Archive for Finance
Get Set for Petro, Venezuela’s Cryptocurrency Answer to Bitcoin
Posted by: | CommentsIn a new twist to the cryptocurrency craze, Venezuela, the South American oil giant in default on some of its dollar bonds, plans to issue its own digital unit, dubbed the petro…
Get Set for Petro, Venezuela’s Cryptocurrency Answer to Bitcoin
From Bitcoin to Belize, Here Are Best and Worst Assets of 2017
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It was a great year for copper, Ukrainian stocks, palladium
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Uzbekistan’s currency, Venezuelan bonds and sugar not so much
It was a great year to hold bitcoin, but a bad time to have been invested in the Uzbek soum…
From Bitcoin to Belize, Here Are Best and Worst Assets of 2017
Wall Street Picks the Best New Restaurants in New York
Posted by: | CommentsThe Grill is the favorite new dining room for the Bloomberg audience.
It should come as no surprise that Bloomberg Terminal users (aka the who’s who of the financial industry) eat out a lot. After all, there’s a lot of business to be done at restaurants, and it’s been a big year for New York dining, especially with the relaunch of the former Four Seasons space. So we took a poll among readers of Red Dot NYC, a weekly restaurant-openings newsletter available on the Terminal, to determine their favorite restaurants across the five boroughs. No surprise: It’s still all about Manhattan…
South FL Shopping Center Trades for $33M
Posted by: | CommentsWeingarten Realty Investors has sold Flamingo Pines Plaza, a 139,462-square-foot community shopping center in Pembroke Pines, Fla., to JBL Asset Management. According to South Florida Business Journal, the Walmart-shadow-anchored retail asset traded for $33.2 million.
Flamingo Pines Plaza is located at 12520 Pines Boulevard, at the heavily-trafficked intersection of Pines Boulevard and Flamingo Road, in an infill location. The site is situated adjacent to Pembroke Lakes Mall and east of Interstate 75, being exposed to more than 110,000 vehicles per day…
NYC Mixed-Use Development Secures $190M Loan
Posted by: | CommentsTrinity Place Holdings Inc. (TPHS) has secured $189.5 million in construction financing to develop 77 Greenwich St., a 300,000-square-foot mixed-use property in Manhattan.
When completed, the development will consist of 90 luxury condominiums and a public elementary school. The project’s hard costs are 93 percent “bought out” and are managed under a gross maximum price construction contract…
Wall Street’s Rushing to Raise S&P 500 Forecasts for 2018
Posted by: | CommentsTwo more Wall Street strategists bumped up their 2018 forecasts for the S&P 500 just days before the new year starts.
Jonathan Golub of Credit Suisse Group AG now predicts that the benchmark index will end next year at 3,000, up from a previous target of 2,875. Wells Fargo & Co.’s Chris Harvey boosted his projection to 2,863 from 2,784…
Wall Street’s Rushing to Raise S&P 500 Forecasts for 2018
Real Estate Financing: What to Expect in 2018
Posted by: | CommentsBarclays Takes $1.3 Billion One-Time Hit From U.S. Tax Bill
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Lender says measures positive in future for U.S. earnings
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Barclays says ultimate impact of changes still under review
Barclays Plc will take a charge of about 1 billion pounds ($1.3 billion) this year as a result of the recent U.S. corporate tax overhaul driven by President Donald Trump.
However, the British lender expects its future U.S. after tax earnings to be positively impacted by the changes, it said in a statement on Wednesday. The one-off charge in the financial year ended Dec. 31 will reduce its CET1 capital ratio by about 20 basis points, it said…
China Central Bank Official Says Bankruptcy May Benefit the Country
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PBOC’s Xu Zhong sees need to rein in local government debt
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Finance Ministry pledged to break expectations of bailouts
A Chinese central bank official said China should allow local governments to go bankrupt to help rein in regional authorities’ excessive borrowing…
China Central Bank Official Says Bankruptcy May Benefit the Country
Skanska to Build $125M Mixed-Use Tower in MA
Posted by: | CommentsSkanska USA’s strong relationship with EF Education First just got stronger. The construction and project development company has inked a deal with EF to construct the third building on the education company’s North Point campus in Cambridge, Mass. Skanska USA’s contract for the approximately 300,000-square-foot development is $125 million.
“Public-private partnership is increasingly key to creating critical social infrastructure, and EF’s growing campus is a prime and leading example,” Richard Kennedy, president & CEO of Skanska USA, said in a prepared statement…
Bixby Acquires Phoenix Industrial Facility for $10M
Posted by: | CommentsBixby Land Co. has acquired a 146,663-square-foot industrial warehouse and distribution facility in Phoenix. The company paid $9.5 million in cash for West 10 Business Center. Executive Managing Director Will Strong of Cushman & Wakefield represented the seller, Clarion Partners, while Bixby was self-represented.
China’s Didi Is Valued at About $56 Billion After Funding
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Ride-hailing giant completes $4 billion equity funding round
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Abu Dhabi’s Mubadala said to participate in financing
Didi Chuxing, China’s biggest ride-hailing app, increased its valuation to about $56 billion after completing a new funding round of more than $4 billion, people familiar with the matter said.
The financing increases its cash reserves to $12 billion and includes backing from Abu Dhabi’s Mubadala, the people said, asking to not be identified as the details are private. The company was previously said to be valued at $50 billion. Didi confirmed the $4 billion round and said it will help fund international expansion while SoftBank Group Corp. said it took part…
Wells Fargo, AT&T Try to Show Unpopular Tax Cut Helps Workers
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Boeing, Fifth Third also announce investments for employees
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Spending includes bonuses, minimum hourly pay increases
Looks likes corporate America is trying to sway public opinion on the unpopular tax bill — or at least gain favor with the president…
Wells Fargo, AT&T Try to Show Unpopular Tax Cut Helps Workers
Equinix to Acquire Metronode for $792M
Posted by: | CommentsEquinix has entered a definitive agreement with Ontario Teachers’ Pension Plan to acquire its equity interests in Metronode, an Australian data center business. The all-cash transaction is valued at $792 million and is expected to close in the first quarter of 2018. It is subject to some closing conditions and pending regulatory approval.
KeyBank Arranges $13M Loan for Self-Storage Portfolio in CO, MI
Posted by: | CommentsKeyBank Real Estate Capital has originated $12.5 million in CMBS, first mortgage loans for a three-property self-storage portfolio totaling 185,172 square feet in Colorado and Michigan. KeyBank arranged the loans with 10-year terms, five-year interest-only periods and 30-year amortization schedules. Loan proceeds will refinance existing CMBS debt.
The portfolio includes Mini U Storage Denver, a 65,660-square-foot facility that received a $4.3 million loan. Built in 1976, the asset comprises 12, one-story buildings, featuring 484 units and a leasing office…
Crypto Mania Rages With Bankruptcy, Stock Suspension, ETF Plan
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Wave of news Tuesday as digital currency frenzy heats up
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Korean exchange hacked, Crypto Co. gets regulator scrutiny
The wave of cryptocurrency news turned into a tsunami Tuesday.
Before traders broke for lunch in New York, a Korean crypto exchange went bust after getting hacked; a stock unheard of 24 hours earlier surged even after its CEO gave a rambling defense of its business; U.S. regulators halted a coin trader’s stock on suspicion of manipulation; alt coins from ether to iota reached new highs; and an app maker tripled after buying a bitcoin ATM patent…
Crypto Mania Rages With Bankruptcy, Stock Suspension, ETF Plan
BofA Adds New Perk for Its Bankers and Traders: Paid Sabbaticals
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Pilot program for long-term employees adds to vacation days
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Traveling, philanthropy, quality time with family suggested
Paid sabbaticals are coming to Bank of America Corp.
America’s second-largest lender told investment bank employees they’ll soon be able to take off up to an additional six weeks in a year — with pay…
BofA Adds New Perk for Its Bankers and Traders: Paid Sabbaticals
NY MOB Lands $17M Loan
Posted by: | CommentsBankrupt Toys ‘R’ Us Weighs Closing at Least 100 Stores
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Retailer is said to cope with declining holiday-season sales
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Toy-store chain filed for bankruptcy protection in September
Toys “R” Us Inc., which filed for bankruptcy in September, is considering closing at least 100 U.S. stores in the face of weak holiday sales, according to people with knowledge of the situation.
U.S. sales have declined about 15 percent this Christmas-shopping season from a year earlier, according to people recently briefed on the matter, who asked not to be identified because the information isn’t public. The number of closed stores could reach approximately 200, one of the people said, but no decision has been made…
Carter Validus Sells Data Center for $315M
Posted by: | CommentsIn a $315 million deal, an affiliate of Digital Realty Trust LP (DLR) has purchased an approximately 250,000-square-foot data center in the Chicago suburb of Northlake, Ill., from Carter Validus Mission Critical REIT Inc.
The data center was originally developed by Ascent LLC, and the 19-acre site provides room for expansion, a DLR spokesperson told Commercial Property Executive.
Designated CH2 by its developer, the center features an onsite 2N electrical substation, 2N UPSs and PDUs, and substantial security measures, according to information from Ascent…
Singapore Chip Firm Global A&T Files for Bankruptcy in NY
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A previous bond exchange comes back to haunt the chipmaker
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Firm lists debt of more than $1 billion, court papers show
Global A&T Electronics, a Singapore-based chip assembler that took on hefty debt a decade ago through a buyout by TPG Capital and Affinity Equity Partners, filed for bankruptcy as a 2013 debt exchange came back to haunt it…
China’s $189 Billion Giant of Finance Reveals a Huge Bet on Tech
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Ping An wants to get half its earnings from technology
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Shares have jumped 99% in 2017; CFO says they’re undervalued
These days, every big finance company worth its salt is finding ways to boost its bottom line with technology. Few are going quite as far as Ping An Insurance (Group) Co.
Over the past decade, the Chinese behemoth has invested billions in technology to make its insurance, lending and asset management businesses more competitive. In recent years, it started selling that tech — everything from online banking platforms to facial recognition systems — to other financial firms in China and around the world…
Bitcoin Takes Bigger Wall Street Stage With Smooth CME Debut
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Cboe’s exchange started offering similar contracts a week ago
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CME’s contracts get off to faster start in first hour Sunday
The world’s biggest exchange just joined the bitcoin revolution.
Bitcoin futures started trading Sunday night at CME Group Inc.’s venue, a week after Chicago rival Cboe Global Markets Inc. introduced similar derivatives on the volatile cryptocurrency. CME is a much bigger player in futures, so many traders expect it to make a bigger splash in the nascent space…
Bitcoin Takes Bigger Wall Street Stage With Smooth CME Debut
Kennedy Wilson Buys $60M Portland Mixed-Use Community
Posted by: | CommentsKennedy Wilson has purchased Savier Street Flats, a 179-unit community in Portland, Ore., for $60 million. This transaction marks the company’s third large deal in the Portland area in recent months. Kennedy Wilson secured an eight-year loan for $33 million at a fixed rate of 3.5 percent and invested $27 million in equity. Greystar manages the asset.
Stockholm Housing Slump Set to Deepen, State Mortgage Bank Warns
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Lender SBAB says new mortgage rules may have bigger impact
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Stockholm home prices could drop another 10-15 percent
Stockholm’s property market is falling…
Stockholm Housing Slump Set to Deepen, State Mortgage Bank Warns
This Was the Kind of Week Morgan Stanley Sees Going Away in 2018
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Morgan Stanley, AllianceBernstein expect a VIX pick-up in 2018
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S&P has gone 68 sessions without rising or falling 1 percent
When historians look back on the 2017 stock market, it will be weeks like this that they remember. Three up days, two down, volatility nowhere in sight, and a wire-to-wire gain of less than 1 percent…
This Was the Kind of Week Morgan Stanley Sees Going Away in 2018
U.K.’s Hammond Set to Agree $1.3 Billion of Deals With China
Posted by: | CommentsU.K. Chancellor of the Exchequer Philip Hammond will seal more than 1 billion pounds ($1.3 billion) of trade and investment deals with China during a two-day visit to the Asian nation, the Treasury said Friday…
U.K.’s Hammond Set to Agree $1.3 Billion of Deals With China
Falling Prices and New Mortgage Rules Boost Canadian Home Sales
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Brokers report 3.9% increase in November, with Toronto up 16%
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Tighter regulations kick in at beginning of new year
The recent drop in Canadian real estate prices and tougher regulations that kick in Jan. 1 are beginning to juice sales…
Falling Prices and New Mortgage Rules Boost Canadian Home Sales
Deutsche Bank Says Japan’s Retail Investors Are Behind Bitcoin’s Surge
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Japanese retail investors seen shifting from currency trading
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Men actually hold the majority of Japanese trading accounts
It’s not drug dealers and tax cheats, it’s Mrs. Watanabe…
Deutsche Bank Says Japan’s Retail Investors Are Behind Bitcoin’s Surge
Bitcoin Barely Rates a Mention Among Top Risks to Financial System
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U.S. regulators say current stability impact is very limited
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Digitial currencies pose regulatory challenge, FSOC says
The U.S. government’s chief watchdog for financial system threats put out its annual list of potential nightmares, and the burgeoning market for digital currencies such as bitcoin didn’t rate much more than a few lines in the 152-page report…
Bitcoin Barely Rates a Mention Among Top Risks to Financial System
Unibail-Rodamco to Acquire Westfield in $16B Deal
Posted by: | CommentsA plan by Unibail-Rodamco SE—Europe’s largest listed commercial property company—to buy Australia’s Westfield Corp. for nearly $16 billion will create a global leader in flagship shopping destinations, but it may also be the beginning of more consolidation in the coming year.
Wall Street Watchdog Becomes Forum to Cut Rules Under Trump
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FSOC calls on agencies to address ‘increased compliance costs’
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Council’s annual report calls for rethink of regulations
A high-powered panel that’s meant to spot dangers to financial stability is now urging regulators to review how rules are holding banks back, the latest sign of how much Wall Street oversight has changed under President Donald Trump…
What Wall Street Thinks About Disney’s $52 Billion Fox Hunt
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Analysts see acquistion and spin as positive for Disney, Fox
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See potential to reshape television, film space through deal
Disney has finally chased down Fox, and the Street is declaring it a victory for both sides…
What Wall Street Thinks About Disney’s $52 Billion Fox Hunt
Iron Mountain Forges U.S. Expansion with $1.3B Deal
Posted by: | CommentsIron Mountain, a leading storage and information management services company, continues its expansion into the data center market with the planned $1.3 billion acquisition of the U.S. operations of Phoenix-based IO Data Centers LLC.
The announcement comes about three months after the Boston-based company opened its fifth data center in the United States in Manassas, Va. The company invested more than $80 million in the 165,000-square-foot and 10.5-megawatt facility, the first phase of the Northern Virginia project. A total investment of more than $350 million in four data centers is planned there…
Shadow Lending Growing as Canadians Chase Housing Dream
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New rules will make it harder to get a mortgage at a bank
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Borrowers turning to unregulated lenders to help fill the gap
Mortgage broker Samantha Brookes is trying to figure out how to get one of her clients out of a housing-fueled debt hole…
Santa Clarita Mixed-Use Lands $21M
Posted by: | CommentsBuchanan Street Partners has closed on a $20.8 million construction loan for Newhall Crossings, a mixed-use project including 47 units and 20,167 square feet of retail space in Santa Clarita, Calif. Buchanan Street provided a 77 percent loan-to-cost, non-recourse construction loan for the project. Developed by Serrano Development Group, Newhall Crossings is slated for completion by 2019.
Canada’s Oil Capital Turns to Amazon and Airlines to Make Up for Price Plunge
Posted by: | CommentsEfforts to diversify Calgary’s economy beyond hydrocarbons are starting to work.
Mark Craig didn’t worry much when oil plunged from $100 a barrel to less than $50 in late 2014. Having worked in the Canadian oil industry since high school, the Calgary resident had seen booms and busts before. His confidence seemed justified when, just months after taking a buyout at British oil giant BP Plc, he was hired to manage the IT department at Calgary-based Penn West Petroleum in April 2015. Then, four months later, Penn West cut half its staff, including Craig, in the midst of an accounting scandal. Oil had just begun to take another leg down, ultimately bottoming below $30 a barrel, and no one in the city that’s the epicenter of Canada’s oil and gas industry was hiring. Two years later, no one is hiring still. “After Penn West, I realized there were basically no jobs out there,” says Craig, 56. “It was a very harsh reality that slapped me in the face.”…
JPMorgan Renews, Expands Boston Lease
Posted by: | CommentsJPMorgan Chase has signed an office lease renewal and expansion with a joint venture involving Meritage Properties and CV Properties. The tenant will expand onto three separate floors, taking more than 140,000 square feet in the Boston Seaport District.
With a total of 477,000 square feet of creative space, the asset was originally constructed in 1909 and previously served as a warehouse, until its conversion to offices in 1980. Despite the transformation, the building features high ceilings and traditional brick-and-beam architecture…
Surging Debt Will Make Asian Central Banks Cautious on Rates
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Robust growth offers window for official rates to be raised
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But tightening cycle is complicated by years of loose policy
Years of cheap money across Asia have left a legacy of surging debt that will force the region’s central bankers to be cautious when they eventually follow in the footsteps of South Korea by raising interest rates.
In South Korea, whose borrowing costs were boosted on Nov. 30, household debt has ballooned to about 150 percent of disposable income. It’s an even larger 194 percent in Australia. In China, it’s companies feeling the strain with corporate debt equating to about 160 percent of gross domestic product…
MA Hilton Hotel Lands $53M Financing
Posted by: | CommentsColliers International’s Boston-based Capital Markets group has arranged the joint venture equity financing for the construction of a 235-key, dual-branded Hilton Hotel. The property is situated at the busy intersection of I-95 and I-93, providing easy access and assuring high visibility.
The building will be located at 369 Washington St., in Woburn, Mass., amid a retail- and entertainment-dominated area. Madison Properties is the owner of the site and has received entitlements for the hotel and three retail pad sites since the initial acquisition. The company has leased one pad site to the now open gourmet burger chain, Red Robin, and another pad site to Chick-fil-A, scheduled for opening in 2018…
A Year in Review: South Florida’s Hotel Lending Climate
Posted by: | CommentsThis year offered a challenging lending climate for the hotel industry, prompting developers such as Rodrigo Azpurua, the founder & CEO of Riviera Point Development Group, to search more proactively for alternative financing options. The EB-5 investor program, private equity and crowdsourcing have proved to be some of the most successful alternative lending sources.
Vista Investment Goes Shopping in Portland Market
Posted by: | CommentsVista Investment Group has purchased the U.S. Customs House, a 67,000-square-foot building located in Portland, Ore. Eastern Real Estate sold the asset for $30 million. This transaction marks Vista’s latest acquisition of historic buildings located in urban neighborhoods. JLL’s Executive Vice President Paige Morgan, along with Managing Director Buzz Ellis and Senior Vice President Peter Furest, led the JLL team on the sale.
Morgan Stanley Defends Its ‘Most Controversial’ Call on the Yield Curve
Posted by: | CommentsWhen you have one of the most contentious projections on Wall Street for the U.S. Treasury market, it’s hard to avoid the limelight.
Morgan Stanley’s forecast that the difference between yields on short- and long-dated U.S. government bonds will narrow to zero late next year is spurring strong push back even as the gap tumbles to decade lows, the bank notes.
The forecasts — on both the shape and level of the curve — have the potential to roil bond trades and the Federal Reserve’s tightening path, while raising concern for a downturn in the business cycle…
Bitcoin’s First 24 Hours on Wall Street Feed Euphoria and Doubts
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New futures fly higher than bitcoin, prompting mixed reaction
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The ‘market opening was a mild disaster in many respects’
Bitcoin’s triumphant debut on Wall Street hasn’t ended the financial industry’s skepticism.
The new breed of futures contracts that launched on Cboe Global Markets Inc.’s exchange late Sunday quickly became a 24-hour microcosm of bitcoin’s own wild ride this year, marked by technical glitches and surging valuations. The first day left true believers cheering, yet kept many mainstream financial professionals peering uneasily from the sidelines…
Bitcoin’s First 24 Hours on Wall Street Feed Euphoria and Doubts
BLT Enterprises Sells $16M OR Warehouse
Posted by: | CommentsBLT Enterprises has sold a 91,711-square-foot distribution facility located in Central Point, Ore. for $15.9 million. Marcus & Millichap’s David Weinberg, Paul Kerber and Adam Lewis represented BLT Enterprises, while the buyer Tomchi Oregon LLC was represented by Barbara Kreis of Sperry Van Ness.
The property’s single tenant is FedEx Ground, which has been leasing the property for eight years. The warehouse is located in the Medford submarket, a region that has encountered a strong population growth in the past several years…
U.K. to Pledge $24 Million for Trade Development in 51 Countries
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Trade Secretary Liam Fox to anounce funding at WTO conference
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Aid will support developing economies by expanding exports
The U.K. government will donate 18 million pounds ($24 million) in trade development aid to 51 of the world’s poorest countries, the Department of International Trade said.
International Trade Secretary Liam Fox will announce the funding at the World Trade Organization’s ministerial conference in Argentina on Monday, the department said…
U.K. to Pledge $24 Million for Trade Development in 51 Countries
PAC Snags $19M FL Shopping Center
Posted by: | CommentsPreferred Apartment Communities Inc. (PAC) has expanded its Florida portfolio with the acquisition of Crossroads Market, a 126,895-square-foot shopping center in Naples, Fla. The $19 million deal was carried out through PAC’s wholly-owned subsidiary New Market Properties LLC., while HFF marketed the property on behalf of the seller, a private real estate fund advised by Crow Holdings Capital – Real Estate.
Key to Trigger Market ‘Inflection’ Is a 1% Real Fed Rate, JPMorgan Says
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By the second half of 2018, Fed may have more of an effect
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Real cash rate seen having more influence than yield curve
This year’s boom in financial markets has taken things to “late cycle,” but the cycle has a little ways to go yet, according to JPMorgan Chase & Co.
The key trigger for an “inflection point in risky markets and volatility” will be when cash rates adjusted for inflation are at 1 percent, JPMorgan strategists led by John Normand and Dubravko Lakos-Bujas wrote in a Dec. 8 note. Currently, the rate is about negative 0.5 percent, measuring the upper band of the Federal Reserve’s policy target minus the consumer-price index excluding food and energy…
Uber Mideast Rival Says Ride-Hailing Spend Beats Road Investment
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Careem gets backing from Rakuten, Didi, Daimler and others
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Mideast tech companies increasingly on investors’ radars
Once upon a time, building new roads was the most logical way to improve transportation. Now, making the most efficient use of roads is even more important, according to the chief executive officer of ride-hailing company Careem Inc.
“We believe ride hailing, or a version of it, is the best way to build public transport today,” Mudassir Sheikha said in an interview in Dubai, where Careem is based. There’s a Middle Eastern city “that’s building a metro bus system for $700 million dollars that will transport 200,000 people. If they invested the same amount in ride-hailing, it would have capacity for 1.5 million people and create 100,000 jobs.”…
NKF Arranges $27M Retail Sale in NH
Posted by: | CommentsNKF Capital Markets has completed the sale of The Windalier Portfolio in West Lebanon, N.H. The Davis Cos. acquired the 230,035-square-foot asset for $27.2 million. NKF Managing Director Justin Smith, U.S. Head of Capital Markets Robert Griffin and Executive Managing Director Geoffrey Millerd represented the seller, Dead River Properties.
Japan’s 3Q GDP Growth Revised Up to 2.5% on Capital Spending
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Upward revision to business investment exceeds expectations
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Drop in private consumption underscores soft consumer demand
Japan’s economy expanded in the third quarter more than initially reported, as the export recovery drove stronger business investment and rising inventories. Private consumption fell, underscoring the divide between external demand and consumer spending…
Japan’s 3Q GDP Growth Revised Up to 2.5% on Capital Spending
From Bezos to Walton, Big Investors Back Fund for ‘Flyover’ Start-Ups
Posted by: | CommentsWhen Steve Case, the billionaire co-founder of AOL, first met J. D. Vance, author of “Hillbilly Elegy,” the best-selling book about the industrial decline of the Midwest, Mr. Case told him, “I really love the book but there is a part of it I don’t love.”
Mr. Vance listened patiently.
“It helped frame the problem but it didn’t really offer up a solution,” Mr. Case told him…
From Bezos to Walton, Big Investors Back Fund for ‘Flyover’ Start-Ups
Silicon Valley Investor Takes Leave of Absence After Harassment Reports
Posted by: | CommentsSAN FRANCISCO — Shervin Pishevar, a Silicon Valley investor, is taking a leave of absence from his venture capital firm and the boards of several companies he sits on amid reports that he sexually harassed or assaulted five women.
In a statement on Tuesday, Mr. Pishevar said he was taking a leave from Sherpa Capital, the venture firm he co-founded; the transportation company Virgin Hyperloop One, which he also helped found; as well as other company boards…
Silicon Valley Investor Takes Leave of Absence After Harassment Reports
Houston Center Trades for $875M
Posted by: | CommentsIn one of Houston’s largest office transactions ever, the 4.2 million-square-foot Houston Center has traded for $875 million. Having relied on HFF to secure a buyer, institutional investors advised by J.P. Morgan Asset Management sold the nine-acre downtown property to Canada’s Brookfield Properties. HFF also arranged acquisition financing on behalf of Brookfield.
Griffin Capital Acquires $130M SC Office Campus
Posted by: | CommentsGriffin Capital Essential Asset REIT has acquired LPL Financial Carolinas Corporate Campus for $130 million. Comprising two buildings, the campus is fully leased to LPL Holdings, with 19 years remaining on its lease and a 1.8 percent annual base rental rate increase.
Deutsche Bank Records Said to Be Subpoenaed by Mueller
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Corrects Dec. 5 story that said subpoena ‘zeroed in’ on Trumps
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Subpoena is said to seek information on affiliated people
Deutsche Bank AG provided records to special prosecutor Robert Mueller’s investigation after receiving a subpoena several weeks ago, according to a person briefed on the matter…
Deutsche Bank Records Said to Be Subpoenaed by Mueller
C&W Closes Sale of 75-Acre Former Konyn Dairy Site
Posted by: | CommentsTouchstone Communities has bought a 75-acre site in San Diego from the Konyn Family for $6 million. The firm plans to develop Park Circle, a horizontal mixed-use, master-planned community. Located in in the heart of the emerging Valley Center at the northwest corner of Valley Center Road and Mira de Valle in San Diego, the land was formerly used by Konyn Dairy for agricultural purposes.
Laurentian Discloses Flawed Mortgages in Home Capital Echo
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Canadian lender’s shares fall after reporting audit results
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Montreal bank says it’ll buy back $142 million of mortgages
Laurentian Bank of Canada fell the most in almost nine years after reporting it found customer misrepresentations on some mortgage loans it sold to another firm, echoing problems that almost sunk alternative-lender Home Capital Group Inc. earlier this year…
Betting on Chinese Stocks? Check Foreign Holdings, Goldman Says
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Shares with more than 5% foreign ownership tend to outperform
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Examples in Shenzhen include Hangzhou Hikvision and Midea
It’s worth looking for companies with relatively high foreign ownership when buying Chinese shares, according to Goldman Sachs Group Inc.
Onshore stocks that are more than 5 percent-held by foreign investors typically beat the overall market, Goldman’s chief China strategist Kinger Lau said. Examples include Hangzhou Hikvision Digital Technology Co. and Midea Group Co., which have surged 125 percent and 82 percent in the past 12 months as a trading link to Shenzhen boosted their foreign ownership to more than 9 percent. The Shenzhen Composite Index has dropped 9.7 percent since the link was opened on Dec. 5, 2016…
Becker Properties Nabs San Diego Shopping Center for $10M
Posted by: | CommentsBecker Properties has completed its fourth retail acquisition in San Diego County during the past 24 months. The newest addition to its portfolio is Riverdale Shopping Center, a 66,416-square-foot property located in the Mission Gorge of San Diego submarket. Becker bought the CVS-anchored retail center for $10.1 million, from a joint partnership advised by investment firm SENTRE. The partnership includes Peckham Properties Inc., Commercial Sites Ltd. and Wells Fargo Bank as trustee of McKinney Survivor’s Trust.