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U.S. race poses ‘clear risks’ to Mexico peso, strategists say
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Peso may fall to as low as 22 per dollar should Trump win
Mexico’s peso looks poised for further declines as risks related to the U.S. presidential election increase, Citigroup Inc. said.
Given Republican nominee Donald Trump’s “anti-Mexico rhetoric, the U.S. election presents clear risks to the Mexican peso,” emerging-markets strategists Dirk Willer and Kenneth Lam wrote in a research note published Monday. They recommend buying dollar-call and peso-put options expiring Nov. 10 to bet on further peso weakness, and said the Latin American currency generally offers a good hedge for “Trump risk” in global portfolios…
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To Hedge Against ‘Trump Risk,’ Bet Against Peso, Citigroup Says
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Designed by Perkins Eastman, the 63,500-square-foot expansion is scheduled for completion in 2017.
Rendering of the expanded Laboratory for Astrophysics and Space Research, Chicago
Chicago—The University of Chicago has broken ground on a Perkins Eastman-designed two-story addition to its Laboratory for Astrophysics and Space Research on Ellis Avenue in South Side Chicago.
The expansion will update and expand the single-story building designed by Skidmore, Owings & Merrill back in 1964. The new space will house both the university’s theoretical and experimental research groups, as well as the department of physics, including the Enrico Fermi Institute and the Kadanoff Center for Theoretical Physics…
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UChicago Starts Work on Research Facility Expansion
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All 17 economists in survey said rate to remain at 0.1 percent
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Central bank is monitoring impact of Brexit vote on exports
The Bank of Israel left its benchmark interest rate near zero, as growth slowed, home prices rose and exporters braced for the impact of the U.K.’s vote to leave the European Union — Israel’s largest trading partner.
The decision to hold the rate at 0.1 percent was forecast by all 17 economists in a Bloomberg survey. The central bank said last month it was closely monitoring developments surrounding the Brexit vote, amid fears it could crimp demand for exports that declined 12.9 percent in the first quarter, excluding diamonds and startups. The bank last changed the rate in February 2015…
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Bank of Israel Holds Rate as Home Prices Rise, Growth Slows
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Banco Santander SA’s car-financing unit in the U.S. tumbled in New York trading after saying it will delay release of its second-quarter financial report.
Santander Consumer USA Holdings Inc.’s shares fell 15 percent to $10.09 at 9:33 a.m., the most intraday since January 27. The stock declined 25 percent this year through July 22, compared with the 1 percent advance of the Russell 1000 Financial Services Index…
Santander’s U.S. Auto Lender Tumbles on Delay in Earnings Report
Permanent link to this post (78 words, estimated 19 secs reading time)
The 231,000-square-foot Willow Brook Centre in Bristol opened in 2009 and is anchored by Tesco.
Willow Brook Centre, Bristol, England
Bristol, England—CBRE Global Investment Partnersrecently announced its acquisition of the Willow Brook Centre in Bristol for £88.8 million, or approximately $116 million. The asset was bought on behalf of the CBRE GIP European Co-Investment Fund (ECF) working with Arax Properties. This is the fund’s fifth purchase.
Situated in Bradley Stoke, a suburb north of Bristol, the Willow Brook Centre is a 231,000-square-foot retail park anchored by Tesco. The property, which opened in 2009, has 40 other tenants, some of which include Argos, Iceland, Boots, Poundstretcher, Pets at Home, KFC, Costa, Subway, Vodafone, Poundworld, Giant and Carphone Warehouse…
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Infor becomes first Canadian SPAC to get required transaction
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Element’s board approves split into two separate companies
Infor Acquisition Corp. will become Canada’s first special purpose acquisition company to find a required qualifying transaction after agreeing Monday to participate in the splitting of Element Financial Corp.
Shareholders of Infor will receive shares of Element Financial’s commercial-finance business at fair market value after the unit is carved out of the Toronto-based company, Infor said Monday in a statement. Element Financial, one of North America’s largest equipment-finance firms, said in a separate statement that its board approved a plan to split into two publicly traded companies, and disclosed the agreement with Infor…
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Infor Finds Qualifying Deal as Element Financial Split Endorsed
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Share of companies raising guidance near 12-year high
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Bank of America finds investors rewarding stocks that do so
For all the fretting about the recession in U.S. corporate profits, second-quarter results are providing at least one reason for optimism, according to Credit Suisse Group AG. It’s the number of companies raising forecasts for coming quarters, a ratio that has jumped toward a 12-year high.
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Credit Suisse Sees Rays of Earnings Light in S&P 500 Forecasts
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CBRE Richmond arranged the sale of 2810 Centre between North Parham Road and Premier Tech Center,
2810 Centre
Richmond, Va.—
CBRE Richmond recently announced North Parham Road’s disposition of a 142,015-square-foot office building located in
Richmond’s largest suburban submarket, the Northwest Quadrant. 2810 Centre was sold to Premier Tech Center for $10.4 million.
Located at 2810 North Parham Road, 2810 Centre is a 3-story office building which includes major tenants such as GSA, Xerox, Infian, Virginia Polytechnic Institute, University of Virginia and UnitedLex. The property was 86.5 percent occupied at the time of sale.
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Premier Tech Center Snags142KSF Office Building near Richmond
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The current equity commitments provide Fund II with $775 million in purchasing power.
Left to right: Jim Yoder, Paul Smith, Fred Hamm, David Seifert and Mike Lewis of Velocis
Dallas—Velocis has closed its second fund with equity commitments exceeding $270 million, bringing Velocis Fund II assets under management to $400 million.
The current equity commitments provide Fund II with $775 million in purchasing power, incorporating moderate leverage. Management anticipates raising an additional $50 million of co-investment equity from investors, giving Fund II approximately $920 million in purchasing power…
Velocis Closes Second Fund, Raises $270M
Permanent link to this post (95 words, 1 image, estimated 23 secs reading time)
Elliott Management has just shown a dilettante how activism is done.
Elliott, a hedge fund run by the billionaire Paul Singer, has persuaded the PulteGroup to add three new faces to its board. Pulte, a $7 billion home builder, will also cut investment in new land and buy back more shares. The constructive engagement between the pushy 4.7 percent shareholder and PulteGroup management is in stark contrast to the founder William Pulte’s ham-handed campaign against the soon-to-depart chief executive, Richard Dugas.
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Elliott Management Shows PulteGroup Founder How to Get Things Done
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Rockwood Capital shelled out $165 million to acquire the 11-acre Playa Jefferson campus in Los Angeles.
Playa Jefferson, Los Angeles
Los Angeles—Vantage Property Investors found a diamond in the rough in Los Angeles’ Playa Vista neighborhood and transformed it into Playa Jefferson, a gem that just fetched $165 million. The real estate investment and development company sold the 11-acre creative office complex to an affiliate of Rockwood Capital LLC, just five years after picking it up for a mere $33 million.
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Vantage Sells Coveted Silicon Beach Office Asset
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Photographer: Munshi Ahmed/Bloomberg
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Monetary stimulus seen distorting nation’s debt, stock markets
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Japan-focused funds sank more than Europe, U.S. peers in June
As one of the world’s biggest investors in hedge funds, it’s Raymond Nolte’s job to find traders who can navigate even the toughest markets. Right now, he doesn’t trust anyone to do that in Japan.
The chief investment officer of SkyBridge Capital has zero exposure to Japan-focused hedge funds, saying that unprecedented monetary stimulus has made the nation’s debt and equity markets too distorted to manage. For Nolte, the situation in Japan is an extreme version of what’s happening around the world as central banks use unconventional measures to spur economic growth…
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Why SkyBridge Keeps All Its $13 Billion Out of Japan Hedge Funds
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Here’s a look at what’s coming this week.
TECHNOLOGY
Four tech giants to report earnings.
This is a big week for tech company earnings, as Twitter, Facebook, Apple and Alphabet — Google’s parent company — are expected to report their quarterly financials. The theme remains the same for all four companies: to describe how well they are monetizing their mobile customers, whether it is iPhone sales for Apple or the performance of mobile advertising for Facebook, Twitter and Google. Mike Isaac…
Oil and Tech Giants’ Earnings, a Fed Meeting and an Estimate of U.S. Growth
Permanent link to this post (96 words, estimated 23 secs reading time)
Corporate bond buying is the latest craze among central bankers. But don’t expect the Bank of England to follow suit.
Photographer: Chris Ratcliffe/Bloomberg
After being surprised by the lack of an interest rate cut in the U.K. this month, investors shouldn’t be so sure they know what Mark Carney’s next move will be.
The Bank of England Governor will likely spurn the latest fashion among central bankers — buying corporate bonds — according to Citigroup Inc. analysts led by Hans Lorenzen, who said their call jars with market expectations. As they wrote:
Mark Carney Could Still Surprise Investors on BOE Policy
Permanent link to this post (101 words, 1 image, estimated 24 secs reading time)
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KKR, Blackstone among partners for fund that invests globally
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CreditEase has 3,200 wealth advisers to distribute products
CreditEase Group, which runs a wealth manager and peer-to-peer lender Yirendai Ltd., is seeking to raise $200 million for a global private equity fund as Chinese individuals step up investing abroad.
The fund allows people on the mainland to tap assets overseas, with investments starting from $150,000, according to Seungha Ku, head of offshore private equity at Beijing-based CreditEase. KKR & Co. and Blackstone Group LP are among the partners for the product, which focuses on consumer, telecommunications, media and technology, health care and industrial businesses in North America, western Europe and developed Asia, he said…
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China’s CreditEase to Raise $200 Million for Private Equity Fund
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The 70-acre waterfront project will be anchored by a 480-foot-tall observation tower.
Rendering of The Spire, San Diego
San Diego—A plan for a 70-acre waterfront redevelopment in San Diego is moving closer to reality now that the San Diego Port Authority Commission has voted to back a $1.2 billion proposal that would include a 480-foot-tall SkySpire observation tower.
The commission is expected to complete a final review of the Seaport San Diego plan by October. It was one of 11 received by the SDPAC for a redevelopment of San Diego’s Seaport Village and Central Embarcadero area. The spire, which would be erected by ThrillCorp Inc. of Orlando, Fla., is part of a mixed-use project proposed by a consortium led by Protea Waterfront Development as the managing member…
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$1.2B Redevelopment Planned for Downtown San Diego
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Dollar bond issuance surges to quarterly record $18.7 billion
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Shows efforts to limit outflow pressures, RBS economist says
China’s national team is getting bigger.
After stepping into the currency and equity markets repeatedly over the past year to stem declines, government-linked entities are now spurring capital inflows by raising money offshore and bringing it home. Sales of dollar bonds by some of China’s biggest state-run firms rose to a record $18.7 billion in the April-June period, about 80 percent higher than the average of the previous four quarters. In comparison, overall issuance by Chinese companies shrank 11 percent as a weakening yuan drove up the cost of servicing overseas debt…
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China State Firms Help Offset Outflows With Overseas Debt
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German lender will report second-quarter earnings on July 27
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Deutsche Bank has lost 42% of its market value this year
Deutsche Bank AG’s John Cryan will try to convince investors this week that his efforts to turn around Europe’s biggest securities firm will succeed. It’s a narrative that’s becoming harder to sell.
The quarterly update on Wednesday comes nine months after Cryan announced plans to cut thousands of jobs and shrink risky assets to boost profitability and capital levels. The chief executive officer has since had to put the sale of German consumer lender Deutsche Postbank AG on hold, scrap the development of a “digital bank” and contend with the departure of several senior bankers…
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Deutsche Bank Set for Investor Scrutiny as Short Sellers Circle
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Urban Soccer will open its first indoor location in the U.S. on the building’s third floor.
Whale Square, Brooklyn
New York—Madison Realty Capital has signed a 63,000-square-foot lease with Urban Soccer, a leading operator of indoor and outdoor soccer leagues in Europe. The company will establish its first U.S. indoor facility, and second U.S. location overall, on the third floor of Whale Square, MRC’s 500,000-square-foot, mixed-use development in Sunset Park, Brooklyn.
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Madison Realty Lands New Tenant at Brooklyn’s Whale Square
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Swedish company in dialogue with U.K. clients, subcontractors
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Shares fall as profitability hurt by projects in Poland, U.S.
Skanska AB, the Swedish construction company that built the City of London’s landmark Gherkin building, lowered its outlook for U.K. non-residential construction after the country voted to leave the European Union.
“Ahead of the Brexit vote, private developers were in a wait-and-see mode and refrained from starting projects — that cautiousness has continued after the referendum,” Chief Executive Officer Johan Karlstroem said in a phone interview on Friday. “The worst case scenario is a continued prolonged uncertainty.”…
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Skanska Expects Brexit to Hurt Non-Housing U.K. Construction
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A Marcus & Millichap representative arranged the sale on behalf of the owner, an unnamed partnership, and procured the buyer.
Inland Auto Service Center
San Bernardino, Calif.—Commercial real estate brokers out of
Marcus & Millichap’s Ontario office have completed the sale of a San Bernardino retail property. The Inland Auto Service Center is an automotive property that claimed a purchase price of $1.2 million. The buyer was an individual/personal trust represented by exclusive listing holder Chuck Shillington, an
investment specialist in the firm’s Ontario office.
Located at 1680 South Central Camino Real in San Bernardino, Inland Auto Service Center is located on a 1.5-acre land parcel. Offering a total of 17,749 square feet of space, the asset offers proximity to the I-215 and the 10, as well as signage in a heavily trafficked area. Built in 1975, the asset last went through an extensive renovation in 1990. Other such properties in the area are Toyota, Subaru, Scion, and Mitsubishi auto dealers…
Permanent link to this post (171 words, 1 image, estimated 41 secs reading time)
Some investors of the film “Equity.” Standing, from left, Deborah Carstens, Candy Straight, Salima Habib, Janice Reals Ellig, Christine Toretti, Linda Zwack Munger, Audrey McNiff, Susan Bevan, Suzanne Ordas Curry and Anne Erni. Seated, from left, Linnea Roberts, Monica Mandelli and Barbara Byrne. CreditRobin Holland
When Sarah Megan Thomas and Alysia Reiner were pitching “Equity,” their film about female executives on Wall Street, they showed potential backers a video of the way women were typically depicted in finance movies: as demeaned assistants, “background players, hookers, strippers,” Ms. Reiner said. Rarely were women the bosses who made the deals, or even the negotiators who enabled them.
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What Did It Take to Make ‘Equity,’ a Film About Women on Wall Street?
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Demand driven by higher end of the market as stocks rise
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First-time buyers return, making up highest share since 2012
Sales of previously owned homes unexpectedly climbed in June to the highest level in more than nine years, giving a boost to residential real estate as it approached the end of its busy selling season.
Key Points
- Contract closings climbed 1.1 percent to a 5.57 million annual rate (forecast was 5.48 million), the most since February 2007
- Sales increased 1.9 percent from June 2015 before seasonal adjustment
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Sales of Existing U.S. Homes Rise to Highest Level in Nine Years
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Firm to contribute small amount of capital under new rules
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Some employees may participate, helping align interests
Goldman Sachs Group Inc. is about to start raising money for its first private-equity fund since the financial crisis, potentially gathering $5 billion to $8 billion, according to a person with knowledge of the matter.
The fund won’t be as large as some of the investment bank’s earlier vehicles, and the firm will contribute a relatively small amount of the capital because of post-crisis restrictions on risk-taking by banks, the person said, asking not to be identified because the plans are confidential…
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Goldman Said to Plan Buyout Fund Wielding Up to $8 Billion
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LONDON — Terra Firma, the European private equity firm founded by the British financier Guy Hands, said on Thursday that it had hired Andrew Geczy, a banker who has worked at several different institutions, as its new chief executive.
Mr. Geczy, who most recently served as chief executive of international and institutional banking at the Australia and New Zealand Banking Group, will join Terra Firma full time in September, the company said.
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Terra Firma Hires Andrew Geczy as C.E.O.
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U.S. home prices rose 5.6 percent in May from a year earlier as buyers competed for a scarcity of listings.
Prices climbed 0.2 percent on a seasonally adjusted basis from April, the Federal Housing Finance Agency said in a report Thursday from Washington. The average estimate of 18 economists was for a 0.4 percent gain, according to data compiled by Bloomberg.
The improving job market and low mortgage rates are fueling competition for housing and driving up values. The inventory of previously owned homes on the market at the end of May fell 5.7 percent from a year earlier, according to the National Association of Realtors…
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U.S. Home Prices Rose 5.6% in May From Year Earlier, FHFA Says
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KCG sees growth for nontraditional foreign-exchange players
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Most firms already deal indirectly with nonbanks: Eaton Vance
Be careful what you wish for — that’s the advice from State Street Corp. to the newest market makers in the $5.3-trillion-a-day foreign-exchange market.
As hedge funds and automated-trading firms ramp up their currencies businesses, they’ll probably attract more interest from regulators, said Chip Lowry, senior managing director at State Street Global Markets in Boston, in a conference call Tuesday hosted by Greenwich Associates.
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Hedge Funds Face More Scrutiny as They Expand FX Market Making
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Two office suites were combined to enhance meeting spaces and allow the company to continue to grow.
Burbank, Calif.—Beverage manufacturer Neurobrands recently announced that the renovation process of its corporate office in Burbank is complete. Handled by McCormick Construction, the process combined two separate spaces occupied by the energy and health drink manufacturer to enhance and expand the amount of room it has to further its growth.
Neurobrands corporate office
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McCormick Construction Debuts Neurobrands’ New Office
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Denmark’s biggest mortgage bank is warning there’s a risk the housing market may get “out of control,” especially around cities, as long-term negative interest rates make borrowers complacent.
“To be concrete, there is a danger that Danes go blind to the risk of rates ever rising again,” Tore Stramer, chief analyst at Nykredit in Copenhagen, said in an e-mail. “That raises the risk of a major housing price decline, when rates at some point or other start to rise again.”
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Denmark Faces ‘Out of Control’ Housing Market in Negative Spiral
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Ford, GM, Nissan, Tesla join with U.S. government, utilities
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U.S. to offer $4.5 billion to back nationwide charging network
The Obama administration will invest as much as $4.5 billion to build electric-car charging stations, creating a network stretching coast-to-coast to reduce “range anxiety” and potentially improve consumer acceptance of the lower-polluting vehicles.
The initiative will release the Energy Department loan guarantees to support a commercial-scale roll out of charging stations, with federal, state and local governments partnering with automakers like Ford Motor Co., General Motors Co., Nissan Motor Co. and Tesla Motors Inc…
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Anxiety-Free Electric Car Journeys Are Goal of U.S. Loan Program
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The former Imperial Sugar Refinery in the Houston area will get a fresh start as an 855,000-square-foot mixed-use destination.
Aerial rendering of the Imperial Market project
Houston—Imperial Market Development LLC is moving ahead with plans for a $200 million mixed-use project at the 26-acre former Imperial Sugar Refinery site in Sugar Land, Texas, that will feature retail, a hotel, offices and luxury multifamily housing.
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Purchases of existing homes climb to more than nine-year high
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Unemployment-benefit rolls hover near lowest level in decades
What you need to know about Thursday’s U.S. economic data:
EXISTING-HOME SALES (JUNE)
- Contract closings rose to 5.57 million annual rate (forecast was 5.48 million), the most since February 2007
- First-time buyer share of all transactions rose to 33 percent, the highest since July 2012
- Inventories dwindled by 5.8 percent from a year earlier to 2.12 million units, the lowest for a June since 2001
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Home Sales Climb, Jobless Claims Steady: U.S. Economic Takeaways
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Come for the view, stay for the private restaurant.
As New York’s luxury market continues to sag, the top end of the condo market is going to increasing extremes to attract a finite number of global elites. With the initial release today of images and information for the three full floors of amenities offered at 432 Park Avenue, buyers have the chance to see just how far the building’s developers are willing to go—call it an arms race in which the weapon of choice is travertine marble.
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Here Are the Luxe Amenities in NYC’s Tallest Residential Building
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RIDC has broken ground on an innovative spec industrial project in Pittsburgh.
The Tech Forge rendering
Pittsburgh—Regional Industrial Development Corp. continues its push to put Lawrenceville, Pa., on the map as a leading robotics hub with the groundbreaking for The Tech Forge, a 64,000-square-foot spec industrial project just a stone’s throw from Carnegie Robotics, a spinoff company of Carnegie Mellon University’s prestigious National Robotics Engineering Center in Pittsburgh.
The Tech Forge, the building of which is being spearheaded by general contractor Franjo Construction, will be a flex facility, featuring both high-bay and office space—but that’s not all. Designed by Desmone Architects, the green building will offer amenities not oft found at industrial properties, such as bike parking and a roof-top deck…
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Investor focus is on bad loans in Italy’s banking system
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Lack of pass/fail mark could give deceptive sense of security
Italian banks, whose woes have prompted a debate over state aid, may not be the only ones in the spotlight next Friday when regulators publish their latest health check on Europe’s largest lenders.
Though Italy’s Banca Monte dei Paschi di Siena SpA will probably attract the most scrutiny with its mountains of soured debt, German, Austrian and Nordic banks also may be shown in an unpleasant light when the London-based European Banking Authority sets out its findings…
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From Paschi to German Lenders, Investors Brace for Stress Tests
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There’s no room on the waterfront.
Photographer: George Rose/Getty Images
Vancouver is one of North America’s hottest real estate markets—a city of million-dollar teardowns that’s become notoriously unaffordable for the young and the middle class. And potential homebuyers aren’t the only ones feeling the squeeze.
The Port of Vancouver, Canada’s biggest, is being hemmed in as property is snapped up for housing, offices, and even movie sets. The regional port authority estimates the region may run out of industrial land within 10 years. This could push some of the port’s$200 billion in trade to rival gateways if related businesses “can’t get a site or can’t do it in an economic way,” says Peter Xotta, vice president for planning and operations for the authority…
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Condos and Industry Battle It Out in Vancouver’s Red-Hot Real Estate Boom
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Domestic probes have found no wrongdoing, government says
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1MDB remains subject of police investigation in Malaysia
Malaysia’s government said it will cooperate with lawful investigations of local companies or its citizens, as U.S. prosecutors seek to seize $1 billion in assets they say are linked to a fraud trail leading from a Malaysia state fund.
“As the prime minister has always maintained, if any wrongdoing is proven, the law will be enforced without exception,” Tengku Sariffuddin, press secretary to premier Najib Razak, said in an e-mailed statement on Thursday.
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Malaysia Pledges to Cooperate as U.S. Seeks to Seize Assets
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About $5.3 trillion changes hands daily in the foreign exchange market. When banks make trades in currencies on behalf of customers, similar to when they trade other securities like stocks or bonds, they are supposed to put the client’s interests ahead of their own. But that’s not how it always works out. In a case announced on Wednesday, prosecutors say two HSBC employees used information they had gotten about a pending client transaction to trade ahead of it, turning a profit for the bank in the process.
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How Traders Use Front-Running to Profit From Client Orders
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Senior Housing Properties Trust has closed on a $620 million mortgage loan on its life science campus in the Seaport District.
Vertex Pharmaceuticals headquarters, Boston
Boston—More than two years after Senior Housing Properties Trust purchased two 15-story Class A life science buildings in Boston’s Seaport District for $1.1 billion, the REIT has refinanced the Fan Pier property and closed on a new $620 million mortgage.
The 10-year loan has a fixed interest rate of 3.53 percent and will mature in August 2026. SNH, based in Newton, Mass., said it expects to use the proceeds of the new mortgage to repay a portion of the outstanding loan. Following the repayment, the REIT said it will have about $900 million available under its unsecured revolving credit facility…
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JPMorgan takes in almost a third of every fixed-income dollar
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Morgan Stanley widens lead in equities over Goldman Sachs
Wall Street’s top stock and bond traders are putting more distance between themselves and their closest competitors.
JPMorgan Chase & Co. generated $3.96 billion in fixed-income trading revenue in the second quarter, accounting for almost one of every three dollars generated by the five biggest U.S. banks for the period. Morgan Stanley, No. 1 in equity trading, posted $2.15 billion in revenue from that business Wednesday, beating analysts’ estimates and opening its largest lead since wresting the title from Goldman Sachs Group Inc. a year ago…
Permanent link to this post (118 words, estimated 28 secs reading time)
Gov. Alejandro García Padilla of Puerto Rico, left, and Treasury Secretary Jacob J. Lew in San Juan in May.CreditCarlos Giusti/Associated Press
A group of hedge funds sued the governor of Puerto Rico on Wednesday, saying he had started violating the island’s hard-won new debt-restructuring law before the ink from President Obama’s pen was even dry.
The law, which the president signed on June 30, puts Puerto Rico under the watch of a federal oversight board to police its spending and promote fiscal reform. But the law has a built-in lag of at least two months before the federal board will be in place.
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Hedge Funds Sue Puerto Rico’s Governor, Claiming Money Grab
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One condo in the Time Warner Center has a 64-foot-long terrace
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Jho Low and ‘Wolf of Wall Street’ backer said to divert funds
Beverly Hills Mansion
Source: MLS
One apartment in Manhattan’s Time Warner Center has a 64-foot-long terrace outside a master suite with a walk-in closet, two bathrooms and a separate dressing room. A mansion in Beverly Hills features a pyramid in the middle of an indoor pool.
Those are two of the 11 pieces of real estate the U.S. government is trying to seize as part of an investigation into the alleged misappropriation of $3.5 billion from a Malaysian state fund, according to a court filing Wednesday by the U.S. Justice Department…
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U.S. Chases Penthouses and Beverly Hills Mansions in 1MDB Probe
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Visium had planned to sell the fund to AllianceBernstein
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Firm previously announced the liquidation of four other funds
Visium Asset Management, which had struck a preliminary deal to sell its multisector hedge fund to AllianceBernstein Holding LP after three of its former traders were charged with securities fraud, told investors in a letter that it now plans to wind down the fund.
The Visium Global Fund, which had $2.3 billion in assets as of May 31, had been the last remaining hedge fund at the New York-based firm. Ken Griffin’s Citadel hired 17 Visium money managers, most of them coming from the Global Fund, according to a person with knowledge of the matter…
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Visium Winds Down Global Fund as Citadel Hires 17 Managers
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The Class A office building located within the Tampa Telecom Park fetched $27.4 million.
Riverside at Telecom Park, Tampa, Fla.
Tampa, Fla.—Cushman & Wakefield has negotiated the $27.4 million sale of a 167,744-square-foot office building in suburban Tampa. Philadelphia-basedEquus Capital Partners sold the Class A Riverside at Telecom Park to Cardinal Point Management of St. Petersburg, Fla. Senior Managing Director Paul Carr and Vice President Rick Colon of Cushman & Wakefield represented the seller in the disposition.
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Redemptions fell to $8.2 billion from $15.1 billion, HFR says
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Industry’s global assets rose by the most in more than a year
The amount of money leaving hedge funds slowed in the second quarter as firms that rely on computer algorithms made money in the selloff following the U.K.’s vote to exit the European Union.
The industry saw $8.2 billion in net outflows in the second quarter, about 46 percent less than in the prior three months, Hedge Fund Research Inc. said Wednesday in a report.
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Hedge Fund Outflows Slowed in Second Quarter as Quant Funds Won
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Northmarq arranged the refinance loan for the 728,059-square-foot Brass Professional Center in San Antonio.
San Antonio—Bryan Leonard of NorthMarq Capital’s San Antonio office arranged a $54 million refinance loan for Brass Professional Center, a 728,059-square-foot office property located on Loop 410/Callaghan Road in San Antonio.
NorthMarq arranged financing through its relationship with a New York-based bridge lender. The loan is prepayable at any time with no lock-out or prepayment fees. The property’s major tenants are Aetna, QTC, MCNA and the University Health System…
Northmarq Capital Arranges $54M Refi of San Antonio Office Center
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Failing drilling companies lose valuable insurance that would protect them against falling oil prices.
To provide themselves a cushion against sharp drops in oil prices, drilling companies often buy hedges—financial contracts that pay off when prices fall. Now a quirk of bankruptcy law has stripped some shale drillers of that insurance just when they need it most.
Houston-based Linn Energy, for example, bought contracts that guaranteed a price of $90 a barrel, even if prices were lower. It paid off: By the end of March, with oil below $45 a barrel, Linn’s hedges were worth $1.5 billion, making them among the company’s most valuable assets…
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The Risk Oil Drillers Couldn’t Hedge Away
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It’s possible! But any way you pay for it, a $32,000 ticket ain’t cheap. Here’s an in-depth guide to your best points strategy.
While many U.S. and European airlines have been shrinking their first-class cabins, or cutting them altogether, the three major Middle Eastern carriers—Emirates, Etihad, and Qatar Airways—have been competing for premium passengers with increasingly decadent seats.
Back in 2014, Etihad took the lead when it unveiled both a three-room “Residence” and enormous first-class suites called “Apartments” that it began installing aboard its fleet of double-decker Airbus A380s.
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How You Can Book Etihad’s Insane First-Class “Apartments” With Miles
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Bentall Kennedy and the University of Guelph reveal why, according to their study, green buildings are a win-win, providing financial benefits and making tenants happier and more loyal.
Dr. Avis Devine, Assistant Professor in Real Estate and Housing, University of Guelph, Canada
The discussion on the financial benefits of having green-certified buildings is not new. Neither is the debate as to the urgency to protect the environment. However, a unique study based on compelling data from investment advisory firm Bentall Kennedy reveals surprising reasons why developing sustainable properties is a good investment—including more long-term and happier tenants.
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Why Investments in Sustainability Pay Off in the Long Run
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Goldman, Morgan Stanley and JPMorgan slash first-half pay
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Average compensation per employee fell 16% to $137,750
Three of Wall Street’s largest investment banks slashed their first-half compensation pools for employees by the most in at least four years.
Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley collectively reduced the amount of money they set aside for employee pay in the first and second quarters by 17 percent to $19 billion to shore up profits, according to data compiled by Bloomberg from regulatory filings. That’s a steep drop from last year, when the three firms’ investment-banking divisions increased first-half compensation 4 percent to $22.9 billion…
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Main fund said to have funneled money to troubled credit fund
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Visium firing 33 employees in New York as funds are shut
Long before Jacob Gottlieb was forced to unwind his Visium Asset Management last month amid insider trading allegations, red flags were emerging at the once $8 billion hedge fund.
In its early days, Visium employed Gottlieb’s younger brother as compliance chief, a potential conflict of interest. The founder at one point owned shares in a company that his hedge fund invested in. And in early 2013, Visium funneled money from its main healthcare fund to its struggling credit team just before their bond fund shut down…
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Inside the High-Profile Downfall of a $8 Billion Hedge Fund
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Multifamily Summer Report 2016: As a regional hotspot with strong employment gains and a relatively low cost of living, the Minneapolis-St. Paul area’s multifamily market is bustling with activity.
Twin Cities rent evolution, click to enlarge
As a regional hotspot with strong employment gains, high wages and a relatively low cost of living, the Minneapolis-St. Paul area’s multifamily market is bustling with activity. Though Twin Cities job growth trails the nation, sectors such as health care, education, hospitality and financial services are adding jobs and have pushed unemployment to one of the lowest rates in the country.
President Roosevelt affixing his signature to the Glass-Steagall bank reform measure in 1933. CreditBettmann/Corbis
Attacking big banks is as American as apple pie. But it’s a new entry on this year’s Republican menu.
In a convention surprise, the Republicans inserted a plank in the party platform calling for the restoration of a Depression-era law, the Glass-Steagall Act, that separated commercial and investment banking.
The law was repealed in 1999 during the Clinton administration, with bipartisan support, at the behest of the big banks, which said they needed to combine their investment and commercial functions in order to compete on the global stage…
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G.O.P. Joins Democrats Urging Glass-Steagall’s Revival. (Don’t Hold Your Breath.)
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In Cleveland, a bid to save a recession-racked neighborhood before tearing it down.
Photographer: Dale Omori/AP Photo
Back when the storm clouds of the Great Recession were still gathering, an old Cleveland neighborhood called Slavic Village was branded as the epicenter of the foreclosure crisis. The reputation stuck, and over the past nine years the neighborhood has become a symbol for journalists and policymakers trying to understand what went wrong or to gauge the progress of the housing recovery.
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Buy Foreclosed Home for $1,000. Sell for $70,000. Repeat
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U.K. house-price growth remained at an annual 8.1 percent in May from April.
That’s a third month of price growth in excess of 8 percent, the Office for National Statistics said on Tuesday. London had the highest annual growth, increasing to 13.6 percent from 13.4 percent. The figures, calculated using a new methodology, put the average price of a home in the U.K. at 211,000 pounds…
U.K. House-Price Growth Stays Above 8% for a Third Month
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A street in Ferguson, Mo., in the St. Louis metropolitan area. Many neighborhoods in the St. Louis area remain largely segregated. CreditWhitney Curtis for The New York Times
In the two years since the shooting death of Michael Brown in Ferguson, Mo., the nation has come to learn much about the stark socioeconomic differences between black and white neighborhoods in the St. Louis area.
Now, a new study says that mortgage lending appears to have played an important part in reinforcing segregation there.
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Race Strongly Influences Mortgage Lending in St. Louis, Study Finds
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PACE helps homeowners pay for solar panels, other improvements
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Changes could help firm with ties to ex-White House officials
President Barack Obama is moving to help homeowners finance clean energy improvements under a program widely touted by environmental advocates but criticized for putting borrowers and taxpayers at risk.
The changes, announced by the White House on Tuesday, could give a boost to Property Assessed Clean Energy lending, a nascent green-financing industry currently dominated by a company whose advisers include Obama’s former National Economic Council Director Gene Sperling…
Obama Boosts Clean Energy Lending That Critics Say Poses Risks
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Fixed-income revenue rises 33%, equities revenue drops 11%
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Firm’s compensation costs decline 13% to $3.3 billion
Goldman Sachs Group Inc., the Wall Street bank most reliant on trading, posted a 74 percent increase in second-quarter profit as revenue from fixed-income trading and debt underwriting surpassed analysts’ estimates. Expenses declined less than some projections.
Net income rose to $1.82 billion, or $3.72 a share, from $1.05 billion, or $1.98, a year earlier, when the company had a $1.45 billion provision for legal and other regulatory matters, New York-based Goldman Sachs said Tuesday in a statement. That beat the $3.05 average estimate of 18 analysts surveyed by Bloomberg…
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Goldman Bond-Trading Boosts Profit; Cost Cuts Fall Short
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The online retail giant will open its 10th fulfillment center in the state next year.
Employee at one of Amazon’s eighth generation fulfillment centers
Sacramento, Calif.—Seefried Industrial Properties andUSAA Real Estate Co. are developing Amazon’s new fulfillment center in Sacramento, Calif., the fourth fulfillment center the company has added over the last four years, and 10th in the state overall.
The facility will be located at Metro Air Park, a long-awaited business development near Sacramento International Airport. Employees at the new 855,000-square-foot Sacramento fulfillment center will pick, pack, and ship smaller customer items, such as books, electronics and toys.
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