AIG Global Real Estate, announced on Tuesday that it plans to divest its fund management business, which operates 15 real estate funds with over $12.4 bn in assets under management in Europe, Japan, Latin America and Asia. The vehicles had $5.2 bn in equity capital commitments at end-September 2008, AIG GRE said. It added that it has hired Bank of America and Merrill Lynch to start soliciting interest for the Fund Management Business, which is headquartered in New York.
AIG Global Real Estate, announced on Tuesday that it plans to divest its fund management business, which operates 15 real estate funds with over $12.4 bn in assets under management in Europe, Japan, Latin America and Asia. The vehicles had $5.2 bn in equity capital commitments at end-September 2008, AIG GRE said. It added that it has hired Bank of America and Merrill Lynch to start soliciting interest for the Fund Management Business, which is headquartered in New York.
AIG GRE's Fund Management platform includes committed equity capital that has been funded or is to be funded by AIG as a sponsor or co-investor. The business consists of a global asset advisory team for a diversified client base, 15 core plus, value-add and opportunistic funds, and an investment team.
AIG, the US insurance giant which was bailed out last year by the US government, said in October it would sell off a number of business units to repay the $85 bn government loan. AIG GRE's property portfolio includes over 53 million sq ft of retail, residential, industrial, office and hospitality properties in more than 50 countries. AIG GRE has over 35 regional offices.
