Archive for Finance
Chicago Mixed-Use Lands $1.2B Research Hub
Posted by: | CommentsRelated Midwest, the Chicago office of multifamily and mixed-use developer Related Cos., has just secured an anchor for The 78, a 62-acre master-planned community in Chicago for which the company is serving as master developer. The University of Illinois System will build Discovery Partners Institute, a $1.2 billion public-private research and innovation center, at the sprawling site.
“Leveraging Related’s extensive experience in international placemaking, The 78 will be a transformative downtown neighborhood designed to respond to the rapidly changing demands of future generations, making it the ideal location for a dynamic institute like DPI,” Curt Bailey, president of Related Midwest, said in a prepared statement…
What Wall Street Has to Say About GE’s Shock Cut to Its Forecast
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GE Shares Tumble After Third-Quarter Earnings Miss Estimates
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Analysts Say ‘Reset’ May Mark Trough, Question Dividend
After General Electric Co. disappointed investors with its quarterly earnings and full-year forecast cut, the stock pared early losses, with several analysts saying the outlook is a total reset that may mark a trough for earnings. Others are now turning their attention to the company’s free cash flow and sustainability of its dividend after drilling into divisional results and stripping away extraneous charges. Shares dropped 0.3 percent to $23.51 at 1:25 p.m. in New York, after earlier falling as much as 6.3 percent, its worst slide in more than two years…
Daimler AG to Invest $1B in AL Mercedes-Benz Facility
Posted by: | CommentsDaimler AG, which will invest an additional $1 billion in its Alabama footprint, has become the latest automaker to announce plans to expand its manufacturing operations in the U.S. this year. The German company will manufacture electric SUVs under its Mercedes-Benz EQ sub-brand in Tuscaloosa, Ala., and also build several other projects in the region, adding about 2 million square feet in the state.
How Saudi Arabia Is Building Its $2 Trillion Fund
Posted by: | CommentsSaudi Arabia is stepping up plans to turn its sovereign wealth fund into a global giant. This week, it’s holding a coming-out party of sorts for the Public Investment Fund, which is central to the government’s effort to diversify the economy away from oil, under a plan known as Vision 2030. The Saudis are hosting the titans of investing and finance at a summit that aims to raise the profile of the PIF, which could eventually control more than $2 trillion, according to Crown Prince Mohammed bin Salman. That explains why many eyes will be on — and private jets winging toward — the Saudi capital…
Homeowners Hurt by Hurricanes Now Falling Behind on Mortgages
Posted by: | CommentsHomeowners affected by the hurricanes in Florida and Texas are now falling behind on their mortgages…
Homeowners Hurt by Hurricanes Now Falling Behind on Mortgages
Columbus Convention Center Debuts $140M Transformation
Posted by: | CommentsLMN Architects expanded and renovated the Greater Columbus Convention Center in Ohio. The $140 million, multi-building project added 137,000 square feet of new space and refurbished 800,000 square feet of the existing structure. Schooley Caldwell Associates served as associate architect for the project, with Corna Kokosing Construction Co. and Elford Inc. as construction manager.
SoCal Delivering for Investors in San Diego
Posted by: | CommentsHankook Tire Opens $800M TN Plant
Posted by: | CommentsHankook Tire opened its first U.S. manufacturing facility in Clarksville, Tenn. The company invested $800 million in a new 1.5-million-square-foot facility, where it will produce passenger car radial and light truck radial tires. The plant has already brought nearly 1,000 jobs to the local economy, a total that is expected to climb to 1,800 as infrastructure expands.
Morgan Stanley Has a New Top Trade: Call It the Not-So-Big Short
Posted by: | CommentsMorgan Stanley sees a way to make money betting against U.S. residential mortgage-backed securities. Just don’t say it’s a “big short.” …
Morgan Stanley Has a New Top Trade: Call It the Not-So-Big Short
TruAmerica Acquires $47M Orlando Community
Posted by: | CommentsThe Carroll Organization and Goldman Sachs Asset Management Private Real Estate sold a 300-unit multifamily community in East Orlando. TruAmerica Multifamily bought the asset for more than $47 million. Located at 102000 Falcon Pine Blvd., Arium Falcon Pines occupies a 21-acre site.
The property features 48 one-bedroom, 168 two-bedroom and 84 three-bedroom apartments. Lake Nona’s Medical City, the Central Florida Research Park and the University of Central Florida are all nearby…
NYC Billionaires’ Row Penthouse Foreclosure Auction Is Back On
Posted by: | CommentsThe foreclosure auction for a penthouse at Manhattan’s ultra-luxury One57 tower is back on…
NYC Billionaires’ Row Penthouse Foreclosure Auction Is Back On
Canada’s Bank Regulator Toughens Mortgage Qualifying Rules
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B-20 guidelines are aimed at uninsured market for home loans
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‘Collateral damage’ seen in markets outside Toronto, Vancouver
Canada’s banking regulator released final rules that will make it tougher for borrowers to take on uninsured mortgages, adding to a growing list of measures to rein in the nation’s housing markets…
Canada’s Bank Regulator Toughens Mortgage Qualifying Rules
Goldman Sachs Asks for $30,000 for Research Post-MiFID
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Package gives access to research portal for up to 10 users
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Includes attendance at events; speaking to analysts costs more
Goldman Sachs Group Inc. has asked some clients to pay $30,000 for up to 10 of their staff to access basic research through its analyst portal once the MiFID II rules come into force in January, according to people with knowledge of the matter…
Goldman Sachs Asks for $30,000 for Research Post-MiFID
Eco Group Plans $800M M-U Project Near Raleigh-Durham
Posted by: | CommentsHere Are Key Takeaways From Wall Street’s Third-Quarter Earnings
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Fixed-income trading proved largest problem for U.S. banks
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Record-high stock market boosted investment banking gains
As earnings season for the biggest banks drew to a close, Morgan Stanley and Goldman Sachs Group Inc. joined other major U.S. lenders in showing the advantages and drawbacks of calm markets…
Here Are Key Takeaways From Wall Street’s Third-Quarter Earnings
New Mortgage Rules May Push Borrowers to Alternative Banks, RBC Warns
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Canada’s alternative lenders face bigger impact from new rules
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OSFI’s stress tests will likely further slow housing, TD says
Borrowers who don’t meet the lending criteria of Canada’s big banks for home loans may turn to credit unions and private lenders under tougher mortgage rules released by the country’s banking regulator, according to RBC Capital Markets…
New Mortgage Rules May Push Borrowers to Alternative Banks, RBC Warns
Berkadia Tapped to Seek $650M for San Diego Project
Posted by: | CommentsA joint venture led by Manchester Financial Group tapped Berkadia Hotels and Hospitality to source a $650 million construction loan for the $1.3 billion Manchester Pacific Gateway project located on San Diego’s waterfront.
The 12-acre downtown bayside site reportedly is the largest undeveloped urban waterfront site on California’s coast and will eventually encompass 2.8 million square feet of hotel, office and retail space. The location is bounded by Broadway, Harbor Drive and Pacific Highway and is adjacent to the U.S.S. Midway Museum…
Trump-Inspired Political Funds Bring Active Twist to ETF Market
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EventShares funds aim to track Republican, Democratic policies
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Investments are picked using active, long-short strategies
Politics is always a gamble — and a couple of new exchange-traded funds are letting investors put real money on it…
Trump-Inspired Political Funds Bring Active Twist to ETF Market
London House Prices Fall Most Since Financial Crisis
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Values in capital likely fell 2.7% in September, Acadata says
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Picture less downbeat outside capital and southeast England
London house prices are falling at their fastest pace since the financial crisis, confirming the British capital as the worst-performing part of a slowing market…
Nordstrom Suspends Buyout After Struggling to Get Financing
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Announcement sends shares of department-store chain tumbling
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A review of options will continue after the holiday period
Nordstrom Inc. is suspending efforts to take the company private after struggling to get financing with favorable terms, another sign that the department-store industry has lost favor with both customers and investors…
Nordstrom Suspends Buyout After Struggling to Get Financing
Old Wall Street Is Losing the War Under the Surface of ETFs
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Electronic traders are boosting their share of market making
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Regulation has hurt this business for firms like Goldman Sachs
A hidden war is taking place within your exchange-traded fund, and some of the biggest names on Wall Street are losing out…
Old Wall Street Is Losing the War Under the Surface of ETFs
Canyon Square Plaza Trades for $23 M in Santa Clarita
Posted by: | CommentsCanyon Square Plaza, a 96,627-square-foot, grocery-anchored shopping center in Santa Clarita, Calif. changed hands for $22.5 million. The center is anchored by a 40,751-square-foot Vallarta Supermarkets. Dixie Walker and Charley Simpson, retail investment specialists with Cushman & Wakefield, worked on behalf of seller Kimco Realty, a real estate investment trust. The property was acquired by a private high-net worth investor.
Clarion Partners Lands $105M for LA Industrial Facility
Posted by: | CommentsClarion Partners secured $105 million in financing for The Brickyard, a fully-leased, Class A industrial facility in the Los Angeles submarket of Compton, Calif. HFF worked on behalf of Clarion Partners and its separate account client to place a floating-rate loan with a foreign bank.
Situated on 56 acres at 1701 North Central Ave. and 1430 McKinley Ave., The Brickyard is located in the heart of Los Angeles’ South Bay industrial submarket and offers close proximity to the Alameda Corridor, a 20-mile freight rail expressway that directly connects the transcontinental rail network near downtown Los Angeles to the Ports of Los Angeles and Long Beach…
London House Prices Fall at Fastest Pace Since Financial Crisis
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Values in capital likely fell 2.7% in September, Acadata says
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Picture less downbeat outside capital and southeast England
London house prices are falling at their fastest pace since the aftermath of the financial crisis, confirming the British capital as the worst-performing part of a slowing market…
London House Prices Fall at Fastest Pace Since Financial Crisis
Saudi Wealth Fund Builds $2.4 Billion Stake in Food Producer
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Public Investment Fund now holds 16.32% stake in Almarai
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Fund owns stakes valued at about $110b in listed Saudi cos
Saudi Arabia’s sovereign wealth fund became the third-biggest shareholder in Almarai Co. as it boosts investments at home and abroad…
Saudi Wealth Fund Builds $2.4 Billion Stake in Food Producer
Wells Fargo Hit by Surprise Charge From Pre-Crisis Mortgages
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Bank takes $1 billion charge for pre-crisis mortgage probe
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Surprise charge adds to headaches from fake accounts episode
Nearly a decade after the financial crisis, Wells Fargo & Co. is getting stung by bad behavior in the housing bubble…
Wells Fargo Hit by Surprise Charge From Pre-Crisis Mortgages
Sagging Growth Complicates India’s Bad-Debt Clean Up
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Loan amount due to ‘package failure’ has exceeded 2016 level
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Central bank is pushing for ‘end game’ in bad loan resolution
Sagging economic growth in India is complicating efforts to clean up a mountain of bad debt at the nation’s banks…
Sagging Growth Complicates India’s Bad-Debt Clean Up
U.S. Retail Sales Rise Most Since 2015 on Storm-Related Lift
Posted by: | CommentsU.S. retail sales jumped last month by the most in more than two years as motor vehicles lost to hurricanes were quickly replaced and higher prices lifted receipts at gasoline stations, Commerce Department figures showed Friday…
U.S. Retail Sales Rise Most Since 2015 on Storm-Related Lift
Eric Paulsen Takes on Leadership Role at Cushman & Wakefield
Posted by: | CommentsPhoenix Ritz-Carlton Hotel and Residences Lands $282M
Posted by: | CommentsFive Star Development secured $282 million in senior and mezzanine construction financing for the next stage of its Ritz-Carlton Hotel and Residences in Paradise Valley, Ariz., which is currently under construction.
HFF arranged $210 million in senior land and construction loan facilities with Bank of the Ozarks as well as $72 million mezzanine financing with Starwood Property Trust Inc. Loan proceeds will be used to refinance an existing land loan and construct the project…
What Bank Investors Learned From JPMorgan, Citigroup Results
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First day of earnings season showed trading revenue was muted
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JPMorgan had better lending margins, Citigroup cut expenses
JPMorgan Chase & Co. and Citigroup Inc. kicked off banks’ earnings season by showing the effects of muted trading and concerns about consumer credit, as well as by addressing some hot topics such as bitcoin…
What Bank Investors Learned From JPMorgan, Citigroup Results
Starbucks South Africa Rollout Plan Hindered by Funding Needs
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Taste plans to find way to free up cash in 4 weeks, CEO says
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Company needs more Starbucks outlets to offset startup costs
Starbucks Corp. South Africa operator Taste Holdings Ltd. plans to finalize a way to free up cash over the next four weeks as the retailer looks to repay debt and continue the rollout of the U.S. coffee chain in the country…
Starbucks South Africa Rollout Plan Hindered by Funding Needs
Grandbridge Names New Head of Miami Team
Posted by: | CommentsGrandbridge Real Estate Capital appointed Alex Haw as senior vice president and manager of its Miami and Southeast Florida loan origination team.
In this new role, Haw will assist the company in arranging permanent commercial and multifamily real estate loans and servicing loan portfolios, as well as providing advisory services for all types of commercial and multifamily real estate on a national basis…
Happily Paying $2,500/hr to See Morgan Stanley
Posted by: | CommentsSky-high investment banking research pricing is like a velvet rope at a hot new nightclub.
Some goods attract more demand as their price increases—think fashionably torn jeans. Or as their availability shrinks—like when only one discounted ticket is left. Investment banks seem to be betting on both when it comes to setting premium prices for their research. That may be a fair pitch, as new MiFID II rules push up barriers to entry and restrict supply. Banks will have to work harder to lure pickier clients, though…
Happily Paying $2,500/hr to See Morgan Stanley
CIT to Leave Reverse Mortgage Business
Posted by: | CommentsCIT Bank N.A., the bank subsidiary of CIT Group Inc., is exiting the reverse mortgage business with the planned sale of Financial Freedom and its reverse mortgage portfolio.
The amount of the deal, expected to close in the second quarter of 2018, was not released but the Pasadena, Calif.-based firm noted the transaction includes the sale of mortgage servicing rights and approximately $900 million of reverse mortgage whole loans, including other real estate assets owned as of June 30…
Wall Street Firms Gambled on Puerto Rico. They’re Losing.
Posted by: | CommentsA few days after Hurricane Maria leveled Puerto Rico, John A. Paulson, the billionaire hedge fund manager, boarded his company’s 23-seat Bombardier jet and flew to San Juan.
Mr. Paulson wanted to check personally on several resorts and a large office building that he and his firm own, two people familiar with the trip said. He traveled when commercial air traffic to the devastated island was limited and most private jets landing in San Juan were required to bring badly needed emergency supplies…
Wall Street Firms Gambled on Puerto Rico. They’re Losing.
Masayoshi Son’s Grand Plan for SoftBank’s $100 Billion Vision Fund
Posted by: | CommentsSAN FRANCISCO — When Eric Gundersen, the chief executive of a mapping start-up called Mapbox, met Masayoshi Son, the head of the Japanese conglomerate SoftBank, in late July, he expected to have to sell Mr. Son on what made Mapbox important.
But Mr. Son, 60, did not need to be convinced that Mapbox’s technology — which powers Lyft drivers and companies like Snap and Mastercard — had value. After a whirlwind courtship, Mr. Son’s nearly $100 billion Vision Fund, which SoftBank unveiled last October with money from Saudi Arabia and others, led a $164 million investment in Mapbox that was announced on Tuesday…
FX Traders’ $2.2 Trillion Dream Actually Closer to $456 Billion
Posted by: | CommentsDollar bulls may be disappointed if they’re pinning their hopes on Republican proposals that could clear the way for U.S. companies to repatriate profits stashed overseas, according to JPMorgan Chase & Co…
FX Traders’ $2.2 Trillion Dream Actually Closer to $456 Billion
Phoenix Industrial Asset Trades for $7M
Posted by: | CommentsWhat to Watch for as Wall Street Reports Third-Quarter Results
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JPMorgan, Citigroup come first, with earnings due Thursday
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Trading revenue, loan growth, bitcoin are among key issues
What to make of the surge in cryptocurrencies? Will the Trump
administration’s tax-overhaul proposals find traction anytime soon?…
What to Watch for as Wall Street Reports Third-Quarter Results
Singapore’s Central Bank Looks Likely to Remain on Hold
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Most economists see policy remaining unchanged on Friday
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Changes to forward-looking language eyed for future tightening
Singapore’s central bank is widely seen sticking to a neutral stance on Friday, but it may be moving closer to tightening policy as the economy continues to strengthen…
Goldman Has a New Way for You to Bet on the Next Banking Crisis
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Derivatives provide hedge or exposure to high-yield AT1 notes
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Other market makers to start publishing tradeable prices soon
Less than a decade after the last major banking crisis, Goldman Sachs Group Inc. and JPMorgan Chase & Co. are offering investors a new way to bet on the next one…
Goldman Has a New Way for You to Bet on the Next Banking Crisis
Multiplex Chosen for $2.8B Melbourne Development
Posted by: | CommentsOSK Property has appointed Multiplex, a Brookfield company, to deliver the first stage of its iconic $2.8 billion Melbourne Square development in Melbourne, Australia.
When completed, the development will be one of the largest mixed-use precincts in central Melbourne. Melbourne Square will consist of six towers ranging from 38 to 73 levels in height, with four of the towers acting as residential units and containing approximately 2,610 apartments. There’s also a 621-key hotel and an approximately 520,000-square-foot commercial tower…
China Debt-for-Equity Swaps Turn Out More Like Debt-for-Debt
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Shaanxi bond deal shows a new template for SOE workouts
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If funding is from debt, it’s not solving the problem: S&P
A key Chinese initiative to rein in the world’s largest corporate-debt load has been a program swapping some loans into equity stakes. As the initiative gets going, however, it’s becoming clear the debt isn’t really going away…
China Debt-for-Equity Swaps Turn Out More Like Debt-for-Debt
Equinix Acquires Istanbul Facility for $93M
Posted by: | CommentsIn a move to further enhance its global reach, Equinix purchased a facility from Zenium. This will be its second Istanbul data center, now renamed Equinix IS2. The company currently owns more than 180 International Business Exchange facilities across 44 markets, totaling roughly 17 million square feet. Earlier this year, Equinix closed a $3.6 billion deal with Verizon, acquiring a portfolio of 29 facilities across 15 markets.
U.K. Retail Sales Advance as Brexit Price Increases Persist
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Retail sales climb in September, driven by higher prices
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BOE officials are considering first rate hike in a decade
U.K. retailers are losing the battle against higher prices, potentially strengthening the case for the Bank of England to increase interest rates next month…
U.K. Retail Sales Advance as Brexit Price Increases Persist
Is Gold Really a Good Hedge?
Posted by: | CommentsBloomberg’s Macro Man columnist set out to test whether gold really offers protection against market turmoil. What he found was a bit of a surprise.
Gold bugs point to a myriad of reasons to own their favorite metal, from fiat currency debasement to gold’s history as a monetary unit. Among the favorites, however, is gold’s utility as protection against a market or political crisis. In August, for example, Bridgewater Associates LP’s Ray Dalio suggested investors should hold 5 percent to 10 percent of their portfolios in gold to hedge against rising political risks. I’m a macro strategist who writes Bloomberg’s Macro Man column, and I found myself wondering: Is gold really an effective hedge in periods of risk?…
Micro-Lending Tycoon Set to Become China’s Latest IPO Billionaire
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Min Luo, founder of Qudian, controls about 20% of the company
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Beijing business is latest IPO for booming fintech industry
Surging valuations for Chinese fintech startups are about to turn micro-lending tycoon Min Luo into the country’s latest IPO billionaire…
Micro-Lending Tycoon Set to Become China’s Latest IPO Billionaire
Las Vegas 644 KSF Site Changes Hands
Posted by: | CommentsA Utah-based LLC purchased a redevelopment site in central Las Vegas. Marcus & Millichap’s First Vice President of Investments in the firm’s Vegas office, Ray Germain, represented the seller, a California-based LLC. The transaction price was record-high, at $18.5 million, or $1.25 million per acre. Another record-breaking sale was closed by the investment and financing firm earlier this year—with $17 million paid for two self-storage properties in the Greater Milwaukee area…
Grocery-Focused REIT Completes $1B Sponsor Buy
Posted by: | CommentsIn a roughly $1 billion deal, Phillips Edison Grocery Center REIT I Inc. has acquired certain real estate assets and the third-party asset management business of its former sponsor and external advisor, Phillips Edison Limited Partnership.
The result of the transaction is an internally managed, publicly registered, non-traded REIT that focuses exclusively on grocery-anchored shopping centers. The new entity has a total enterprise value of about $4 billion and owns a diversified portfolio of 235 shopping centers in 32 states and totaling about 26.2 million square feet. In addition, its third-party asset management business manages more than $2 billion worth of grocery-anchored shopping centers…
Cryan Is Losing Support of Top Deutsche Bank Owners
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Investors want to see revenue growth under new strategy
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‘Pressure will mount if there isn’t an improvement’ by 2018
Chief Executive Officer John Cryan is losing the support of some investors just seven months into Deutsche Bank AG’s latest turnaround plan…
Cryan Is Losing Support of Top Deutsche Bank Owners
Xenia Buys Arlington Hotel for $105M
Posted by: | CommentsXenia Hotels & Resorts acquired The Ritz-Carlton Pentagon City, a luxury hotel in Arlington, Va. The company funded the acquisition with cash available on its balance sheet and its senior unsecured credit facility. The purchase price was $105 million, or approximately $287,670 per key.
Xenia estimates the acquisition price to be an 11.3x multiple of 2017’s forecast of hotel EBITDA and expects to generate around $2 million EBITDA for the remainder of this year. Recently, the hospitality company sold a portfolio of five luxury hotels, across four different cities, obtaining $163 million for the properties…
Balfour Beatty to Helm $260M Miami Project
Posted by: | CommentsBalfour Beatty just landed a $260 million contract for a premier development in Miami. The international infrastructure group has been tapped to build River Landing Shops and Residences, a 2 million-square-foot property that will sprout up along the Miami River in the city’s Health District. H&R REIT, Urbanx Co. and Matthews Southwest are the developers behind the mixed-use project.
What Contagion? Only Turkish Assets Are Suffering Nation’s Woes
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The lira and the nation’s stocks fell the most in the world
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Most emerging stocks and currencies are relatively unmoved
For a moment, it looked like the kind of event that could trigger a wider selloff across developing markets…
What Contagion? Only Turkish Assets Are Suffering Nation’s Woes
Digital Realty Extends Silicon Valley Footprint
Posted by: | CommentsDigital Realty will add a new facility to their already strong presence in Silicon Valley. Almost fully leased, the company’s 17 facilities in Santa Clara, Calif., deliver a total of 99 megawatts of IT load, are located on major fiber routes, and total over two million square feet. Last month, Digital Realty completed the acquisition of DuPont Fabros, for $7.8 billion.
Uncertainty Over Trump’s Promises Weighs on Banks
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Third-quarter loan growth probably slowed fourth straight time
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Corporations are delaying expansion while awaiting legislation
President Donald Trump’s pledges to overhaul taxes, trade, infrastructure and health care may thrill some corporate leaders, but it’s causing many to delay expansions. That’s bad for banks…
Uncertainty Over Trump’s Promises Weighs on Banks
Cash Is Pouring Into Singapore’s Biggest Private Venture Fund
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Singaporean VC firm is sussing out “deep tech” investments
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Finian Tan is looking to do more early-stage deals in China
The Singaporean venture capital firm led by Finian Tan, who made his name investing early in Chinese search giant Baidu Inc., has completed its largest fundraising yet to bankroll global deals…
Cash Is Pouring Into Singapore’s Biggest Private Venture Fund
Global Funds Eye Australia’s $1.8 Trillion Pension Pool
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Alternative managers linked to 41% of Aussie pension new deals
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Debt house THL hired director, sees pension market opportunity
More global fund managers are setting up shop in Australia, drawn to the nation’s A$2.3 trillion ($1.8 trillion) pension savings pool and new local investment opportunities…
Global Funds Eye Australia’s $1.8 Trillion Pension Pool
First Look at the $500M Willis Tower Redevelopment
Posted by: | CommentsDrop $60 Million, Build a Mansion, Become a Prince of Bel Air
Posted by: | CommentsIn what’s being billed as a “last of its kind” opportunity for the ultra-wealthy of Southern California, a 4.6-acre (1.9-hectare) parcel ready for development is coming on the market in the exclusive community of Bel Air. Asking price: $60 million. Just build a mansion on the land, and join such local nobility as Elon Musk and Jay Z and Beyonce…
Drop $60 Million, Build a Mansion, Become a Prince of Bel Air