Swiss Billionaire To Seed PE Firm

Ernesto Bertarelli, a Swiss-Italian pharmaceuticals billionaire, will seed the launch of a private equity real estate firm with $824 million,金融时报》reports.Crosstree Real Estate Partnerswill head the investment strategy. With debt, the property portfolio is likely to reach $1.64 billion.

Crosstree will be launched next month byNick Lyle, former head ofBlackstone’s U.K. business, andSean Arnold, who led the European operations ofStarwood Capital. It will invest across all sectors of real estate in the U.K., ranging from private equity-style, higher return deals to safer but lower yielding institutional property.

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