Latest news with #AngeloGordon
South China Morning Post
01-08-2025
- Business
- South China Morning Post
Hong Kong ‘Shop King' Tang Shing-bor's family sells Mong Kok hotel at throwaway price
Hong Kong developer Wang On Properties and US investment firm Angelo Gordon have jointly acquired a hotel in Mong Kok from the family of the late 'Shop King' Tang Shing-bor for around a third of the original price. The 199-room Hotel Ease Mong Kok on 60 Portland Street was bought by a joint venture between Wong On subsidiary Prime Resonance and Angelo Gordon-managed ADPF Oregon, according to a filing to the Hong Kong stock exchange on Thursday. The joint venture would be committing about HK$291.04 million (US$37.1 million) towards the acquisition, with Prime Resonance contributing HK$43.66 million and ADPF Oregon HK$247.38, giving them a stake of 15 per cent and 85 per cent, respectively, according to the statement. The buyers paid about HK$435 million for the hotel, according to a source familiar with the matter – a loss of HK$665 million, or 60 per cent, when compared with Tang's HK$1.1 billion investment in 2018. The Tang family put the asset up for sale in early 2023. Hotel Cozi Harbour View in Kwun Tong was sold for HK$1.87 billion earlier this year. Photo: Google Maps Hong Kong has become a magnet for hotel investments after some investors snapped up assets on the cheap this year, banking on a recovery in tourism and shrinking room supply to brighten the industry outlook.
Globe and Mail
25-07-2025
- Business
- Globe and Mail
AG Mortgage Investment Trust, Inc. Schedules Second Quarter 2025 Earnings Release and Conference Call
AG Mortgage Investment Trust, Inc. (NYSE: MITT) (the 'Company') announced today that it will release second quarter 2025 financial results prior to market open on Friday, August 1, 2025. The Company will host a conference call to discuss the results on Friday, August 1, 2025, at 8:30 a.m. Eastern Time. To participate in the call by telephone, please dial (800) 274-8461 at least five minutes prior to the start time. International callers should dial (203) 518-9814. The Conference ID is MITTQ225. To listen to the live webcast of the conference call, please go to and register using the same Conference ID. A presentation will accompany the conference call and will be available prior to the call on the Company's website, under 'Presentations' in the 'News & Presentations' section. For those unable to listen to the live call, an audio replay will be available on August 1, 2025 through 9:00 a.m. Eastern Time on September 1, 2025. To access the replay, please go to the Company's website at About AG Mortgage Investment Trust, Inc. AG Mortgage Investment Trust, Inc. is a residential mortgage REIT with a focus on investing in a diversified risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market. AG Mortgage Investment Trust, Inc. is externally managed and advised by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P., a diversified credit and real estate investing platform within TPG. Additional information can be found on the Company's website at
The Star
02-06-2025
- Business
- The Star
TPG Angelo Gordon among new bidders in auction for Citgo assets
New York: Investment fund TPG Angelo Gordon is among the new bidders for Citgo Petroleum Corp's parent company as part of a court-supervised auction designed to compensate creditors of Venezuela whose assets were seized, according to people familiar with the matter. New York-based TPG Angelo Gordon has launched a so-called 'topping bid' for the shares of Citgo's US-based parent PVD Holding, according to the people, who asked not to be identified because they weren't authorised to speak publicly about the bid. TPG Angelo Gordon declined to comment last Friday. TPG agreed to acquire Angelo Gordon in May 2023 in a cash-and-stock deal valued at US$2.7bil. The bid is aimed at bettering a US$3.7bil offer by Red Tree Investments LLC for control of the refiner, which is Venezuela's largest foreign asset. Seeking more offers Red Tree's offer came after US Judge Leonard Stark in Wilmington, Delaware, shot down an earlier US$5.3bil lead bid by an affiliate of Elliott Investment Management because of flaws with the proposal. Robert Pincus – a lawyer tapped by Stark to oversee the auction – said in court filings he supported pushing back the deadline for topping offers like TPG Angelo Gordon's by 21 days in hopes it will lead to a 'more robust bidding process'. Stark granted the extension last Friday. Stark and Pincus are aiming to generate more money from the nearly year-long auction in hopes of satisfying more creditors' claims against Venezuela over the seizures initiated by late strongman Hugo Chavez. Collectively the creditors are owed more than US$20bil by the Venezuelan government and its state-owned oil company, Petroleos de Venezuela SA, or PDVSA, which controls Citgo. Those creditors include Crystallex International Corp, Exxon Mobil Corp, ConocoPhillips Co and Siemens AG. Lost assets The companies lost gold and oil assets in the seizures and obtained international arbitration awards against the country. Investment manager Oaktree Capital Management LP is providing financing for multiple bidders, according to a person familiar with the matter who is not authorised to speak publicly. Oaktree's involvement hasn't been previously reported. The firm has more than US$200bil in assets under management and has experience in distressed debt and special situations. 'The court wants the best offer, even if that bidder is late to the game,' said Jason Keene, a strategist at Barclays who follows the auction process. Bidders are interested in the refineries Citgo runs in the United States as well as its pipelines, terminals and fuel-distribution channels. The battle goes back to the fallout from Chávez's decision to nationalise different industries as part of his socialist agenda. Chávez died in 2013 and was succeeded by Nicolás Maduro. In 2019, the US government gave the reins of the refinery to the opposition-led National Assembly, then presided by Juan Guaido, whom the United States and other governments formerly recognised as the country's legitimate leader as opposed to Maduro. A Florida congresswoman has asked US Secretary of State Marco Rubio to halt the Citgo auction to preserve the political opposition's control of the asset. Maria Elvira Salazar, a Republican who represents part of Miami, asked Rubio to stop any sale. 'Citgo needs to remain in hands of the opposition in order to be able to reconstruct Venezuela after the regime falls,' she wrote in a May 29 letter to Rubio. — Bloomberg
Yahoo
29-04-2025
- Business
- Yahoo
Financier Hands checks into holiday parks operator Lovat
The investment firm founded by financier Guy Hands has struck a deal to buy a portfolio of British holiday parks. Sky News has learnt that Terra Firma, which Mr Hands ran for decades, is buying Lovat Parks, a privately owned leisure group, in partnership with Angelo Gordon, a specialist backer of real estate assets. Lovat Parks operates premium holiday homes and luxury lodges at nine sites across the UK, including locations in Cornwall, Norfolk and the New Forest. Money latest: Raoul Fraser, the company's founder, will continue to run the business. The deal is one of Terra Firma's first acquisitions since it announced in 2023 that Mr Hands would step back from day-to-day involvement with the firm. He set up Terra Firma in 2002, and through it acquired companies including the record label EMI and the care homes operator Four Seasons Health Care. Last December, it struck a near-£6bn deal to sell 36,000 military homes to the UK's Ministry of Defence, bringing an end to a long-running battle between Mr Hands' firm and the government. The price it and Angelo Gordon were paying for Lovat Parks was unclear on Tuesday. Read more from Sky News:Food inflation highest for more than a year - more to come, industry warnsMandate solar panels on all new homes to cut bills, councils argue In a statement issued following an enquiry from Sky News, Terra Firma managing director Richard Hands - the son of Guy - said: "Lovat Parks operates some of the highest quality holiday parks in attractive destinations around the UK, in a sector that has proven resilient and durable. "Through our partnership with TPG Angelo Gordon, we are excited to bring our operational and strategic expertise in multi-site asset-backed businesses to deliver on the company's ambitious growth plans."
Sky News
29-04-2025
- Business
- Sky News
Financier Hands checks into holiday parks operator Lovat
The investment firm founded by financier Guy Hands has struck a deal to buy a portfolio of British holiday parks. Sky News has learnt that Terra Firma, which Mr Hands ran for decades, is buying Lovat Parks, a privately owned leisure group, in partnership with Angelo Gordon, a specialist backer of real estate assets. Lovat Parks operates premium holiday homes and luxury lodges at nine sites across the UK, including locations in Cornwall, Norfolk and the New Forest. Raoul Fraser, the company's founder, will continue to run the business. The deal is one of Terra Firma's first acquisitions since it announced in 2023 that Mr Hands would step back from day-to-day involvement with the firm. He set up Terra Firma in 2002, and through it acquired companies including the record label EMI and the care homes operator Four Seasons Health Care. Last December, it struck a near-£6bn deal to sell 36,000 military homes to the UK's Ministry of Defence, bringing an end to a long-running battle between Mr Hands' firm and the government. The price it and Angelo Gordon were paying for Lovat Parks was unclear on Tuesday. In a statement issued following an enquiry from Sky News, Terra Firma managing director Richard Hands - the son of Guy - said: "Lovat Parks operates some of the highest quality holiday parks in attractive destinations around the UK, in a sector that has proven resilient and durable.
