Author Archive
U.K. House Prices ‘Virtually at Standstill’
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A squeeze on wages and inflation is holding back buyers
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Consumer confidence fell most in more than two years in 2Q
U.K. house prices are “virtually at a standstill” as consumers contend with a squeeze on living standards, Rightmove Plc said.
Asking prices rose by 0.1 percent in July from the previous month, the property website said on Monday. The average asking price climbed to 316,421 pounds ($412,000), a “relatively subdued” 2.8 percent increase from a year earlier. The annual rate of price gains was almost 8 percent in May last year…
U.K. House Prices ‘Virtually at Standstill’
Westdale to Redevelop Historic Downtown Dallas Asset
Posted by: | CommentsAfter teaming up with KDC earlier this year to construct The Epic, a mixed-use, transit-oriented Dallas development, Westdale Real Estate Investment and Management secured the debt financing for the redevelopment of Mid Elm Lofts in Dallas. The funding incorporates a recourse loan originated by a Texas-based bank, state and federal historic tax credits, a city tax incremental financing and a tax abatement from the Landmark Commission of Dallas.
JBG Breaks Ground on DC-Area Headquarters
Posted by: | CommentsJBG Smith, the Washington, D.C.-area commercial real estate powerhouse that is being created through a merger of The JBG Cos. and Vornado/Charles E. Smith this month, will soon have a new trophy office building in Bethesda, Md., for its headquarters.
Hedge Funds Are Losing Faith in Precious Metals
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Money managers most bearish on silver in almost 2 years: CFTC
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Platinum net-short position reached a record as car sales slow
Gold is out of favor with money managers and it’s not the only precious metal facing investor exodus.
Hedge funds and other large speculators are hitting the exit as they brace for monetary tightening in the U.S. and Western Europe. Money managers are not waiting around for signs that the Federal Reserve may change its rate trajectory, as they turn bearish on precious metals. These charts show the trend in sentiment…
R.B.S. to Pay $5.5 Billion to Settle Toxic Mortgage Claims in U.S.
Posted by: | CommentsLONDON — 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.
NKF Secures One of the Largest Industrial Sales in Pittsburgh
Posted by: | CommentsAfter leading the global marketing launch of the 3.25 million-square-foot mixed-use development in Eagan, Minn. back in June, Newmark Knight Frank secured the marketing and sale of Clinton Commerce Center I, a 297,200-square-foot industrial space located close to Pittsburgh International Airport. The company represented Clinton Center LLC. PenTrust, a local pension fund advisor, provided the financing for the project which was valued at $26.7 million.
Brooklyn Reuse Project Receives $150M Bridge Loan
Posted by: | CommentsGlacier 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…
Boutique Thompson Hotel And Condos Planned For The River Walk
Posted by: | CommentsDC Partners selected Jordan Foster Construction as the general contractor for the Thompson San Antonio Hotel and The Arts Residences, a $116 million, 20-level mixed-use hotel-condominium tower on the San Antonio River Walk. In addition, the developer announced the opening of The Arts Residences Sales Center in the historic Tobin Center for the Performing Arts Administration Building, 115 Auditorium Circle, San Antonio.
Rubicon Sells LAX 596-Key Hotel Portfolio
Posted by: | CommentsRubicon Cos. disposed of a two-property, 596-room hotel portfolio comprising an Aloft and Fairfield Inn & Suites near Los Angeles International Airport in El Segundo, Calif. HFF marketed the property on behalf of the seller.
U.K. Housing Cools as Political Uncertainty Undercuts Demand
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RICS index drops to 7 in June vs 17 in May, lowest since July
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Sales outlook for next year at weakest since after Brexit vote
U.K. house-price growth cooled in June as the inconclusive election weighed on demand, according to the Royal Institution of Chartered Surveyors.
RICS said its index declined from 17 in May to 7, its lowest level in almost a year, indicating that a smaller majority of real-estate agents saw price gains. A measure of predicted sales over the next year also fell to its lowest level since the immediate aftermath of Britain’s European Union referendum…
Transwestern Brokers Leases at Walnut Creek’s Lyric
Posted by: | CommentsTranswestern has negotiated leases for Bank of the West and Drybar at Lyric, a mixed-use development in Walnut Creek, Calif. Managed by Berkshire Communities, the project will feature 18,000 square feet of ground-floor retail and 140 residential units, still under construction. Lyric is slated for full completion by fall.
Nashville Office Portfolio Changes Hands for $25M
Posted by: | CommentsStan Johnson Co. completed the sale of two office buildings in Nashville, Tenn., totaling 135,003 square feet. The buyer, a New-York-based boutique investment and asset management company, acquired the portfolio for $25 million from YTG Nashville LP. The sale closed in June.
“This deal represents the exponential recognition of Nashville as a premier investment market, and the increasing demand for high-quality office space therein,” said Britton Burdette, a director with Stan Johnson Co., in prepared remarks…
Biggest Pension Fund Craves More After Foray Into ESG Assets
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ESG assets should have an impact on fund performance: Mizuno
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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…
TCC, Meadow Partners to Redevelop Building Near the White House
Posted by: | CommentsTrammell Crow Co. teamed up with Meadow Partners to purchase an 80 percent condominium interest in the Motion Picture Association of America Building, located in D.C.’s central business district. TCC also revealed plans to undertake an extensive redevelopment of the building, which is located one block from the White House, transforming the 50-year-old property into a 150,000-square-foot office building.
Onyx Equities Sells 2 in New Jersey
Posted by: | CommentsIn separate transactions, Onyx Equities, a private value-add real estate investment firm, and its joint venture partners have sold two office properties in New Jersey, including one in Basking Ridge, N.J., that underwent a $40 million repositioning.
Woodbridge, N.J.-based Onyx Equities and Rubenstein Partners sold 211 Mount Airy Road in Basking Ridge, a 307,000-square-foot suburban office property, for a reported $98.5 million. The sellers did not disclose the name of the buyer, but the Wall Street Journalreported Norfolk, Va.-based Harbor Group International paid $98.5 million for the asset…
Vanguard CEO McNabb to Step Down
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Firm more than tripled its managed assets with McNabb at top
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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…
Upcoming Las Vegas Retail Property Snags $38M Financing
Posted by: | CommentsCalmwater 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.
WoodSpring Continues to Grow in Chicagoland
Posted by: | CommentsWoodSpring Hotels’ rapid national expansion continues with construction presently underway on suburban Chicago’s WoodSpring Suites Tinley Park in Tinley Park, Ill. The company is bringing the 123-suite economy extended-stay property to life in a partnership with development partner Holladay Properties.
With an address of 18644 West Creek Dr., the four-story WoodSpring Suites will rise roughly 30 miles south of downtown Chicago, with Holladay subsidiary Holladay Construction Group spearheading building activity. The approximately 50,000-square-foot property marks the partners’ third WoodSpring Suites in the Chicago area; the other two properties are in Romeoville and Darien, Ill…
Hedge Funds Disclose Just How Many Puerto Rico Bonds They Own
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Ad hoc group holds $3.3 billion of commonwealth debt
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Puerto Rico owes $13 billion of general-obligation debt
A group of hedge funds that owns $3.3 billion of Puerto Rico bonds disclosed in court documents the amount that each of them holds.
The disclosure is related to the territory’s May 3 bankruptcy, which will allow Puerto Rico and its agencies to reduce the $74 billion of debt left after years of economic decline and borrowing to cover operating expenses. The group includes distressed-debt buyers and municipal mutual fund Franklin Mutual Advisers LLC.
New Homewood Suites by Hilton Opens in Aurora, IL
Posted by: | CommentsHilton opened a new property in Illinois under the Homewood Suites brand. Part of the Meridian Business Park, the 146-key extended-stay hotel is located in Aurora/Naperville, approximately 30 miles from the Chicago O’Hare International Airport. The owner and manager is Sun Development and Management.
HOMESTAY EXPERIENCE
The hotel, located at 4320 Meridian Parkway, offers a combination of studio, one- and two-bedroom accommodations, with separate living areas. The rooms and suites feature fully equipped kitchens with full-size refrigerators, microwaves, dishwashers as well as free internet. All amenities are designed to create a sense of homestay for guests…
Xcel Energy Receives Approval for 1,550MW Wind Energy Plan
Posted by: | CommentsXcel Energy received approval from the Minnesota Public Utilities Commission for the largest expansion of wind energy in the upper Midwest. The North Dakota Public Service Commission will review the plan later this year.
The new energy plan consists of seven new wind farms for Iowa, Minnesota, North Dakota and South Dakota, and are slated to begin commercial operation by the end of 2020. Combined, the facilities will generate enough energy to power more than 800,000 homes, increasing Xcel Energy’s regional wind output by roughly 70 percent…
Full Text: Yellen Testimony to House Financial Services Panel
Posted by: | CommentsThe 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
Premier Design Breaks Ground on Illinois Distribution Facility
Posted by: | CommentsPremier Design + Build Group started work at Okabe complex, a 133,951-square-foot distribution facility in Grayslake, Ill. The property will serve as the new North American headquarters for OCM Inc. and Okabe Inc. The two subsidiaries of the Japanese company Okabe Ltd. are relocating from Vernon Hills, Ill. Bridge Development Partners is the developer of the project and Cornerstone Architects is responsible for the design.
Mt. Taylor Manufacturing to Invest $1M in South Valley Expansion
Posted by: | CommentsMt. 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…
Investors Don’t Hate Fund Managers, Just U.S. Stock-Pickers
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Active international equity funds and bond funds get cash
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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
Boulder Group Brokers Retail Property Sale
Posted by: | CommentsThe Boulder Group closed on a $2.5 million retail property sale in Niles, Ill. The company represented both the seller, a Midwest-based investor, and the buyer, a private individual.
The 13,122-square-foot property is located at 9207 N. Milwaukee Ave. and fully leased by MobilityWorks, a provider of wheelchair accessible vans. The company recently renewed its agreement for the next 12 years. The net lease features a rental escalation in the eighth lease year and in each of the two five-year renewal option periods.
RAF Kicks Off $110M in Spec Industrial Projects
Posted by: | CommentsRAF Pacifica Group is developing three ground-up creative industrial projects in North County San Diego, totaling more than 500,000 square feet and approximately $110 million. The company recently broke ground on all three and delivery is expected in 2018.
Solar Power Gets $46 Million Boost From U.S. Energy Department
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Technology grants awarded to 48 universities and developers
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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
Alexander & Baldwin Welcomes New CFO
Posted by: | CommentsAlexander & Baldwin appointed James Mead as chief financial officer, effective immediately. Mead succeeds Paul Ito, who will continue as senior vice president of finance and treasurer of the company through the end of the year to ensure a smooth transition.
Kimco Buys $132M Portland Shopping Center
Posted by: | CommentsKimco Realty Corp. continues to add to its portfolio with the acquisition of Jantzen Beach Center, one of the largest retail centers in the State of Oregon. The REIT purchased the 746,000-square-foot property from Jantzen Dynamic Corp., according to City of Portland records, in a $131.8 million transaction.
Momentum Is Rising From the Dead, But Only for Equity Quants
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Strategy of buying stocks with best 12-month gains outperforms
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BlackRock says strength to continue despite June tech selloff
Call off the search party. Stock market momentum has been located.
As investors chasing trends across asset classes have gotten pummeled over the past few weeks, a smaller subset of asset managers has managed to thrive: market-neutral momentum equity funds. The vehicles employ a quantitative strategy where the market’s greater moves are hedged out, isolating bets around stocks that have gone up the most in the past year…
Momentum Is Rising From the Dead, But Only for Equity Quants
Celebrating 30: Mall of America Opens
Posted by: | CommentsFifth Avenue Tower Lands $200M in Financing
Posted by: | CommentsCeruzzi 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.
Swedish Security Company Boss Declared ‘Bankrupt’ After Identity Stolen
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CEO’s identity was used for false loan application in March
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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.
Pearson Is Running Out of Assets to Sell
Posted by: | CommentsPearson’s latest sale only papers over the cracks.
Pearson, the embattled British education company, is raising about $1 billion by offloading almost half of its 47 percent stake in Penguin Random House. But its boss, John Fallon, is running out of assets to sell, and investors are doubtful he will put the proceeds to good use.
The structure of the long-awaited disposal works well for Pearson. It is selling a 22 percent stake in Penguin Random House, the publisher of “Fifty Shades of Grey,” to the co-owner Bertelsmann, a German company, lifting Bertelsmann’s stake in Penguin Random House to 75 percent. The two shareholders will then leverage up the almost debt-free business and extract a dividend that takes Pearson’s total cash proceeds to more than $1 billion — well above the implied $781 million value of the stake it is selling…
China’s $800 Billion Sovereign Wealth Fund Seeks More U.S. Access
Posted by: | CommentsBEIJING — 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
JLL Arranges NW Houston Industrial Lease Renewal in NW Houston
Posted by: | CommentsJLL has negotiated a 140,695-square-foot industrial lease renewal at Prologis Park–West by Northwest, 14902 Sommermeyer Street in Houston, on behalf of LSI Industries Inc., a manufacturer of LED lighting solutions.
Built in 1983, 14902 Sommermeyer Street is a 264,461-square-foot industrial building and was the second of 26 buildings completed within Prologis’ West by Northwest industrial park. The asset features front-load dock configuration, ample parking, 24-foot clear heights and convenient access to Beltway 8 and Highway 290…
The Next Job Humans Lose to Robots: Real Estate Appraiser
Posted by: | CommentsMCA Realty Completes Sale of 88 KSF Retail Project
Posted by: | CommentsMCA Realty has sold the final building in the Brookhollow Freeway Showroom Center in Santa Ana, Calif., to WTW Properties LLC for $3.3 million. The facility is part of an 87,609-square-foot multi-tenant retail/showroom project made up of four separate buildings alongside one of Orange County’s busiest freeways.
Joe Winkelmann, Nick Velasquez and Michael Hartel of Colliers International represented MCA Realty. Ryan Swanson and Chris Conway of Lee & Associates represented the buyer…
Credit Suisse Snags LA Office Building
Posted by: | CommentsCredit Suisse has acquired an eight-story, Class A creative office building in Glendale, Calif., from a joint venture between Lincoln Property Co. and Morgan Stanley, for $59 million.
Newmark Knight Frank represented the sellers in the transaction. The buyer was self-represented. The sellers originally purchased the property in 2013 for $23 million.
Lingerfelt CommonWealth Debuts in Houston with $50M Buy
Posted by: | CommentsLingerfelt CommonWealth Partners LLC acquired 1700 West Loop–Burns & McDonnell Plaza, located in Houston, Texas. The company purchased the office property from Bridge Investment Group for $52 million. According to Yardi Matrix data, the sale was subject to a $37.4 million loan held by Citizens Bank.
Sealy & Co. Acquires 1.2 MSF Industrial Portfolio
Posted by: | CommentsIn its latest of a string of purchases, Sealy & Co., of Dallas and Shreveport, La., has acquired a privately traded REIT and its assets, which included a 17-building, 1.2 million-square-foot portfolio of warehouse/distribution buildings in the Southwest submarket of Oklahoma City, Sealy announced.
No dollar amount was disclosed in connection with the transaction, which was made on behalf of Sealy Strategic Equity Partners. The seller also was not disclosed.
Tiny Apartments Fuel Self-Storage Boom in Crowded Hong Kong
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City’s residents rent units to store non-essential belongings
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Blackstone entered market in 2015, buying MiniCo Self-Storage
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People often complain about Hong Kong’s notoriously tiny apartments, but for investors like Blackstone Group LP, opportunity can be found in small places.
Welcome to the world of self storage.
The majority of Hong Kong’s 7.4 million residents live in cramped homes with limited space for clothes, shoes, books, sports gear and other items. So there’s a desire to find somewhere else to store non-essential belongings…
Abandoned Power Plant Turns Into Solar Farm
Posted by: | CommentsBirdseye Renewable Energy joined forces with United Renewable Energy to design and construct a solar farm in Hawkins County, Tenn. The 1-megawatt solar power facility was built on the site of the abandoned Phipps Bend nuclear power plant near Surgoinsville, Tenn.
Tropicana Entertainment Buys Chelsea Hotel in Atlantic City
Posted by: | CommentsWhat a way to grow. Tropicana Entertainment Inc. will expand Tropicana Casino & Resort Atlantic City, a 24-hour gaming destination with 2,400 guestrooms and a 200,000-square-foot entertainment complex, by 300 keys and it will do so without lifting a shovel. Acting through its Tropicana Atlantic City Corp. subsidiary, the company recently purchased The Chelsea Hotel, sited just across the street, and will connect the boutique lodging property to the complex via a skyway bridge.
Asset Management Revenue Falls in 2016 for First Time Since 2008
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Industry reaches ‘tipping point’ as fee pressure builds
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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.
Terreno Expands Seattle Portfolio
Posted by: | CommentsTerreno Realty Corp. continues to expand its Seattle industrial portfolio with the addition of a $4 million property.
Located at 53 S. Dawson St., adjacent to Seattle’s Port and SoDo district, the asset sits on approximately 1.4 acres. The property consists of one industrial trans-shipment building featuring more than 13,000 square feet, 12 dock-high and three grade-level loading positions…
Seattle Approves New Income Tax for Wealthy Residents
Posted by: | CommentsSeattle (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.
Bored Traders on Tinder Are a Symptom of Wall Street Revenue Dip
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Five biggest firms seen posting 11% drop in trading revenue
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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.
U.S. Agency Moves to Allow Class-Action Lawsuits Against Financial Firms
Posted by: | CommentsThe 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
Elliott Hedge Fund Seeks to Challenge Buffett’s Bid for Energy Company
Posted by: | CommentsThe hedge fund Elliott Management is hoping to block Warren E. Buffett’s $9 billion takeover bid for Energy Future Holdings, the bankrupt Texas power giant, by working on an even higher offer.
Elliott, the biggest creditor to Energy Future, on Monday published correspondence with the utility operator that included descriptions of an alternative takeover bid that it was working on, which carried a price of about $9.3 billion…
Elliott Hedge Fund Seeks to Challenge Buffett’s Bid for Energy Company
JLL Tapped to Lease Phoenix Industrial Project
Posted by: | CommentsReal Estate Check-Out Time in China
Posted by: | CommentsChina’s second-richest man is going asset-lite, offloading some of his real estate holdings. Perhaps you should too.
Sunac China Holdings Ltd. agreed Monday to buy hotels, land and projects from Dalian Wanda Group Co., the sprawling conglomerate controlled by billionaire Wang Jianlin.
In an interview with Caixin, Wang said he wants to position Wanda so that its brand name and management expertise is leased out to other commercial property investors, not unlike what Donald Trump has done with his real-estate empire. Wanda plans to use proceeds from the record $9.3 billion sale to deleverage, and should be able to pay back most of its bank loans by the end of the year…
Madison Realty Capital Sells Richmond Plaza
Posted by: | CommentsFriedman Integrated Real Estate Solutions mediated the sale of Richmond Plaza, a 155,781-square-foot retail center in Richmond, Mich. Statewide Richmond LLC, a local investor, acquired the property from Madison Realty Capital.
The multi-tenant asset occupies 21 acres at 67300-67500 Main St. and is anchored by Kmart. The shopping center is located just outside downtown and offers 825 parking spaces and excellent visibility from Main Street. Currently, Richmond Plaza has roughly 39,000 square feet of space available for lease. Suites vary in size from 1,200 to 31,170 square feet, according to Friedman’s website…
Asian Finance Startup Raises Capital From Alibaba, Goldman Funds
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Investors include IFC, Alibaba, Goldman Sachs Investment
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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…
With Leonard Green Stake, Blackstone Harks Back to Its Roots
Posted by: | CommentsThe Blackstone Group’s diversification drive is circling home.
Over the years, the group, run by Stephen A. Schwarzman, has expanded far beyond its leveraged-buyout roots. Now it is using capital that had been focused on hedge funds to take a stake in a rival private equity firm, Leonard Green. The return comparisons are too stark to ignore.
Though it started 32 years ago as a merger advisory shop, Blackstone raised its first leveraged buyout fund soon after the October 1987 market crash. With real estate, credit and hedge funds fully in the mix, private equity now accounts for just over a quarter of the firm’s nearly $370 billion under management…
Avison Young Brokers $24M MOB Sale
Posted by: | CommentsAvison 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.
Citigroup Hires Barclays’s Rolfe for Japan Hedge Fund Business
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Rolfe began working as sales trader for prime finance section
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He is the second recruit for the division in Tokyo since May
Citigroup Inc. hired Roland Rolfe from Barclays Plc in a bid to strengthen its brokerage business for global hedge funds in Japan.
Rolfe started working at Citigroup Global Markets Japan Inc. on Monday as a sales trader in the prime finance department, according to an internal memo obtained by Bloomberg. Mika Nemoto, a Tokyo-based spokeswoman, confirmed the contents of the document.
He is the second addition to Citigroup’s prime finance business in two months. The division serves hedge funds that are seeking to borrow stocks, obtain funding and execute transactions…
Newport Nabs Chicago Retail Portfolio for $39M
Posted by: | CommentsInvenTrust’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…
Blackstone to Buy Exhibit Space Provider
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