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Fortress eyes $4.7bn bid for Manhattan apartment complex

14 May 2014

new-york5_lrgUS alternative asset major Fortress Investment Group is reportedly considering a $4.7bn bid for a Manhattan apartment complex.

The New York-based firm is seeking financing for the bid, and would look to bring in equity partners for the deal according to Bloomberg, which cited a person familiar with the matter.

MetLife sold the asset for $5.4bn in 2007 to a group led by Tishman Speyer Properties and a real estate unit of BlackRock.

Fortress recently revealed it saw the valuation of its private equity portfolio rise 14.4 per cent last year, despite a 2.5 per cent drop in the fourth quarter.

Fortress said the decline in the last quarter was mainly due to portfolio companies which had listed on various stock exchanges, while its private portfolio helped offset some of the dip.

The firm pulled in $623m for a first close of its Italian NPL Opportunities Fund in the last three months of 2013, helping the firm’s full-year buyout capital under management rise by $1.9bn.

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