The financial district of San Juan, P.R., as seen in 2014. CreditRicardo Arduengo/Associated Press

Hedge funds like Appaloosa Management, Paulson & Company and Blue Mountain Capital gathered in a conference room at the Barclays offices in Midtown Manhattan last September to talk about what was then the hottest trade: Puerto Rico.

An hour into the conversation, however, it became clear that if things started going bad, not everyone in the room was going to get along. Some had wagered on real estate, while others had bought up the debts of the central government and its troubled electric utility…

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A rendering of the 65,000-seat Olympic Stadium in Widett Circle.

BOSTON—An updated plan for the Boston 2024 Olympic and Paralympic Games released on Monday projects that the $4.595-billion event could have a surplus of $210 million if revenue estimates are accurate.

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The portfolio consists of seven properties comprising about 599,600 square feet, including the asset depicted here.

LONDON—CBRE Global Investment Partners, has acquired a European logistics portfolio for about $389 million (€346M) from TH Real Estate.

The portfolio consists of seven logistics properties comprising about 599,600 square feet (more than 5,700 sqm) of modern, institutional quality space located in prime logistics corridors in France, the Netherlands, Spain and Germany. The vendor was TH Real Estate, who in turn represented two clients – Warburg HIH Invest & TIAA-CREF.

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Lord, Abbett & Co. is seeking government clearance to set up an internal lending program that would help its mutual funds meet client redemptions should bond markets seize up, a growing concern among large money managers.

Lord Abbett, which had about $138 billion in assets under management at the end of March, applied with the U.S. Securities and Exchange Commission on Tuesday to create an interfund lending facility, the second such move by a large money manager in the past week…

Lord Abbett Follows BlackRock Proposal for Internal Loans

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Todd Cunningham: “We see that the millennial generation, which everybody talks about as being a renter, is starting to enter the market.”

IRVINE, CA—Millennials are beginning to enter the housing market, according to Todd Cunningham, principal and co-founder of Woodbridge Pacific Group. In an earlier story, GlobeSt.com reported that the WPG is expanding its development platform and has secured $200 million in capital through its New York-based equity partner for four residential projects and land acquisitions. After speaking with Cunningham, we have learned that household formation, an increase in jobs and millennials beginning to enter the home-buying market, were among the drivers behind the strategic expansion.

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Blackstone Group LP is seeking to restructure some of the 6.4 billion euros ($7.2 billion) of Spanish home loans it bought at a discount to help borrowers meet repayments, according to three people with knowledge of the matter.

The world’s largest private equity firm is offering to cut outstanding debt or allow homeowners to hand back the keys and walk away from loans, said two of the people, who asked not to be identified because the matter is private. Blackstone holds the mortgages of 40,000 homeowners in Spain after buying the debt for 3.6 billion euros from struggling savings bank CatalunyaCaixa…

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Eric Ealy, center, addresses concerns about Freddie Mac’s liquidity, while Kevin Pleasant, left, and Adam Petriella look on.

LOS ANGELES—From Y2K to online shopping, past experience has taught lenders a thing or two about how to cope with potential adversity. Speakers on the “Debt for Every Deal: Lessons in Learning” panel duringRealShare National Investment & Finance here last week shared several lessons they’ve learned going through real estate’s cycles.

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China Margin FinancingZhang Minmin is one of tens of thousands playing in one of the riskier corners of China’s stock market, borrowing money at high interest rates through unregulated online lenders to amplify his bets on potential equity gains.

“Sometimes when the market is good, I would make profits enough to buy an Audi in just a week or two. However, when the market is down, it’s also possible to lose half an Audi very quickly,” said Zhang, a 32-year-old who works in the financial industry in Hangzhou, a city near Shanghai…

Some Chinese Are Taking 22% Margin Loans to Finance Stock Purchases

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Auction.com CEO Tim Morse
IRVINE, CA—Auction.com, LLC, the nation’s leading online real estate marketplace, and AREAA Global, a subsidiary of the Asian Real Estate Association of America (AREAA), today announced a co-marketing partnership to expand real estate ownership opportunities for Chinese investors. As part of the initiative, Auction.com and AREAA Global will work together to connect Chinese investors interested in purchasing commercial real estate in the US with Chinese-speaking brokers and agents who have been trained on how to execute transactions on the Auction.com platform.
The agreement comes on the heels of Auction.com’s announcement of a partnership with Juwai.com, the leading Chinese international property listing portal, to bring American commercial real estate opportunities to Chinese investors. Per that agreement, US real estate listings from Auction.com will be advertised on Juwai.com in Chinese, making them accessible to Juwai.com’s 2.6 million monthly Chinese-speaking users in mainland China, Hong Kong, Singapore and around the world…
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“Spreads began to widen” late this month, Clancy says.

NEW YORK CITY—CMBS delinquencies, which had steadily improved over the past several months, took a small step backward in June, Trepp LLC said Tuesday. The late-pay rate ticked upward five basis points to 5.45%, after making a significant, 17-bp improvement the previous month. Even so, delinquency is now 60 bps lower than a year ago and has declined 30 bps year-to-date.

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The growing need to demonstrate responsible investment practices is an important influence on business behaviour in society. Responsible investment (RI) is no different to any other investment decision;? it is guided by the principles that managing exposure to environmental, social and governance (ESG) risk issues and identifying opportunities to implement improvements in these areas will protect and increase value. It leads to a natural selection, choosing businesses deemed to be more sustainable and less likely to suffer operational or reputational concerns, or fall foul of regulation.

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LONDON — General Electric said on Tuesday that it had agreed to sell a division that finances leveraged buyouts in Europe to a unit of the Sumitomo Mitsui Banking Corporation for about $2.2 billion.

The sale of the private equity lending unit to Sumitomo Mitsui Banking Corporation Europe continues G.E.’s efforts to refocus its business on its industrial roots and to retreat from banking. It is the third major transaction G.E. has announced this month.

On June 9, G.E. agreed to sell its private equity finance business in the United States to the Canada Pension Plan Investment Board for $12 billion…

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Under pressure from a prominent activist shareholder, ConAgraannounced plans on Tuesday to shed its private-label brands operation — less than three years after buying the business.

The move would essentially unwind the packaged food giant’s roughly $5 billion takeover of Ralcorp, a deal that the company had pursued for more than a year. Buying so-called white label brands, made for supermarkets and the like, was meant to serve as a complement to mainstay labels like Orville Redenbacher’s and Chef Boyardee.

But since that deal was struck in late 2012, the private-label business has proved far less lucrative than anticipated…

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Shortly after the financial crisis, even merger bankers and lawyers — among the most optimistic lot on Wall Street — fretted that the good times might never come back.

Now those advisers can’t stop working, even as some are privately fretting that the merger cycle has hit its peak — or that an unforeseen crisis could end the party.

The number and dollar volume of deals announced in the first half in 2015 have not just surpassed those of last year, which was a healthy one for corporate transactions by any standard. They are also on pace to catch up with 2007, the last year of unbridled merger optimism before the financial crisis quieted Wall Street…

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A woman takes a drink in front of the Parthenon temple on Acropolis hill in Athens, June 18, 2015.

Paul Hanna | Reuters
A woman takes a drink in front of the Parthenon temple on Acropolis hill in Athens, June 18, 2015.

The small group of hedge funds betting on a Greek recovery remain invested, still hoping that assets like government bonds and bank stocks will rally once a political solution is reached on the nation’s financial obligations.

“[There’s] no change on the expectation of a deal,” Diego Ferro, co-chief investment officer of $1 billion global investor Greylock Capital Management, said in an email. “This problem has been political from the beginning, the amount of money involved is not that big. So you would expect some bickering to last until it is signed.”…

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Satya Nadella, Microsoft’s chief executive, during a speech this month in Bellevue, Wash. He has refocused the company. CreditIan C. Bates for The New York Times

When the deal for Verizon to buy AOLwas announced last month, executives from both companies said AOL was an appealing acquisition because of its advertising technology. On Monday, AOL showed some of the value in announcing a deal with Microsoft.

Under the agreement, AOL will take over management and sales of display, mobile and video advertising that appears on Xbox, Skype and other Microsoft products in the United States, Canada, Japan, Brazil and five European countries. The move takes Microsoft largely out of the display ad business while giving AOL access to some of the web’s most popular destinations…

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LONDON — General Electric said on Monday that it had agreed to sell its fleet-financing businesses in the United States, Mexico, Australia and New Zealand to Element Financial Corporation of Canada for $6.9 billion.

On Monday, G.E. also announced that it had separately signed a memorandum of understanding to possibly sell its fleet businesses in Europe to Arval, a unit of the French bank BNP Paribas and an alliance partner of Element’s.

The sale of the bulk of GE Capital Fleet Services represents the latest move in G.E.’s effort to retreat from banking and refocus on its industrial roots…

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Sydney, AUSTRALIA — The American private equity firms Carlyle Group and TPG are in discussions to buy Esanda, Australia’s second-largest auto financing business, according to people briefed on the matter.

Carlyle and TPG are bidding separately for Esanda, which has $6.3 billion in lending assets. They face competition to buy the 62-year old business from Macquarie Group, according to the people, who spoke on condition of anonymity. Nonbinding bids were due on Monday.

Sydney-based Macquarie, Australia’s biggest investment bank, wants to combine Esanda with its own vehicle financing business, Macquarie Leasing, the third-largest such business in the Australian market…

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Anti Austerity Demonstration In Support Of Greek Government

Anti Austerity Demonstration In Support Of Greek Government

Photographer: Kostas Tsironis/Bloomberg

As the prospect of a Greek referendum on austerity measures sends global stock markets tumbling, some hedge-fund managers are brushing aside concerns that the Mediterranean country will cause a global calamity.

Leon Cooperman, who runs Omega Advisors, said Monday it’s hard to imagine that Greece would become a major event for the markets, as he put the chances of the country quitting the euro at less than 50 percent. Greylock Capital Management, an emerging-market firm that owns Greek debt, said people will probably vote for the austerity measures in the July 5 referendum, called on Saturday by Prime Minister Alexis Tsipras…

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Puerto Rico will seek to delay payments on the island’s $72 billion debt load for “a number of years” as part of a plan to bolster the commonwealth’s finances and revive its economy, Governor Alejandro Garcia Padilla said.

Officials of the U.S. territory will develop a debt-restructuring plan by Aug. 30, the governor announced in a 21-minute televised speech Monday night. Minutes after he spoke, the island’s legislature passed a $9.8 billion budget for the fiscal year beginning July 1. About $1.5 billion, or 15 percent of the spending plan, will repay principal and interest…

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A day before debt traders closed the books on the first half of 2015, the dual threats of default by Greece and Puerto Rico spurred them into defense mode.

Trading in insurance-like contracts surged to the most in at least three months on Monday as investors and banks sought to preserve what little gains they still had for the year. The biggest exchange-traded fund that buys junk bonds dropped to the lowest level since December. And measures of credit risk in both Europe and the U.S. jumped…

From Puerto Rico to Greece, Credit Traders Put on the Defensive

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Asian stocks rose, with the regional benchmark index climbing from a three-month low, as investors watched developments in Greece’s debt crisis.

The MSCI Asia Pacific Index rose 0.1 percent to 145.16 as of 9:01 a.m. in Tokyo after closing Monday at the lowest since March 17. The gauge is on course to fall 4.1 percent this month and 0.8 percent for the quarter. The Standard & Poor’s 500 Index sank 2.1 percent on Monday, while the Stoxx Europe 600 Index dropped 2.7 percent…

Asian Stocks Rise From Three-Month Low as Investors Weigh Greece

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General Electric Chairman and CEO Jeffrey ImmeltJeffrey Immelt, chairman and CEO of General Electric Co., in Washington, D.C., U.S., on June 17, 2015. Photographer: Pete Marovich/Bloomberg

Sumitomo Mitsui Financial Group Inc. is near an agreement to buy General Electric Co.’s European buyout-lending unit for more than $2 billion, a person with knowledge of the matter said.

An announcement may come as soon as Tuesday, the person said, asking not to be named as the deliberations are private. Takashi Morita, a spokesman for Sumitomo Mitsui’s main lending arm, said nothing specific has been decided…

Sumitomo Mitsui Said to Buy GE’s Europe Buyout-Funding Unit

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Greece's prime minister Alexis TsiprasAlexis Tsipras, Greece’s prime minister, waits inside a studio of state TV broadcaster ERT in Greece, on June 29, 2015. Photographer: Yorgos Karahalis/Bloomberg

A failure to resolve the Greek debt crisis could do more than weaken the euro and cause stocks to retreat.

It has the potential to prompt a Greek withdrawal from NATO, increase the influx of refugees into Europe and threaten Greek support for international sanctions against Russia over Ukraine…

Greek Debt Crisis Risks NATO Withdrawal, New Surge of Refugees

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Bon-Ton operates 270 stores under a variety of nameplates.

NEW YORK CITY—A six-property sale-leaseback agreement between the W. P. Carey Inc.-sponsored CPA:17 Global and Bon-Ton Stores marks the latest in a long series of transactions between WPC and the York, PA-based retailer. Valued at $88 million, including acquisition fees, the sale will enable BONT to repay one of two mortgage loan facilities due in April 2016.

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Smith has spent 25 years in Hong Kong commercial real estate.

HONG KONG—Colliers International Group Inc. has hired Nigel Smith as managing director of the company’s Hong Kong business. Smith joins Colliers after 13 years with CBRE, and is the latest in a series of appointments to strengthen the company’s Asia Pacific platform.

Smith has 30 years’ experience in real estate, with 25 of those based in Hong Kong. At CBRE, he was most recently the managing director, office agency services Asia. Prior to this, he worked at another firm here for 11 years, which published reports identify as JLL and its predecessor firm, Jones Lang Wooton…

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Portland, OR tops all other markets in Yardi’s survey for year-over-year apartment rent growth.

SANTA BARBARA, CA—The multifamily sector evidently hasn’t gotten the memo that growth in fundamentals is supposed to be on the verge of losing steam. Yardi’s latestMatrix Monthly report says that average rents hit a record high of $1,150/month in June, up 6.3% year over year. The report is based on a monthly survey of apartment owners in the 100 US markets covered by Yardi’s Pierce-Eislen business unit.

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Hemmerdinger: “We are committed to finding key opportunities in the best of US secondary markets outside the gateway cities.”

NEW YORK CITY—ATCO Properties & Management has launched the ATCO City Center Real Estate Mezzanine Loan Program, an investment vehicle designed to provide financing to central business district commercial properties in select markets across the country.

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The acquisition from GE Capital “effectively doubles the size of our asset base,” Nash said in April.

NEW YORK CITY—Blackstone Mortgage Trust said Monday it has closed on its acquisition of substantially all ofGE Capital Real Estate’s mortgage loan portfolio. With the loans valued at $4.8 billion, the portfolio includes commercial real estate debt held by a joint venture of GE Capital and Abu Dhabi-based Mubadala Development Co.

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Barbara Morrison explains that up until a year ago, you could be too rich for an SBA loan, but that is no longer true—size standard is all about the net worth of the company, not the borrower.

 

LOS ANGELES—As competition among lenders continues to heat up, family offices are now participating in a variety of financing scenarios for potential borrowers, said speakers at RealShare National Investment & Financehere last week. During the panel session “Winning Deals: What’s New in the Capital Stack,” panelists said there’s no dearth of opportunities for financing real estate transactions in the market.

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Greeks lined up outside the National Bank of Greece. The prime minister said the banks would not open on Monday.CreditEirini Vourloumis for The New York Times

ATHENS — For investors around the world looking at Greece, there was but one question Sunday: What is going to happen when the markets open?

On Sunday night, the prime minister, Alexis Tsipras, said in a televised address that Greece’s banks and stock market would be closed on Monday, as Athens tries to avert a financial collapse.

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Charlie Chan, a former Credit Suisse Group AG proprietary trader who now runs his own hedge fund, has reason to stay calm even as the collapse of Greek rescue talks roils global markets.

Chan said his Singapore-based hedge fund has been betting on a stronger yen versus the dollar since April and demand for haven assets lifted the Japanese currency to a one-month high on Monday. His Splendid Asia Macro Fund has returned 12.5 percent this year, adding to its 18 percent gain in 2014, he said…

Greece a Boon for This Hedge Fund as Yen Jumps on Haven Bid

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Nelson Ching/Bloomberg

China’s central bank cut its benchmark lending rate to a record low and lowered reserve-requirement ratios for some lenders after stocks plunged and local government bond sales drained liquidity.

In the fourth reduction since November, the one-year lending rate will be reduced by 25 basis points to 4.85 percent effective June 28, the People’s Bank of China said on its website Saturday. The one-year deposit rate will fall by 25 basis points to 2 percent, while reserve ratios for some lenders including city commercial and rural commercial banks will be cut by 50 basis points, according to the statement…

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IMF managing director Christine LagardeInternational Monetary Fund (IMF) managing director Christine Lagarde. Photographer: Jasper Juinen/Bloomberg

The International Monetary Fund will be prevented by IMF rules from providing additional financial assistance to the Greeks if they miss a June 30 payment, Managing Director Christine Lagarde said.

Lagarde, in an interview with the BBC, also said a referendum scheduled in Greece for July 5 may be asking voters to weigh proposals that are no longer under consideration.

“I can’t speak for the IMF program, because the IMF program is on, but the European financial arrangement expires June 30,” she said. “So, at least legally speaking, the referendum will relate to proposals and arrangements that are no longer valid.”…

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For Europe stock traders who went all-in last week speculating on a Greek resolution, it’s time to rethink the strategy.

U.S. stock-index futures tumbled, and gains that pushed the Euro Stoxx 50 Index up 4.8 percent, including the largest one-day rally in three years, are at risk after Prime Minister Alexis Tsipras said he would put terms of the Greek bailout to voters. A Capital Markets Commission official said the Athens Stock Exchange will remain shut on Monday…

Stock Traders Face Sucker Punch After Week of Greek Optimism

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China’s benchmark money-market rate dropped the most in five months and the yuan weakened in offshore trading after the central bank cut borrowing costs and relaxed reserve requirements for some lenders.

The seven-day repurchase rate sank 25 basis points to 2.68 percent as of 10:35 a.m. in Shanghai, a weighted average shows. Interest-rate swaps fell and bonds gained. The yuan retreated 0.11 percent to 6.2124 per dollar in Hong Kong. Currencies declined across emerging markets open for trading as an increased risk of Greece leaving the euro bolstered demand for the greenback and the Japanese yen…

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With two days left in Puerto Rico’s fiscal year, the cash-strapped commonwealth is struggling to pass a budget that would allow it to make payments on a $72 billion debt load that the island’s governor said is unsustainable.

Governor Alejandro Garcia Padilla said investors should be prepared to sacrifice if they want the island’s economy to grow, the New York Times reported, citing an interview last week.

“The debt is not payable,” the governor told the Times. “There is no other option.”

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With growing lines of depositors seeking to withdraw money from ATMs Sunday, the Greek government announced that it would impose capital controls and shut down banks and the Athens Stock Exchange.

Banks will remain closed until July 7, according to Reuters, two days after a planned referendum on concessions to keep bailout aid flowing from international creditors. During the interim, The Greek Financial Stability Council was reportedly recommending limiting Greeks from withdrawing more than 60 euros a day from ATMs — an extremely small amount that suggests Greek banks have come close to the breaking point…

Greece To Close Banks For A Week And Impose Capital Controls

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There are several questions surrounding the US housing industry. For example the pace of housing starts, new and pending home sales, all deserve serious consideration.

In this short essay I attempt to map out my take on this critical activity for the level of aggregate demand.

Based on data from the US Census Bureau sales of previously owned homes in the US rose by a little more than 5% in May, and the new home sales increased in May to a more than seven year high.  What does this really mean?

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Awford: “A lot of owners, especially in the biotech space, are providing a variety of amenities for their tenants.”

SAN DIEGO—Long construction windows after a tenant is signed rarely work, but the life-sciences and biotechsector feels it even more than most, BN Builders’ principalJames Awford tells GlobeSt.com. We spoke exclusively with Awford, whose firm has extensive experience in thedevelopment of life-sciences and biotech properties, about how owners of these properties are attracting tenants and why speed to market is crucial for these owners and tenants.

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“This transition from housing recovery to a more normal market is a good thing in the long-term, but we can expect some bumps along the way,” says Humphries.

SEATTLE—Bidding wars are helping drive up home values in the nation’s hottest housing markets, even as home values level off far below the record levels set during the real estate bubble in quieter markets. That is according to the May Zillow Real Estate Market Report.

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Bennett says the Ashford group is moving toward “very well-defined, distinct strategies.”

DALLAS—Ashford Hospitality Trust Inc. said Friday it would focus mainly on upper upscale, full-service hotels from now on, and plans to sell off its select-service properties. To that end, the Dallas-based hotel REIT said it would put a portfolio of 23 select-service properties on the market immediately, with plans to divest the remainder opportunistically in the future.

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Commercial real estate is the one investment category that every individual must use in some form or fashion in his or her lifetime.

ORLANDO—Commercial real estate is the one investment category that every individual must use in some form or fashion in his or her lifetime. So says Gary Carmell, president of CWS Capital Partners and author of the new book, The Philosophical Investor: Transforming Wisdom into Wealth.

“Whether as a place to live, an office to work in, a store to shop in, or a place to store some of our larger possessions,real estate will always be in demand,” Carmell tells GlobeSt.com. “This has historically made real estate a very good way to store, preserve, and grow wealth.”

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Registration is now open for RealShare APARTMENTS in Los Angeles on October 21-22. Book your flights and hotel today.

Maureen Ehrenberg

CHICAGO—Corporate real estate used to be about facilities management, but in the past few years C-suite executives have started to look for CRE specialists that can transform how their employees interact with the built environment, boost productivity as well as save on operational costs.

“There is a real appreciation for data and analytics,”Maureen Ehrenberg, executive managing director ofJLL’s global integrated facilities management business, tells GlobeSt.com. That’s a big change from just a few years ago when “there was a real focus on the physical assets.”…

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At the start of the year, discussing a year-over-year drop in California home prices seemed unrealistic.  You can only defy gravity for so long and home prices for California are virtually unchanged year-over-year.  The current median home price in the state is $396,750 up only 0.4 percent from last year and down 1.8 percent from the previous month.  Sales are still low thanks to prices and the lack of inventory.  California has seen a dramatic addition of rental households thanks to the current trend.  The big question now with momentum tilting is where will it take home prices?  California tends to do things in a big way with real estate since we perpetually go into a boom and bust cycle.  Now with prices hitting a snag and inventory coming back you have to see how the media cycle is going to play into this.  People are now used to prices moving up so quickly as if this was some law of nature.  Los Angeles County is seeing normal inventory returning while Orange County is seeing a big jump in inventory.  Let us take a look at the numbers…

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Since its inception, the investment firm Formation 8 has aimed at connecting American start-ups with Asian technology titans.

Now, the venture capital firm is pushing deeper into Asia with a new special investment vehicle.

Formation 8 on Thursday disclosed in a regulatory filing that it would aim to raise up to $400 million for its F8 Asia Growth S.P.V., a “special purpose vehicle” earmarked for new investments in Asia.

Formation 8 is aiming to provide Asian start-ups with access to Silicon Valley expertise and resources…

Venture Capital Firm Formation 8 Creates Vehicle Focused on Asian Start-Ups

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Palantir Technologies, which has 1,500 employees, has government and private clients worldwide.CreditPeter DaSilva for The New York Times

Palantir Technologies’ mystery inflates its valuation. The firm, a private data analytics company backed and beloved by government intelligence, israising $500 million in fresh cash, giving it a potential valuation of $20 billion and landing it fairly high on the list of so-called unicorns.

Going public may not be an option for Palantir because of its clients and culture. The result is a deepening enigma that may actually feed its potential value. A unicorn is a start-up technology company valued at more than $1 billion.

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Capital One Financial Corp. and Apollo Global Management have made offers for General Electric Co.’s health-care finance unit, which could fetch more than $11 billion, people with knowledge of the matter said.

Ares Management LP and Ventas Inc. also bid for the unit, which offers mortgages and business loans to nursing homes and other health-care providers, said the people, who asked not to be identified because the matter is private.

Initial bids were due June 18, with the next round of offers due in early July, the people said. GE is working with JPMorgan Chase & Co. on the sale and may select a buyer by the end of July, they said…

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The great-grandson of modern China’s first president is working with a member of the family behind South Korea’s LG Group to raise money for investing in Asia technology companies, people familiar with the matter said.

The fund to be run by Joel Sng and Brian Bonwoong Koo will focus on companies in Southeast Asia and South Korea, said two people, who asked not to be identified because details of the investment strategy haven’t been disclosed…

Sun Yat-sen’s Great Grandson Said to Join LG Scion in Fund

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Indian companies are on a go slow, leaving loan bankers idle.

Syndicated lending fell 8 percent in the second quarter from the previous three months to $1.1 billion, set for the lowest volume since the period ended September 2013. Borrowers have put expansion plans on hold, waiting for Prime Minister Narendra Modi to deliver on growth-boosting legal changes.

“Capacity utilization for many manufacturing companies remains at modest levels and unless demand improves, fresh capital expenditure for expansion appears unlikely,” said Sidharth Rath, president for treasury in Mumbai at Axis Bank Ltd., the second-biggest arranger of overseas loans. “Many companies haven’t gone ahead with their borrowing plans.”…

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Asian stocks fell, trimming the regional benchmark index’s weekly advance, as investors weighed prospects for Greece after days of talks failed to yield a breakthrough in its debt crisis.

The MSCI Asia Pacific Index lost 0.2 percent to 149.02 as of 9:02 a.m. in Tokyo, paring this week’s gain to 1.3 percent. Finance ministers couldn’t reach an agreement on Thursday in Brussels, with talks reconvening Saturday ahead a debt-payment deadline for Greece expiring next week. The meeting will mark the fifth time finance chiefs in the currency union have gathered on the country’s debt stalemate in a week…

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Sri Lankan central bank Governor Arjuna Mahendran is seeking concessional overseas loans to refinance costlier debt and reduce reliance on global bond markets.

“We are looking at tens of billions of dollars” from lenders including the U.S., Japan and the European Union, Mahendran said in a telephone interview from Colombo. Concessional credit will “eventually refinance most of the commercial lending the country has contracted in the last five to seven years.”

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With Thursday’s Supreme Court ruling on President Barack Obama’s health-care overhaul out of the way, health insurers and hospitals can get back to making deals.

The court’s 6-3 ruling in the King v. Burwell case keeps U.S. subsidies flowing to more than 6 million people to help them afford health insurance. That means more paying customers for hospitals and insurers and lifts a cloud hanging over the health-care sector.

Uncertainty over the case “was the biggest obstacle to M&A that existed in the health-care industry,” said Bill Bithoney, a managing director in the consulting firm BDO USA’s health-care advisory practice. “People didn’t know what was going to happen.”…

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Group of people chatting and walking under a covered walkway at a Buddhist temple compound - Wenshu Temple - Chengdu - Sichuan Province, ChinaGroup of people chatting and walking under a covered walkway at a Buddhist temple compound – Wenshu Temple – Chengdu – Sichuan Province, China (Photo by: Sovfoto/UIG via Getty Images)

Shuai Yuan wants to help all the hunched-up grannies in China stand tall again.

The former banker worked on the 2010 initial public offering of a Chinese maker of hip implants as a summer associate at Morgan Stanley and went on to see that companyacquired for more than double the value. Now an entrepreneur, he’s seeking to capitalize on the shortfalls of China’s public hospital system and surging demand from those seeking care for creaking knees and fractured hips…

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Experience GlobeSt.com’s new dedicated city pages, including Austin, Atlanta, San Diego and Boston. Plus, to get our weekly digests, update your profile.

Oxnard and Ventura are making a big comeback, says Owen.

TruAmerica recently entered new markets in Las Vegas, Portland and Salt Lake City so GlobeSt.com took a moment to chat with the firm’s COO, Lynn Owen about which markets she believes has the best value add opportunities, and why studying the market is so important when considering a potential rehab project. Owen was recently among the top SoCal Women featured in Real Estate Forum.

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One of the most notable deals this year is the $2 billion merger of Cushman & Wakefield and DTZ. But it won’t be the last.

ORLANDO—Commercial real estate brokerages have been steadily consolidating over the past couple of years. Larger firms are gobbling up smaller ones.

One of the most notable deals this year is the $2 billion merger of Cushman & Wakefield and DTZ. DTZ’s parent company, TPG Capital, is shelling out big bucks to buy CushWake from Exor SpA, its majority owner.

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With 700+ real estate professionals coming and you can’t miss RealShare ORANGE COUNTY on August 18 in Irvine.

The Laurus Corp. plans to invest an additional $30 million into the 248,841-square-foot retail center.

LOS ANGELES—Passco Cos. received 10 offers from investors for the Howard Hughes Center, a 248,841-square-foot retail property. Earlier this week, GlobeSt.com reported that the Laurus Corp. purchased the property for $111 million and plans to invest an additional $30 million for renovations. Now, the seller’s team tells us that the sale was very competitive with a broad range of investors bidding on the property.

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Experience GlobeSt.com’s new dedicated city pages, including Austin, Atlanta, San Diego and Boston. Plus, to get our weekly digests, update your profile.

Weber sees real estate requirements being “wholly outsourced” by major corporations.

NEW YORK CITY—The “institutionalization” of commercial real estate as an asset class has multiple implications, saysBrandon Weber, cofounder and CEO of Hightower, a leasing automation provider headquartered here. Among these is consolidation among services firms, in part to support the farther-reaching demands of their biggest clients. Within the past several weeks, GlobeSt.com has reported on the pending merger between DTZ andCushman & Wakefield, and Sun Life Financial’s purchase of Bentall Kennedy.

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Join 700+ peers and get the latest market intelligence from experts you can count on at RealShare ORANGE COUNTY on August 18.

Manser: “With this fund, we are creating more access to capital for small businesses.”

IRVINE, CA—Despite the lack of federal oversight, independent lenders still need to perform for their investors in order to be successful, Business Loan Capital’s business EVP and director of commercial lending David Manser tells GlobeSt.com. As we reported earlier this month, the firm has created an innovative multi-million-dollar fund structured exclusively for the pursuit of directlyfinancing owner-occupied commercial properties. The new fund is focused on the $500,000-to-$7-million loan sector. We spoke exclusively with Manser about the reason for the loan range and capital-markets trends he is noticing.

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Eirini Vourloumis for The New York Times

THESSALONIKI, Greece — Thanos Tziritis, the chief executive of Greece’s largest building materials company, is proud of how his business survived the worst depression in the nation’s modern history.

After his home construction market virtually disappeared, Mr. Tziritis steered his company, Isomat, into a new export business, booking a healthy profit that was only slightly lower than in 2013.

But with Greece virtually broke, the government is now looking to that profit — and any spare cash at companies and municipalities — to fill the financial gap…

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