Archive for Uncategorized
Argentina Rakes in $116.8 Billion From Hidden Assets Amnesty
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Government had expected investors to bring back $20 billion
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Revenue will help finance debt, increases to pensioners
Argentina attracted almost six times more than it expected from an amnesty on unregistered funds held abroad, boosting fiscal revenue that might help it meet the budget deficit target for a second consecutive year.
The $116.8 billion total surpassed government estimates of $20 billion and raised 146.8 billion pesos ($9.5 billion) in fiscal revenue, tax agency head Alberto Abad told a press conference in Buenos Aires. Participants in the amnesty paid a 10 percent fine if they declared their funds before Dec. 31 and 15 percent after that. They were also given the option to invest in three-year government bonds paying zero interest or seven-year bonds paying a 1 percent coupon…
It is now official that the United States has turned into a renter’s paradise. Think that is hyperbole? Fifty-two of the 100 largest cities in the U.S. are now majority renter in terms of household composition. And there is no clear pattern here. You have places with incredibly affordable housing like Detroit tipping over into the renter majority category at the same time places like affluent Irvine have tipped over as well. Bottom line, more renter households are forming at a time when real estate values are once again peaking. And where did all of these renter households come from? Well between 2007 and 2016 nearly 7.8 million people lost their homes to foreclosure. Of course this flies in the face of the #YoLo real estate movement and the mantra of “always be buying” real estate because heck, even our current president is a real estate mogul, therefore buy. People have massively short-term memories when it comes to financial spankings…
WPC Acquires $8M Office Buildings
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Washington Property Co. (WPC) announced the acquisition of two office buildings in the Maryland and Virginia suburbs of Washington, D.C. for a total of $8 million. Computer Science Corp. (CSC) sold WPC a 116,000-square-foot office building in Fairfax Country, Va., for $7.2 million. In the Wheaton/Glemont area of Maryland, Cornerstone Realty Advisors sold WPC a 28,000-square-foot office asset for $815,000.
Pimco Income Expands to Largest Active Bond Mutual Fund
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Dan Ivascyn’s fund reached $79.1 billion as of March 31
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Pimco bond fund passes MetWest Total Return Bond Fund
Dan Ivascyn’s Pimco Income Fund keeps raking in money.
The fund, co-managed by Ivascyn and Alfred Murata, celebrates its 10th anniversary this week by becoming the largest actively managed fixed-income mutual fund with $79.1 billion, according to Pimco’s website Tuesday. Pimco Income passed Metropolitan West Total Return Bond Fund as investors added approximately $3 billion in March, a monthly record, according to estimates by Bloomberg.
At Kushners’ Flagship Building, Mounting Debt and a Foundered Deal
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The Kushner Companies’ flagship property, 666 Fifth Avenue in Manhattan. After years of financial issues, the value of the office space is worth less than the mortgage, according to an analyst.CreditKarsten Moran for The New York Times
The Fifth Avenue skyscraper was supposed to be the Kushner Companies’ flagship in the heart of Manhattan — a record-setting $1.8 billion souvenir proclaiming that the New Jersey developers Charles Kushner and his son Jared were playing in the big leagues.
YMCA Redevelopment in Central DC Breaks Ground
Posted by: | CommentsAkridge and Alcion Ventures, LP, held a groundbreaking at 1701 Rhode Island in Washington, D.C., to transform a former YMCA into a contemporary, 102,000-square-foot property…
Hungry U.S. Companies Turn to European Targets as Home Deals Lag
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Uncertainty over how Trump will treat deals curbing activity
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Spending on European targets has doubled compared to 2016
Uncertainty about President Donald Trump’s domestic policies and weak European currencies buoyed outbound dealmaking by U.S. companies during the first quarter of the year.
U.S. acquirers spent more than $70 billion on European targets in the three months to March 31, more than double the amount they dropped in the same period a year earlier and the most since 2007, according to data compiled by Bloomberg. Overall, $179.5 billion of deals involving companies in Europe were announced, the data show, a rise of 28 percent on 2016.
Charles Schwab Tops Off New Austin Campus
Posted by: | CommentsThe site and buildings will incorporate sustainable materials and systems, targeting LEED Gold certification.
Austin, Texas—Charles Schwab & Co. topped off its new Austin campus located at 2309 Gracy Farms Lane.
The 469,000-square-foot, 50-acre Gracy Farms campus will comprise two five-story office buildings, an amenity building containing a cafe and large assembly space/training center as well as a parking garage.
A total of 1,000 Schwab employees will move into the new campus upon its full completion in June 2018, joining the 600 other employees who moved onto the site in spring 2016. Over the past two-and-a-half years, Schwab has brought 600 jobs to Austin alone. The site and buildings will all incorporate sustainable materials and systems, targeting LEED Gold certification…
HFF’s Two-Fer in $368M NJ Office Deal
Posted by: | CommentsShort Hills, N.J.—As part of a major office portfolio transaction in which it represented the seller, HFF also secured $124.5 million in financing for a big chunk of the deal, HFF announced late last week.
The portfolio sale, as Commercial Property Executive reported in March, totaled about 1.1 million square feet and sold for $368 million, making it one of the biggest office portfolio deals in New Jersey’s history…
Toronto Bidding Wars So Fierce Homebuyers Skip Inspections
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Firms see 30% decline in property inspections from a year ago
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It’s a sign speculation has entered the market, lawyer says
In Toronto, some homebuyers are so desperate to win bidding wars that they’re rushing to make offers without even getting an inspection.
The average price for a detached home in Canada’s largest metropolitan area jumped to C$1.21 million ($905,950) in February, up a third from a year earlier, amid a dearth of properties for sale. In the same period, Toronto-based home-inspection firm Carson Dunlop saw a 34 percent drop in volume. Murray Parish, president of the Ontario Association of Home Inspectors, said he’s seen a 30 percent decline at his firm, Parish Home Inspections…
Meridian and Eightfold Acquire Beaumont Business Center
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Tampa, Fla.—A joint-venture between Meridian Development Group and Eightfold Real Estate Capital has acquired Beaumont Business Center, a 252,235-square-foot office park in Tampa.
Lone Star Real Estate Fund sold the asset for $18.5 million. Craig Romer and Chris Romer of Dockerty Romer & Co. arranged a $7.4 million joint-venture equity on behalf of the buyer. The office park will be rebranded as Meridian 589.
Australia Losing AAA Would Spark Turn to Bank Debt, NAB Says
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Downgrade could see ‘more interest’ for Aussie bank paper
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Australian banks receive sovereign support for credit scores
Australia’s biggest banks would find new demand for their debt if the country loses its top credit score.
That’s the view of Eva Zileli, head of group funding at the nation’s fourth-largest lender by market value, National Australia Bank Ltd. Australian banks receive sovereign support for their credit scores and while a downgrade of the country’s AAA rating would force lenders to pay more to tap debt markets, it would also deepen their investor pool as higher-yielding paper lures new investors, she said…
Ingenuity Studios Inks Lease in LA’s Hollywood Media District
Posted by: | CommentsSavills Studley and Avison Young represented the company in the transaction.
Los Angeles—Savills Studley and Avison Young arranged a five-year lease for Ingenuity Studios for 10,000 square feet at 941 N. Highland Ave. in the Hollywood Media District of Los Angeles.
Avison Young Senior Vice President Gary Berwick, based in the company’s West Los Angeles office, and Craig Newlands, managing director at Savills Studley, represented the tenant. Lee & Associates acted on behalf of the landlord, Snyder Family Trust…
Ingenuity Studios Inks Lease in LA’s Hollywood Media District
Wells Fargo Told to Rehire Whistle-Blower, Pay $5.4 Million
Posted by: | Commentshe U.S. government ordered Wells Fargo & Co. to reinstate a former bank manager who was fired after reporting suspected illegal behavior to his superiors and on a company hotline.
The manager, who wasn’t identified, was dismissed in 2010 after reporting on incidents of suspected bank, mail and wire fraud by two bankers in the Los Angeles area, according to a statement Monday from the Occupational Safety and Health Administration. The San Francisco-based lender also was ordered to give the whistle-blower about $5.4 million in back pay, compensatory damages and legal fees after OSHA determined his warnings were at least a contributing factor in the termination…
Cowen Group to Buy Brokerage Firm Convergex for $116 Million
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Jeffrey M. Solomon, the Cowen Group president, said he expected the purchase to increase the firm’s global reach. CreditBrendan McDermid/Reuters
The Cowen Group said on Monday that it had agreed to acquire the brokerage firm Convergex Group as it looks to bolster its sales and trading business.
The New York financial services company said that it would pay $116 million in cash and stock to acquire Convergex from the private equity firm GTCR, Bank of New York Mellon and other investors.
Credit Suisse Tax Inquiry Puts Spotlight on Private Bank Model
Posted by: | CommentsCredit Suisse knows the importance of keeping its nose clean.
The Swiss bank confirmed Friday that its offices in several countries had been raided by the authorities in relation to possible tax evasion. The bank also stressed its “strict zero tolerance policy,” pointing to a review that started in 2011 to purge any questionable clients. A guilty plea and $2.6 billion settlement with United States authorities over tax evasion in 2014 have given the bank good reason to be scrupulous. Such raids act more as a reminder than a warning.
Lincoln Property Nabs NJ Office Building
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Parsippany, N.J.—HFF recently announced that it has closed the sale of 1 Gatehall Drive, a 114,000-square-foot, four-story, Class A office building in Parsippany, N.J. HFF represented the seller, Glenborough, in the sale of the asset to Lincoln Property Co.
Tipoff From JPMorgan Sends Traders Hunting for Obscure Ukraine Debt
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Analysts say securities worth almost three times current value
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Warrants surge 5.71 cents on dollar after note published
JPMorgan Chase & Co. just pulled back the curtain on a neglected corner of the high-yielding emerging-market debt market.
Ukrainian GDP warrants — securities used by the former Soviet republic to clinch a sovereign debt restructuring in 2015 — surged by the most since they were issued last week after JPMorgan published a note arguing that they trade at a third of their true value. The 25-page report concluded that payouts on the securities, while difficult to determine, are likely to far exceed current pricing…
Denholtz Associates to Upgrade NJ Office Building
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Bernardsville, N.J.—Denholtz Associates, a real estate development, investment and management company headquartered in Matawan, N.J., recently announced its intention to begin a capital improvement project at a 54,600-square-foot office building in Bernardsville, N.J. The project is slated for completion this summer.
Singapore Home Prices Fall, Extending Decline to 14th Quarter
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Home prices fell 0.5% in first quarter, preliminary data shows
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Residential values have fallen 11.7% from September 2013 peak
Singapore home prices fell in the first three months of the year, extending the drop in property values to a record 14th quarter.
An index tracking private residential prices fell 0.5 percent in the three months ended March 31 from the previous quarter, according to preliminary data from the Urban Redevelopment Authority released Monday. The three-and-a-half-year decline is the longest since the data was first published in 1975…
Singapore Home Prices Fall, Extending Decline to 14th Quarter
Hedge Fund Bulls Breathe New Life Into World’s Hottest Currency
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Leveraged investors go long peso for first time in 11 months
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Mexico’s peso surged 11% to lead global gains in first quarter
The world’s best currency rally this year is finding fresh support from hedge funds.
Leveraged investors turned net bullish on Mexico’s peso for the first time since Donald Trump all but locked up his bid to become the Republican party’s nominee in May, according to the latest data from the U.S. Commodity Futures Trading Commission. It’s a turnaround from when bearish positions reached a record in October amid speculation Trump’s pledges to support U.S. manufacturing would be a disaster for Mexico’s export-dependent economy…
Eastern Consolidated Secures $108M for NYC Condo Project
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New York—Eastern Consolidated’s Capital Advisory Division has recently secured a construction loan in the amount of $108 million on behalf of XIN Development International Inc., for the development of a seven-story, 82-unit residential condominium project. The building, which will be located in Manhattan’s Hell’s Kitchen, will include a retail component.
Adam Hakim, managing director, and James Murad, director of Eastern Consolidated, arranged the financing with the lender, Bank of the Ozarks…
U.K. House Prices Fall for First Time in Almost Two Years
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Nationwide index shows home values dropped 0.3% in March
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Annual pace of increases also cooled this month, report says
U.K. house prices fell for the first time in almost two years in March, according to the latest report from Nationwide Building Society.
The 0.3 percent monthly drop, the first decline since June 2015, pulled the annual rate down to 3.5 percent from 4.5 percent. That’s the weakest year-on-year increase in values since August 2015.
While there’s monthly volatility in price changes, the underlying trend is showing the U.K. housing market cooling. The annual increase was close to 6 percent a year ago…
A Real Estate Boom, Powered by Pot
Posted by: | CommentsQUINCY, Mass. — At the edge of an industrial park in this suburb south of Boston, past a used-car auction lot and a defunct cheese factory, is an unmarked warehouse bristling with security cameras and bustling with activity. Until recently, the cinder-block structure was home to a wholesale florist, a granite cutter and a screen printer. Today, it is home to just one tenant: a medical marijuana operation called Ermont.
Legalized marijuana has already upset societal norms, created a large legal gray area and generated a lucrative source of tax revenue. Now it is upending the real estate market, too…
TechSpace to Open Houston Location
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Houston—TechSpace Holding Co. announced it will open its new Westchase Houston location in early April. A grand opening ribbon cutting event is scheduled for the end of next month.
The 46,000-square-foot facility, designed by PDR, will occupy the ground floor and the second floor of Building 1 at 2101 CityWest Blvd. The space will feature 95 private offices with more than 450 workstations, as well as co-working spaces—one-to-three-person private offices and large five-to-50-person office suites. The campus offers such amenities as two on-site gyms, three restaurants, a sports complex, outdoor recreational areas and even an on-site Starbucks…
Banks Push Nonprime Mortgage-Bond Revival With Canadian Deal
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National Bank marketing deal to securitize MCAP mortgages
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‘Alt-A’ deal would be first nonprime RMBS since 2008 crisis
Banks are marketing what could be one of Canada’s first nonprime residential mortgage-backed securities deals since the global financial crisis.
National Bank of Canada has held discussions with investors about a bond backed by a pool of residential mortgages just below prime-credit quality, Derek Norton, MCAP Corp.’s chief executive officer, said. The so-called alt-A mortgages are originated by MCAP, one of Canada’s largest alternative mortgage-financing companies…
Banks Push Nonprime Mortgage-Bond Revival With Canadian Deal
Australia Home Prices Rise Most in 7 Years Amid Bubble Concern
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Average home values in capital cities surged 12.9% in March
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Lending curbs announced last week may slow investor demand
Australian house prices rose the most in almost seven years in March as the country’s housing boom accelerated.
Average home values in Australia’s eight state and territory capitals rose 12.9 percent in the 12 months through March, the fastest pace since May 2010, according to data from CoreLogic Inc. released Monday.
The boom is being led by Sydney, where average house values surged 18.9 percent in the past 12 months, the most since November 2002. Sydney home values climbed 5 percent in the first three months of the year…
Lone Star to Buy Controlling Stake in Portugal’s Novo Banco
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A Novo Banco branch in Lisbon. Lone Star Funds, an American private equity firm, will invest $1.1 billion in the bank that was created after the rescue of Banco Espírito Santo.CreditPatricia De Melo Moreira/Agence France-Presse — Getty Images
LONDON — The Bank of Portugal, that nation’s central bank, said on Friday that it would sell a controlling stake in a bank salvaged from the collapse of one of the country’s largest private lenders, to Lone Star Funds, an American private equity firm.
Serendipity Inks Lease for Renovated Nashville Tower
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Nashville—Serendipity Labs Coworking, through SLN Capital LLC, its franchise development partner in Nashville, signed a lease for 15,000 square feet in the remodeled 159 Fourth Ave. N.
Serendipity Labs will be using a part of the first floor and the entire second floor of the property, currently under renovation. The workplace provider will offer full-time and part-time co-working spaces, team rooms, dedicated private offices and event space…
Hong Kong Warns on Home Loan Risks, Daily Says, as Prices Soar
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Monetary authority sends letters to banks expressing concern
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Citigroup sees new set of property curbs coming any time now
The Hong Kong Monetary Authority has warned banks in the city over the rising risks of property lending, according to the Oriental Daily, just as home prices notch up another record in the world’s most expensive housing market and Citigroup Inc. sees an imminent round of new cooling measures.
Fund Managers Reveal Their Currency Strategies
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AMP Capital’s Naeimi prepares to short greenback on any bounce
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Dollar will find it hard to outperform, Amundi’s Kwok says
Short the dollar on any bounce. Bet on a recovery of the euro after the French elections. Position for the yuan to strengthen.
These are some of the strategies fund managers such as AMP Capital Investors Ltd. and Amundi SA are adopting as the dollar becomes rangebound amid concern President Donald Trump will fail to enact his reflation policies…
Fund Managers Reveal Their Currency Strategies
Biggest China Banks’ Bad-Loan Problem May Finally Be Easing
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ICBC, largest rivals eased up on loan provisions last year
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Construction Bank, Agbank reported lower bad-debt ratios
The bad-loan challenge for China’s biggest banks, which worsened steadily over much of the first half of the decade, may finally be easing.
Earnings reports this week from Industrial & Commercial Bank of China Ltd., China Construction Bank Corp. and Agricultural Bank of China Ltd. showed that their provisions for losses on bad loans stabilized last year, helping them to post higher-than-estimated profits…
Biggest China Banks’ Bad-Loan Problem May Finally Be Easing
Wall Street Thinks Buffett Is Late to the Airline Party
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United move stokes fear that revenue rally will be derailed
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U.S. carriers’ 2017 seat growth poised to outpace economy
Traders are having second thoughts about U.S. airlines, less than five months after billionaire investor Warren Buffett disclosed major stakes in the biggest carriers.
Airline stocks are headed for the worst month since June, as United Continental Holdings Inc. said March 15 that it would add more flights and seats than originally planned. The surprise move fueled concern that a seat glut would prevent carriers from reversing a two-year slump in fares…
Singapore Property Developers Have a New Headache
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Developers may have to discount prices or face stiff penalties
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Unforeseen consequence may prolong three-year home price slide
Singapore’s recent unwinding of some property curbs, which initially appeared to boost prospects for developers, may instead be creating new problems.
After regulators closed a tax loophole that allowed developers to offload apartments in bulk to institutional investors and wealthy Singaporeans, many of the city’s builders now face an unpalatable choice: discount unsold luxury homes or pay stiff penalties for missing government-mandated sales deadlines…
Singapore Property Developers Have a New Headache
Global Capital Targeting CRE Stays High at $435B
Posted by: | CommentsThe global wall of money available for real estate investment declined 2 percent compared to last year’s peak of $443 billion, but still remains at its second highest value since 2009, according to Cushman & Wakefield’s latest global capital markets report.
London—While the amount of new capital available for real estate investment, including debt and equity, registered its first decrease in the last six years, it’s still at its second highest value since 2009, totaling $435 billion, according to Cushman & Wakefield’s recent Great Wall of Money report. The country taking the top spot in terms of total available capital by target country was the U.S., with $154 billion…
Two Decades Post Crisis, Colombia Looks to Boost Home Loans
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Housing Minister says 70% loan-to-value limit too restrictive
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Home prices have surged, leading some to issue bubble warnings
Colombia’s Housing Ministry is calling on lenders to ease conservative mortgage lending requirements to allow more people to buy a home, and revive a market that still hasn’t recovered from a crisis two decades ago.
Housing Minister Elsa Noguera said that with mortgage lending levels that are modest by regional standards, and low default rates, Colombia can now afford to relax rules that were introduced after a financial crisis at the end of the 1990s. Noguera said she has held talks with the nation’s banking association to urge them to boost the maximum loan-to-value rate for home loans to 80 percent, from 70 percent…
Money-Funds Overhaul Spurs Shakeup of Dollar Financing Markets
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Foreign banks shift funding to areas such as repo agreements
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Regulators’ post-crisis reforms mean to avoid repeat of 2008
Regulators’ effort to stamp out risk in the $2.6 trillion U.S. money-fund industry is creating unintended ripple effects across financial markets, with far-reaching consequences for companies and investors.
Far less cash than anticipated has returned to the higher-yielding slice of the money-fund world, after the overhaul that took effect in October led to a $1 trillion exodus from what are known as prime funds. They’ve been the principal buyers of the commercial paper that companies and both foreign and domestic banks have sold for decades to obtain short-term U.S. dollar-denominated financing…
Ross Says Didn’t Knowingly Lend to Sanctioned Russians at Bank
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Commerce secretary was on Bank of Cyprus board, loan committee
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Ross says no big loans, deposits from parties under sanctions
U.S. Commerce Secretary Wilbur Ross said he’s not aware of the Bank of Cyprus Pcl having any significant dealings with Russians or other individuals and entities under U.S. sanctions while he was on its board of directors.
Ross, 79, resigned as vice chairman and member of the bank’s board on March 1 after he was confirmed to his position in President Donald Trump’s cabinet. Ross said in response to questions about the bank’s business with Russian entities that no large loans he approved knowingly went to a person under sanctions…
Sears and Its Hedge Fund Owner, in Slow Decline Together
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A Sears store in a nearly empty Westfield Meriden shopping mall on Tuesday in Meriden, Conn. Sears Holdings has long been ESL Investments’ largest investment. The company last week expressed “substantial doubt” it can keep going. CreditSpencer Platt/Getty Images
Hedge funds have been failing over the last year at the fastest rate since the financial crisis in 2008. Some crashed and burned after sudden reversals. Others quietly liquidated.
Then there’s Edward S. Lampert’s ESL Investments. It hasn’t failed, but may be setting a benchmark for slow, painful declines thanks to its outsize, long-term bet on two venerable retailers, Sears and Kmart.
NJ Retail Center Trades for $51M
Posted by: | CommentsPhillips Edison Grocery Center REIT II purchased the only grocery-anchored shopping center in Pompton Plains.
Pompton Plains, N.J.—HFF closed the $51 million sale of Plaza 23, a 161,000-square-foot of shopping center located in Pompton Plains, N.J. Phillips Edison Grocery Center REIT II Inc. purchased the asset.
Located at 500 Route 23 N., near the interchange of Interstate 287 and along a major retail corridor within northern Morris County, the site sits on 18.8 acres. The center has exposure to more than 54,000 vehicles passing by daily. Residents living int he area have an average annual household income of more than $119,000…
Hospitality Ventures Embarks on $110M in Renovations
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Atlanta—The thriving U.S. hotel sector has translated into a full plate for Hospitality Ventures Management Group. The private hotel ownership and management company, which also provides a wide range of asset services for hotel owners, recently revealed that it is currently juggling eight renovation and construction projects totaling $110 million.
Hines, Oaktree Nab SF-Area Office Campus
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Dublin, Calif.—Hines and a fund managed by Oaktree Capital Management LP have acquired Dublin Corporate Center, a three-building, 440,266-square-foot Class A office campus in Dublin, Calif.
The deal’s financials were not disclosed, and a spokesperson told Commercial Property Executive that Hines was contractually barred from identifying the seller. Information provided by Yardi Matrix, however, indicated that the immediate past owner of all three buildings was JP Morgan Asset Management.
Australia Regulator Tightens Loan Curbs to Cool Home Prices
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Banks to limit interest-only loans to 30% of new mortgages
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Lenders to place ‘strict’ limits on LVRs of more than 80%
Australia’s banking regulator has further tightened lending restrictions amid concern runaway home-price growth may stoke a housing bubble.
Under the new curbs, home lenders will have to restrict interest-only loans to 30 percent of total new residential mortgages, the Australian Prudential Regulation Authority said in a statement Friday.
Interest-only loans, which are favored by borrowers taking advantage of tax-breaks on property investments, account for almost 40 percent of residential mortgages, which APRA said is “quite high” by international and historic standards…
Honda Expands $2.2B Alabama Plant
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Lincoln, Ala.—The announcement by Honda Manufacturing of Alabama that it’s planning an $85 million multi-phase expansion of its $2.2 billion plant in Talladega County could spur additional investment in the region’s industrial market. With this project, which is expected to complete its initial construction phase by 2018, Honda’s total capital investment at the Lincoln plant exceeds $750 million, including the addition of more than 450 workers.
Home Buyers Shrug Off Brexit as U.K. Market Remains Buoyant
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After referendum, prices rose across nation but fell in London
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Buyers will be wary of correction now Article 50 is triggered
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Steve Victor pulled out of buying his first home the day after Britain voted to leave the European Union. Just a month later, the IT contractor dived back into the market to become the owner of a penthouse apartment in London.
Biggest Chinese Banks’ Bad-Loan Challenge May Finally Be Easing
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ICBC, largest rivals eased up on loan provisions last year
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Construction Bank, Agbank reported lower bad-debt ratios
The bad-loan challenge for China’s biggest banks, which worsened steadily over much of the first half of the decade, may finally be easing.
Earnings reports this week from Industrial & Commercial Bank of China Ltd., China Construction Bank Corp. and Agricultural Bank of China Ltd. showed that their provisions for losses on bad loans stabilized last year, helping them to post higher-than-estimated profits…
Biggest Chinese Banks’ Bad-Loan Challenge May Finally Be Easing
Kinseth Hospitality Breaks Ground on Tru by Hilton
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St. Louis—Kinseth Hospitality Cos. announced the beginning of construction on a Tru by Hilton in St. Charles, Mo. The 87-key hotel is owned by St. Charles Hotel Associates LLC owns the hotel and Kinseth Hospitality Cos. will manage the property.
The hotel will be located in the 27-acre, mixed-use development Streets of St. Charles. The development offers retail, dining, residential and office spaces, and is situated along Interstate 70 just across the river from Hollywood Casino
Dropbox Secures $600 Million Credit Line Ahead of Expected IPO
Posted by: | CommentsThe debt facility provides flexibility as the cloud-storage company explores a public offering as soon as this year.
Dropbox Inc. is opening a $600 million credit facility from six banks led by JPMorgan Chase & Co., said people familiar with the plans, as the cloud file-sharing startup pushes toward an initial public offering as soon as this year.
The line of debt has commitments from the banks and is expected to close on Monday, said the people, who asked not to be identified because the deal isn’t finalized. The financial security provides Dropbox with flexibility as it deliberates an IPO…
TSCG Arranges Sale of Orlando Regional Shopping Center
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Orlando, Fla.—The Shopping Center Group (TSGC) recently announced the sale of Town Center Shoppes, a 64,500-square-foot shopping center in one of Orlando’s most popular submarkets. A private entity purchased the property for $16 million. TSGC worked on behalf of the seller, an affiliate of Gemini Real Estate Advisors.
Cenovus Said to Seek $1.35 Billion in Asset Sales for Conoco Buy
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Calgary producer taps BMO, CIBC and Barclays for asset sales
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Pelican Lake could get C$1.2 billion, Suffield C$600 million
Christina Lake, a situ oil production facility half owned by Cenovus Energy Inc. and ConocoPhillips, in Conklin, Alberta, Canada, on Aug. 15, 2013.
Photographer: Brent Lewin
Cenovus Energy Inc. plans to raise about C$1.8 billion ($1.35 billion) from property sales as it seeks to offset the cost of its C$17.7 billion purchase of ConocoPhillips’ Canadian oil assets, according to people familiar with the matter.
America Needs Small Apartment Buildings. Nobody Builds Them
Posted by: | CommentsSingle-family homes and high-rises are all the rage. Meanwhile, the vanishing middle bodes ill for the future.
Urbanists often lament that developers no longer erect the small apartment buildings that were once a staple of city neighborhoods. Instead, they construct single family homes or large apartment buildings.
There are good reasons to revive this “missing middle,” however: Small buildings are a good way to add density without compromising the character of quiet, single-family districts. They also provide a convenient way for older homeowners to downsize without leaving their neighborhoods.
But the best reason is that smaller apartment buildings are often cheaper for renters…
Marriott Approves New Fairfield Inn & Suites in Phoenix
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Phoenix—Virtua Partners has announced that Marriott International approved plans for the development of a Fairfield Inn & Suites hotel in Tolleson, Ariz. The project is set to rise on the southeast nexus of 91st Avenue and McDowell Road. Quyp Hospitality LLC, an affiliate of Virtua, will develop the new lodging facility, which calls for 120 guestrooms.
Westinghouse Files for Bankruptcy, in Blow to Nuclear Power
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A Westinghouse project in Waynesboro, Ga., remains unfinished, its future in doubt after the bankruptcy filing. CreditReuters
Westinghouse Electric Company, which helped drive the development of nuclear energy and the electric grid itself, filed for bankruptcy protection on Wednesday, casting a shadow over the global nuclear industry.
The filing comes as the company’s corporate parent, Toshiba of Japan, scrambles to stanch huge losses stemming from Westinghouse’s troubled nuclear construction projects in the American South. Now, the future of those projects, which once seemed to be on the leading edge of a renaissance for nuclear energy, is in doubt…
Biotech Firm Inks 125 KSF Tampa Lease
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Tampa, Fla.—Cousins Properties recently announced that Amgen, a leading biotechnology company, has signed a 10-year, 125,000-square-foot lease at Corporate Center, a 1.2 million-square-foot, Class A office asset located in Tampa’s Westshore submarket.
“Amgen is a cutting-edge global company at the forefront of biopharmaceutical technology and innovation. We look forward to a strong relationship with Amgen for many years to come,” Larry Gellerstedt, president & CEO of Cousins Properties, said in prepared remarks.
U.S. Equities Climb on Muted Volume as Oil, Energy Stocks Rally
Posted by: | CommentsU.S. stocks edged higher on the third slowest trading day of the year as investors assessed economic data and continued to weigh the likelihood of legislative reform in the Trump administration.
The S&P 500 added 0.1 percent to 2,361 at 4 p.m. in New York, as Europe ended higher and Asian markets were mixed. The U.S. benchmark gained the most in nearly two weeks on Tuesday as data showed consumers are more upbeat than any time since 2000, helping investors shrug off President Donald Trump’s health-care flop last Friday. The Dow Jones Industrial Average lost 42 points to 20,659…
Valeant Bet Was a ‘Huge Mistake,’ Hedge Fund Chief Ackman Says
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The billionaire hedge fund manager William A. Ackman says his investment in Valeant Pharmaceuticals International has “damaged the record of success of our firm.” CreditBrendan McDermid/Reuters
It is rare that William A. Ackman, the brash activist investor, apologizes for anything. As a successful hedge fund manager, Mr. Ackman has made billions of dollars for himself and his investors with bold and counterintuitive bets.
But this week he conceded that his firm’s biggest wager yet — on Valeant Pharmaceuticals International — was “a huge mistake” that has cost his hedge fund firm, Pershing Square Capital Management, “a tremendous amount.”
Durst Debuts in Philly with Waterfront Purchase
Posted by: | CommentsPhiladelphia—The Durst Organization isn’t afraid of change. The century-old commercial and multifamily owner and developer recently expanded its footprint beyond New York for the very first time with the acquisition of the Philadelphia Piers at Penn’s Landing, a segment of the Philadelphia waterfront, from Brandywine Realty Trust.
Cenovus to Double Size in $13.3 Billion Buy of Conoco Assets
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Company acquires joint venture as well as Deep Basin assets
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Conoco using proceeds to trim debt to $20 billion in 2017
Cenovus Energy Inc. will double its reserves and production by buying Canadian holdings from ConocoPhillips for C$17.7 billion ($13.3 billion), the latest sale of energy assets in that country by international companies stung by falling oil prices.
The agreement includes Conoco’s 50 percent interest in a joint venture with Cenovus in the Canadian oil sands, the Calgary-based company said in a statement Wednesday. Cenovus also gets most of Conoco’s Deep Basin conventional assets in Alberta and British Columbia. Combined, they are forecast to produce about 298,000 barrels of oil equivalent a day in 2017…
Southern Gateway Lands $77M Construction Loan
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Durham, N.C.—HFF has arranged a $77.5 million construction loan for the Southern Gateway development at 224 Morris St. in Durham’s Innovation District.
HFF’s debt placement team led by Managing Director Greg LaBine and Director Cory Fowler worked on behalf of the borrower, Longfellow Real Estate Partners, to secure the floating-rate construction loan through Citizens Bank and Capital One.
Senior Housing Properties Partners on Boston Assets
Posted by: | CommentsBoston—Less than a year after refinancing its two Fan Pier properties, Senior Housing Properties Trust has formed a joint venture with an unidentified sovereign institutional investor who bought a minority stake in 11 Fan Pier and 50 Northern Ave. for $261 million.
The investor owns 45 percent equity interest in the joint venture with SNH owning the remaining 55 percent. The Newtown, Mass.-based REIT said the investment amount is based on a property valuation of $1.2 billion, with less than $620 million of existing secured debt on the property…