Archive for Private Equity

The facility at 6001 Campus Circle Drive West features a mix of data raised floor space and office space. The new owner plans to improve the location and attract a single tenant for the entire data center.

SkyWalker Property Partners has acquired a 136,000-square-foot data center in the Dallas-Fort Worth area. The Tier IV facility was vacant at the time of the sale. In addition to the building, the deal included a two-acre ground lease with Dallas-Fort Worth International Airport. Coldwell Banker Commercial Advisors represented the buyer in the transaction and was retained as the exclusive leasing agent for the facility.

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The major facility now under construction could be the first tech campus to achieve net zero, non-potable water use. Moreover, the buildings will be designed to meet LEED Platinum certification and will feature solar panels, a “living” roof and more.

Microsoft’s new Silicon Valley Campus, a 643,000-square-foot “modernization” of the tech giant’s 32-acre location in Mountain View, Calif., will be the company’s “smartest, greenest office yet,” according to a blog post earlier this week by Microsoft Chief Technology Officer Kevin Scott.

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The market crash of 2007 and 2008, accompanied by the rise of e-commerce, has forced the retail sector to transform. Colliers International’s Katy Welsh weighs in on how retail owners have adapted their strategies and properties over the past decade.
The global financial crisis impacted all sectors of the real estate industry, and retail was no exception. Weaker consumer buying power led to store closures and thus a shrinking retail segment. A decade ago, the sector had grocery stores to thank for keeping it alive, and ever since, shopping centers have been transforming to meet the needs of the modern customer. Katy Welsh, senior vice president of retail leasing at Colliers International in South Florida, discussed how the retail sector has changed since the recession and what’s in store for the the shopping experience of the future…
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A joint venture of Miami City Self Storage and Cypress Equity Investments will develop its first facility in Inglewood, Calif. Self-storage lending REIT Jernigan Capital has invested $28.7 million in the project.

Miami City Self Storage and Cypress Equity Investments have formed Pacific Storage Partners, a joint venture targeting urban infill development opportunities in Los Angeles and Northern California. The new entity’s first development, a 120,000-square-foot self-storage facility, will be located in Inglewood, Calif. Self-storage lending REIT Jernigan Capital has invested $28.7 million in the project.

Pacific Storage Partners has closed $61.7 million in self-storage development transactions in the first part of the year, and it continues to invest in facilities across the country…

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The site will benefit from reduced electricity costs, long-term electric pricing stability and reduced carbon emissions of more than 3,400 metric tonnes annually.

Ameresco Inc. has entered into a contract with the U.S. Drug Enforcement Administration (DEA) to build a nearly 2.5-megawatt solar power system at the El Paso Intelligence Center located on Fort Bliss in El Paso, Texas.

The Energy Saving Performance Contract (ESPC) was awarded to Ameresco under the ESPC ENABLE program, which describes the process for small federal agency projects to leverage third-party financed energy technologies in six months or less. Ameresco will finance, build, own and operate the solar system for a period of 20 years under the contract…

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  • Dow vaulted past 24,000 as technology recovers from rout
  • U.S. Senate suspends tax bill debate as cracks appear

Asian stocks pared early gains at the start of the last month of 2017 and S&P 500 Index futures declined as the U.S. tax bill encountered stumbling blocks. The dollar headed for its first weekly gain in four weeks ahead of the tax vote.

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It’s taken decades but finally, Japan’s doors are swinging open for private equity.

The country’s corporate giants have long been a coveted target for buyout firms seeking to put large pools of capital to work. Money, though, hasn’t been enough to overcome the traditional Japanese hostility to takeovers…

Private Equity, Japan’s Finally Open for Business

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  • U.S. buyout fund emerges as a top shareholder of Deutsche Bank
  • Cerberus had taken a 5% stake in rival Commerzbank in July

Deutsche Bank AG and Commerzbank AG surged after it emerged that private-equity firm Cerberus Capital Management is a top shareholder at Germany’s two biggest banks…

Private Equity Giant Cerberus Emerges as New Deutsche Bank Shareholder

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Equity products have more than 3/4 of the ETF market share Down Under

Australians can’t seem to get enough of exchange-traded products as they hunt for low cost investments. The sector posted a 39 percent jump in assets under management during the year to Oct. 31, with equity products dominating, according to data from VanEck Australia and the Australian Securities Exchange. Still, the market commands just A$33.2 billion ($25.3 billion) in assets — a drop in the ocean of the world’s $4.5 trillion ETF market…

Australians Love Equity ETFs as Market Assets Surge 39%

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  • Two new brands identified: Rebel Canyon and Peak Velocity
  • Move to sell activewear is seen as a threat to Nike, Lululemon

Amazon.com Inc.’s expansion into private-label activewear is beginning to show up on its website, a move that will generate fresh competition for Nike Inc. and Lululemon Athletica Inc…

Amazon Push Into Private-Label Sportswear Makes Quiet Debut

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It started with a series of meetings at the Carlyle Hotel in New York, and grew to become one of the world’s most ambitious and well-connected private equity firms. Its Rolodex was unrivaled, and its advisers included the first President George Bush and John Major, the former British prime minister.

All along the way, David M. Rubenstein has been the face of the Carlyle Group, which he co-founded 30 years ago. He has raised billions of dollars for investments, struck deals with brands including Dunkin’ Donuts and Beats Electronics, and lobbied Congress to protect a tax arrangement that made the private equity business so tremendously lucrative…

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Kubota Tractor Corp. plans to locate its North American distribution hub on 203 acres near the company’s current leased facility in Edgerton, Kan.

Kubota Tractor Corp., marketer and distributor of Kubota-engineered and manufactured machinery and equipment, will build its North American distribution hub on 203 acres, which the company plans to purchase. The logistics center will be located near the manufacturer’s current facility in Edgerton, Kan.

The company intends to design and build two one million-square-foot facilities to expand its distribution capacity for the delivery of service parts and equipment to its increasing customer base in the U.S. In addition to the logistics facilities, Kubota will establish a fifth operational division and sales office in Edgerton, within the same complex…

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Love the returns. Hate the fees. Is it time to go solo?

The biggest U.S. pension fund isn’t happy. After years of paying steep fees to private equity fund managers, it’s plotting an end run. Officials of the California Public Employees’ Retirement System, which oversees about $337 billion, gave fund managers an earful at a pension board meeting on July 17 in Monterey. Huffed one CalPERS director: “I don’t see your industry standing up and justifying fees.” (The pension’s chief investment officer later said it would explore buying more companies on its own to lower fees and lift returns.) Firing back, Sandra Horbach, a top executive at Carlyle Group LP, one of the world’s biggest leveraged buyout managers, warned that CalPERS and other pensions looking for their own deals would be at a “strategic disadvantage” in a head-to-head rivalry with private equity firms like Carlyle…

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Once regarded as novices, family offices are looking beyond stocks and bonds to pursue direct investments in companies and real estate. The most sophisticated are turning into investing giants.

Michael Gottdenker glimpsed the future over a bowl of pasta earlier this year, and he liked what he saw…

Wealthy Families Are Winning Deals Away From Private Equity

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  • Vacasa raises $104 million as vacation rental market grows
  • Financing is said to nearly double company valuation

Vacasa LLC, an online vacation rental company, raised $104 million from a group of private equity firms looking to build up a challenger to Airbnb…

Private Equity Looks to Challenge Airbnb With Vacasa Deal

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  • Locks in export price of $46 per barrel for 2018: Rubio
  • Larger stabilization fund will help secure price for 2018

Mexico has completed its annual oil hedge for 2018, which will lock in an average export price of $46 per barrel of crude, Deputy Finance Minister Vanessa Rubio said in an interview…

The World’s Largest Oil Hedge Is Complete

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Oct
08

Market Strengthens in Inland Empire

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Riverside and San Bernardino counties continued to grow in the first half of 2017, adding jobs at some of the strongest rates in California.

Riverside and San Bernardino counties continued to grow in the first half of 2017, adding jobs at some of the strongest rates in California. Although the sectors with the bulk of growth encompass mostly lower-paying jobs, demand for housing and a tepid rate of multifamily development pushed rent growth to 4.7 percent year-over-year as of July. Even with nearly 2,000 units projected to come online in 2017, average occupancy will most likely remain above the 96.0 percent mark.

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The international construction firm signed a $151 million contract with the Port of Portland to enlarge and renovate the facility’s Concourse E. The project is part of an overall $1.3 billion, five-year terminal improvement plan for the airport.

Skanska has been hired by the Port of Portland to expand and renovate Portland International Airport’s Concourse E, part of an overall $1.3 billion, five-year makeover of the Oregon facility.

The project calls for Skanksa to build a two-story, 820-foot extension of Concourse E, including adding six gates for a total expansion of 150,700 square feet, according to Skanksa. The work also includes airside site work, modifications to baggage handling systems and various renovations within the existing terminal…

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These days, even coin collectors have turned sour on bullion. Sales of gold coins in the first nine months of the year shrank to the lowest in a decade, U.S. Mint data show. The metal’s appeal is waning as retail investors seek better returns in equities, lured by the S&P 500 Index’s climb to records, said Peter Thomas, a senior vice president at Zaner Group LLC in Chicago…

Gold-Coin Sales Drop to Decade Low as Retail Buyers Flee: Chart

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The company is developing a 600,000-square-foot build-to-suit facility, which will serve as the primary distribution operation for Emser Tile in the South Central U.S.

A joint venture between Hines, Kohlberg Kravis Roberts & Co. LP and Pinto Real Estate Development Inc. is developing a 600,000-square-foot build-to-suit cross-dock distribution facility for Emser Tile Inc. within Pinto Business Park in Houston.

“We are honored that Emser Tile has selected Pinto Business Park as its home for this mission-critical facility that will serve roughly 35 percent of the U.S.,” Charlie Meyer, Hines’ managing director, said in a prepared release. “This is an excellent addition to our park’s market-leading tenant roster, and is also Hines’ fifth build-to-suit in Houston in the past four years.”…

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The wind facility consists of 100 to 150 slow-spinning wind turbines spread across 30,000 acres that will produce enough electricity to power nearly 102,000 U.S. homes.

Apex Clean Energy sold its Upland Prairie Wind project to Interstate Power and Light Co., a subsidiary of Alliant Energy Corp. The 300-megawatt project occupies 30,000 acres in the northwest Iowa counties of Clay and Dickinson, and is slated for completion in 2018.

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LONDON — The Swiss engineering firm ABB Group said on Monday that it would buy General Electric’s business that provides circuit breakers and other electrical equipment for industry for $2.6 billion, as the American giant looks for ways to shake up its operations.

The deal is the latest move by General Electric as it seeks to refocus on its roots. The company had expanded into a sprawling conglomerate but its once-huge financial business threatened its survival after the 2008 economic crisis, and it has been selling off an array of units since…

Swiss Firm ABB to Buy G.E.’s Industrial Solutions Business for $2.6 Billion

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The 1.7 million-square-foot manufacturing facility will be Sentury Tire’s first outside of Asia. Sentury Tire selected SSOE Group to design the project.
Sentury Tire, a Chinese manufacturer of tires for cars and aviation, hired JLL’s Capital Markets to help find a developer to construct its $200 million North American manufacturing facility and headquarters, a 1.7 million-square-foot mixed-use property that will be located in Atlanta. Managing Director Todd Torok, together with Managing Director Bill Cavagnaro and Senior Vice President Michael Carpenter, will be leading JLL’s marketing efforts…
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The firm, set to be sold to its management team and private equity firm Lovell Minnick Partners, has $9 billion in U.S. assets under its umbrella, as well as global real estate and infrastructure investments.

Saying it wanted to streamline its portfolio, BNY Mellon Investment Management has agreed to sell its real asset investment subsidiary CenterSquare Investment Management to its management team and the private equity firm Lovell Minnick Partners.

BNY Mellon has owned CenterSquare for 11 years and the two firms are expected to continue as partners in a number of areas after the deal closes later this year. Terms of the transaction were not released…

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Hillwood and Al. Neyer plan to develop two speculative buildings, totaling more than 1.7 million square feet, in Erlanger, Ky. The construction of Building 1 will start in 2018.

A joint venture between Hillwood—a Perot company—and Al. Neyer is developing Erlanger Commerce Center, a state-of-the-art distribution center in Erlanger, Ky. The two speculative buildings will total more than 1.7 million square feet, and will be located at the intersection of interstates 75 and 275.

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The 1 million-square-foot building, which will sit within the 1,600-acre Wonderful Industrial Park in Shafter, Calif., is one of only a few developments of its kind in the market.

The call for premier industrial space in California’s Central Valley is growing louder, and Wonderful Real Estate, formerly Roll Real Estate, is responding with a new project. The company is in the midst of developing a 1 million-square-foot speculative industrial property in Shafter, Calif., roughly 130 miles north of Los Angeles and 100 miles south of Fresno in the Central Valley.

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  • Leverage, lack of lending covenants drive deals, he says
  • Sees Alibaba as world’s biggest financial institution one day

The private equity industry will continue to play a growing role in financial markets, fueled by low yields and investors’ willingness to forgo traditional risk protections, Michael Milken said.

“This is their golden age,” Milken, who helped pioneer the junk bond market at Drexel Burnham Lambert Inc., said Thursday in an interview with Bloomberg Television in Singapore. “You can leverage, you can borrow without covenants, and so for equity holders it affords you very unusual rates of return.”…

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Sep
11

WPT Industrial Expands to PA

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The REIT is in the process of acquiring a 936,000-square-foot Class A property in the Lehigh Valley, the distribution corridor to New York, Philadelphia and D.C.

WPT Industrial REIT is in motion to acquire an approximately 936,000-square-foot distribution property within Pennsylvania’s Lehigh Valley, from a third-party seller, for approximately $74.3 million.

The exact name or location of the distribution center was not disclosed, but the property is currently 100 percent leased to two tenants. The deal is expected to be complete in the third quarter this year…

WPT Industrial Expands to PA

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An American casino mogul is making a timely bet on Houston.

The owner of both the Golden Nugget gambling enterprise and the Landry’s restaurant empire, Tilman J. Fertitta, will pay $2.2 billion for the Houston Rockets basketball team. Buying a trophy asset as the city rebuilds from Hurricane Harvey makes for awkward timing. And yet the deal also suggests an abiding faith in the city to recover…

$2.2 Billion Deal for Rockets Is a Casino Mogul’s Bet on Houston

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The purchase of three properties in Chicago, Indianapolis and Bakersfield, Calif., caps a busy year for the group, which now owns more than 28 million square feet of space in 23 states.

Brennan Investment Group LLC, a Chicago-based private real estate investment firm that acquires, develops and operates industrial facilities across the U.S., has picked up a three-building industrial portfolio in three markets totaling 482,683 square feet from a small private ownership group.

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  • First-time founders raise huge sums for inaugural funds
  • ‘They’re striking while the iron is hot,’ says a lawyer

In his almost two decades at KKR & Co., Adam Clammer helped lead some of its bigger investments in technology, such as Go Daddy and NXP Semiconductors. Then, he got the itch to do what a lot of his peers are doing: to go out on his own.

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The company is adding a cutting-edge manufacturing facility to its home base in Ahlen to accommodate the development of aloe vera products.

LR Health & Beauty is in growth mode, and the company’s headquarters in Ahlen, Germany, is showing the signs. The producer and marketer of health and beauty products is in the midst of increasing the size of its home, sited 85 miles northwest of Düsseldorf, with the development of a 103,300-square-foot aloe vera production plant.

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LONDON — Matchesfashion.com, the British luxury e-commerce group that began life as a single bricks-and-mortar boutique before growing into one of the most powerful online players in the global high-fashion market, has a new majority shareholder after a fierce bidding war.

The company said on Friday that the private equity firm Apax Partners would take a controlling stake in the business, which the married couple Tom and Ruth Chapman founded in 1987. The Chapmans and the venture capital firms Scottish Equity Partners and Highland Europe will retain minority stakes, the company said in a statement…

Matchesfashion.com Sells Majority Stake to Apax After Fierce Bidding War

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Santa Rose Junior College selected SunPower to deploy a fully integrated solar and storage project to add to its existing 77-kilowatt system that has been operating since 2007 atop the Frank P. Doyle Library.
Santa Rosa Junior College (SRJC) selected SunPower to set up its newest fully integrated solar and storage project. The 100-acre campus will feature the SunPower® Helix™ Carport system and SunPower’s Garage Top Carport system, which totals about 2.5 megawatts, coupled with a 1.3-megawatt (2-megawatt-hour) energy storage system from Stem Inc. In addition, the 40-acre Pentaluma campus will install a 1.3-megawatt Helix Carport system…
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The construction of the 132-megawatt wind facility, which will mark the company’s first wind project in the region, will set a subsidiary of The Enel Group back approximately $165 million.

Enel Green Power Peru (EGPP), a subsidiary of The Enel Group, started construction on Wayra, a 132-megawatt wind farm in Peru’s district of Marcona, Ica region. The facility is the company’s first wind project in the region and, upon completion, will be the country’s largest wind farm.

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The 70,000-square-foot facility, renamed John D. White ’70 – Robert L. Walker ’58 Music Activities Center, will replace the former E.V. Adams Band Hall.

Texas A&M University will break ground on a new $40 million music activities center at the corner of George Bush Drive and Coke Street in College Station, Texas. The new facility will replace the E.V. Adams Band Hall built in 1970. Construction is expected to be finalized by the end of summer 2019.

The team behind the project includes Brown Reynolds Watford Architects and Hammel, Green and Abrahamson Inc. The companies worked together to create a resource-efficient project, designed to LEED Silver specifications. SpawGlass will conduct construction…

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In 1993, Ray Dalio, the chairman of what is today the largest hedge fund in the world, Bridgewater Associates, received a memo signed by his top three lieutenants that was startlingly honest in its assessment of him.

It was a performance review of sorts, and not in a good way. After mentioning his positive attributes, they spelled out the negatives. “Ray sometimes says or does things to employees which makes them feel incompetent, unnecessary, humiliated, overwhelmed, belittled, pressed or otherwise bad,” the memo read. “If he doesn’t manage people well, growth will be stunted and we will all be affected.”

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Johns Hopkins Health System will occupy 40 percent of the 413,000-square-foot building currently rising within Baltimore’s Port 95 Industrial Park.

Chesapeake Real Estate Group closed a 165,000-square-foot lease within Port 95 Industrial Park in Baltimore, to Johns Hopkins Health System. In partnership with USAA Real Estate Co., Chesapeake is developing the former Sun Products facility into a 1 million-square-foot warehouse and industrial site. Conewago Enterprises Inc. is serving as the general contractor for the building.

Upon purchasing the 47-acre site in 2015, the partners upgraded a 500,000-square foot building and demolished five others to begin new construction. The structure was purchased by EverWest Real Estate Partners earlier this year…

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Cushman & Wakefield’s Metropolitan Area Capital Markets Group negotiated the sale on behalf of the seller. Pantheon originally purchased the property in 1998 for $4.1 million.

Pantheon disposed of its 207,193-square-foot Northvale, N.J., industrial space to a private investment group led by Duvi and Tuli Blumenberg. The 16.3-acre asset sold for $12.1 million.

Cushman & Wakefield’s Metropolitan Area Capital Markets Group of Andrew Schwartz, Andrew Merin, David Bernhaut, Gary Gabriel, Ryan Larkin and Andrew Siemsen represented the seller…

Pantheon Sells 16-Acre NJ Industrial Site

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  • China’s mainland shares emerging from offshore stocks’ shadow
  • Eastspring, KGI see A shares taking the lead in coming months

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The also-rans of China’s stock rally this year, mainland equities have been overshadowed by the spectacular surge in their offshore-listed counterparts — until now.

As equities from Seoul to Hong Kong were felled by Tuesday’s North Korea-inspired wave of risk aversion, Shanghai was one of the few benchmarks globally to rack up gains, driving home how much has changed in a market that was in the red as recently as two months ago…

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  • EuroMena plans to raise $300 million for SME, debt funds
  • Firm expects to close two acquisitions, three exits this year

EuroMena Funds, a Beirut-based private-equity firm that has raised $350 million since 2006, plans to almost double assets as it seeks investments in Lebanese-owned companies operating abroad.

After a decade of deploying most of its capital in Lebanon, Jordan and Egypt, EuroMena’s latest fund has spent $55 million for stakes in a toilet-paper manufacturer in Nigeria, a Tunisia-based operator of clothing stores, and the Moroccan franchisee of French retailer Carrefour SA, said Giles de Clerck, the firm’s executive partner.

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The Town of Double Springs, Ala., purchased the 19-acre site in order to assist with industrial recruitment and job creation for the area.

Southern Energy Homes sold its single-story, five-building industrial site in Double Springs, Ala., to the town, which plans to use the property in assisting with industrial recruitment and job creation in the area.

Senior Vice President David Barber of Binswanger’s Atlanta office, handled the transaction on behalf of the seller…

Binswanger Arranges Sale of 158 KSF Industrial Property

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  • EuroMena plans to raise $300 million for SME, debt funds
  • Firm expects to close two acquisitions, three exits this year

EuroMena Funds, a Beirut-based private-equity firm that has raised $350 million since 2006, plans to almost double assets as it seeks investments in Lebanese-owned companies operating abroad while also backing smaller businesses in its home regions.

After a decade of deploying most of its capital in Lebanon, Jordan and Egypt, EuroMena’s latest fund has spent $55 million for stakes in a toilet-paper manufacturer in Nigeria, a Tunisia-based operator of clothing stores, and the Moroccan franchisee of French retailer Carrefour SA, said Giles de Clerck, the firm’s executive partner. Two more acquisitions are expected to be completed this year, he said…

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  • Chinese billionaires increase net worth 46.8% so far in 2017
  • Eight of the biggest fortunes more than double since yearend

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The equity rally propelling global asset values higher this year is once again turning China into the world’s fastest-growing wealth machine.

The fortunes of the 40 Chinese billionaires on the Bloomberg Billionaires Index have surged 46.8 percent since yearend, dominating the wealth gains of all nationalities and sending their combined net worth to $417 billion…

China’s Wealthiest Gain the Most This Year in Global Asset Rally

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San Francisco’s Transbay Terminal is getting a facelift, thanks to its new promotional partner, Pearl Media. The state-of-the-art transit hub, to be renamed Transbay Transit Center, will feature 274 digital screens, along with shopping, dining and a rooftop park.
Ad agency Pearl Media is elevating the standard for mass transit, with the development of a platform that will help brands and advertisers reach riders and consumers in downtown San Francisco at the new Transbay Transit Center (previously called Transbay Terminal), or TTC. Set to open in spring 2018, the TTC will eventually link 11 transportation systems and encompass more than one million square feet. The state-of-the-art the site will feature retail and dining, among a host of light-filled public spaces, including a 5.4-acre outdoor rooftop park with a garden, trails, play areas for children and an open-air concert amphitheater…
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The 101,299-square-foot, Class A asset includes space for medical offices, day surgery, on-site diagnostic imaging and laboratories, as well as 3,000 square feet of retail.

Bentall Kennedy Limited Partnership purchased The Oregon Clinic Gateway Medical Office Building in Portland, Ore., on behalf of its U.S. core fund. The 101,299-square-foot asset marks the firm’s first medical office building investment in Portland, bringing its U.S. portfolio of managed MOBs to 23 properties and 1.8 million square feet. CBRE represented the seller, The Oregon Clinic Gateway Medical Office Building LLC, which executed a lease with Bentall Kennedy.

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  • Flight-to-quality rally in Treasuries seen if stocks crack
  • Nasdaq 100 can offer clues to next ‘material correction’

For once, stability in stocks might be a bad thing. Technical analysts at JPMorgan Chase & Co. say that if the S&P 500 can’t escape its 2,400 to 2,500 range, it could spell trouble for U.S. equities heading into September.

Amid the slew of headline risks — including Washington turmoil, North Korea tension, and monetary policy shifts — the last two weeks’ price declines and initial volatility spikes from extreme low levels highlight stocks’ vulnerability, raising the prospect of a flight to Treasuries, according to strategists including Jason Hunter and Alix Tepper…

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  • PNB may invest in fixed income, property, private equity
  • Weak ringgit, lack of attractive investments holding PNB back

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Malaysia’s largest state-owned fund manager is looking to hold less cash even as it struggles to make acquisitions that would generate attractive returns.

A fifth of Permodalan Nasional Bhd.’s 266 billion ringgit ($62 billion) of assets under management is in cash and money markets, and Chairman Abdul Wahid Omar said in an interview that the fund could reduce such holdings by at least 5 percentage points. That would free up about 13.3 billion ringgit, according to Bloomberg calculations…

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The new plans approved by the New York City Council allow the construction of modern office space, reduce challenges for redevelopments and aim at upgrading the area’s transit and pedestrian infrastructure. Still, experts say only sophisticated developers will be able to take advantage of the approved regulations.
The rezoning plan for Manhattan’s Greater East Midtown district is now in effect, after New York City Council’s unanimous approval. The regulations cover 78 blocks and are primarily focused on the renewal of the area’s office building inventory. Developers are now able to buy unused development rights from landmarks and are required to contribute to the Public Realm Improvement Fund in exchange. The contribution will be a minimum of $61.5 per-square-foot or 20 percent of the air rights’ sale price. The final version of the text was years in the making, after the Department of City Planning felt that the existing office properties (most of which are around 75 years old) wouldn’t offer the desired facilities for tenants in the long run. Former member of the City Council Ken Fisher, now partner in the real estate practice at Cozen O’Connor, explained how the new zoning plan will impact development in one of New York’s most dense business districts.
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  • Federal filings show more violations than other big pipelines
  • Project will transport natural gas from Marcellus shale

In the energy business, it’s one of the biggest projects going today: construction of a 710-mile pipeline to transport natural gas from America’s most prolific shale deposit in the eastern U.S. to consumers in the Midwest and Canada. Even Blackstone Group LP has agreed to take a sizable stake.

But it holds another, more dubious, distinction. The Energy Transfer Partners LP pipeline has racked up more environmental violations than other major interstate natural gas pipelines built in the last two years, according to a Bloomberg analysis of regulatory filings during that period. And that’s all since U.S. regulators approved the $4.2 billion project in February…

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  • Biggest private equity manager bets on energy infrastructure
  • Deal follows firm’s credit, secondary additions in past decade

Blackstone Group LP will add $10 billion in assets by buying energy investor Harvest Fund Advisors, betting that demand for pipelines and facilities will continue to rise despite sluggish energy prices.

Blackstone is acquiring the Wayne, Pennsylvania-based firm for an undisclosed amount of cash and future incentive payouts, Blackstone partner Dwight Scott said in a phone interview Thursday. Harvest’s 18-person team will remain at their headquarters and continue to be led by Eric Conklin, who will report through Blackstone’s credit unit…

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LONDON — Akzo Nobel, the Dutch paint and chemicals company, said on Wednesday that it had reached a truce with Elliott Management, ending a dispute that had been the latest example of an activist investor looking to reshape a major business.

The dispute had centered on repeated efforts by PPG Industries, an American rival, to take over Akzo Nobel, which counts Dulux paint among its brands. Akzo Nobel rebuffed the approaches, and PPG abandoned its pursuit in June…

Akzo Nobel Ends Feud With Elliott Management

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Advanced Drainage Systems, a provider of water management products, opened its 62nd facility. The Harrisonville, Mo., plant has 72,650 square feet and approximately 50 employees.

Advanced Drainage Systems Inc., (ADS) a manufacturer of water management products and solutions for commercial, residential, infrastructure and agricultural applications, hosted a grand opening event for its new Harrisonville, Mo., manufacturing plant. The 72,650-square-foot facility hired 50 people.

Located approximately 40 miles south of Kansas City, Mo., the 35-acre facility produces a wide range of ADS products, including ADS N-12 high-density polyethylene pipe and the company’s line of HP polypropylene pipe…

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The properties in Corona and Ontario, Calif., changed hands for a total consideration of $13.1 million. Vacancies in small-size warehouse properties are below the region’s average.

Daum Commercial Real Estate Services brokered two industrial acquisitions in the Inland Empire for more than $13.1 million. The properties in Corona and Ontario, Calif., total 112,671 square feet.

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Cracks are appearing in India’s bull market, which has handed equity investors total returns of 19 percent this year, as the new sales tax bites into corporate earnings forecasts. Profit expectations for companies have been cut about 10 percent since the start of April, just as analysts increase their optimism for firms across the Asia Pacific region. Bulls are hoping the effects of the tax on Indian goods and services introduced last month will be temporary, while the bears are declaring that earnings don’t justifythe 21 percent run up in stock prices since the start of 2016…

Profit Worries Show Peril Embedded in Indian Equity Surge: Chart

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Aug
16

Private Equity Follows the Money

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Private equity firms are continuing to diversify away from, well, private equity.

On Wednesday, Bloomberg News reported that Advent International is planning a move into debt investing and is in the early stages of forming a team to then raise a dedicated fund. The news comes just weeks after tech-focused buyout specialist Thoma Bravo confirmed in a filing that said it’s seeking to raise $750 million for its first fund dedicated to credit investing, joining others in the industry that already have thriving debt businesses…

Private Equity Follows the Money

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After the housing market collapsed more than a decade ago, new investors poured in to buy foreclosed homes and rent them out. Now, a $4.3 billion deal suggests that the bargain-hunting binge in housing is finally over.

Two of the biggest institutional single-family landlords in the United States said Thursday that they planned to merge, an indication that the housing market has recovered much of the ground it lost in the financial crisis. And as home prices rise in many areas, affordable housing, for deep-pocketed investors and young first-time buyers alike, is becoming harder to find…

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  • Pricing lowest to emerge as bank seeks to compete post-MiFID
  • EU ban on free research for clients forces industry overhaul

JPMorgan Chase & Co. is proposing to charge as little as $10,000 a year for equity research, the lowest price to emerge so far, as the Wall Street giant seeks to grab market share when a European ban on free analysis for clients is imposed, two people with knowledge of the matter said.

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The loan secured by Hunt Mortgage Group through the HUD LEAN program will be used to refinance eight skilled nursing facilities located in Texas.

Hunt Mortgage Group secured a loan in the total amount of $27.6 million on behalf of Senior Living Properties LLC to refinance eight skilled nursing facilities located throughout Texas. The financing was arranged through the HUD LEAN program and closed with the Fort Worth, Texas HUD office.

Proceeds from the new loans will enable the borrower to refinance a temporary loan to permanent fixed rate loans and provide funds for repairs and improvements of the properties included in the financing…

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The $35.2 billion worth of real estate properties and loans will be transferred to a new company that will be co-owned by the New York-based firm and Banco Popular.

In what is evidently a multi-billion-dollar deal, Blackstone Real Estate Partners Europe V will be purchasing a majority stake in the real estate portfolio of Banco Popular S.A., of Madrid.

Banco Popular, recently purchased for a token sum by Spain’s Santander Bank, approved the sale after holding “a competitive process in which three international companies with long track records in the management of real estate assets presented offers,” according to a Blackstone Group announcement. Blackstone reportedly submitted the best offer in terms of both value and the proposed management plan…

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