Archive for Finance

Private equity firms are rushing to bet on financial technology.

Permira Capital Partners, Advent International and Bain Capital have all recently announced acquisitions of payment processors in the hope of capitalizing on the cashless zeitgeist. The Blackstone Group and CVC Capital Partners, which just offered $3.7 billion for Paysafe of Britain, are placing a double wager.

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  • Japan investment in Indian equities rises to highest on record
  • South Asian economy seen as providing long-term growth

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The land of Abenomics is betting on Modinomics.

The demand is so strong that assets of Nomura Holdings Inc.’s India equity fund quadrupled to almost 400 billion yen ($3.6 billion) in just the past year. Japanese investors owned $13 billion of Indian stocks and bonds at the end of June, the most in data going back to 2012, according to India’s regulator…

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The biopharmaceutical manufacturer will create 100 jobs to accommodate growth in Aiken County, S.C. The expansion project will add 50,000 square feet to the company’s existing facility.

AmbioPharm Inc., a peptide and biopharmaceutical manufacturing company in North Augusta, S.C., plans to expand its existing Aiken County operations. The extension is projected to bring $18 million of new capital investment and lead to the creation of 100 jobs over the next five years.

Located at 1024 Dittman Court, AmbioPharm is near Interstate 520. The company will start constructing two additional freestanding buildings, totaling 50,000 square feet, and purchasing additional equipment. The Coordinating Council for Economic Development approved job development credits related to this project…

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Despite a slowly shrinking population, the city’s multifamily market remains steady, bolstered by increased hiring in recession-resistant sectors. Through May, rents rose 0.3 percent, trailing the nation’s 1.5 percent rate, Yardi Matrix data shows.

Once a predominantly blue-collar city, Pittsburgh today relies on a diversified innovation economy and a highly educated workforce. University-based research is focused on life sciences, information technology and robotics, which are major economic drivers for both the region and nation.

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  • Noah’s Gopher China equity fund cuts exposure to ADRs
  • Fund also adds tactical traders in preparation for volatility

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Noah Holdings Ltd., which manages the best-performing emerging markets fund of hedge funds, has cut China-related American depository receipts by about one-third this year after shares surged, while adding to yuan-denominated shares listed on the mainland.

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The transaction includes 200 franchised hotels, as well as management company Three Rivers Hospitality. The portfolio totals 11,600 rooms and a pipeline of 23 projects.

Wyndham Hotel Group is about to experience a growth spurt. The company, a leader in the midscale lodging segment, has entered into an agreement to acquire the AmericInn hotel brand and its management company, Three Rivers Hospitality, from Northcott Hospitality. Wyndham will shell out $170 million on the purchase, which will enhance its holdings by 200 primarily franchised hotels totaling 11,600 rooms, and a pipeline of 23 projects.

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  • Canada gutted its science budget a decade ago under Harper
  • The sky didn’t fall, but a slow-motion decline ensued

No modern American president has been more hostile to federal support for the sciences than Donald Trump. In the six months since he became president, he’s fired scientists, removed scientific data from federal websites, proposed a budget that deeply cuts research and appointed science skeptics to head the Environmental Protection Agency and the Department of Energy.

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  • Once an Obama backer, and in the past a critic of Trump
  • His ‘fund of funds’ SkyBridge to be sold to Chinese buyer

Anthony Scaramucci, the Trump administration’s just-hired communications director, has a lot in common with his new boss.

Both made it in Manhattan after coming from the city’s outskirts. Both enjoy the limelight, attracting attention by writing books and hosting TV shows. And both are best known within their industries for their salesmanship…

Scaramucci Brings Wall Street Pitchman Skills to White House

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The developer plans to build in downtown Minneapolis as part of a block of development that includes an apartment tower, brewery and its own new headquarters.

After arranging a $14 million loan for the construction of an 81-unit, market-rate community in Boise, Idaho, CBRE Capital Markets’ Debt & Structured Finance secured a $26.9 million, three-year, non-recourse loan for the Elliot Park Hotel, a 168-key hotel by Marriott located in downtown Minneapolis. The company worked on behalf of Wilkinson Corp. Bank of the Ozarks served as the senior lender.

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People who rely on their company pension plans to fund their retirement may be in for a shock: Of the 200 biggest defined-benefit plans in the S&P 500 based on assets, 186 aren’t fully funded. Simply put, they don’t have enough money to fund current and future retirees. The situation worsened for more than half of these funds from fiscal 2015 to 2016. A big part of the reason is the poor returns they got from their assets in the superlow interest-rate environment that followed the financial crisis. It’s left a hole of $382 billion for the top 200 plans.

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  • Fund will only dole out loans if it deems debt sustainable
  • Government monitoring bond market conditions for possible sale

The International Monetary Fund agreed to a new conditional bailout for Greece, ending two years of speculation on whether it would join in another rescue and giving the seal of approval demanded by many of the country’s euro-area creditors.

The Washington-based fund said Thursday its executive board approved “in principle” a new loan worth as much as $1.8 billion. The disbursement of funds is contingent on euro-zone countries providing debt relief to Greece…

Greece Approved for $1.8 Billion Conditional Loan From IMF

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  • Sentry Small/Mid Cap Income Fund targets oligopolies
  • Likes ‘nice and safe’ but doesn’t want to pay for it

With Canada’s small-cap market dominated by downtrodden energy and materials stocks, fund managers that specialize in the sector are looking further afield.

Sentry Small/Mid Cap Income Fund, the country’s top performing small-cap fund with assets of more than C$1 billion ($794 million), is finding some of its highest returns in a global concert promoter, a U.S. medical testing company, and a casino operator…

Casinos, Concerts Allow Top Fund to Avoid Dismal Canada Market

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  • SEC, in letters, says two whistle-blowers will share award
  • Award stems from bank’s $307 million settlement over conflicts

Two whistle-blowers are set to share a record $61 million award from the Securities and Exchange Commission for helping make the case that JPMorgan Chase & Co. failed to disclose to wealthy clients that it was steering them into investments that would be most profitable for the bank.

The SEC issued letters on Wednesday notifying six whistle-blower applicants of the preliminary decision. The letters said that two of them would share almost a quarter of the record asset-management settlement that the SEC reached with the bank in December 2015…

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  • Trade groups want to keep big bank dominance from returning
  • Groups believe current system is best, but still needs new law

A decade ago, Brian Koss was a senior vice president at Countrywide Financial who saw firsthand how big lenders muscled out small ones during the housing boom by cutting special deals with Fannie Mae and Freddie Mac.

Now, as a senior executive at a mid-size lender, he says a positive outcome from the bust is that government policies have mostly leveled the playing field.

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The New York City-based company arranged a $15.3 million acquisition loan for the 120-key Staybridge Suites Houston—Medical Center in Houston.

Mission Capital Advisors’ debt and equity finance group has arranged a $15.3 million acquisition loan on behalf of Midas Hospitality for the newly built Staybridge Suites Houston–Medical Center. The 120-key, extended-stay hotel is located at 9000 South Main St. in Houston, Texas.

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  • Recommendation was long Brazil, Russia, India and South Africa
  • Mexican peso and Turkish lira seen as having upside potential

Goldman Sachs told investors to close out of an emerging-market carry-trade recommendation it made eight months ago, saying there was little scope for appreciation.

Following the bank’s advice to buy Brazil’s real, Russia’s ruble, India’s rupee and South Africa’s rand while shorting the Korean won and Singapore dollar would have delivered a 9.7 percent return, strategists Marty Young and Michael Cahill said in a note to clients. While Goldman Sachs is overall positive on emerging-market currencies, the analysts said the real, ruble and rupee were unlikely to strengthen much further in coming months…

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Phase two of the International Business Exchange data center will feature 1,500 additional cabinets, bringing the facility’s total capacity to 3,000. Delivery is scheduled for year-end 2017.

Equinix Inc. plans to invest $42 million to expand its SY4 International Business Exchange data center near Sydney, Australia, to meet the rising demand for additional capacity and interconnection services.

Opened in August 2016, SY4 is strategically located in Alexandria, 2.5 miles from Sydney’s central business district. The development is Equinix’s latest in a series of expansions across Asia-Pacific, namely in Melbourne, Tokyo, Hong Kong and Singapore.

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Women are more successful at meeting their funding targets, study shows

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When it comes to raising funds from large groups of anonymous donors over the internet, women come out tops. That could be a boon for job creation and economic growth.

A new report from PricewaterhouseCoopers LLP and The Crowdfunding Center shows that women across the world consistently outperformed men on funding campaigns: Globally, females were 32 percent more successful than males in reaching their funding targets; in Asia, women achieved twice as much success as men…

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  • Less than a third of those asked say they trust billionaires
  • Republicans are more likely than Democrats to admire the rich

Bad news for financial titans like JPMorgan Chase & Co.’s Jamie Dimon and Goldman Sachs Group Inc.’s Lloyd Blankfein: Most Americans hold unfavorable views of Wall Street banks and corporate executives, and distrust billionaires more than they admire them.

Despite efforts by Wall Street firms to regain trust since the 2008 financial crisis, fewer than a third of Americans view the industry positively — unchanged from 2009, according to the latest Bloomberg National Poll…

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Wall Street has developed a new way, clouded in obscurity, to fleece the hundreds of millions of Americans who have money invested in company pension plans, mutual funds and insurance policies.

Institutional brokers are legally obliged to execute trades on the exchange that offers the most favorable terms for their clients, including the best price and likelihood of executing the trade. The 12 exchanges, most of which are owned by New York Stock Exchange, Nasdaq and Better Alternative Trade System (BATS), along with the Chicago Stock Exchange and the Investors Exchange (IEX), are supposed to compete to offer the best opportunities…

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Who cares about a few bad weeks in fixed-income markets?

Jamie Dimon, JPMorgan Chase’s chief executive, raised that reasonable question last week. The answer is Lloyd C. Blankfein at the rival Wall Street firm Goldman Sachs, which on Tuesday reported a 40 percent year-on-year slump in revenue from trading bonds, currencies and commodities. Goldman’s market compass is a little off, and investors may soon expect Mr. Blankfein to fix it more quickly.

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Leaders of major United States companies with deep ties to China will meet on Tuesday with their Chinese counterparts to try to ease the increasingly rocky economic relationship between the countries.

On Tuesday, Wilbur L. Ross, the secretary of commerce, will host a daylong meeting in Washington with more than 20 business leaders from the United States and China. The session will be brokered by Jack Ma, the executive chairman of the Chinese e-commerce giant Alibaba, and Stephen A. Schwarzman, a co-founder of the private-equity firm the Blackstone Group and an adviser to President Trump…

U.S. and Chinese Executives to Meet on Nations’ Economic Relations

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  • Borrowers with mortgage less likely to default, go bankrupt
  • New rules will help insulate them from rising interest rates

Canadians may be shouldering near-record household debt but homeowners have been managing it better than those than don’t own property, according to the country’s housing agency.

Mortgage delinquency rates and credit scores improved in the fourth quarter of 2016 from the third quarter and those with a home loan were less likely to default or file for bankruptcy, Canada Mortgage & Housing Corp. said in a report Tuesday.

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The company landed financing for 46 percent of the purchase price. The buyer recognized the property’s potential for value creation, given the nearby $450 million project underway.

MetroGroup Realty Finance secured $3.9 million in permanent acquisition financing for Orangewood Business Plaza, a three-building industrial/office business park in Orange, Calif. The financing represented 46 percent of the 8.5 million purchase price. Lee & Associates represented both the buyer, Betty L. Davies Family Ltd. Partnership, and the seller, Orangewood Business Plaza LLC.

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Two Independence Square, the largest asset in Piedmont Office Realty’s portfolio, sold for $360 million, or $593 per square foot.

Hana Asset Management Co. Ltd., a South Korean investment firm, has acquired Two Independence Square—NASA headquarters and Piedmont Office Realty Trust’s largest Washington, D.C., asset—for approximately $360 million, or $593 per square foot.

The 606,000-square-foot, nine-story office building is located at 300 E St., S.W., and has been fully leased to the National Aeronautics and Space Administration since it was constructed in 1991. Atlanta-based Piedmont acquired the property in November 2002 from Boston Properties in a $345 million portfolio transaction that included One Independence Square, according to Yardi Matrix data. Yardi Matrix stated the price Piedmont paid for Two Independence Square in 2002 was $216.2 million, or $386 per foot…

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Origin Investments’ Fund III, raised from more than 450 investors, is intended to acquire $600 million in value-added commercial properties.

CRE private equity firm Origin Investments, of Chicago, has completed the final closing for its fully subscribed $151 million Fund III, the company announced last week.

The nominal $150 million fund, which hit its $55.5 million first closing in March, is intended to acquire $600 million in value-added commercial properties.

The goal is that when fully invested, Fund III will have more than 15 multifamily and office properties in eight high-growth markets across the U.S.: Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Houston and Raleigh-Durham, N.C. Since July 2016, it has invested about $38 million in eight properties valued at more than $257 million…

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Bank of New York Mellon said on Monday that it had hired Charles W. Scharf, the former top executive of Visa and a veteran banker with experience at Citigroup, Bank One and JPMorgan Chase, as its new chief executive.

Mr. Scharf, who led Visa from October 2012 to December 2016, will join the bank as chief executive immediately and assume the added role of chairman on Jan. 1, Bank of New York Mellon said…

Bank of New York Mellon Hires Former Visa Head as C.E.O.

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In his new role, industry vet David Gorelick will be responsible for managing client development and driving the firm’s revenue growth initiatives.
David Gorelick has been hired as the new executive managing director and head of retail for the Americas of Cushman & Wakefield.

“I’m coming to this position with experience not only on the retailer side, but also from the landlord and investor perspective,” Gorelick told Commercial Property Executive. “In Cushman, I saw an opportunity not only to leverage that skill set but to also make an impact on a platform that I regard as best-in-class. It’ll be an honor and privilege to broaden the reach of the retail platform during this exciting time in the evolution of retail.”

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  • Chief equity strategist reiterates call for 2,700 by year end
  • Price-to-earnings ratio to move higher, Michael Wilson says

There’s juice in the equity rally yet.

A second-quarter earnings season that’s set to beat the consensus and reinvigorated faith in the Trump Administration’s policy objectives will spur the S&P 500 Index about 10 percent higher to a record 2,700 by the end of the year, according to Morgan Stanley Chief Equity Strategist Michael Wilson.

“The U.S. equity market can continue to grind higher on the back of improving earnings as it has done for the past several months,” Wilson wrote in a note Monday. He reiterated his April call for the U.S. benchmark…

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Jul
16

Ways of Winning in a Bull Market

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In a bull market (the current one reached its eighth birthday in March), mutual fund managers can find many ways to win. In the second quarter, three of the better-performing stock funds scored with picks as varied as well-known technology companies, micro-cap stocks and Asian innovators.

Fidelity OTC Portfolio

Gavin S. Baker, manager of the Fidelity OTC Portfolio, often makes big bets on big names. His fund, for example, had committed about 8.5 percent of its $15.3 billion in assets to Tesla, an electric-car maker, at the end of May. It likewise owned sizable slugs of Apple, Alphabet and Amazon…

Ways of Winning in a Bull Market

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SHANGHAI — China’s top leaders have gathered every five years since 1997 for a National Financial Work Conference. At past gatherings, they have created entire regulatory agencies and rearranged the rules for huge markets, almost overnight.

So economists and regulators have been almost breathlessly speculating about this summer’s work conference. Would the regulatory commissions overseeing the banking, securities and insurance industries be merged into the central bank? Would the legal definition of securities be broadened to shed some regulatory daylight on widespread activities like shadow banking, peer-to-peer online investment networks and off-balance-sheet wealth management products?…

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  • Fixed-income revenue at Citigroup now just shy of top firm’s
  • Investment banking results are strongest in years amid hires

Citigroup Inc.’s bond traders and investment bankers are closing in on their rivals at JPMorgan Chase & Co.

A renewed focus on investment banking, including some big hires, is helping Citigroup lure clients, boost revenue and gain on its larger competitor. Its fixed-income traders, meanwhile, are proving adept at weathering an industrywide slump, almost catching JPMorgan, long the dominant bank in that business…

Citigroup’s Bankers, Bond Traders Are Narrowing Gap on JPMorgan

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LONDON — The Royal Bank of Scotland said on Wednesday that it had agreed to pay $5.5 billion to American authorities to resolve claims related to its underwriting and sale of toxic mortgage securities.

The settlement with the Federal Housing Finance Agency — regulator of the mortgage finance giants Fannie Mae and Freddie Mac — partially removes a longtime cloud from over R.B.S., which has tried to resolve continuing litigation as part of its efforts to engineer a turnaround…

R.B.S. to Pay $5.5 Billion to Settle Toxic Mortgage Claims in U.S.

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Glacier Global Partners and Triangle Assets landed the short-term financing for 10 Jay St., an 1890s building at the entrance of the newly developed 85-acre Brooklyn Bridge Park.

Glacier Global Partners and Triangle Assets have received $150 million in bridge financing for their redevelopment project at 10 Jay St. on the East River waterfront in Dumbo, Brooklyn. JLL’s capital markets team secured the funding.

Bridge-lending specialists Acore Capital provided the loan, which will be used to repay existing debt, complete construction and fund future leasing costs at the property…

Brooklyn Reuse Project Receives $150M Bridge Loan

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  • ESG assets should have an impact on fund performance: Mizuno
  • Current ESG allocation of 3% of Japan stocks too low, he says

The world’s largest pension fund aims to boost and broaden its socially responsible assets after buying them for the first time this year.

Hiromichi Mizuno, who helps manage $1.3 trillion in assets for Japan’s Government Pension Investment Fund as chief investment officer, said the fund wants to increase allocation to the point where it impacts results. For that to happen, GPIF President Norihiro Takahashi has said ESG assets should reach around 10 percent of its Japanese equity holdings, Mizuno said. GPIF announced last week that 3 percent of its domestic stock portfolio of 35 trillion yen ($310 billion) is in three environmental, social and governance (ESG) indices…

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Jul
13

Vanguard CEO McNabb to Step Down

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  • Firm more than tripled its managed assets with McNabb at top
  • Greg Davis will succeed Buckley as chief investment officer

Vanguard Group Chief Executive Officer F. William McNabb will step down at the end of the year and cede his role to Tim Buckley, a two-decade veteran of the world’s second-largest money manager who serves as investment chief.

McNabb, 60, who became CEO in 2008, will remain chairman, the company said Thursday in a statement. Buckley, 48, will become president immediately and take the CEO role on Jan. 1. Greg Davis, 46, Vanguard’s global head of fixed income, replaces Buckley as chief investment officer…

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Remington Nevada is developing a 25-acre grocery-anchored shopping center at the entrance of Mountains Edge Master Planned community. The property is scheduled to come online in late 2018.

Calmwater Capital arranged a $36.7 million loan on behalf of Remington Nevada to refinance existing debt and finance remaining construction of the Mountains Edge Marketplace in southwest Las Vegas. The financing encompasses a $16.6 million senior secured term loan and a $20.1 million delayed draw term loan for future construction costs, tenant improvements and leasing costs.

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The following is a reformatted version of prepared testimony Federal Reserve Chair Janet Yellen is delivering Wednesday to the House Financial Services committee:

Chairman Hensarling, Ranking Member Waters, and other members of the Committee, I am pleased to present the Federal Reserve’s semiannual Monetary Policy Report to the Congress. In my remarks today I will briefly discuss the current economic situation and outlook before turning to monetary policy…

Full Text: Yellen Testimony to House Financial Services Panel

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The New Mexico company will receive $100,000 in funds from the Economic Development Department.

Mt. Taylor Manufacturing, an industrial company also known as Wood You Recycle!, will invest more than $1 million to expand their operations in the South Valley, according to the New Mexico Economic Development Department. The expansion is expected to create five new manufacturing jobs and preserve 43 existing ones in Milan, N.M.

Mt. Taylor focuses its efforts toward manufacturing lumber, home-heating wood pellets, chips for playgrounds, and mulch for gardens and landscapes. With this expansion, the company will increase its production volume, and will begin producing food smoking pellets as well. Mt. Taylor Manufacturing serves customers in Rio Rancho and Albuquerque, local public schools, warehouse clubs and big box retailers in the southwest…

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  • Active international equity funds and bond funds get cash
  • Latest trends boost indexing giants BlackRock, Vanguard

Investors haven’t soured on all active fund managers — only those who pick U.S. stocks.

Actively managed mutual funds and exchange-traded funds that own domestic stocks experienced $98.5 billion in net redemptions in the first six months of 2017, according to the latest figures compiled by Morningstar Inc. Active funds that buy international stocks attracted inflows of $8.7 billion and active funds that buy bonds gathered $106.5 billion…

Investors Don’t Hate Fund Managers, Just U.S. Stock-Pickers

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  • Technology grants awarded to 48 universities and developers
  • Arizona State leads awards with new module testing methods

The U.S. Energy Department awarded $46.2 million in research grants to improve solar energy technologies and reduce costs to 3 cents per kilowatt-hour by 2030.

The money will be partly matched by the 48 projects awarded to laboratories and universities, including Arizona State, which plans to use $1.6 million to develop an X-ray test to evaluate the performance of thin-film modules under harsh conditions, according to a emailed statement Wednesday…

Solar Power Gets $46 Million Boost From U.S. Energy Department

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Groundbreaking is scheduled for 2018, three years after Ceruzzi Holdings and SMI USA acquired the New York City development site for $275 million from Thor Equities.

Ceruzzi Holdings LLC and SMI USA are moving ahead with their plans for a 425,000-square-foot mixed-use tower at 520 Fifth Ave. in Manhattan now that HFF has arranged $200 million in pre-development financing. Groundbreaking of the vertical development is scheduled to begin in 2018, three years after the joint venture acquired the 10,625-square-foot site from Thor Equities for $275 million.

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  • CEO’s identity was used for false loan application in March
  • District Court declared Alf Goransson bankrupt on July 10

The man running Sweden’s biggest security firm was declared bankrupt this week after his identity was hacked.

Though the sub-optimal branding implications were hard to miss, Securitas AB was able to put the whole awkward incident behind it by the end of the day.

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BEIJING — China’s sovereign wealth fund is looking at big bets in America. But the $800 billion investment behemoth said on Tuesday it faced an obstacle: the United States government.

The fund, the China Investment Corporation, urged American authorities to allow better access to the market, at a time when Chinese deals are facing more scrutiny.

“We hope that the U.S. government will provide us with a more liberal, equal and nondiscriminatory investment environment,” said Liu Fangyu, the fund’s managing director and head of public relations and international cooperation…

China’s $800 Billion Sovereign Wealth Fund Seeks More U.S. Access

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  • Industry reaches ‘tipping point’ as fee pressure builds
  • Hedge funds and private equity among hardest hit, BCG says

Rising markets aren’t a haven for money managers.

For the first year since the 2008 financial crisis, revenue earned by asset management firms globally fell in 2016 along with profits, according to a report Tuesday by Boston Consulting Group. While assets under management increased 7 percent to $69 trillion, most of that growth came from rising markets while net new money from investors was little changed from recent years.

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Seattle (AP) — Seattle’s wealthiest would become the only Washington state residents to pay an income tax under legislation approved by the City Council, a measure designed as much to raise revenue as to open a broader discussion about whether the wealthy pay their fair share.

The council voted unanimously Monday to impose a 2.25 percent tax on the city’s highest earners. Personal income in excess of $250,000 for individuals and in excess of $500,000 for married couples filing joint returns would be taxed.

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  • Five biggest firms seen posting 11% drop in trading revenue
  • Clients feel it too, with one leaving work to play Nintendo

One bond trader says he’s been slipping out early to watch his kids play sports. A fund manager says his office just staged a golf retreat. A trading supervisor at another bank confides he’s swiping through a lot of profiles on Tinder, the dating app.

Welcome back, Wall Street, to the doldrums.

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The nation’s consumer watchdog adopted a rule on Monday that would pry open the courtroom doors for millions of Americans, by prohibiting financial firms from forcing them into arbitration in disputes over their bank and credit card accounts.

The action, by the Consumer Financial Protection Bureau, would deal a serious blow to banks and other financial firms, freeing consumers to band together in class-action lawsuits that could cost the institutions billions of dollars…

U.S. Agency Moves to Allow Class-Action Lawsuits Against Financial Firms

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  • Investors include IFC, Alibaba, Goldman Sachs Investment
  • Startup offers online comparisons for credit cards, loans

CompareAsiaGroup, an online personal finance marketplace backed by Goldman Sachs Investment Partners, has secured $50 million in new funding from investors led by the World Bank’s International Finance Corp.

Other backers in the series B round included Alibaba Entrepreneurs Fund, the Chinese e-commerce giant’s non-profit startup sponsorship outfit, SBI Group and H&Q Utrust, the company said in a statement. Existing investors including the Goldman fund, Nova Founders Capital, ACE & Co. and Route 66 Ventures also took part in the fundraising…

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Jul
10

Avison Young Brokers $24M MOB Sale

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A joint-venture between Foulger-Pratt and a global real estate investment management firm sold the Class A asset in Silver Spring, Md., to Healthcare Realty in an off-market transaction.

Avison Young brokered the sale of Forest Glen, a 62,379-square-foot medical office building in Silver Spring, Md., on behalf of the buyer, Healthcare Realty. A joint-venture between Foulger-Pratt and a global real estate investment management firm sold the Class A asset for $24 million in an off-market transaction, according to Bisnow.

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The two assets are Lincoln Village Shopping Center in Peterson Park and Kedzie Plaza in Brighton Park. Their acquisition adds 214,000 square feet of retail space to the company’s portfolio.

InvenTrust’s Lincoln Village and Learsi & Co.’s Kedzie Plaza became part of Newport Capital Partners Fund II through a portfolio transaction, which closed at $39.2 million.

The City of Chicago continues to be a tremendous place to live, work, do business and invest. Both of these shopping centers are convenience-, necessity-based retail properties that have rich histories and are an important part of their respective neighborhoods,” said Ben Andrews, a director with Newport…

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The fate of a giant Texas power company that has spent nearly a decade in financial distress lies in a potential battle between two billionaires.

On one side is Warren E. Buffett, who has agreed to pay $9 billion in cash for the utility operator, Energy Future Holdings. On the other is Paul E. Singer, the hedge fund mogul whose firm is the biggest creditor of Energy Future. Mr. Singer is exploring making its own takeover bid for the company, which has spent more than three years in bankruptcy proceedings.

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The firm issued the first green-specific tranche in a CMBS to refinance part of Ivanhoé Cambridge and Callahan Capital Properties’ $358.6 million acquisition loan for New York City’s 85 Broad St.

Noting it received “very strong interest” from major green investors across the globe, French corporate and investment bank Natixis collaborated with Ivanhoé Cambridge and Callahan Capital Properties to issue the first green tranche in a CMBS to refinance part of the acquisition loan for 85 Broad St. in Downtown Manhattan.

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The climate-controlled, multi-story projects will be located in Boston, New York and Knoxville, Tenn. The 3,100-unit portfolio is scheduled to come online in 2018.

Jernigan Capital, Inc. has committed to investing $49.7 million in three new climate-controlled, multi-story self-storage developments.

KEY MARKETS

The company will invest $26.5 million in a proposed 40,593-square-foot, 1,424-unit project in New York City. Located at 465 W 150th St., the previous storage facility will be converted into a multi-story building by developer Mequity LLC. Construction is projected to begin in the third quarter of 2017 and be completed by the end of second quarter of 2018.

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  • Singapore fund reports decline in its main performance gauge
  • 20-year return falls to 3.7% from 4%, fund says at briefing

Singaporean sovereign wealth fund GIC Pte warned that investors are being too complacent about looming market risks, while disclosing that its main performance gauge fell for the second straight year.

“We are cautious because valuations are stretched, policy uncertainty is high and there are still unresolved economic imbalances,” Lim Chow Kiat, GIC’s chief executive officer, said in an interview in the city. The “uncertainty level is very high,” in contrast to “very low” actual equity price volatility, he said. “We think this indicates investor complacency, another reason for us to be more cautious.”

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  • German bank would move assets booked in U.K. to home nation
  • Plan is response to both Brexit and investment bank overhaul

Deutsche Bank AG is preparing to move large parts of the trading and investment-banking assets it currently books in London to its hometown of Frankfurt in response to Britain’s exit from the European Union, people familiar with the matter said.

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The 86,000-square-foot asset is located in Danvers, Mass., and features improved lobbies and common areas, upgraded HVAC and a reimagined landscape.

Real estate development and investment firm U.S.-1 Ventures signed two new leases and extended two others at one of its Danvers, Mass., office buildings. The new tenants are financial service firm Primax, which will relocate from 516 Edgewater Drive in Wakefield, Mass., and Norwin Technologies Corp., which will move its headquarters from 300 Rosewood Drive in Danvers. Norwin will leave its current location at the end of the summer and plans to have the space fitted by summer 2018.

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Upon closing, during the second half of the year, the company will own a full interest in 20 industrial properties, with an average occupancy of 90 percent.

Prologis Inc. has entered into an agreement to acquire its partner’s interest in its Brazilian portfolio for R$1.2 billion (US$362 million), the company announced Tuesday. On the transaction’s closing, Prologis will own 100 percent of Prologis CCP and rename the business to Prologis Brazil.

Prologis CCP is a joint venture between Prologis and Cyrela Commercial Properties. It’s a leading provider of industrial real estate in Brazil’s primary markets and owns and operates about 8.8 million square feet.

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  • Fed vice chair calls decline in govt-funded R&D ‘disturbing’
  • Says more clarity on govt policy would be ‘highly desirable’

Uncertainty surrounding U.S. government policy may be holding back economic growth because of its negative impact on business investment, Federal Reserve Vice Chairman Stanley Fischer said.

A “cautious approach to investment” by U.S. companies “may in part reflect the uncertainty about the policy environment,” Fischer said Thursday in remarks prepared for a speech in Vineyard Haven, Massachusetts. “Mitigating the damping effect of uncertainty by providing more clarity on the future direction of government policy is highly desirable.”…

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  • Foreign investors have largely sat out this year’s boom
  • Pinera’s expected election may reverse Bachelet reforms

Chilean stocks are expensive, but there’s still plenty of space for growth, according to JPMorgan.

Foreign investors, largely absent from the country’s rally so far this year, will have to look beyond current market valuations if they want to catch the next wave, Diego Celedon, head of equity research and strategy for the Southern Cone and Andes region at JPMorgan Chase & Co., said…

JPMorgan Says You’re Missing Chile’s Rally, But There’s Still Time

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