Archive for Finance

  • Plans call for pre-arranged Chapter 11 filing by March 15
  • Second-lien lenders would get biggest share of equity

Nine West Holdings Inc. and its creditors are closing in on a deal to restructure almost $1.5 billion of debt that would include filing for bankruptcy and selling off parts of the shoe and clothing retailer, according to people with knowledge of the negotiations…

Nine West Plans a Bankruptcy Filing With Asset Sales

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  • Billions of dollars seen flowing to Treasuries as stocks rally
  • Pensions’ bond purchases support yield curve flattening: JPM

The bond bear market, touted by billionaire fund managers Bill Gross and Ray Dalio, is about to run into a multi billion-dollar roadblock…

Wall Street Warns of Seismic Pension Shift Into Bonds This Month

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The two-building retail center anchored by Petco is currently 96 percent leased. The asset is across the street from the Mall of Georgia, and along a route with a daily traffic count of 31,000 vehicles.

Bond Street Advisors Group has purchased a 36,358-square-foot retail center in Buford, Ga. for $13.5 million from Mill Creek/Cooper LLC. A team of Franklin Street brokers represented both parties in the transaction.

Mill Creek Walk comprises two buildings located at 3260 and 3264 Buford Drive. The property sits across the street from the Mall of Georgia and is approximately 35 miles from downtown Atlanta, along a thoroughfare which has an estimated daily vehicle count of 31,000, according to the Georgia Department of Transportation. Access to the metro area is facilitated by nearby interstates 985 and 85…

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The Cushman & Wakefield Capital Markets team, along with two leasing partners, negotiated the sale of Transal Park, a six-property campus that was 88 percent leased at the time of sale.

Cushman & Wakefield has negotiated the sale of a six-building flex campus in Miami-Dade County, on behalf of the seller. SVF Acquisitions LLC bought the property for $22.8 million.

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Lee & Associates has brokered the transaction on behalf of the buyer. The sale price equates to nearly $163 per square foot.

Lee & Associates has arranged the sale of AvAir headquarters, a 162,714-square-foot creative office and warehouse space in Chandler, Ariz., for $26.5 million, which equates to approximately $163 per square foot. The company worked on behalf of the buyer, Rich Uncles NNN REIT Inc., whereas Tiffany & Bosco PA represented the seller, Reasons Aviation LLC. The sale agreement allows AvAir to lease the facility for 15 years.

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The company provided the loan to Mogul Capital for the development of a dual-branded hotel, comprising 354 guestrooms, in Hawthorne, Calif.

Mogul Capital has received a $60 million construction loan for the development of a dual-branded Marriott Courtyard and TownePlace Suites hotel in Hawthorne, Calif. AVANA Capital closed the financing transaction, which includes a $50 million conventional loan and a $10 million mezzanine loan with above market leverage.

Located in downtown Hawthorne, the 354-key hotel will feature a restaurant, swimming pool and a meeting room for business purposes. The property is situated near many aerospace-related businesses, such as SpaceX, Northrop Grumman, Tesla’s design headquarters, Boeing, Aerospace Corp., Raytheon, LA Airforce Base and Mattel. Additionally, Los Angeles International Airport is within five miles of the property…

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  • Four will track single currencies, one a digital basket
  • Original Bitcoin Investment Trust up 1,300% in the past year

Grayscale Investments, which made it easier for mainstream investors to bet on Bitcoin, plans to offer four new single-currency crypto funds and another based on a basket of digital currencies by the start of April.

“By the end of the first quarter of this year, we’ll have a total of eight investment products,” Grayscale Managing Director Michael Sonnenshein said in an interview Tuesday in Vancouver…
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  • Investment firms are creditors in struggling solar makers
  • ‘We’re not in this looking to make a killing,’ says CEO

The biggest winners of President Donald Trump’s decision to slap tariffs on imported solar equipment may not be American manufacturers but a group of investment houses around the globe…

Wall Street, Not American Solar, Stands to Gain From Trump Tariffs

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An end-of-year survey finds that expectations remain positive, despite the state of the market cycle, as tax changes continue to loom.

Set aside the Mueller investigation, #MeToo and pretty much whatever else grabbed headlines last year. Despite all the political, media and social turmoil in 2017, part one of the year-end Sentiment Survey from RCLCO indicates that, in the eyes of numerous senior executives, the CRE outlook is a stable and surprisingly positive one.

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Jan
22

Wyndham to Buy La Quinta for $2B

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The transaction will expand Wyndham’s hotel portfolio to 21 brands and more than 9,000 properties, and result in the spinoff of La Quinta’s owned real estate assets into the newly formed CorePoint Lodging Inc., which will hold the distinction of being the only pure-play, publicly traded REIT focused exclusively on midscale and upper-midscale lodging.

Wyndham Worldwide Inc. is about to make a big purchase—a $2 billion purchase. The global hospitality company has entered into a definitive agreement to acquire the hotel franchise and hotel management businesses of La Quinta Holdings Inc. in an all-cash deal.

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  • Lender to boost investments in power, infrastructure, farming
  • AfDB to raise total credit to Nigeria to more than $8 billion

The African Development Bank plans to increase its loans to Nigeria by more than $2 billion next year with investments in energy, infrastructure and agriculture, its President Akinwumi Adesina said…

African Development Bank to Increase Nigeria Loans by $2 Billion

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  • FDIC’s Hagenbaugh joining Financial Service Forum, agency says
  • Former journalist worked for Federal Reserve after 2008 crisis

Barbara Hagenbaugh, a spokeswoman for two U.S. regulators in the years after the financial crisis, is flipping the script and becoming a voice for the biggest firms on Wall Street…

Bank Regulators’ Spokeswoman Steps Down to Speak for Wall Street

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  • Fuelmakers lose hope for a Trump rescue from biofuels mandates
  • Philadelphia Energy Solutions bankrupt after 2012 bailout

After nearly 150 years in business, the biggest oil refinery east of the Mississippi River has operated through the Great Depression, two world wars and the 1970s Saudi oil embargo. It’s faced more than one shutdown. Now, its owner says a 13-year-old government biofuels mandate brought the Philadelphia fixture to its knees…

Who Will Save the East Coast’s Oldest Refiner After Bankruptcy?

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  • Lender caught up in 2017 deposit run expected to repay bonds
  • Home Capital has ‘ample liquidity’ to redeem debt, CFO says

Home Capital Group Inc. debt investors who took a bet on the Canadian mortgage lender when its survival was in doubt are poised to reap the rewards of their gamble…

Home Capital Bond Investors Poised for Buffett-Powered Gain

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Colony Plaza, anchored by a Save Mart grocery store, is 92 percent leased to tenants such as H&R Block, Supercuts and Country Skillets.

Donahue Schriber Realty Group has sold Colony Plaza, a 73,199-square-foot shopping center in Ripon, Calif., for $5.6 million. The buyer, NetCo Investments, financed its acquisition with a $3.1 million mortgage with a variable interest rate held by Five Star Bank, according to public records. An HFF team led by Gleb Lvovich, Bryan Ley and Eric Kathrein represented the seller in the deal.

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Morgan Stanley boosted Chief Executive Officer James Gorman’s 2017 compensation by 20 percent to $27 million, the most pay he’s received since taking the helm eight years ago…

Morgan Stanley Lifts CEO’s Pay 20% to $27 Million for 2017

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As the economy is expecting growth in 2018, investors are faced with a mature U.S. real estate cycle characterized by a rent slowdown, a balance between supply and demand and appreciation growth.
The recent economic expansion is about to set a record as the third longest period of growth in U.S. history, provided that the upward trend continues during the first quarter of 2018, according to TH Real Estate’s most recent national real estate report. Moreover, Melissa Reagen, the company’s head of research, believes there are strong signs that the current expansion period will surpass 120 months—the all-time record—in June 2019…
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  • Rising supply, hedging costs dim U.S. allure for Asian buyers
  • Booming economy, outperforming debt enhance Europe’s appeal

Sovereign issuers that are selling bonds in euros at a record pace could well be finding some of the world’s most prolific buyers ready to pounce…

Japan Dumping U.S. Treasuries Puts Spotlight on Euro-Area Debt

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The loan will also cover the facility’s expansion, which is expected to begin later this year or in early 2019.

Sonnenblick-Eichner Co. has arranged $60 million in financing for St. Regis Deer Valley, a AAA Five Diamond year-round destination resort in the Deer Valley ski area in Park City, Utah.

The non-recourse financing was funded by a domestic life insurance company in what S-E described as “a highly structured transaction.” Proceeds were used to refinance existing debt with a new long-term, fixed-rate loan and to provide for the development of the resort’s next phase, which will include additional condo and hotel units, a destination restaurant, and other resort amenities. Construction on that next phase is expected to begin later this year or in early 2019…

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JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon received $29.5 million in total compensation for his work in 2017, an increase of 5.4 percent from a year earlier.

Dimon’s pay included $23 million of restricted stock tied to performance, a $5 million cash bonus and $1.5 million salary, the New York-based bank said Thursday in a regulatory filing. It was the second-biggest package the 61-year-old billionaire banker has received since he became CEO in 2005, only trailing his $49.9 million of reported compensation for 2007…
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Doral Commons, which was 95 percent leased at the time of sale, fetched $514 per square foot two years after being completed.

Two years after completing development of Doral Commons in Doral, Fla., Terra Group has traded the 140,000-square-foot retail center for approximately $72 million, or roughly $514 per square foot. With the assistance of commercial real estate services firm Cushman & Wakefield, the integrated real estate development and investment firm sold the grocery-anchored property to Jamestown LP.

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  • FHFA Director Mel Watt says MBS guarantees should be explicit
  • Watt sends letter to senators in response to request for views

Fannie Mae and Freddie Mac’s regulator is throwing its voice into the debate about what to do with the two companies at the center of the U.S. mortgage system…

Fannie-Freddie Regulator Urges Utility Mortgage Guarantors

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  • Advisory bankers to be told this week, traders notified later
  • Investment bank CEO Throsby revamping business after poor run

Barclays Plc is eliminating as many as 100 senior staff at its investment bank as the unit’s chief, Tim Throsby, overhauls the underperforming division, according to people familiar with the decision…

Barclays Is Cutting Up to 100 Senior Investment Bank Staff

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  • BitConnect says exchange will resume ‘work as usual’ Thursday
  • Value of startup’s digital tokens drops as much as 95%

BitConnect isn’t letting this week’s closure of its cryptocurrency exchange and lending operations deter it from attempting to raise funds though another digital token offering…

Crypto Lending Site’s Shutdown Renews Ponzi Scheme Claims

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  • Fundraising by cybsecurity firms more than doubled in 2017
  • Financing is a testament to growing demand for grid security

The world’s power plants and transmission lines are more networked to each other and controlled via the Internet than ever before. And in that, Wall Street sees a business opportunity…

Wall Street Has a $1.7 Billion Bet on the Rising Risk of Grid Attacks

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Donald Trump’s tax cuts may be helping Wall Street, but some of its biggest names haven’t forgotten Barack Obama…

Goldman Sachs and Ken Griffin Funds Give Big to Obama Foundation

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It was a nice run…

Goldman Is Worth Less Than Morgan Stanley for the First Time in a Decade

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Several national retailers anchor JANAF Shopping Yard, which is situated approximately nine miles from Wheeler’s corporate headquarters.

Wheeler Real Estate Investment Trust has entered a purchase and sale agreement for JANAF Shopping Yard in Norfolk, Va. Through its wholly-owned subsidiary, WHLR-JANAF LLC, the company will acquire the retail center for an expected price of $85.6 million from four different entities.

Located at 5900 E. Virginia Beach Blvd., JANAF Shopping Yard features 887,917 rentable square feet. The asset is anchored by many national retailers, such as BJ’s Wholesale Club and Fuel Center (151,345 square feet), Big Lots (42,500 square feet), T.J. Maxx (37,383 square feet) and service providers, including the U.S. Postal Service and SunTrust Bank. The property features a 37,234-square-foot office in a different building. At the time of the transaction, JANAF Shopping Yard was 94 percent occupied…

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The $41 million contract comprises the construction of a seven-story high-rise building of more than 129,000 square feet, slated for completion in February 2020.

Skanska is one of the leading development and construction companies in Scandinavia, with operations in building construction and civil engineering in Sweden, Norway and Finland. The firm, which specializes in residential and commercial property projects in select home markets, has signed a contract with Blekinge County Council to construct a new building at Blekinge Hospital in Karlskrona, Sweden.

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  • U.K. hub also pitches shorter strip, staged terminal expansion
  • Airlines have complained existing design would be too pricey

London’s Heathrow airport put forward proposals for a sloping runway and said the landing strip could be built to three different lengths as it seeks to cut 2.5 billion pounds ($3.4 billion) from the cost of expansion plans…

Heathrow Plans Sloping Third Runway to Cut Costs by $3.4 Billion

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General Electric Co.’s disclosure of a larger-than-expected $6.2 billion charge related to an old portfolio of long-term care insurance triggered the biggest drop in its shares in more than two months. And analysts say it could be just the beginning of a new wave of bad news from the manufacturer, whose shares plunged 45 percent last year as it undergoes a massive overhaul.

The company’s new chief executive officer John Flannery, who took the helm in August, suggested the company may now be open to a more radical divestment plan than the one outlined in November. Cowen & Co. says a break up of the company may not be economical as the company’s current share price is now worth more than the sum of its many parts. RBC Capital Markets says further charges wouldn’t be surprising and notes that bad news often “comes in installments.”…
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  • Bank of Canada governor expected to increase rates this week
  • Highest G-7 debt loads make consumers more vulnerable to hikes

The Bank of Canada is already well into the process of raising interest rates to more normal levels and another increase is expected on Wednesday, after the economy’s stellar performance last year.

The big questions are how quickly do they continue moving up from here, how closely will they follow U.S. increases and where will rates settle. Markets are pricing in at least three more increases this year, which would bring the benchmark rate to 1.75 percent…
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  • Focus on exchange-like platforms follows uptick in activity
  • Regulators around the world are scrutinizing cryptocurrencies

China is escalating its clampdown on cryptocurrency trading, targeting online platforms and mobile apps that offer exchange-like services, according to people familiar with the matter…

China Escalates Crackdown on Cryptocurrency Trading

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  • Transcations for all of 2017 were the second highest ever
  • Home sales have rebounded after slump earlier this year

Canadian home sales rose to a record in December just before tougher mortgage rules took effect, helping make 2017 the second strongest market ever…

Canadian Home Sales Hit Record Ahead of Tougher Mortgage Rules

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The Sydney-based contractor will spearhead the construction of the 1 million-square-foot anchor building at Westmead Redevelopment in New South Wales. Upon completion, the 12-story facility will be the tallest hospital building in Australia.
Multiplex has landed a contract from the New South Wales Government. The Sydney-based contractor recently won the main works contract to develop the centerpiece—a 1 million-square-foot central acute services building—of the $1 billion Westmead Redevelopment hospital project just outside Sydney in Westmead, New South Wales, Australia…
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The two properties sold by Erickson Construction feature railroad spurs and are located near major thoroughfares. The transaction involved a lease contract for STORE Capital.

Marcus & Millichap has arranged the sale and leaseback of a two-property industrial portfolio, with the assets located in Roseville, Calif. and Chandler, Ariz. STORE Capital Corp. acquired the properties from Erickson Construction for $21 million.

The properties are a 56,000-square-foot lumber yard and industrial building at 8350 Industrial Ave. in Roseville and a 79,000-square-foot manufacturing facility, which served as Erickson’s corporate headquarters, at 250 N. Beck Ave. in Chandler…

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  • Sovereign fund may raise about $5 billion from banks this year
  • Public Investment Fund is seeking to boost investment returns

Saudi Arabia’s sovereign wealth fund, which aims to become a $2 trillion investment giant, is considering borrowing from banks for the first time as it seeks investments in the kingdom and abroad, according to people familiar with the matter…

Saudi Wealth Fund Is Said to Weigh Bank Loans for Investments

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  • ‘We want to be No. 1 regardless,’ of competition, CFO says
  • Profit margins on new mortgages to fall during first quarter

Wells Fargo & Co. isn’t giving up its mortgage-lending crown without a fight.

The bank wants to hold on to its top spot as the whale of the $1.7 billion industry in the U.S., even as it predicts profit margins on making home loans will shrink this year and it faces pressure from rival Quicken Loans Inc...
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Cushman & Wakefield’s Northern California team marketed the property on behalf of the seller, The Carlyle Group.

Vista Investment Group, a Santa Monica, Calif.-based privately held real estate investment firm, expanded its Silicon Valley holdings with the acquisition of Vasona Technology Park, a 314,256-square-foot complex in Campbell, Calif., for $113 million. An unidentified institutional money management firm teamed with Vista in a joint venture on the transaction.

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SoftBank Group Corp.’s Vision Fund will invest 460 million euros ($560 million) in Auto1 Group GmbH, valuing the used-car sales portal at about 2.9 billion euros.

About half the investment will be made by issuing new shares, Auto1 said in a statement on Sunday. The Financial Times had earlier reported the size of the investment, saying the deal would give SoftBank control of about one-fifth of the company.

SoftBank’s first major deal in Germany, the investment is among the largest so far in Berlin’s growing tech scene. Masterminded by SoftBank chief Masayoshi Son, the Vision Fund has taken stakes in scores of companies over the past year, including Uber Technologies Inc., Slack Technologies Inc. and Chinese ride-hailing company Didi Chuxing…
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The highly coveted auto manufacturing facility project, and the 400,000 new jobs that will come with it, are a coup for Huntsville.

The nationwide competition for Toyota Motor Corp. and Mazda Motor Corp.’s new joint-venture manufacturing plant is over, and Alabama has emerged victorious. The companies joined Alabama Gov. Kay Ivey on Wednesday, January 10, to announce that the $1.6 billion facility—and the roughly 4,000 jobs it will create—will go to Huntsville.

A bevy of states from across the country vied for the Toyota-Mazda project in a process spearheaded by commercial real estate services firm JLL on the manufacturers’ behalf. “After a thorough national evaluation process, Huntsville was selected as the ideal location for the new plant,” Meredith O’Connor, international director with JLL, said in a prepared statement…

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  • Rise Fund, co-founded by the U2 singer, is investing in Acorns
  • Startup’s other celebrity backers include Kutcher and Durant

Financial technology startups are grabbing a greater share of capital from investors. Now Bono is getting in on the action.

The Rise Fund, a private investment firm co-founded by the U2 lead singer, is making its first known bet on a fintech business by backing Acorns Grow Inc., said people familiar with the matter, who asked not to be identified because the details are private. Acorns offers a stock-investing app tailored to people with small amounts of disposable income…
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Thor Equities recently completed the 14,500-square-foot retail building, which offers tenants a 2,500-square-foot rooftop terrace and 120 feet of frontage.

Thor Equities has signed an 8,000-square-foot, 10-year retail lease with Chase Bank at one of its recently completed buildings in Williamsburg. The tenant will occupy space on the ground and lower floors, and is expected to move in during the third quarter of 2018.

The 14,500-square-foot retail building is located at 180 Bedford Ave., and includes 120 feet of frontage. Each ground-, second- and lower-level floor comprises 4,000 square feet, while the property offers 18-foot ceiling heights and a 2,500-square-foot rooftop terrace. The remaining space is suitable for all types of retail or restaurant…

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The 4.4-acre project will consist of 408 residential units, approximately 74,000 square feet of commercial space and a 298-key hotel. The residential component will also include 82 affordable units.
Ventus Group—a developer of innovative core real estate destinations—has started its search for joint venture equity partners, to develop The Fig, a $300 million mixed-use development in Los Angeles. The company has selected Eric Bergstrom of Bergstrom Capital Advisors Inc. as the exclusive real estate capital market advisor…
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  • Korea is one of the world’s most active cryptocurrency markets
  • Ministry proposal to ban exchanges spurs social-media backlash

Bitcoin slumped to its lowest level since Christmas day as South Korea’s justice minister reiterated his proposal to ban local cryptocurrency exchanges, fueling concern a state crackdown will erode demand for digital coins in one of the world’s biggest markets.

The minister’s comments to reporters on Thursday were later downplayed by a spokesman for President Moon Jae-in, who said the proposal is one among several and that nothing has been finalized. Korea’s government unveiled multiple options for cryptocurrency exchange regulation on Dec. 28, including allowing trading to continue under tighter supervision…
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  • Wall Street scouts for local staff after ‘point of no return’
  • Banks said to block-book school places for London expats’ kids

Goldman Sachs Group Inc.JPMorgan Chase & Co. and Morgan Stanley are on a hiring drive in Frankfurt as global investment banks race to establish new headquarters inside the European Union in time for Brexit.

The biggest Wall Street firms have recently started advertising for scores of staff ranging from risk managers to compliance officers and information-technology specialists, according to internet listings. They need their offices to be up and running by April 2019, headhunters and people familiar with their firm’s hiring plans said…

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  • Investors ride rally in high-yield debt that beats forecasts
  • Enthusiasm ignores predictions of more defaults ahead

More than $2.6 billion flowed into high-yield bond funds during the week ended Jan. 10, according to Lipper Fund Flows data released Thursday, as investors looked to get a piece of a junk-debt rally already blowing through year-end forecasts…

Junk-Bond Funds See Largest Cash Inflows Since December 2016

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Blackstone intends to make this investment through Blackstone Property Partners for its Core+ real estate investment unit. The all-cash transaction is expected to close in the second quarter.

Canadian-based Pure Industrial Real Estate Investment Trust has caught the eye of private equity giant Blackstone Group LP, which intends to add the REIT to its growing industrial holdings in a deal valued at C$3.8 billion.

“We are excited to be acquiring PIRET, one of the premier Canadian industrial REITs, as a continuation of our global strategy to acquire high-quality logistics assets in key urban markets. The management team has done an excellent job building the portfolio and we look forward to working together going forward,” Tyler Henritze, Head of North America Acquisitions for Blackstone Real Estate, said in a prepared statement…

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Peter Thiel made an offer to purchase some assets of Gawker Media LLC, the news and gossip site he helped bankrupt in 2016 by secretly funding a lawsuit, said a person familiar with the offer.

Although media company Univision Holdings Inc. purchased many of Gawker’s assets in 2016, the site’s archives, including stories about Thiel himself, are still for sale. It’s unclear how much Thiel offered or what he intends to do with Gawker if he’s successful in outbidding other suitors…
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The roughly 20,000-square-foot industrial building is located within the Greater San Diego area. Kidder Mathews negotiated the transaction on behalf of the buyer, a local private investor.

Gieger Court LLC has sold a 19,504-square-foot industrial building in Vista, Calif., for $3.5 million. Kidder Mathews brokered the off-market transaction on behalf of the buyer, a local private investor.

Located at 1221 Liberty Way, the industrial property is situated an hour’s drive from downtown San Diego, while Los Angeles is a two-hour drive away. The property is part of the area’s well-developed business park on the southern outskirt of Vista, with the McClellan-Palomar Airport only 3.5 miles from the site…

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  • Asia seen outperforming the rest of EM in stocks, currencies
  • Thailand, Indonesia to hold elections; N. Korea threat lingers

Asia was the place to be for emerging-market investors in 2017, but a slew of issues and events risk standing in the way of the region repeating that world-beating performance…

Risks and Rewards: An Investors’ Guide to Asia Markets in 2018

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  • Supreme Court is set to consider if benefit cuts permissible
  • Ruling could provide relief to cash-strapped localities

California Governor Jerry Brown said legal rulings may clear the way for making cuts to public pension benefits, which would go against long-standing assumptions and potentially provide financial relief to the state and its local governments…

California’s Brown Raises Prospect of Pension Cuts in Downturn

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The Aztec Group team of Jason Shapiro and Sean Harrington worked on behalf of the borrower acquiring the shopping center for $31.5 million.
Aztec Group has secured $24.5 million in acquisition financing for the purchase of Old Cutler Town Center, a 106,500-square-foot shopping center in Cutler Bay, Fla. The company represented the borrower acquiring the retail property in a $31.5 million deal. Florida Community Bank provided the long-term, non-recourse mortgage that includes a fixed rate…
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  • Franco-Japanese tie-up to invest $200 million in first year
  • Electrification, AI, autonomy, connectivity to be fund’s focus

The world’s largest automotive alliance will invest as much as $1 billion to fund mobility startups over the next five years as it looks to make inroads with new technology at a time of rapid upheaval for the transportation sector…

Nissan-Renault Plans $1 Billion Fund for Auto Tech Startups

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The Michael Faraday building, located in the heart of Fairfax County, offers good fiber connectivity options, with more than 15 carriers to choose from.

Evocative has purchased data center operations in Reston, Va. from Lincoln Rackhouse, a division of Lincoln Property Co. It also signed a long-term lease with the option to purchase the facility. Located in one of the largest data center markets, the Michael Faraday building will be connected to the company’s facilities on the West Coast.

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The portfolio consists of properties located within infill locations near freeways throughout the metro. The buildings are a mix of bulk warehouse, light industrial and flex product types.

A joint venture between PCCP LLC and Capital Partners LLP has acquired a seven-property industrial portfolio in and around the metro area of Minneapolis, Minn., from Artis. At the time of the sale, the 1.2 million-square-foot portfolio was 82 percent leased.

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Passco Cos. used the first mortgage, Fannie Mae loan to purchase the 320-unit Mariner Grove community in Savannah from Brand Properties.

KeyBank Real Estate Capital has arranged a $40.7 million Fannie Mae, first mortgage loan for a 320-unit luxury community located in Savannah, Ga. Passco Cos. used the financing to acquire Mariner Grove from Brand Properties, in a multifamily transaction brokered by Cushman & Wakefield. Chris Black and Caleb Marten of KeyBank’s Commercial Mortgage Group arranged the 10-year, non-recourse loan featuring a 30-year amortization schedule and a five-year interest only period.

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Reina Abboud will be in charge of the multiple loan operations of NorthMarq Capital’s Richmond office, including equity and debt solutions for clients.

NortMarq Capital has hired a new Vice President for its Richmond operations. Reina Abboud, who will join the team led by Keith Wells, has been in the real estate business for almost six years.

Abboud will be responsible for the origination, underwriting, marketing and closing of commercial real estate loans. She will provide equity and debt solutions to clients, sourced through multiple lenders such as life insurance companies, conduit and agency lenders, commercial banks and credit unions…

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  • Nordea Swedish Stars fund was best large cap fund in Sweden
  • Fund’s largest holding is Volvo, sees 30-35% upside in company

Last year didn’t end well for Hennes & Mauritz AB. And this year has started with a controversy over a “monkey hoodie.”….

H&M Gets Support From a $12 Billion Manager of Stocks in Sweden

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  • Greenwich Associates survey finds global impact of regulations
  • Report shows fund managers reducing number of providers used

European fund managers have cut their 2018 investment research budgets by 20 percent as they scale back the number of providers they use in response to MiFID II.

That’s according to a survey of fund managers conducted by U.S. consulting firm Greenwich Associates, which assessed the shakeup to the multi billion-dollar market for research under the European Union law that started Jan. 3. The law requires asset managers to separate payments for investment research from those for brokerage services to execute trades…

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