngee Huat, President of GIC Real Estate. “We have worked successfully with Mark Finerman for several years and look forward to expanding our relationship with this further commitment.”
“Jefferies LoanCore expects to respond to the capital needs of commercial real estate owners and investors across the United States,” said Mr. Finerman, CEO of Jefferies LoanCore. “As our industry recovers from the disruption of the recent financial crisis, we expect Jefferies LoanCore to be a leader in providing creative capital solutions.”"
Source: Press Release
According to Reuters, “The Government of Singapore Investment Corp (GIC) is exploring the possible listing of its logistics business in Singapore in an IPO valued at between $500 million to $1 billion, sources with knowledge of the deal told Reuters. The business is part of GIC Real Estate or GIC RE which is ranked amongst the world’s top 10 real estate investment firms. GIC, Singapore’s biggest sovereign wealth fund, declined comment.
