Author Archive
Vancouver Home Prices Resume Stubborn Climb to Fresh Record
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Detached homes in Canada’s No. 2 market average C$1.83 million
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Total sales fell 8.5% but still 3rd-strongest May on record
Vancouver home prices climbed back to a record in May, suggesting the impact of a foreign-buyer tax imposed last year is fading.
Benchmark prices in the west coast city reached a record C$967,500 ($716,300), up 8.8 percent from a year earlier, the Real Estate Board of Greater Vancouver said Friday. Average prices for single detached homes hit C$1.831 million, the most ever.
A&G Realty Launches Non-Retail Division
Posted by: | CommentsA&G Realty Partners launched a new division focusing on maximizing the value of real estate assets and leases in non-retail sectors. The launch follows after the company has expanded its reach to sectors such as office, warehouse, higher education and residential, now including rental apartments, condos and single family developments.
Whitestone REIT Completes $158M Acquisition of BLVD Place
Posted by: | CommentsWhitestone REIT plans to develop a six-story building on a 1.4-acre site acquired as part of its $158 million purchase of the BLVD Place mixed-use center in the Galleria/Uptown area of Houston. Plans call for 137,000 square feet of space to be split between two floors of retail and four floors of office in a project estimated to cost $45 million.
BLT Enterprises Expands San Diego Industrial Footprint
Posted by: | CommentsBLT Enterprises has purchased a 60,000-square-foot industrial building in the North San Diego submarket of Carlsbad, Calif., for $9 million. Ron Jacobson of SD Realty Partners represented BLT Enterprises and David Steffy of Palomar Commercial worked on behalf of the seller, El Cedro LLC, which leased back the entire property for three years.
U.K. Housing Lifts Construction Growth to Strongest Since 2015
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Index rises to 56 in May, a far better reading than forecast
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Manufacturing survey earlier this week showed solid activity
Britain’s construction industry unexpectedly picked up last month, growing at the fastest pace since 2015 as housing strengthened.
IHS Markit’s monthly index rose to 56 in May from 53.1 in April, a far better reading than the decline to 52.6 forecast by economists. Workloads increased the most this year and the pace of hiring also improved, according to the report published Friday…
U.K. Housing Lifts Construction Growth to Strongest Since 2015
Here’s How a Chinese Tech Firm Borrowed $2.1 Billion in a Hurry
Posted by: | CommentsWhen a Chinese tech company with global ambitions began to run short of cash last year, it sought billions of dollars from new investors. One of them was a music teacher.
Li Shenghong, who teaches out of a mall storefront in southern China, was already a fan of the smartphones and televisions sold by the company, an internet-and-gadgets conglomerate called LeEco. When LeEco also began selling investment products online, Mr. Li snapped them up, even though the company said little about where the money would go.
With Macron’s Blessing, France Unveils a Sweeping Ethics Overhaul
Posted by: | CommentsPARIS — President Emmanuel Macron’s justice minister François Bayrou presented legislation on Thursday that would drastically rein in abuses in French politics, and would amount to a vigorous reinforcement of the existing ethics apparatus.
The announcement came just 10 days ahead of crucial legislative elections, and hours after a public prosecutor announced an investigation had been opened into the financial dealings of a recently appointed minister.
Mr. Bayrou announced a number of measures, some of which will require a revision of the country’s constitution. They include: imposing a limitation on public mandates; forbidding nepotism; reinforcing scrutiny over the financing of public parties and the use of public money; imposing stronger penalties against culpable politicians; as well as creating a public bank to finance political parties…
Hanley Arranges Sale of Single-Tenant Walgreens in San Diego County
Posted by: | CommentsCVS Opens First Standalone Store in Colorado
Posted by: | CommentsCVS Health held the grand opening of its first standalone store in Colorado, which is the first of three locations set to open in the greater Denver area in 2017.
Located at 16920 E. Lincoln Ave. in Parker, Colo., the store will feature the retailers signature pharmacy, better-for-you food options, expanded beauty section, assortment of health and wellness products, and customer rewards. CVS recently announced the launch of 39 pharmacies within Target stores, but this is the first separate retail location…
McLaren Joins Formula E on Brooklyn Racetrack
Posted by: | CommentsThe site will be prepared for the event through a series of temporary and permanent enhancements ranging from barriers and security fences to gangways and sidewalks. The New York City Economic Development Corp. and The Port Authority of New York and New Jersey are also part of the group behind the project.
The Brooklyn Cruise Terminal will be transformed to accommodate the inaugural New York City ePrix with the help of McLaren Engineering Group. McLaren and D’Onofrio General Contractors Corp. have joined forces with the FIA Formula E Championship to create a 1.21-mile professional racetrack in the Red Hook neighborhood of Brooklyn.
KKR Amasses $9.3 Billion for Biggest Asian Private Fund Pool
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Latest fund comprises $800 million from KKR and employees
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Pool amassed even as number of megadeals in region falls
KKR & Co. has raised $9.3 billion for its third Asia fund, amassing the biggest ever pool by a private equity firm in the region, as the firm steps up investments in Japan.
About $800 million of the pool comes from the firm’s balance sheet and employees, the company said in a statement. The fund is 55 percent larger than its second Asia fund, which had generated a net internal rate of return of 20.6 percent as of March 31, the New York-based firm said in the statement Friday…
Behind the Scenes at Orchard Platform, a Struggle to Innovate
Posted by: | CommentsOn a warm morning early last year, a start-up founder named Matt Burton addressed a group of 175 investors and executives at the sleek glass IAC building in Chelsea.
Mr. Burton described how his company, Orchard Platform, already a provider of loan data to financial institutions, would soon unveil its own trading platform for loans…
Behind the Scenes at Orchard Platform, a Struggle to Innovate
Movers: Deere to Expand Global Footprint, and China Guides Currency Higher
Posted by: | CommentsWe’re following major developments in the markets throughout the day.
John Deere Maker Buys Wirtgen Group
Deere & Company, the maker of John Deere equipment, said on Thursday that it had agreed to acquire Wirtgen Group, a privately held German maker of road construction equipment, for 4.36 billion euros, or about $4.9 billion.
The transaction would expand Deere’s global footprint and its offering of construction equipment…
Movers: Deere to Expand Global Footprint, and China Guides Currency Higher
Morgan Stanley CEO Sees Trading Drop Similar to JPMorgan, Bank of America
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JPMorgan, Bank of America estimates reflect reality: Gorman
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Morgan Stanley CEO James Gorman speaks in Beijing interview
Morgan Stanley Chief Executive Officer James Gorman indicated his firm is seeing similar trading declines as competitors JPMorgan Chase & Co. and Bank of America Corp., which said second-quarter trading revenue is on pace to drop at least 10 percent.
The estimates from JPMorgan and Bank of America “are reflecting reality and I don’t think we’re very different,” Gorman said in an interview with Bloomberg Television’s Tom Mackenzie in Beijing. “We all have similar clients, if not the same clients.”…
Bailout for Italy’s Oldest Bank Tests Too-Big-to-Fail Rules
Posted by: | CommentsFRANKFURT — Some banks go to the international markets when they need money for a big deal. Monte dei Paschi di Siena, one of Italy’s biggest lenders, tapped its own loyal customers.
“The bank has always been a gold mine and the pride of the city,” said Paolo Emilio Falaschi, a lawyer in Siena who represents several aggrieved clients.
The aftershocks of that strategy have presented European leaders with their first major too-big-to-fail moment, as authorities on Thursday gave the initial greenlight for a bailout of Monte dei Paschi…
Bailout for Italy’s Oldest Bank Tests Too-Big-to-Fail Rules
Parking Asset REITs Plan to Merge
Posted by: | CommentsMVP REIT Inc. and MVP REIT II Inc., of Las Vegas, have agreed to merge, with MVP I merging with and into a wholly owned merger subsidiary of MVP II. The merger subsidiary will continue as the surviving entity, the companies announced Tuesday.
The merger agreement was negotiated and recommended for approval by independent special committees of each REIT’s board of directors, both committees comprising only independent directors. The transaction remains subject to various approvals and other conditions, including the approval of MVP I’s stockholders, and also is subject to a 45-day go-shop period…
Uber Limits Loss to $708 Million in First Quarter
Posted by: | CommentsUber has spent billions to upend the transportation industry. Now, at least for the moment, it is burning slightly less cash in that effort.
The company said Wednesday that it lost $708 million over the first three months of the year on revenue of $3.4 billion, not counting expenses like employee stock compensation. That is a narrowing of the previous quarter’s loss of $991 million, on revenue of $2.9 billion.
Uber said it was still sitting on $7.2 billion in cash, roughly the same amount it held at the end of 2016…
Uber Limits Loss to $708 Million in First Quarter
85 Broad St. in Manhattan Gets 2 New Owners
Posted by: | CommentsLongtime strategic partners Ivanhoé Cambridge and Callahan Capital Properties made their first Downtown Manhattan purchase, acquiring 85 Broad St., a 30-story office tower, from a joint venture of MetLife Real Estate and Beacon Capital Partners for approximately $650 million.
“We believe downtown offers tremendous long-term growth potential given the immense public and private investment that continues to attract a broad array of businesses and residents,” Tim Callahan, CEO of Callahan Capital Partners, said in a prepared statement…
Paulson, Blackstone Said to Back Plan to Free Fannie-Freddie
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Moelis’s proposal calls for raising $180 billion in capital
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Investment firm authored plan as adviser to GSE shareholders
Paulson & Co. and Blackstone Group LP are among investors backing a proposal that Fannie Mae and Freddie Mac be recapitalized and released from U.S. control without legislation. Taxpayers would receive as much as $100 billion, according to the plan, which could also deliver a windfall for shareholders.
The blueprint released Thursday was developed by investment bank Moelis & Co. in its capacity as a financial adviser to Paulson & Co., Blackstone GSO Capital Partners and other investors, according to people familiar with the matter. The plan would let Fannie and Freddie build capital before the government sells its stakes in the mortgage-finance giants…
In Texas, Some Rare Good News About Cities With Pension Woes
Posted by: | CommentsDetroit. Stockton. Puerto Rico. The list of places bankrupted by ballooning pension obligations and other debts is growing. But now comes some good news about two cities, Dallas and Houston, that have pulled back from the brink.
Just six months ago, the mayor of Dallas, Michael S. Rawlings, was warning that his city might need to declare bankruptcy after a panic led stampeding retirees to pull half a billion dollars out of its pension fund for police officers and firefighters…
In Texas, Some Rare Good News About Cities With Pension Woes
Orlando Hotel Commands $206M
Posted by: | CommentsXenia Hotels & Resorts Inc. snagged the valuable asset in the heart of the top destination for U.S. tourism and job growth.
Xenia Hotels & Resorts, Inc. acquired the Hyatt Regency Grand Cypress, an 815-key hotel in Orlando, Fla., from an affiliate of Hyatt Hotels Corporation for $205.5 million.
“The acquisition represents a unique opportunity to increase our presence in the Orlando market, a market we know extremely well and believe to be poised for long-term growth due to a favorable supply and demand outlook,” Marcel Verbaas, Xenia’s president & CEO, said in a prepared release. “We are excited that we have been able to recycle a portion of the proceeds of our recent sales of lower quality assets into an outstanding and well-performing hotel at a price that is well below replacement cost.”
Sprott’s Buying Canadian REITs Because Its Cities Are So Crowded
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Canada’s urban concentrations open investment opportunities
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Holdings include Killam Apartment REIT, First Capital Realty
Sprott Asset Management LP is buying Canada’s real estate investment trusts because residents have no where else to go.
More than a third of Canadians live in the Toronto, Montreal or Vancouver metropolitan areas, 2016 census data show, while peers New York, Los Angeles and Chicago account for just a 10th of the U.S. population. This concentration opens investment opportunities in urban areas, according to Dennis Mitchell, who helps oversee C$3.1 billion ($2.3 billion) at Toronto-based Sprott…
Friedman Intermediates Wendy’s Restaurant Sale
Posted by: | CommentsFriedman Integrated Real Estate Solutions has facilitated another commercial real estate sale in Michigan, this time a retail property in Southfield, Mich., a northern suburb of Detroit. The asset is a 2,586-square-foot Wendy’s restaurant, sold by SCR Holdings LLC to a West Coast investor.
Steven Silverman, an associate with Friedman, represented both the seller and the buyer in the transaction. The price remains undisclosed, but according to Silverman, “This acquisition provided the West Coast buyer an opportunity to purchase an investment grade asset at a higher yield than comparable assets are trading for in other areas of the country.”..
U.S. Homes Are Finally Shrinking
Posted by: | CommentsThe median home size decreased slightly in 2016, but it’s still historically high at a time when smaller houses are in demand.
It’s not quite a tiny-house movement, but homebuyers frustrated by the lack of listings that fit their budget will probably take it.
In the aftermath of the U.S. foreclosure crisis, homebuilders focused on the top end of the market, where it was easier to find attractive profit margins and credit-worthy borrowers. The median size of a new single-family home increased year after year, reaching a high of 2,467 square feet in 2015—49 percent bigger than in 1978 and 8 percent larger than the prerecession peak in 2007…
Balancing Politics and Pragmatism in Irish Bank I.P.O.
Posted by: | CommentsAllied Irish Banks’ initial public offering is as large as it is political.
Ireland plans to sell 25 percent of the nationalized bank in a dual Dublin-London stock listing. The question is whether the Irish government can persuade investors to pay more than book value for a bank that is still a work in progress.
Allied Irish is an almost pure play on the Irish economy, one of the fastest-growing in the eurozone. Only 14 percent of its loans were in Britain by the end of 2016, compared with 40 percent at its domestic peer, Bank of Ireland. It also has a leading 36 percent market share in Irish mortgages, which are a growth business. And crucially, it is the first domestic Irish lender to resume paying a dividend since the financial crisis…
Detroit Northern Suburb Retail Asset Changes Hands
Posted by: | CommentsFriedman Integrated Real Estate Solutions, on behalf of SRC Holdings LLC, has sold a 2,586-square-foot retail investment property in Southfield, Mich. Steven Silverman, associate at Friedman, also represented the buyer, a California-based investor.
The building is located at 20066 E 8 Mile Road, in the northern suburb of Detroit. Situated along a strong retail corridor, the asset currently serves as a drive-through Wendy’s restaurant…
Mortgage Bankers and Hedge-Fund Revivals
Posted by: | CommentsAlso bribery, market structure, VIX, unicorns, lunching and learning and the Bowling Green menagerie.
Jobs for RMBS bankers.
Why do we fine banks lots of money for doing bad things? The fines are more or less paid by the shareholders, and it’s not like the shareholders did the bad things. But in theory, the shareholders don’t want to be fined, so they will hire directors who don’t want to be fined, who will hire executives who don’t want to be fined, who will hire employees who don’t do bad things. The banks are supposed to be integrated rational economic actors that want to avoid fines, and so the fines should deter them from hiring people who will do the things that incur fines…
Historic Perry Brooks Tower Awarded LEED Platinum
Posted by: | CommentsPerry Brooks Tower, the recently renovated Class A, 12-story building located in the heart of Austin’s CBD, was awarded the LEED Platinum certification. The award marks the first time in Austin’s history that an existing building has achieved the designation.
Built in the 1950s by Commodore Edgar H. Perry after World War II, the 134,638-square-foot building underwent a full-scale, modern renovation, without sacrificing the historical spirit of the original structure. The recent improvements include a new lobby finishes, urban fixtures in the common areas, a new contemporary metal shingle exterior, updates to elevator cab finishes, upgraded energy-efficient HVAC, floor-to-ceiling glass on the first, second, eleventh and twelfth floors and private restrooms for full-floor tenants. Clarion Partners also invested in recycling programs, air filter protocols, wastewater management and interior lighting. Furthermore, tenant companies that encourage alternative transportation added further credits to Clarion’s LEED scorecard, which totaled 81 out of 110 possible points…
Paragon Closes Largest LA County Retail Deal of 2017
Posted by: | CommentsParagon Commercial Group has acquired Northridge Plaza Shopping Center, a roughly 235,000-square-foot asset in Northridge, Calif., from NLSR LP, for $54.7 million, or roughly $233 per square foot.
Greg De Rubeis of LBPM negotiated on behalf of the seller, while Yubin Tao of Investment Real Estate Association represented the buyer…
U.S. Pending Home Sales Falter
Posted by: | CommentsHousing demand unexpectedly weakened for a second month across most U.S. regions as lean inventory took a toll on affordability, putting a damper on the typically busier spring selling season, according to National Association of Realtors figures released Wednesday…
U.S. Pending Home Sales Falter
Manhattan Trophy Building Welcomes New Tenants
Posted by: | CommentsLWP Grabs Suburban Seattle Office Asset
Posted by: | CommentsUber’s Head of Finance Exits as Revenue Rises, Losses Narrow
Posted by: | CommentsUber Technologies Inc.’s revenue increased to $3.4 billion in the first quarter and losses narrowed, even as hundreds of thousands of people deleted the company’s ride-hailing app from their phones.
The company also said its head of finance, Gautam Gupta, is leaving. Gupta, who has long served as de facto chief financial officer even though he never earned the title, helped oversee investor calls and run the finance team. But there had been persistent questions from employees and investors about whether he had the experience to lead Uber through an eventual initial public offering. Uber said it’s now searching for a true CFO who can woo Wall Street…
Barrister Renews San Diego Master Lease
Posted by: | CommentsBarrister Executive Suites Inc., an executive suite provider, has renewed its 18,657-square-foot master lease at the third building of The Torrey Reserve office park in San Diego’s Carmel Valley. Rich Porreco, managing principal at Cresa, negotiated the renewal on behalf of Barrister.
Daikin Brings Cool $417M Campus to Houston
Posted by: | CommentsDaikin Industries Ltd., one of the largest heating, ventilating and air conditioning manufacturers in the world, has completed its $417 million state-of-the-art business campus on 500 acres outside Houston, where it is expected to eventually employ about 4,000 people.
Daikin Texas Technology Park in Waller County, about 40 miles from Houston, features a 4.2 million-square-foot building, the largest tilt-wall structure in the world and the second largest manufacturing facility in North America. The 90-year-old Japanese company began construction in March 2015. The plant will support the design, engineering and assembly of a wide variety of heating and cooling products for residential and commercial use that carry the Daikin, Goodman and Amana brand names…
Tottenham Hotspur Signs Loan Deal for $900 Million Stadium
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English soccer club signs facilities with HSBC, Goldman, BoAM
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Move will more than double matchday revenue for London team
Tottenham Hotspur Ltd., the Premier League soccer club that’s clawed itself up to become one of England’s elite teams, announced a 700 million-pound ($900 million) plan to fund a new 61,500 seater stadium.
Tottenham, based in London and commonly known as Spurs, has signed a 400 million-pound facility with Bank of America Merrill Lynch, Goldman Sachs Group Inc. and HSBC Holdings Plc, the club said in a statement on Wednesday. That replaces an interim 200 million-pound deal that was put in place in December 2015, of which 100 million pounds has been drawn to date. The financing was arranged by Rothschild & Co…
Goldman Buys $2.8 Billion Worth of Venezuelan Bonds, and an Uproar Begins
Posted by: | CommentsVenezuelan bonds would seem to be an unlikely target for global investors.
The country is in near revolt and has barely enough ready cash to feed its people, much less pay the billions of dollars in debt that the government owes to its foreign lenders.
Yet bonds issued by Venezuela’s national oil company, Petróleos de Venezuela, or Pdvsa, have attracted some of world’s most sophisticated investors. They are betting that the government will use its dwindling supply of dollars to pay bondholders instead of importing food and medicine for its people…
Goldman Buys $2.8 Billion Worth of Venezuelan Bonds, and an Uproar Begins
C&W to Lease Suburban Miami Office Asset
Posted by: | CommentsCushman & Wakefield has been awarded the exclusive leasing assignment of Aventura Corporate Center, a Class A, three-building office park in Aventura, Fla. Senior Director John O’Neil will lead the marketing efforts on behalf the owner.
The Housing Market Is Ripe for Tech Disruption
Posted by: | CommentsA colleague just had twins and is looking for a larger home. He wondered aloud “Where is Silicon Valley in the real estate world?” For those buying or selling a house, the impact of technology may not be especially visible.
But it is there. You just have to squint a bit to see it. Extrapolate the trend a decade out into the future, and the impact will become much more obvious…
Australia Home Prices Fall in May as Lending Curbs Start to Bite
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Housing prices decline 1.1% in month, led by Melbourne, Sydney
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Australia in ‘spectacular housing bubble,’ Citi’s Buiter says
Australian house prices fell in May for the first time in 17 months, in an early sign lending restrictions are starting to damp demand.
Home values in Australia’s state and territory capitals fell 1.1 percent last month from April, according to CoreLogic Inc. data released Thursday. Still, prices across the combined capitals were 8.3 percent higher than a year ago.
Australia’s Real Estate Boom Has Wall Street Wooing a Newspaper Publisher
Posted by: | CommentsSYDNEY, Australia — Wall Street has started a bidding war for Fairfax Media, an Australian company best known for the dowdy business of publishing newspapers. To understand why, look no further than Deanna McMath.
Ms. McMath, owner of a small business specializing in print and design, is trying to determine the value of the fixer-upper house she bought in 2009 in the Sydney suburb of Stanmore, and whether to sell it and cash in on the area’s wild property boom. Where she once would turn to the real estate pages of The Sydney Morning Herald, a Fairfax paper, she now scours two online real estate portals: Realestate.com.au, which is part of Rupert Murdoch’s media empire, under News Corporation, and Domain, which has quietly become Fairfax’s most lucrative business…
Skanska Breaks Ground on $343M NJ Hospital
Posted by: | CommentsThis $2 Million Condo Is Roosevelt Island’s Most Expensive Listing Yet
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Broker says his job ‘is always to push the envelope’
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Apartment listing is in line with Manhattan’s climbing prices
On New York City’s Roosevelt Island, a sliver of land across the East River from Manhattan, real estate broker Ben Garama is trying to set a record — and make a statement.
The Corcoran Group agent has listed a three-bedroom condo there for $2 million, the highest price ever sought — or paid — for a residence on the island, once home to a smallpox hospital and now bustling with construction of a new Cornell University campus…
Lincoln Brings Tenants to Atlanta-Area Campus
Posted by: | CommentsLincoln Property Co. Southeast arranged three leases at Northwoods Business Center, a 110,343-square-foot office park in Norcross, Ga. These new deals bring the occupancy rate to 92 percent at the three-building campus that also includes warehouse space.
Boston Mountain Clinic Opens in AR
Posted by: | CommentsBoston Mountain Rural Health Center leased 4,300 square feet of office and clinical space at The Park Shopping Center, Holiday Island, Ark., according to Lovely County Citizen. This marks the second medical facility in the area and provides affordable family medicine, pediatric care, women’s health, behavioral health and nutrition services.
Rise in Home Prices in 20 U.S. Cities Reflects Lean Inventory
Posted by: | CommentsA larger-than-forecast increase in home prices in 20 U.S. cities in March underscores both steady demand and lean inventory, figures from S&P CoreLogic Case-Shiller showed Tuesday.
Highlights of Home Price Report (March) |
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Watt Plaza Recertified to LEED Platinum Level
Posted by: | CommentsThe twin 23-story office tower located at 1875-1925 Century Park East in Los Angeles, Calif., earned the highest LEED certification for the second time. The Platinum LEED-awarded property, the first building in Century City to achieve the recognition, exceeded its previous Platinum performance by five points due to ongoing improvements and sustainability commitments from all vendors servicing the building. In addition, the LEED Platinum certification for Existing Buildings Operations and Maintenance is its third LEED award.
Switch Unveils $2.5B ATL Data Center Investment
Posted by: | CommentsInflation Cure Has Poland Humming and Central Bank Wanting More
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Zloty gains help keep inflation at bay by reducing import cost
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Annual price growth stayed at 2% for third month, survey shows
One of this year’s standout currencies in emerging markets is keeping Poland’s economy up and its inflation down. Not surprisingly, the central bank wants more of the same.
The zloty is off to the second-biggest surge against the euro among developing nations in 2017, making the central bank’s job easier by driving down the cost of imports. The appreciation has helped stop inflation in its tracks after a rebound that started late last year. May data due on Wednesday will show the annual price index remained unchanged at 2 percent for a third month, according to the median of 26 estimates in a Bloomberg survey…
TEP to Buy Solar Power for Historically Low Price
Posted by: | CommentsDowntown Atlanta Trophy Asset Changes Hands
Posted by: | CommentsChicago-based Zeller Realty Group has purchased downtown Atlanta’s 100 Peachtree. CBRE represented the sellers, Five Mile Capital Partners, of Stamford, Conn., and Equitable Real Estate Partners. The purchase price was not disclosed.
The 33-story, 622,000-square-foot, Class A building was developed by Equitable Life Insurance Co. in 1969 as its Southeast headquarters. Designed by Skidmore, Owings & Merrill, the tower is currently 82 percent leased to tenants that include Accenture, Koch Industries, Georgia’s Own Credit Union, law firm McGuireWoods and software maker CallRail…
RBNZ Says Financial Risks Have Receded as House Inflation Slows
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Central bank releases semi-annual Financial Stability Report
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New Zealand remains vulnerable to offshore risks, RBNZ says
New Zealand’s central bank said risks to the nation’s financial system have receded after house-price inflation slowed and global dairy prices recovered from a slump.
“New Zealand’s financial system remains sound and the risks facing the system have reduced in the past six months,” Reserve Bank Governor Graeme Wheeler said in the bank’s semi-annual Financial Stability Report Wednesday in Wellington. Still, he warned that global uncertainty remains elevated and that New Zealand would be vulnerable if a sharp reversal in risk sentiment drove up borrowing costs for banks…
Morning Agenda: A Newspaper Bidding War?
Posted by: | CommentsThe business of publishing newspapers may not be the most obvious thing to set a private equity executive’s heart fluttering.
And yet Wall Street is in a bidding war for Fairfax Media, the Australian company that owns The Sydney Morning Herald and Domain, a real estate portal.
What’s the attraction?
Property. In Sydney and Melbourne, Australia’s two largest cities, prices have been in an extended surge, and investors want a piece of the action through sites like Domain…
Morning Agenda: A Newspaper Bidding War?
Transwestern to Buy State Farm Project in Atlanta
Posted by: | CommentsTranswestern Investment Group recently announced that Transwestern Corporate Properties I Investor has entered into an agreement to purchase Park Center I, the first phase of State Farm’s more than 1.7 million square feet campus in Atlanta’s Central Perimeter. The acquisition is part of a sale-leaseback transaction that follows Transwestern’s purchase of the 2.2 million-square-foot mixed-use project in Texas.
Located at 236 Perimeter Center Parkway NE, the 13-story office tower is situated on a seven-level parking structure and also incorporates ground-floor retail. The Class A building is adjacent to the Dunwoody MARTA station. State Farm employees moved into the new location late last year and will continue to occupy the 602,000-square-foot building, which is the first phase of a three-tower development. The second phase includes the development of a 22-story office building and an 18-story property…
As Point72 Returns Flatline, Cohen Eyes $20 Billion for Fund
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Cohen’s family office has made no money this year, people say
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The new fund would raise about half the money from outsiders
Steve Cohen’s Point72 Asset Management has made no money this year and barely posted a gain in 2016. Even so, he’s set an audacious goal: raising close to $10 billion in outside capital next year.
Cohen plans to combine the new money with most of his family war chest of $11 billion, bringing the total to about $20 billion, according to people familiar with his family office. If successful, it would be the biggest hedge fund launch ever and the billionaire would manage more money than he did at his peak…
Rexford Acquires, Sells Industrial Properties in CA
Posted by: | CommentsRexford Industrial Realty Inc. acquired Safari Business Center in Ontario, Calif., for $141.2 million and completed the disposition of an industrial property in San Diego for $40.1 million.
The 52.2-acre Safari Business Center comprises 16 buildings totaling roughly 1.1 million square feet. The campus is currently 97 percent leased to 75 tenants, with spaces ranging from 7,000 to 36,000 square feet. Features include dock-high loading, 171 parking spaces, sky lights, low-finish floor plans and showrooms. The property is adjacent to the Ontario Airport within the Inland Empire West submarket…
FNB Tower Joins Raleigh Skyline
Posted by: | CommentsThe corporate parent of First National Bank will relocate into a new mixed-use tower that’s set for development in downtown Raleigh.
Dubbed FNB Tower to honor the anchor tenant, the office and residential high-rise developed by Dominion Realty Partners at 501 Fayetteville St. will be fronting City Plaza. Construction at the site is scheduled to begin in December, with delivery anticipated in mid-2019. Once completed, the new office tower is expected to attain LEED Platinum certification…
Cooling Real Estate Dents Canadian Consumer Confidence
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Measure of home price expectations tumbles from record in May
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Confidence on economy falls to lowest since November: survey
Canadians became less confident this month about housing and prospects for the economy amid the troubles of a Toronto mortgage lender, according to telephone polling.
The Bloomberg Nanos Canadian Confidence Index fell to 58.5 in the week ending May 26. That’s down from 59.4 at the end of April, the first monthly decline in four. The share of respondents who felt home prices would rise dropped to 45.5 percent, from a record 50.1 percent this month…
Lincoln Property Inks Leases at Atlanta Office Park
Posted by: | CommentsLincoln Property Co. Southeast has closed a series of leasing agreements at Executive Park, a five-building office campus in Atlanta that totals 321,000 square feet. The company secured two new leases, two renewals, one relocation and one expansion, bringing occupancy to 91 percent. The leasing advisory team led by Vice President Jeff Hanson and Associate George Gwaltney represented the landlord, Emory Healthcare.
IKEA Lands in Nashville
Posted by: | CommentsIKEA has started the process of opening a location in Nashville, Tenn., providing plans to the Metropolitan Government of Nashville and Davidson County for a proposed 341,000-square-foot store.
If approved, the store would be the second in the state for the Swedish-based company, following one in Memphis that opened last year…