Author Archive
The World’s Most Expensive Housing Market Just Got Even Pricier
Posted by: | CommentsThe world’s priciest housing market got even more expensive in the second quarter.
Hong Kong’s housing affordability ratio, which measures the proportion of income spent on mortgages, worsened to about 67 percent for the quarter, the government said Friday, up from 56 percent in the year-earlier period…
The World’s Most Expensive Housing Market Just Got Even Pricier
Democrats Renew Push to Probe Deutsche Bank Russia Scandal
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Waters writes letter to GOP chief of House finance committee
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Lawmakers seek information on mirror trades, loans to Trump
A handful of Democratic lawmakers have renewed their effort to get a powerful House Republican to investigate Deutsche Bank AG’s loans to President Donald Trump and the bank’s role in helping Russians move billions of dollars from Moscow to the west.
Catering Company Coming to Tampa Office Building
Posted by: | CommentsDenholtz Associates inked a new retail lease with Inside the Box Café & Catering at The Times Building, a 180,630-square-foot office building in downtown Tampa, Fla. The tenant will occupy the café space on the ground floor of the property’s newly renovated lobby.
Located at 1000 N. Ashley Drive, the 10-story Times Building features a collection of amenities including a new fitness center, on-site management team, shared conference facility, ample parking and downtown shuttle service. Availabilities range up to approximately 15,627 square feet of contiguous space. Inside the Box Café & Catering is expected to open this summer, making this the restaurant’s third location in the Tampa market…
Biggest Banks in Denmark Face $15 Billion Basel Capital Bill
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Danish finance minister says government will fight plan
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Expert panel says extra Basel requirements are unwarranted
Denmark’s five biggest banks face as much as $15 billion in new capital requirements under proposed changes to global banking rules, according to an expert panel created by the government.
Danske Bank A/S the country’s biggest financial group, and others will together see their capital requirements rise 27-39 percent, equivalent to 64-92 billion kroner ($15 billion), the panel said on Friday. In the same report, the expert panel rejected the need for the additional capital burden. And the government underscored its commitment to fighting the requirement…
Lincoln Facilitates Office Lease in Atlanta Suburb
Posted by: | CommentsLincoln Property Co. Southeast completed a lease extension and space expansion at Preston Ridge IV, a 150,320-square-foot, Class A office building in Alpharetta, Ga. The tenant, HotSchedules, signed a lease renewal for 11,851 square feet and an expansion for 4,271 square feet, bringing its overall space to 16,122 square feet.
Funding Conditions for Tech Startups Soar to a New Record
Posted by: | CommentsThere’s rarely been a better time for American technology startups.
The Bloomberg U.S. Startups Barometer, which tracks the business conditions for U.S.-based private technology companies, reached a record high. A 44 percent increase from a year earlier was driven by a surge in the number of businesses that raised money for the first time, reflecting investors’ appetite to back the riskiest companies. The index, which goes back to 2007, doesn’t account for the frenetic days of the dot-com bubble…
Texas Nursing Facilities Land $28M in Financing
Posted by: | CommentsHunt 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…
Mori Begins Construction on Indonesian Office Tower
Posted by: | CommentsMori Building began construction on its Class A office tower in Jakarta, Indonesia. The Project marks Mori Building’s first development in Southeast Asia.
Shimizu Corp. and Bangun Cipta Kontraktor are jointly serving as the development contractors and Kohn Pedersen Fox Associates designed the tower. Kohn Perdersen Fox is also in charge with the design of a Hong Kong mixed-use development…
Insite Pays $28M for Houston Office Asset
Posted by: | CommentsLincoln Financial Group recently sold Intellicenter, a Class A office asset located in Northwest Houston, in a transaction valued at $28.6 million.
HFF negotiated the sale on behalf of the seller. The brokerage services firm also procured the buyer, Michigan-based Insite Commercial Real Estate. The property was sold free and clear of financing.
KTGY Unveils OC Little Saigon Design
Posted by: | CommentsKTGY Architecture + Planning unveiled the planning and design for Bolsa Row, a new urban infill retail, hospitality and residential development in Westminster, Calif. Little Saigon is home to the largest Vietnamese community in the U.S. IP Westminster LLC, led by Joann and Bac Pham, is the project developer. The city is currently reviewing project plans.
Vancouver Housing Posts Biggest Price Gains Since 1990
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New home prices in west coast city up 5 percent in 2nd quarter
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Rebound highlights difficulty in engineering soft landing
Just as Toronto’s housing market is beginning to slow down, Vancouver’s is roaring back to life.
New home prices in Canada’s most-expensive market jumped 1.5 percent in June, and have gained 5 percent since March, data released Thursday by Statistics Canada show. That’s the biggest three-month increase since 1990. Prices for existing homes are also on fire, gaining 11 percent in the five months through July, according to data released this month by Vancouver’s real estate board…
Fed Taper Plan Brings Risk to Mortgage Debt Unseen in Treasuries
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Central bank may purge mortgages, keep some sovereign bonds
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U.S. 30-year fixed home-loan rate has risen from record low
For all the talk that Janet Yellen’s plan to shrink the Federal Reserve’s balance sheet will hurt Treasuries, U.S. mortgage bonds face a bigger test.
The securities are already lagging behind Treasuries for the first time since 2011. Investors are demanding 29 basis points of extra yield to buy the bonds instead of Treasuries, with the spread almost tripling from 2016’s low, based on Bloomberg data. Firms including Allianz Investment Management and Federated Investors say the spread widening probably isn’t over…
KBS Picks Up South Carolina Office Tower
Posted by: | CommentsHolder Properties completed the sale of Main & Gervais, a 186,605-square-foot, Class A office tower in downtown Columbia, S.C. Newport Beach-based KBS Realty Advisors acquired the asset in a $65 million deal, according to Yardi Matrix.
Located at 1221 Main St., the 18-story property was completed in 2009 and is ENERGY STAR-rated. Amenities at the property include an on-site management office, fitness center, The Oak Table restaurant and on-site banking. Additionally, Main & Gervais features ground floor retail space and an integrated seven-level parking deck…
Real Estate Billionaires Form Rental Giant in Shifting Industry
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Landlords consolidate to gain scale in still-new asset class
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Invitation Homes, Starwood Waypoint to own 82,000 U.S. houses
It was a simple phone call between two real estate billionaires that led to the formation of a behemoth in the house-rental industry.
Property investor Barry Sternlicht called Jon Gray, head of real estate for Blackstone Group LP, in the spring proposing a combination of Starwood Waypoint Homes, of which Sternlicht is chairman, and Invitation Homes Inc., majority-owned by Blackstone. The companies announced the $4.3 billion merger Thursday after months sorting out the details, creating a company that will be the largest U.S. single-family landlord, with 82,000 homes across the country…
Blackstone Buys Majority Stake in Massive Portfolio
Posted by: | CommentsIn 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…
True Green Raises $350 Million for Commercial, Industrial Solar
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Contributors include endowments, foundations, insurers
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Asset manager has invested in military housing projects
True Green Capital Management LLC, an infrastructure asset management firm with more than $500 million under management, raised $350 million for commercial and industrial solar investments.
The Westport, Connecticut-based asset manager closed True Green Capital Fund III on June 30, Managing Partner Panos Ninios said in an interview. The fund was oversubscribed, attracting endowments, foundations, fund-of-funds, family offices and insurance companies. It also attracted more capital than True Green’s two previous solar-focused funds, which together raised $223.4 million…
Equity Rout Deepens, Bonds Rise on Korea Tension: Markets Wrap
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Havens in demand as gold, yen advance on Trump-Kim spat
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VIX surges 44% in Thursday session, S&P 500 Index drops 1.5%
Stocks tumbled in Asia, following a U.S. slump overnight, as investors headed for havens from what hedge-fund manager Ray Dalio termed a game of chicken between U.S. and North Korean leaders.
Equities in Australia and South Korea declined after the S&P 500 Index halted an unprecedented stretch of calm on American equity markets and the CBOE Volatility Index soared 44 percent. U.S. President Donald Trump dialed up his warning to North Korea on threats to American allies, lifting gold to a nine-week high and pushing the yen toward 109 per dollar, while Treasuries strengthened. Japanese markets are closed for the Mountain Day public holiday…
NKF Closes Sale of 15-Story East Bay Office Asset
Posted by: | CommentsA joint venture of Swift Real Estate Partners, GEM Realty Capital and Flynn Properties has sold One Concord Center, a Class A, 358,589-square-foot office tower and nine-story parking structure in Concord, Calif. NKF represented the sellers in the transaction.
“One Concord Center sits right on BART with a dense amenity base and more than 1,000 residential units along with retail space currently under construction in the immediate location,” Steven Golubchik, Newmark Cornish & Carey’s vice chairman and co-head of Northern California Capital Markets, told Commercial Property Executive. “There is a big push from tenants migrating along BART to three major locations including Oakland, Walnut Creek and Concord.”
Markets’ Wildest Assets Are Becoming a Haven While Korea Tension Mounts
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Korean won makes up more than 40% of ethereum trading volume
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Bitcoin volatility is about 10 times higher than gold
Some investors are turning to an unlikely safe haven as the rhetoric between U.S. President Donald Trump and North Korea intensifies.
Bitcoin, ethereum and other digital currencies, among the most volatile assets around, are gaining in part as traditional refuges such as gold and U.S. Treasuries lose some of their luster…
Markets’ Wildest Assets Are Becoming a Haven While Korea Tension Mounts
Bitcoin Exchange Gets $100 Million Investment
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Coinbase receiving money from IVP, Spark Capital, others
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An ether price crash and confusion have upset customers
Coinbase Inc., the digital currency exchange that in the past two months suffered a trading crash and upset customers over how it handled the bitcoin split, received a $100 million investment from a group led by IVP.
Spark Capital, Greylock Partners, Battery Ventures, Section 32 and Draper Associates also participated, according to a statement Thursday. Coinbase plans to use the money to expand its engineering and customer support staff, open a New York office for its professional trading platform GDAX and grow Toshi, “a mobile browser for the ethereum network that provides universal access to financial services,” said Megan Hernbroth, a spokeswoman…
Lowe, Partners Kick Off $300M Culver City Development
Posted by: | CommentsLowe, formerly Lowe Enterprises, strikes a blow for smart growth in Los Angeles. The commercial real estate firm and its partners just commenced construction of the highly anticipated Ivy Station, a 500,000-square-foot mixed-use project that will sprout up across from a Los Angeles Metro Expo light-rail station in Culver City. Lowe is joined on the approximately $300 million transit-oriented development by AECOM Capital, its co-developer, and an investment vehicle sponsored by Rockwood Capital, which is providing additional financing.
Stolen 1MDB Funds Are Focus of U.S. Criminal Investigation
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Justice Department asks judge to put forfeiture cases on hold
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Billions of dollars were allegedly looted from Malaysian fund
The U.S. is moving forward with a criminal investigation into money stolen from a Malaysian state investment fund that allegedly was used to acquire about $1.7 billion in real estate, art, jewelry and other assets.
Court filings by the Justice Department Thursday show the U.S. is escalating its probe in a worldwide effort to track how much of the money that was raised by 1Malaysia Development Bhd. was used to pay for luxury real estate in New York, London and Beverly Hills, AS film productions, private jets, yachts and more…
Dalio Recommends Gold as Hedge Against Rising Political Risk
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Famed investor recommends having 5-10% of assets in gold
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Current risks are ‘especially challenging to price in’
Hedge fund manager Ray Dalio recommends investors consider placing 5 percent to 10 percent of their assets in gold as a hedge against current political and economic risks.
Dalio, the idiosyncratic billionaire who leads the world’s largest hedge fund at Bridgewater Associates, said the market may be challenged by current events, according to a LinkedIn post on Thursday.
“The emerging risks appear more political than economic, which makes them especially challenging to price in,” wrote Dalio, who rarely makes specific market recommendations…
CBRE to Manage Palm Beach County Office Complex
Posted by: | CommentsAlliance Partners HSP, the East Coast operating platform of The Shidler Group, selected CBRE to oversee the property management of Golden Bear Plaza, a 245,673-square-foot office complex in Palm Beach Gardens, Fla. The three-building property changed hands in July when the new owner acquired it from Equus Capital Partners in a $62.3 million deal.
Avison Young to Lease 250 E Ponce in Atlanta
Posted by: | CommentsThe Dilweg Cos. has awarded Avison Young the exclusive leasing assignment for 250 E Ponce, a 141,582-square-foot, Class A office building in downtown Decatur, Ga. The leasing team led by Principal Kirk Rich, alongside Associates Jillian Woodliff and Callan Phillips, will spearhead marketing efforts at the property.
Located at 250 E. Ponce De Leon Ave., the eight-story asset sits on a 1.32-acre site and was completed in 1962. According to Yardi Matrix, the building underwent cosmetic renovations in 2013. Currently 84 percent leased, 250 E. Ponce features a full 13,440-square-foot floor of available creative and loft space. Notable tenants include Wells Fargo, ELS Educational Service Inc. and Utility Associates…
Iconic Honolulu Office Asset Lands $75M Loan
Posted by: | CommentsNewmark Realty Capital arranged a $75 million loan for TOPA Financial Center, a Class A office and retail asset in Honolulu’s central business district. Newmark negotiated the financing on behalf of Duesenberg Investment Co., the owner of the 508,000-square-foot property.
Hedge Funds Seen Gaining Market Influence in Passive Money Boom
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Hedge funds’ growing power may be distorting asset prices
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Asset managers have warned U.K. regulator about this issue
The decade-long growth of cheap index-tracking funds is giving hedge funds an unexpected influence in setting market prices.
As investors hand more of their money to passive fund managers and active stock pickers get sidelined, hedge funds’ heft is being magnified. Active fund managers have complained to Britain’s financial regulator that increased index-tracking is distorting markets by allowing hedge funds with “short-term” outlooks to set prices that don’t reflect fundamentals…
Hedge Funds Seen Gaining Market Influence in Passive Money Boom
Suburban Philly Office Asset Receives $6M Makeover
Posted by: | CommentsCarlino Commercial Development and the Rothman Institute completed a $6.3 million renovation at an 85,000-square-foot office building in Blue Bell, Pa. They joined forces with D2 Architects and general contractor MidAtlantic Construction to bring the Class C building to Class A after paying $4.6 million for it last year in March. In a recent deal, Carlino disposed of a 236,719-square-foot shopping center in the area.
London Property Slump Drags U.K. Home-Price Growth to Standstill
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Southeast England posts worst performance in six years
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Buyers demand bigger discounts on most expensive homes
U.K. property prices stagnated in July as a slump in London values spread to neighboring areas, according to the Royal Institution of Chartered Surveyors.
After months of decline in the London housing market, largely due to prime properties in the center of the city, prices in England’s southeast had their worst performance since 2011, RICS said in a survey published Thursday.
U.S. Imposes Financial Sanctions on Eight More Venezuelans
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Trump administration seeks coordinated international action
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Latest move stops short of a restriction on oil imports
The Trump administration expanded U.S. sanctions against Venezuela by freezing assets of eight Venezuelans as it seeks to raise pressure on the government of President Nicolas Maduro.
A list released by the U.S. Treasury Department on Wednesday included Adan Chavez, brother of the late president Hugo Chavez, and Hermann Escarra, a constitutional adviser to Maduro.
Seven of those sanctioned are current or former Venezuelan government officials, the Treasury Department said in a statement. The eighth Venezuelan “participated in actions or policies that undermine democratic processes or institutions in Venezuela,” according to the statement…
Why Private Equity Is Betting on Your Online Shopping Habit
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Investors target businesses that enable web, mobile payments
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Record cash piles push buyout firms into new technology
Private equity firms, sitting on record piles of cash, are targeting a geeky corner of the online shopping industry as the next frontier in the hunt for returns.
Payment-processing companies, which make the technology that enables web and mobile purchases, are getting a flurry of investments this year as buyers look for ways to profit from the shift to online spending…
Why Private Equity Is Betting on Your Online Shopping Habit
London Mixed-Use Building Commands $237M
Posted by: | CommentsA joint venture between Thor Equities and AEW will acquire 100 New Oxford St., a mixed-use building in London’s West End from Tishman Speyer for $237 million.
“100 New Oxford St. is a prime asset located in one of the most desirable districts in London for office and retail properties, and with the opening of the nearby Crossrail Tottenham Court Road Station, demand for space in the area will only continue to grow,” Joseph Sitt, Thor Equities’ CEO, said in a prepared release. “Thor remains strongly committed to London as a key global market, and we have proven to be able to continue to extract value from assets in the City and other key markets throughout Europe.”
The Quant Fund Robot Takeover Has Been Postponed
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Lack of ‘dumb money’ and volatility makes strategies stumble
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R&F Capital shutters, Clinton Group down 5.5 percent in 2017
For computerized strategies that are supposed to be making people obsolete, quants are looking decidedly human in 2017.
Program-driven hedge funds are stumbling, a promising startup has closed, and once-reliable styles are showing weakening returns. A handful of investment factors, the wiring of smart-beta funds, have gone dormant…
The Quant Fund Robot Takeover Has Been Postponed
Tesla’s Gigafactory Is Out of Reach for Its New Lenders
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Bond offering carves out Gigafactory 1 from curbs on borrowing
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Terms could allow Musk’s venture to add layers of senior debt
Elon Musk calls Tesla’s mammoth battery factory in Nevada an “alien mothership.” For the carmaker’s newest lenders, the plant might as well be in outer space.
The billionaire coined that moniker for Tesla Inc.’s Gigafactory 1 as he waxed poetic about his company’s future on an Aug. 7 call with would-be bond buyers. It’s the world’s biggest battery factory and central to Tesla’s plans for mass production of its new Model 3 electric car. Musk invited his audience to come tour the plant near Reno…
Canadian Home Builders Are on Pace for Best Year Since Recession
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Home starts unexpectedly rise to annualized 222,324 units
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Condo construction in Toronto, Montreal and Vancouver surge
Canadian home construction is on pace for its best year since the 2008-2009 recession, with builders showing no sign of being slowed by rising interest rates or fears of a housing correction.
Work began on an annualized 222,324 homes in July, the third-fastest monthly pace since 2012, the Canadian Mortgage and Housing Corp. reported Wednesday. Starts have averaged about 215,000 in 2017, which puts the industry on track for the most new residential construction since 2007 if the current pace continues…
Long-Only Mutual Funds Have Turned Into the Stock Market’s Daredevils
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Net leverage at long-short funds reaches historic low
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Overweight stocks this year are beating S&P 500 Index
A yawning divide is opening between the stock market’s biggest players when it comes to risk tolerance.
On one side are long-only mutual fund managers, burdened with keeping up with the S&P 500 as it marched to 30 different records this year. Measured by their ownership of stocks with the highest volatility, they’re sitting on some of the most aggressive bets in three years, data from Morgan Stanley show…
Long-Only Mutual Funds Have Turned Into the Stock Market’s Daredevils
At $350 Million, Beverly Hillbillies Mansion Is Most Expensive in U.S.
Posted by: | CommentsThe story of Jed Clampett is, by now, a legend. A poor mountaineer, he could barely feed his family of four, but one day, while he was out hunting for food, he fired his rifle into the swamp behind his shack—and struck oil. The sale of the resource-rich land, in 1962, would eventually net him between $25 million and $100 million, and he did what anyone with sudden riches would do: He packed up his truck and moved his clan to Beverly Hills, where their adventures would be the subject of nine seasons of the Beverly Hillbillies.
Sacramento Republic FC Brings it Home
Posted by: | CommentsThe Sacramento Republic FC launched the first phase of its $245 million soccer stadium at the Railyards, the largest urban infill project in the country. This is well ahead of the Major League Soccer’s decision, which is not due until December 2017. The MLS-hopefuls have submitted a bid to be one of the next four MLS expansion teams, alongside 11 other cities. Owned by Downtown Railyard Ventures LLC and developed by LDK Ventures LLC, the Railyards is transforming 244 acres and will double the size of downtown Sacramento, bringing housing, retail, dining, business, entertainment and other services.
UMCH Relocates Residents, Offices from Decatur
Posted by: | CommentsThe United Methodist Children’s Home (UMCH) signed two leases that will provide The Children’s Home with a new residential services location, a new administrative office and a new space for the ministry’s historic flea market.
The new residential program will provide future housing for clients currently under UMCH’s care at the ministry’s Decatur campus, including those currently served in the Independent Living and Family Housing ministries…
French Stocks Languish 10 Years After BNP Freezes Subprime Funds
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U.S., German, U.K. shares all climbed in period since crisis
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August 9, 2007 marked day BNP Paribas halted fund redemptions
Ten years after the event that marked the start of the credit crunch, stock prices in most leading economies have more than recovered from the turmoil that followed. Those in the U.S. have powered ahead, while their peers in Germany, Japan and even the Brexit-mired U.K. have risen comfortably above the levels they stood at back before all hell broke loose.
Renesas Electronics Inks 216 KSF Lease in Santa Clara
Posted by: | CommentsRenesas Electronics America has signed a 216,000-square-foot lease in Murphy Crossing, a five-building, 368,000-square-foot Class A office/R&D property in the heart of Silicon Valley, with the building’s owners, a joint venture between Embarcadero Capital Partners and True North Management Group.
The transaction represents one of Silicon Valley’s biggest leases of the year as Renesas Electronics America expands its existing premises by 90,000 square feet to include all of 915 Murphy Ranch Road, and extends the term of its existing lease on 126,000 square feet at 1001 McCarthy Blvd. and 933 Murphy Ranch Road.
This Obscure China Stock Suddenly Trades More Than JPMorgan
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Fangda Carbon’s surging volume sparks exchange warning
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Stock has gained 200% since late June in a sleepy China market
Fangda Carbon New Material Co. isn’t typically a name that jumps to mind when one thinks of the world’s most-actively traded stocks.
Yet for reasons unknown, shares of this obscure Chinese maker of graphite electrodes are suddenly changing hands at a pace usually reserved for the global equity market’s crème de la crème.
Stocks Fall on Trump Threat as Haven Assets Climb: Markets Wrap
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Trump says threats from North Korea to be met with fire, fury
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Yen leads gains among G-10 currencies, gold advances
Stocks in Asia declined with U.S. equity-index futures after President Donald Trump delivered a warning to North Korea amid rising tensions between the nations. The yen and gold climbed.
Volatility gauges from the U.S. to Japan rose after Trump said further threats from the country would be met with “fire and fury.” His comments followed a report in the Washington Post, citing a Defense Intelligence Agency analysis, that Pyongyang successfully developed a miniaturized nuclear warhead that could fit onto its missiles. North Korea said it’s examining an operational plan for firing a ballistic missile toward Guam. Crude dipped below $49 a barrel…
Ground Breaks on $224M Hotel in Portland
Posted by: | CommentsThe largest convention center in the Pacific Northwest will finally get a designated hotel now that ground has broken on the $224 million Hyatt Regency Portland. Mortenson is the developer and design-builder for the 600-key lodging destination, which will be owned and operated by an affiliate of Hyatt Hotels Corp.
New Study Says Aging Populations Will Drive Higher Interest Rates
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Demographics to reverse multi-decade global trends: BIS
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Higher real rates, inflation seen; Fed research questioned
Aging populations in China and Europe are poised to transform the global economy by sparking a jump in interest rates that may set the stage for a showdown between the old and the young.
So say Charles Goodhart and Manoj Pradhan, painting a sweeping picture of the future economic landscape in a new paper published by the Bank for International Settlements…
New Study Says Aging Populations Will Drive Higher Interest Rates
In Manhattan and Brooklyn, Home Sellers Get a Reality Check
Posted by: | CommentsIf New York home sellers had big dreams when they listed their properties, now they’re adjusting to reality.
In most Manhattan neighborhoods, at least 25 percent of homes on the market in the second quarter had their prices cut. The share was smaller only at the borough’s northernmost tip, in Inwood and Marble Hill. In prime areas such as the West Village and Chelsea, about half of listings had their prices trimmed…
In Manhattan and Brooklyn, Home Sellers Get a Reality Check
JLL Lends a Hand in Iconic NYC Hotel Sale
Posted by: | CommentsNew York’s own Highgate and the Rockpoint Group, of Boston, have purchased the Royalton Hotel in New York for $55 million, it was announced late last week by JLL, which arranged the transaction on behalf of the seller, FelCor Lodging Trust.
JLL also secured $36.4 million in acquisition financing through Deutsche Bank, on behalf of the buyers.
How Japanese Hedge Funds Are Aiming Small for Big Returns
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Simplex fund returns 29% in first half by targeting small caps
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Japan-focused funds are world’s third-best performers so far
Aiming small is helping some Japanese hedge funds deliver outsize returns.
Simplex Asset Management Co.’s Japan Lower Market Strategy fund, which scours the nation’s three regional exchanges for small-cap stocks, returned 29 percent in the first six months of the year. Eschewing big-name companies also helped Sparx Group Co.’s Value Impact Fund gain 19 percent in the first half, while Strategic Capital Inc.’s activist fund added 15 percent, according to the firms.
Baby Boomers Who Refuse to Sell Are Dominating the Housing Market
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Older Americans own half of houses, squeezing out youngsters
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Why a 23-year-old is cruising city streets, knocking on doors
Jake Yanoviak is hunting for houses. On a weekday afternoon in North Philadelphia, the 23-year-old painter cruises along on his bike, its black paint obscured under stickers from breweries and rock bands. He turns onto a side street, where he spots a few elderly neighbors, standing on adjoining porches. He parks, leans on one handlebar and makes his pitch.
Debt Funding Readily Available for Australian Firms: RBA’s Kent
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Notes market’s signals to miners and the effect on spending
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Average funding rate for banks fallen about 10 bps recently
Australian firms outside mining have a ready source of funds in bond markets should they opt to invest and expand their businesses, Reserve Bank of Australia Assistant Governor Christopher Kent said.
Non-mining companies’ “investment demand remains modest,” Kent said in the text of a speech at Bloomberg’s Sydney office Wednesday. “However, as is the case across a range of funding sources, finance appears to be readily available to creditworthy firms in fixed income markets at favorable prices.”
China Is Taking on the ‘Original Sin’ of Its Mountain of Debt
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Reducing leverage risks touted as top priority for regulators
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Wealth management products, entrusted loan levels remain high
China’s much-vaunted campaign to tackle its leverage problem has captured headlines this year. But to understand why they’re taking on the challenge — and the threat it could pose to the world’s second-largest economy — you need to dig into the mountain.
Characterized in state media as the “original sin” of China’s financial system, leverage has swelled over the past decade — partly because policy makers were trying to cushion a slowdown in growth from the old normal of 10 percent plus. What’s fueled the leverage has been a rapid expansion in household and corporate wealth looking for higher returns in a system where bank interest rates have been held down…
U.S. Drops Case Against N.Y. Financier After Judge Slams FBI
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Move is second high-profile prosecution halted in recent weeks
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Charges were thrown out in ‘London Whale’ fraud case in July
The U.S. moved to drop fraud charges against Benjamin Wey, the founder of the private equity firm New York Global Group, after a judge threw out thousands of pages of documents she said were illegally seized by the FBI in 2012.
MMEX Resources Acquires 126 Acres for Refinery Project
Posted by: | CommentsMMEX Resources Corp., a development-stage company specialized in the acquisition, development and financing of oil, gas, refining and infrastructure projects in Texas and South America, acquired 126 acres near Fort Stockton in Pecos County, Texas. The company intends to build a Phase I 10,000 barrel-per-day (BPD) crude distillation unit at the location.
KBS REIT Trades MA Office Facility
Posted by: | CommentsRivertech Park, a two-building office/R&D property in Billerica, Mass., changed hands. The former owner is KBS Real Estate Investment Trust I, which bought the asset in 2008 for $42.2 million, according to PropertyShark data. The buyer is a joint venture between Jumbo Capital Management and Boston Andes Capital.
Cushman & Wakefield’s Managing Directors Brian Barnett and Steffen Panzone, together with Vice Chairman Peter Joseph, represented KBS in the deal…
Mega-Hedge Funds Are Reporting Big Gains
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Year-long stock rally helps RIEF, Viking surge almost 9%
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Griffin’s flagships Kensington and Wellington up almost 7%
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Rallying stock markets are helping lift returns at mega-hedge funds including Viking Global Investors and Renaissance Technologies.
Andreas Halvorsen’s Viking and an equity-focused quantitative fund at Renaissance are up more than 9 percent this year through July, according to person with knowledge of the matter and an investor document seen by Bloomberg News. Dan Loeb’s Third Point Offshore Fund reported a gain of 11.7 percent for the first seven months of 2017, the firm’s website shows. Ken Griffin’s main Wellington and Kensington funds at Citadel rose almost 7 percent…
Hilton Opens 139-Key Charleston Peninsula Hotel
Posted by: | CommentsHomewood Suites by Hilton opened its newest property, Homewood Suites by Hilton Charleston Historic District, in South Carolina. Developed, owned and managed by Tara Investments, the hotel features 139 new suites as well as 3,000 square feet of meeting and events space.
TowerBrook Is in Talks to Raise $5.9 Billion for Its Next Fund
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Firm to continue core investment strategy with new pool
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Dry powder reached highest level since 2007 with $1.6 trillion
TowerBrook Capital Partners is in early talks with investors to raise as much as 5 billion euros ($5.9 billion) for its next private equity fund, people familiar with the matter said.
The fund will be used to continue TowerBrook’s core investment strategy of investing in large and mid-market companies facing complex structural issues, said one the people, who asked not to be identified as the discussions are private. TowerBrook looks for investments that may have a distressed parent company or be facing disagreements between shareholders and management, according to its website…
Tesla Plans $1.5 Billion Bond Market Debut to Fund Model 3
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Electric-car maker plans first sale of non-convertible debt
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Spending on sedan capacity, battery output burns through cash
Having tapped the equity market eight times for capital over the past seven years to fund Tesla Inc.’s growth — and cover its losses — Elon Musk is turning to the bond market.
Needing cash to finance his audacious bet on the mass production of a more affordable electric car, the Model 3, Musk plans to sell $1.5 billion of eight-year bonds. Tesla officials are meeting with investors across the U.S. this week to drum up demand. The debt sale will test Musk’s ability replicate the fervent following he’s built among stock investors, who’ve bought into his vision of a clean-energy future and pushed the shares up 67 percent this year…
Geolo Capital JV Scores $80M for Seattle Mid-Rise
Posted by: | CommentsA joint venture between Geolo Capital and former Touchstone principals Douglas Howe and Shawn Parry has secured $80 million to refinance the recently developed Thompson Hotel and Sequel Apartments in downtown Seattle, Wash.
PCCP LLC provided the $80 million senior loan for the 12-story, mixed-use project that comprises the 155-key Thompson Hotel and 93 apartment units…
Lending Startup Earnest Is Working With Barclays to Find Buyer
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Startup said to seek sale as lending industry struggles
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Hoping to get bids of $200 million after raising $300 million
Earnest Inc., a financial-technology startup backed by venture capital firms including Andreessen Horowitz, is working with Barclays Plc to find a buyer.
The San Francisco-based company, which offers student loan refinancing as well as personal loans, is hoping to secure bids for around $200 million, according to people familiar with the matter. There has been more than one bid so far but it’s unclear at what price, said one of the people, who asked not to be identified because the talks are private…