London, 8 December 2010 – PropertyMatch, the secondary trading portal for unlisted real estate funds, has won the ‘Best Innovation by Bank Broker or Futures Commission Merchants 2010’ award at the Futures and Options World Awards for Innovation. PropertyMatch is a joint venture between CB Richard Ellis and GFI.
The award was created by Futures and Options World, the pre-eminent magazine for the global derivatives and risk management industry, to acknowledge the most useful and clever innovations of the past year that have the potential to change the market for the better. The winners were creative products that opened up new possibilities for a market and changed the way that its participants solved a problem. The awards were judged by a senior panel of industry experts.
Commenting, Paul Robinson, Executive Director of Real Estate Finance at CBRE, said:
“Winning this award caps an exceptional first year for PropertyMatch. When we designed the platform with GFI, we saw a need to address investor concerns that the market for secondary units in unlisted real estate funds was illiquid and opaque. The technology we developed has opened the market up significantly, improving investor confidence and willingness to trade. In its first year of operation, the reception PropertyMatch has received has been incredible with over 40 funds and over 400 end users now benefiting from daily pricing. The screen has also facilitated more than £350 million worth of trades to date. We expect to announce exciting developments in the next year, which will see us grow the platform further and expand our client base significantly.”
Michael Levi, Head of Property Derivatives and Indirect Property CBRE-GFI added:
“Investors in any asset class today want to place their money in liquid and transparent markets via reliable platforms and PropertyMatch was designed specifically address the lack of this type of technology within the indirect real estate investment market. Winning this award is a strong endorsement of the impact PropertyMatch has had its first year of operation and highlights the positive contribution that it has made to enhancing transparency and encouraging new investors in to the market.”
One of the beneficial features of PropertyMatch is that it improves price discovery for both buyers and sellers of unlisted real estate funds. Prior to the launch of PropertyMatch, common problems associated with the sector were those of illiquidity, pricing volatility and the suspension of redemptions from funds, limiting the market’s appeal as a means of gaining property exposure.
Since the portal was launched in September 2009, it has attracted a significant client base with over 40 funds and over 400 end users now benefiting from daily pricing and has facilitated £350 million of trades to date. The portal has also encouraged new investors to enter the market through its secure and reliable trading platform highlighting the value placed by the industry on improved market transparency and liquidity.
For more information, please visit: www.GFIgroup.com/property
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2009 revenue). The Company has approximately 29,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About GFI Group Inc.
GFI Group Inc. (Nasdaq: “GFIG”) is a leading provider of wholesale brokerage, electronic execution and trading support products for global financial markets. GFI Group Inc. provides brokerage services, market data, trading platform and analytics software products to institutional clients in markets for a range of credit, financial, equity and commodity instruments. Fenics Software Limited is a wholly owned subsidiary of GFI Group Inc.
Headquartered in New York, GFI was founded in 1987 and employs more than 1,700 people with additional offices in London, Paris, Hong Kong, Seoul, Tokyo, Singapore, Sydney, Cape Town, Santiago, Dubai, Dublin, Tel Aviv, Calgary, Englewood (NJ) and Sugar Land (TX). GFI provides services and products to over 2,100 institutional clients, including leading investment and commercial banks, corporations, insurance companies and hedge funds. Its brands include GFI™, GFInet®, CreditMatch®, GFI ForexMatch®, EnergyMatch®, FENICS®, Starsupply®, Amerex®, and Trayport®. Please visit our website at www.GFIgroup.com.
About the CBRE-GFI partnership
CB Richard Ellis Group has been collaborating with GFI Group over the past five years in the development of a highly successful property derivatives business platform. Both parties believe there to be synergies for the development of this and other areas of the real estate business, with the indirect market being one such example.
For further information: Georgina Turner / Daisy Hall
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