Author Archive
Pennsylvania Offices Trade for $23M
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Home Capital Sells Mortgage Assets to KingSett For C$1.16 Billion in Cash
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Portfolio of commercial mortgages valued a C$1.2 billion
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Proceeds to be used to improve liquidity and pay down debt
Home Capital Group Inc., the embattled alternative lender, agreed to sell a clutch of commercial mortgages to affiliates of KingSett Capital Inc. for C$1.16 billion ($874 million) in cash.
Proceeds will be used to boost liquidity and reduce the amount drawn on its C$2 billion credit facility, the Toronto-based company said in a statement on Tuesday. While the mortgages are valued at C$1.2 billion — some 6 percent of Home Capital’s total C$18.5 billion loan portfolio — about 97 percent of this will be realized with the balance subject to credit losses…
Citadel Deepens Reach Into Wall Street’s Bond-Dealing Stronghold
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Electronic market-maker to trade more off-the-run Treasuries
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Move is expansion of foray into client-to-dealer market
Citadel Securities is ratcheting up its head-to-head fight against the world’s largest banks as it seeks to handle a greater share of investors’ trades in the $14 trillion Treasuries market.
The electronic market-maker has been a presence in inter-dealer Treasuries trading for more than a decade. Now it’s deepening its reach into the client-to-dealer arena — a longtime bastion of Wall Street banks that’s proven tough for newcomers to crack and makes up almost half of daily turnover…
Denver Office Building Trades for $37M
Posted by: | CommentsAmstar acquired The Citadel in the Cherry Creek submarket of Denver from KBS Realty Advisors. The 131,000-square-foot office building changed hands for $37 million, according to public records. Amstar is set to invest approximately $2 million in interior/exterior upgrades. CBRE’s Mike Winn, Tim Richey and Chad Flynn represented the seller. Brady O’Donnell, Jeff Halsey and Jill Haug of CBRE Capital Markets were in charge of arranging the financing.
Commonwealth Commercial Names Carolinas Managing Director
Posted by: | CommentsIn order to serve as managing director of Commonwealth Commercial’s North and South Carolina offices, Crouch moved to Charlotte. N.C. He will be responsible for the current property portfolio as well as the long-term planning and growth in the markets within the Carolinas…
Morneau, Poloz Lead Talks on Housing Amid Rate-Hike ‘Concerns’
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Impact of higher rates on consumer debt worries policy makers
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Canadian finance ministers also discuss Home Capital’s woes
Housing was top of mind when Bank of Canada Governor Stephen Poloz spoke with the nation’s finance ministers this week, amid signals interest rates could rise and add pressure to household budgets.
Federal Finance Minister Bill Morneau hosted provincial counterparts for closed-door meetings Monday in Ottawa, hearing from Poloz and Senior Deputy Governor Carolyn Wilkins. Topics included housing and marijuana taxation, with ministers saying afterward the central bankers outlined the broad risks of an elevated housing market…
Wall Street Now Fears the Lawyer Who Used to Defend It
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Quinn Emanuel partner takes cut of $30 billion in settlements
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Confronting Goldman, Citigroup — and his fellow attorneys
Ten years ago, lawyer Dan Brockett and his colleagues opted for the equivalent of ditching an office job for a career as a big-game hunter.
As Wall Street cratered during the financial crisis, Brockett helped lead the firm’s move away from representing the world’s biggest banks and forgoing $1,000-an-hour defense work. Instead, he would earn his keep by suing the very companies that used to pay his bills. He’d be paid only if he won — on contingency, in which lawyers get a cut of a client’s recovery…
Meridian Provides Tenant Buildout at Illinois Mixed-Use Facility
Posted by: | CommentsMeridian Design Build completed leasehold improvements at a 112,288-square-foot property in Glendale Heights, Ill. The tenant buildout was provided for Prologis and OSM Worldwide. Daniel Smolensky, principal & founder of Taurus Modal Group, represented OSM Worldwide while Brian Kling and Jonathan Kohn, both principals with Colliers International’s Industrial Advisory Group, represented Prologis.
SIGNIFICANT IMPROVEMENTS
Located at 601 Regency Drive, the facility has been going through major renovation work since its completion in 2016. Meridian’s work resulted in 10,601 square feet of office space, as well as several warehouse improvements. The project features:
Office Evolution Debuts Business Center in Charleston
Posted by: | CommentsOffice Evolution partnered with financial services professional Andy Fry to open a new business center in downtown Charleston, S.C. The virtual office services company will occupy a 7,000-square-foot space at its new location.
PRIVATE FURNISHED OFFICES
The business center offers professional, on-demand office space to small businesses and entrepreneurs. Located in the city’s business district at 460 King St., the 18,200-square-foot office and restaurant building’s new space features co-working space, 21 private furnished offices, several conference rooms, business mailing and telephone answering services, as well as administrative support…
TPG Said to Target $3 Billion for Fourth Growth-Equity Fund
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Investment firm said to plan starting the fundraise this year
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Bill McGlashan-led unit got $3 billion for third fund in 2015
TPG, an investor in Uber Technologies Inc. and Airbnb Inc., is seeking $3 billion for its fourth growth-equity fund, according to people with knowledge of the matter.
The private equity firm plans to start raising money for the pool this year and is targeting the same amount it got for its third fund, which finished collecting $3 billion in 2015, said the people, who asked not to be identified because they weren’t authorized to speak publicly. TPG wants to stay at that amount even as client demand is surpassing it, one of the people said.
‘50 Cent’ Just Reloaded With a Big Hedge Against a Stock Selloff
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74,300 block of call options purchased on Tuesday morning
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Strategist suggests buy linked to June VIX options expiry
50 Cent spent roughly $3.8 million hedging against a selloff in risk assets this morning.
Not the rapper — the mysterious volatility buyer or buyers who earned the moniker due to their penchant for buying huge lots of VIX call options priced at roughly a half-dollar apiece.
The CBOE Volatility Index, known as the VIX or fear index, has remained at historically low levels for years. Explanations for the prolonged period of market tranquility have ranged from central bank largesse to the growth of social media…
GS&P to Design $1B Nashville Yards
Posted by: | CommentsGresham, Smith and Partners will provide architecture, interior design, structural engineering and master planning services for Nashville Yards, a 15-acre mixed-use development planned for several blocks in Nashville, Tenn. According to The Tennessean, the project also includes 250 multifamily units, a 23-story Hyatt Regency hotel, offices, retail space and an urban park. Southwest Value partnered with Lincoln Property Co. for the $1 billion development.
Moody’s Cuts Ratings on Australia’s Banks on Housing Concern
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ANZ, Commonwealth, National Australia, Westpac cut to Aa3
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High household debt, low wage growth signs of increased risk
Moody’s Investors Service cut the long-term credit rating of Australia’s four biggest banks, saying surging home prices, rising household debt and sluggish wage growth pose a threat to the lenders.
Australia & New Zealand Banking Group Ltd., Commonwealth Bank of Australia, National Australia Bank Ltd. and Westpac Banking Corp. were all downgraded to Aa3 from Aa2, Moody’s said in a statement released Monday. The ratings outlook for all four lenders is stable, Moody’s said…
Moody’s Cuts Ratings on Australia’s Banks on Housing Concern
Investors Shun Indonesia Developer Stocks Amid Home Price Surge
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Home prices in major cities have accelerated since end of 2012
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Gauge of real estate stocks is worst performer this year
Analysts love them, investors loathe them. Three out of the seven Indonesian stocks which have unanimous buy recommendations from analysts are residential developers and all of them have fallen by at least 18 percent this year.
Predictions that lower interest rates in Indonesia and last month’s decision by Standard & Poor’s to raise its sovereign rating to investment grade would benefit the country’s property developers, along with banks, have been undercut as soaring prices deterred home buyers.
Suburban Atlanta Office Portfolio Trades for $47M
Posted by: | CommentsTerraCap Management LLC acquired a three-building, Class A office portfolio in Alpharetta, Ga., totaling 336,000 rentable square feet. Deerfield Point and Windward Pointe commanded $47 million.
Located at 12725 and 12735 Morris Road, Deerfield Point consists of a pair of four-story buildings totaling more than 208,000 square feet. Built between 1998 and 2001, the property features a fitness center, a parking ratio of four spaces per 1,000 square feet and walkable nearby amenities…
Seattle Office Building Commands $330M
Posted by: | CommentsThe acquisition will be transferred to the holdings of open-ended real estate fund Unilmmo: Europa, which focuses on investments in Europe but occasionally buys properties overseas.
Moody’s Downgrade Brings Australia’s Home Loan Risks Into Focus
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Six charts that illustrate changing risk from home loans
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Australian regulator due to announce new capital measures
The decision by Moody’s Investors Service to downgrade the ratings of Australia’s largest banks has focused attention on the risks lurking in the country’s A$1.51 trillion ($1.15 trillion) of mortgage loans.
“The resilience of household balance sheets and, consequently, bank portfolios to a serious economic downturn has not been tested at these levels of private sector indebtedness,” Moody’s said in the statement accompanying the downgrade of Australia & New Zealand Banking Group Ltd., Commonwealth Bank of Australia, National Australia Bank Ltd. and Westpac Banking Corp…
Equity Rally Extends to Asia on Tech Share Rebound: Markets Wrap
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S&P 500 posts fresh record high as technology stocks rally
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Treasuries drop as Fed’s Dudley comments on policy path
Asian stocks extended a global advance as technology shares continued a rebound and hawkish comments from a Federal Reserve official allayed concerns about the strength of the world’s largest economy.
Tamarac Medical Office Trades in $4M Deal
Posted by: | CommentsCRE Florida Partners arranged the sale of a medical office building in Tamarac, Fla. The approximately 42,481-square foot asset changed hands in a $3.8 million deal on a 6.9 percent capitalization rate.
Located at 8333 W. McNab Road, the multi-tenant property offers office solutions for both medical and professional uses. According to public records, Pamata Inc. sold the property to Laundry Service LLC in May, while City National Bank of Florida provided $2.9 million in acquisition financing to facilitate the transaction…
London Home Sellers Cut Price for Second Time in Three Months
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Rightmove says political instabiltity may weigh on market
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Nationally, asking prices post biggest June drop since 2009
London home sellers cut asking prices for a second time in three months and waning buyer interest hints that the slowdown may continue.
Prices dropped 2.4 percent in June — the biggest for that month since 2010 — leaving them down 1.4 percent from a year earlier, Rightmove Plc said on Monday. Nationally, asking prices slipped 0.4 percent, pushing the annual gain to the weakest since 2013. In London, buyer activity “remains subdued compared to the recent boom years,” Rightmove said…
French Equity Winners and Losers as Macron Strengthens His Hand
Posted by: | CommentsWhen it comes to France, investors are moving their bets from winners of the election to winners of the stock market.
With a parliamentary victory over the weekend cementing President Emmanuel Macron’s electoral triumph, the benchmark CAC 40 Index is leading gains among euro-area benchmarks on Monday. The biggest majority in 15 years for Macron’s party and allies in the National Assembly enables him to carry out his program of liberalizing France’s labor market and pushing for closer European integration. Also helping equities are strengthening signs of recovery in the economy…
French Equity Winners and Losers as Macron Strengthens His Hand
Griffin Industrial Nabs First Charlotte-Area Property
Posted by: | CommentsGriffin Industrial Realty Inc. closed on the acquisition of an approximately 277,000-square-foot warehouse building in Concord, N.C. The company purchased the 2015-built facility for $18.6 million, using approximately $9.7 million of cash held in escrow for a like-kind exchange under Section 1031 and approximately $8.9 million of Griffin’s cash on hand. The funds in escrow were from the sale of roughly 67 acres of undeveloped land in Connecticut that closed in April.
Takata Declines by Daily Limit as It’s Said to Plan Bankruptcy
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Shares of the component maker have plunged 53% this year
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Company says awaiting external committee’s final proposal
Takata Corp. fell by its daily limit after the embattled airbag maker was said to be planning to file for bankruptcy, paving the way for a sale of the 84-year-old Japanese company behind the biggest safety recall in automotive history.
Shares of Takata declined 17 percent, the most since April 27, at the end of trading Monday in Tokyo after going untraded through the regular session as orders to sell outnumbered buyers. The stock has plunged 53 percent this year. The supplier is expected to seek protection in its home country first, with its U.S. subsidiary filing for Chapter 11 bankruptcy shortly thereafter, a person familiar with the matter said last week…
Less Stressful Tests Seen Boosting U.S. Bank Payouts $30 Billion
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Analysts estimate BofA could return 63% more to shareholders
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Fed to release 2017 results in two stages this week and next
The stress of stress tests may be over. At least for now.
After seven annual exercises in which at least one U.S. bank failed, all of the nation’s 34 largest lenders will probably pass this year’s Federal Reserve exam when results are revealed this week and next. That’s because the toughest component of the analysis of how firms would fare during a hypothetical crisis, the so-called qualitative review, no longer applies to the majority of those being tested.
Summit Hotels Lands $53M Courtyard by Marriott in Charlotte
Posted by: | CommentsSummit Hotel Properties Inc. completed the acquisition of the 181-key Courtyard by Marriott Charlotte City Center for $56.3 million and entered into a management agreement with OTO Development LLC. Summit Hotel Properties, partially funded the acquisition of the Courtyard by Marriott Charlotte City Center through recycling the capital from a non-core asset sale.
China’s Home Prices Increase in Fewer Cities as Curbs Bite
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Values gained in 56 cities in May, compared with 58 in April
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Sales growth quickened, buoyed by smaller cities’ transactions
China’s home prices increased in fewer cities last month in the wake of cooling measures imposed by local authorities.
New-home prices, excluding government-subsidized housing, gained from the previous month in 56 of 70 cities tracked by the government, compared with 58 in April, the National Bureau of Statistics said on Monday. Prices fell in nine cities and were unchanged in five.
‘Dangerous Situation’ for Hong Kong Property Market, Says Finance Chief
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Finance chief says no one can tell how deep adjustment will be
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Financial system resilient, can withstand correction: Chan
Hong Kong’s property market is in a dangerous situation and vulnerable to a correction, Financial Secretary Paul Chan said in an interview.
The warning comes as rate hikes by the U.S. Federal Reserve send borrowing costs higher in Hong Kong, given the city imports U.S. monetary policy due to its currency peg. The Hong Kong Monetary Authority last week boosted borrowing costs by 25 basis points to 1.5 percent after the Fed raised its target range by the same amount.
Vice Valued at $5.7 Billion With $450 Million TPG Investment
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Media company plans to offer online subscription services
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Longtime investor Disney doesn’t participate in funding round
Vice Media Inc. got a $450 million investment from private equity firm TPG, valuing the irreverent chronicler of youth culture at $5.7 billion.
The funding will help Vice produce more video through a new in-house studio, and create online subscription services to sell those videos to consumers, Chief Executive Officer Shane Smith said in a statement. The company continues to consider an initial public offering, Smith said in an interview on CNBC.
South Denver Office Campus Lands $66M Refi
Posted by: | CommentsThe John Madden Co. tapped JLL to secure a $66 million loan from the Bellco Credit Union for the refinancing of Fiddler’s Green Center I & II in Greenwood Village, Colo. The 10-year term loan features a 4.6 percent fixed interest rate and has a 30-year amortization schedule. JLL’s Managing Director Baxter Fain led the financing team.
Greater LA Retail Center Lands $125M Refi
Posted by: | CommentsFederal Realty has secured $125 million to refinance Plaza El Segundo, a 380,558-square-foot, high-quality retail center in El Segundo, Calif.’s South Bay community.
HFF arranged a 10-year, fixed-rate loan through PGIM Real Estate Finance for the company.
“Despite some recent headwinds in the retail market, this transaction is a great example of the availability of capital for premiere retail properties with best-in-class sponsorship,” Kevin MacKenzie, HFF’s senior managing director, said in a prepared release. “There was strong interest in the opportunity given the A-plus location and tenant line-up, and it was a true team effort from all parties to get the most efficient capital in place for the asset plan.”
It’s Been a Rough Year for Wall Street’s Conventional Wisdom
Posted by: | CommentsAnother year, another setback for conventional wisdom on Wall Street.
Midway through 2017, everything from a weak dollar to raging Treasuries has forced strategists to rethink some of their highest-conviction thoughts on how financial assets would perform.
And while predicting the future is famously difficult, it’s been an especially rough six month’s for Wall Street’s finest. Here’s a look at some of the biggest misses:
It’s Been a Rough Year for Wall Street’s Conventional Wisdom
Olympic Metals Breaks Ground on $8M Mixed-Use Asset
Posted by: | CommentsOlympic Metals, a division of Reliance Steel & Aluminum Co., developed an $8 million new facility located in Arapahoe County. Craig Paton and Craig Bustos from Transwestern represented Olympic Metals in the acquisition for its new headquarters.
OLYMPIC’S DOUBLE FACILITY
Located at 7956 S. Potomac St. in Centennial, Colo., the facility offers convenient access to C-470, Interstate 25 and to Denver’s Tech Center. The new 62,000-square-foot office/warehouse property sits on a 9.9-acre lot and will be located in Dove Valley Business Park. Senior Vice President Bill Lawrence is developing the project for Olympic Metals. The new facility is slated for completion in February 2018…
HFF Breathes $75M Into South SF Genesis Project
Posted by: | CommentsHFF breathes new life into mammoth project Genesis, an 800,000-square-foot life science campus in South San Francisco, Calif. The firm worked on behalf of the borrower, Phase 3 Real Estate Partners Inc., to secure a $75 million loan for the second phase of the project, the construction of North Tower, a 21-story, 390,000-square-foot building. NKF is spearheading project leasing efforts for the North Tower and South Tower.
Marcus & Millichap Close Sale of Mixed-Use Facility in Illinois
Posted by: | CommentsMarcus & Millichap completed the sale of a 30,000-square foot mixed-use facility in Machesney Park, Ill. Option Care & Universal Hospital Services traded for $3.8 million. A team of investment specialists with the company represented both the seller—a developer—and the buyer—a private investor—in the deal. The buyer agents were Sean O’Brien, Christopher Mitchel, Ryan Moore and Joseph DiSalvo. Christopher Mitchel, Forest Bender and Joseph DiSalvo represented the seller.
The $31 Billion Hole in GE’s Balance Sheet That Keeps Growing
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Pension shortfall is the biggest among S&P 500 companies
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Top brass ‘living in fear’ of activists with short-term goals
It’s a problem that Jeffrey Immelt largely ignored as he tried to appease General Electric Co.’s most vocal shareholders.
But it might end up being one of the costliest for John Flannery, GE’s newly anointed CEO, to fix.
At $31 billion, GE’s pension shortfall is the biggest among S&P 500 companies and 50 percent greater than any other corporation in the U.S. It’s a deficit that has swelled in recent years as Immelt spent more than $45 billion on share buybacks to win over Wall Street and pacify activists like Nelson Peltz…
CBRE Leases Entire San Leandro Industrial Development
Posted by: | CommentsCBRE Group Inc. arranged leases for the entire Comstock Industrial Center in San Leandro, Calif., the first new industrial development in San Leandro in 15 years, according to the broker. Senior Vice Presidents Michael Barry and Bob Ferraro represented the landlord, Comstock Realty Partners. Wayfair and CEVA Freight have inked leases for the 163,000-square-foot property before its completion.
Drop in U.S. Housing Starts Shows Industry May Weigh on Growth
Posted by: | CommentsThree straight months of declines in new-home construction show U.S. homebuilding may weigh on second-quarter growth, Commerce Department data showed Friday.
HIGHLIGHTS FROM HOUSING STARTS (MAY) |
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Key Takeaways
May starts were pushed lower by declining construction in South, which reached the weakest level since October 2015, and in the Midwest. Construction of single-family properties dropped 3.9 percent to the lowest since September, while ground-breaking on multifamily units declined for a fifth straight month…
An $85 Billion Asset Manager Is Staying Away From Nordic Banks
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Long coveted for their safety, Nordic banks have grown costly
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PineBridge now sees better value in southern European banks
Nordic banks, long considered among the safest in the world, are losing their appeal as an investment target, according to PineBridge Investments, a multi-asset manager that oversees about $85 billion.
Graeme Bencke, the portfolio manager who heads equity strategy at PineBridge in London, says the circumstances that made banks in Sweden, Denmark, Norway and Finland a “good investment in the post-crisis period” no longer exist.
Arlington Retail Asset Changes Hands
Posted by: | CommentsMarcus & Millichap sold Sublett Corners Shopping Center in Arlington, Texas, to a private investor. Bill Jordan, vice president of investments in the company’s Fort Worth office, had the exclusive listing to market the property. Additionally, Jordan also secured the buyer.
HIGH OCCUPANCY
Located at 5900-5912 South Cooper St., in the heart of Arlington, the asset offers easy access to and from Highway 157 and West Sublett Road. The Stein Mart-anchored shopping center consists of five separate buildings totaling 87,900 square feet. At the time of sale, the property was 94 percent occupied…
Clock is Ticking on India’s Bad Bank Debts Under Bankruptcy Laws
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India’s central bank to release more lists in coming months
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Tackling bad loans ‘biggest priority,’ government adviser says
India’s central bank plans to use insolvency laws against more corporate defaulters to speed up resolution of the country’s bad loans that have swelled to $180 billion.
“The clock’s already ticking — some cases are already before the National Company Law Tribune,” said Sanjeev Sanyal, principal economic adviser to the finance ministry. “More lists will be out in the next few months.” Cleaning up India’s stressed loans is the biggest priority of Prime Minister Narendra Modi’s government, Sanyal said in an interview in New Delhi.
The Housing Recovery Is Leaving Out Most of America
Posted by: | CommentsElsewhere, gains are slow and low-income households are paying more rent than ever.
For further evidence of the uneven recovery among U.S. housing markets, how’s this: In the 10 most expensive U.S. metropolitan areas, median home values have increased by 63 percent since 2000, after adjusting for inflation. In the 10 cheapest metros, median values rose by just 3.6 percent.
That finding, and the others illustrated by the charts below, comes from the State of the Nation’s Housing, an annual report published Friday by Harvard University’s Joint Center For Housing Studies. While home prices have increased sharply in expensive coastal cities, plenty of urban centers are lagging behind. Home prices in 3 out of 5 metropolitan areas remain below their pre-recession peak, and home prices in low-income neighborhoods are faring even worse…
Singapore Property Stocks Are on a Roll
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Five of top 10 stocks this year are real estate companies
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JPMorgan continues to see upside in property developer shares
Singapore property stocks are set for their best annual performance in five years, and strategists believe the rally is far from over.
With an expected pickup in real estate following the easing of housing curbs, developers are expected to be the bright spot in Singapore equities as gains in the city-state’s stocks may be limited for the rest of the year.
CBRE Secures Loan for Carlsbad Mixed-Use Campus
Posted by: | CommentsCBRE Capital Markets, on behalf of ZMI Real Estate, has arranged a $16 million loan for the refinancing of Carlsbad Commerce Center in Carlsbad, Calif. CBRE’s Mark McGovern, Scott Peterson and Brian Cruz negotiated a five-year loan through Aetna Life Insurance Co. ZMI Real Estate will use the loan to pay off the existing mortgage.
Boston Revitalization Project Moves Forward
Posted by: | CommentsConstruction on the first phase of a $1 billion mixed-use development plan in Union Square in Somerville, Mass., should begin next year now that the city’s Board of Aldermen has approved a rezoning plan for the project.
The zoning approval, which took about three years with community input, sets the stage for the strategic, long-term growth of 2.3 million square feet of new mixed-use, transit-oriented development in the Boston suburb that will be part of a $2.3 billion extension of the Massachusetts Bay Transportation Authority’s Green Line light rail system, according to Greg Karczewski, president of the Union Square Station Associates (US2) development team…
Here’s Another Sign Singapore’s Housing Market Is Recovering
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Four deals struck already this year as sellers band together
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Redevelopment deals on track for busiest year since 2011
Chalk up another sign Singapore’s housing market is recovering: redevelopment deals are back.
After slowing to a trickle the past three years as housing prices fell, four redevelopment deals — where a group of owners band together to sell entire apartment blocks at a hefty premium — have been struck already this year, with a combined value of S$1.5 billion ($1.1 billion). The process, also known as “en-bloc” sales, allows developers to knock down and rebuild in a city where new residential land sales are tightly controlled by the government…
Las Vegas Convention Center District Lands Final Approval
Posted by: | CommentsThe board of directors for the Las Vegas Convention and Visitors Authority approved a $1.4 billion renovation and expansion of the Las Vegas Convention Center.
“Today marks a monumental occasion for not only the LVCVA but also the entire destination,” Rossi Ralenkotter, LVCVA’s president & CEO, said in a prepared release. “We commend the foresight of our community and state leaders for recognizing the importance of the LVCCD and we are eager to get to work! We will ensure that the LVCVA continues to provide the world-class facility and experience our clients expect when they come to Las Vegas.”
Aldi Plans $3.4B Growth Spurt
Posted by: | CommentsAldi has just taken its bold U.S. expansion strategy to a new level. The German discount grocery store chain revealed that it will invest $3.4 billion to increase its presence to 2,500 stores by the close of 2022. The news comes just four months after the company announced its $1.6 billion plan to remodel 1,300 shops by 2020.
Home Capital Said to See Long Road to Revive Firm’s Fortunes
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Exploring options beyond loan-replacement funding from banks
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Search for new CEO yielding candidates in and outside Canada
Home Capital Group Inc.’s efforts to regain stability could take months, and all options are on the table including a backstop from Canada’s biggest banks, according to a person familiar with the company’s plans.
The C$30 million ($23 million) settlement with the Ontario Securities Commission announced late Wednesday wasn’t a precondition to win a loan to replace costly rescue financing, the person said. So it won’t speed up the funding process or other deals being discussed, according to the person, who asked not to be identified as the plans are private…
Jacksonville Office Asset Lands $19M Refi
Posted by: | CommentsHFF arranged a $19 million refinancing of One Deerwood, a Class A, 161,167-square-foot office building in Jacksonville, Fla. The mortgage replaced a previous CMBS loan on the property, which was scheduled to mature in May 2017, according to Yardi Matrix.
FLOATING-RATE LOAN
The debt placement team worked on behalf of the borrower, Taurus Investment Holdings LLC, to secure the three-year, floating-rate loan. Senior Managing Director Michael Weinberg and Director Porter Terry led HFF’s team that arranged the financing through Ares Management. Taurus Investment purchased the asset in 2007, when HFF was also involved in the transaction…
Canada Home Sales Drop Most in Almost 5 Years on Toronto Decline
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Drop in Toronto May home-sales is the largest since 2008
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National prices still up 18% from year ago; 29% in Toronto
Canadian home sales fell by the most in almost five years last month, led by a plunge in Toronto after a foreign-buyer tax was introduced to curb runaway price speculation.
Transactions nationally fell 6.2 percent in May, the fastest monthly decline since August 2012 the Canadian Real Estate Association reported Thursday. Sales in Toronto fell by 25 percent, the most since October 2008.
Why It’s Much Harder for Expat Bankers to Land a Hong Kong Job
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Today, expats get 15% of finance job placements, down from 40%
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Majority of new grads joining Citi in Hong Kong to be Chinese
Andrew Sullivan remembers the days when a young Brit could hustle his way into a job in Hong Kong finance.
He ought to know: He did it.
It was 1996, the twilight of British Hong Kong, when Sullivan arrived with a resume that couldn’t get him into a bank in the City of London. The former fighter pilot and chartered surveyor was soon hired as a stock analyst.
Camel Energy Enters Ann Arbor, Plans to Invest $5M
Posted by: | CommentsCamel Energy, a subsidiary of Camel Group New Energy Battery Academy Co., will be coming to the Ann Arbor region, Mich. The battery manufacturer plans to invest $4.6 million in a research and development center in Pittsfield, Mich., which will bring more than 40 engineering and technical jobs to the area.
One Home Capital Investor Made $15 Million in a Month
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Taylor ‘stuck neck out’ to go long against naysayers
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He’s vindicated after mortgage lender settled with regulator
David Taylor heard U.S. hedge funds argue that Home Capital Group Inc. was on the brink of disaster along with Canada’s bubbly housing market. So he bet against them.
Today, the founder and chief investment officer of Taylor Asset Management Inc. is vindicated as a rebound in the stock of the alternative mortgage lender almost doubled his investment in four weeks. Taylor owns about 4 million shares of Toronto-based Home Capital, making him one of the top-five shareholders with the firm’s ex-Chief Executive Officer Gerald Soloway…
Deutsche Bank to Restructure Corporate, Investment Banking
Posted by: | CommentsDeutsche Bank AG is giving Marcus Schenck, co-head of the newly combined investment bank and trading business, responsibility for overseeing clients in a reorganization that will see the bank focus on corporate customers, according to a copy of a memo seen by Bloomberg.
Schenck will also take charge of corporate finance, global capital markets and the institutional client group, while co-head Garth Ritchie will deal with products and processes and oversee operations including equities, fixed income and currencies, the email said. The bank is also creating a combined debt, equity and leveraged capital markets business within the investment bank…
Cummings Completes First Acquisition in Andover
Posted by: | CommentsBoston Properties announced the disposition of one of its Essex County properties, located at 40 Shattuck Road in Andover, Mass. The buyer was Cummings Properties, which made its first purchase in the area. According to public records, the Class A asset traded for $12 million, marking the building’s first sale.
“We have been seeking an investment-grade property for our employee equity program, and 40 Shattuck offered a good value for an extremely well-built and well-maintained building within a thriving business cluster,” Cummings Properties President & CEO Dennis Clarke said in a prepared statement…
China Builds Its Global Role, One Infrastructure Loan at a Time
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AIIB marks second annual meeting with $2.5 billion in loanbook
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$100 billion lender now has 77 members — still without U.S.
The China-led Asian Infrastructure Investment Bank is a mere startup among development lenders — but already has a global footprint.
Kicking off its second annual conference in the Korean resort island of Jeju on Friday, the bank can now boast a loan book of $2.5 billion, capped by new projects in India, Georgia and Tajikistan announced on Thursday.
Takata Plans to File for Bankruptcy as Soon as Next Week, Source Says
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Fellow air-bag maker Key Safety in line as preferred bidder
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Auto-parts supplier’s inflators linked to at least 17 deaths
Takata Corp. plans to file for bankruptcy as soon as next week, paving the way for a sale of the 84-year-old Japanese air-bag maker behind the biggest safety recall in automotive history.
The supplier is expected to seek protection in its home country first, with its U.S. subsidiary filing for Chapter 11 bankruptcy shortly thereafter, according to a person familiar with the matter, who asked not to identified because the matter isn’t public and the timing could change. A representative for the Tokyo-based company couldn’t immediately be reached outside normal business hours…
NAI Hiffman Arranges Chicago Warehouse Lease
Posted by: | CommentsEY Taps Grinis to Lead Real Estate Practice
Posted by: | Comments“Over the course of my 30-year career with EY, I have watched our industry evolve from what was a niche and highly localized business to today, where global capital finds its way into every commercial center around the world,” Grinis told Commercial Property Executive…
NAI Hiffman Brokers Illinois Office Sale
Posted by: | CommentsNAI Hiffman negotiated the sale of a 37,500-square-foot office building in Hoffman Estates, Ill. The company’s Senior Vice Presidents Jason Wurtz and Jack Reardon, together with Jason Talanian, the president of Glenwood Commercial Realty, represented the seller, Renishaw Inc., which recently moved its operations to a new office in West Dundee, Ill.
The buyer, Heidner Property Inc., acquired the building for $3.2 million. Its previous business location was a 5,150-square-foot office space in Glendale Heights, Ill. The need for more office space came as a result of Heidner’s adding Heidner Property Management and Gold Rush Gaming to its brand…