Archive for Uncategorized
Pending Sales of Existing Homes in U.S. Rise Most Since 2010
Posted by: | CommentsContracts to buy previously owned U.S. homes jumped in February by the most since July 2010, according to figures released Wednesday by the National Association of Realtors in Washington.
Key Points
- Pending home sales index rose 5.5 percent (forecast was for 2.5 percent increase) after declining 2.8 percent the prior month
- Index fell 2.4 percent from February 2016 on an unadjusted basis
- Pending sales increased in increased in all four U.S regions month-to-month
Sonnenblick-Eichner Lines Up $28M Refi for Retail Stores
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Portland, Ore.—Sonnenblick-Eichner Co. has secured $28.1 million to refinance ShopKo stores located in Bend, Eugene and Salem, Ore.
ShopKo is a chain of Ashwaubenon, Wisc-based retail stores, founded in 1962 by James Ruben. Its first store opened in Green Bay, Wisc., and the company operates more than 360 stores in 25 states.
Located at the dominant intersection within their respective trade areas, the retail properties are adjacent to the Bend River Promenade Mall, which is anchored by Macy’s, Kohl’s and T. J. Maxx. ShopKo Eugene is located on Coburg Road at Beltline, and ShopKo Salem is located at the South Lancaster interchange and Interstate-5…
Nigerian Mortgage Lenders Strain as Loans Sour on Job Losses
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Home-loan providers struggling to survive, industry body says
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Non-performing loans reach 55% of mortgages as inflation soars
Nigeria’s mortgage lenders are buckling under the weight of unpaid loans as job losses and inflation near a record high hinder the ability of customers to pay off their debts.
“They are just struggling to survive,” Adeniyi Akinlusi, president of the Mortgage Banking Association of Nigeria, said in an interview in Lagos, the commercial capital. “A lot of them aren’t making money.”
DLR Group Signs Lease Renewal in Orlando
Posted by: | CommentsThe newly renovated office will allow the firm to execute projects throughout Florida and contribute to the growth of the Orlando market.
Orlando—Denholtz Associates has recently announced that DLR Group Inc. has signed a lease renewal for approximately 9,000 square feet at 100 East Pine Street in Orlando. Micah Strader of CBRE represented Denholtz Associates and Nick Poole of JLL represented the tenant in the transaction.
Founded in 1966, DLR Group is a fully integrated planning, architecture and development firm. The company focuses on hospitality, retail and mixed-use, education and sports design projects in cities across the United States. The new office will allow DLR to execute projects throughout Florida and contribute to the growth of the Orlando market…
Deutsche Bank Said to Eye New Home Lending for Settlement
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German bank looks at offering funding to home loan companies
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Deals would help bank meet requirements under U.S. settlements
Deutsche Bank AG is finding that there just isn’t enough soured U.S. mortgage debt anymore.
The German bank needs the stuff, after agreeing to provide $4.1 billion of relief to borrowers as part of a larger legal settlement with the U.S. It’s already been planning to finance fund managers that would in turn buy underwater mortgages and ease their terms, but that may prove too expensive to cover all its needs. Now it’s also looking at indirectly funding new loans to subprime borrowers, according to a person with knowledge of the situation…
Hedge Fund’s GM Plan Gives Hedge Funds a Bad Name
Posted by: | CommentsWhat exactly is the purpose of GM?
If your answer is “to manufacture and sell automobiles” then you obviously haven’t been listening to David Einhorn, whose hedge fund, Greenlight Capital Inc., owns 13.2 million shares (0.88 percent) of the company’s stock, according to Bloomberg. In Einhorn’s view, it would appear, General Motors Co. exists to “unlock value” for shareholders like himself, while getting its dividend to be “respected by the market.”
Hudson Pacific Repositions Metro LA Campus Asset
Posted by: | CommentsLos Angeles—Hudson Pacific Properties is launching a capital plan to reposition its Campus Center asset at 115-155 N. McCarthy Blvd. in Milpitas, Calif.
The 471,580-square-foot Campus Center comprises three office and R&D buildings, as well as areas that allow for the development of an additional 1 million square feet of office, R&D, warehouse or manufacturing space. The repositioning will include entrance and lobby renovations, more than 100,000 square feet of office space, master-planned landscaping and enhanced outdoor recreation areas such as dedicated sporting areas, patios, collaborative seating and direct hiking trail access…
High-Risk Investments Make a Comeback in Japan
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2017 uridashi note offerings surge to three-year high: SocGen
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More knock-outs, new sales seen as Nikkei enjoys 17-year highs
Yield-starved Japanese investors are taking out the cash stashed under the futon and plowing it into potentially risky securities.
Faced with domestic bond yields below zero and a rally in global equities that only recently had some wobbles, Japanese retail investors drove sales of bonds tied to the Nikkei 225 Stock Average to the highest in at least three years in January, according to Societe Generale SA…
High-Risk Investments Make a Comeback in Japan
Hotel Equities Lands Management Assignments in Phoenix
Posted by: | CommentsPhoenix—Atlanta-based Hotel Equities has been selected to manage the upcoming SpringHill Suites by Marriott in Avondale, Ariz., and Fairfield Inn & Suites in Tolleson, Ariz. Hotel Development Partners, which is developing both properties, has revealed plans to commence construction in the third quarter of 2017. The hotels are expected to open in 2018.
“We see great potential for these new Marriott properties in well-connected and growing areas of Greater Phoenix. Hotel Equities has been involved with site and brand selection and will work diligently throughout the planning and development stages. We look forward to operating these hotels and establishing a great partnership with Quyp Hospitality group,” Joe Reardon, senior vice president of Business Development and Marketing for Hotel Equities, said in prepared remarks…
Mohegan Sun Casino Expands Expo Center
Posted by: | CommentsUncasville, Conn.—Construction is under way on an $80 million, 240,000-square-foot expansion of the Exposition and Convention Center at Mohegan Sun, the casino, hotel, entertainment, arena and conference complex in southeastern Connecticut, tribal leaders announced late last week.
The expansion will be sited near the Winter Entrance and Winter Parking garage and Mohegan Sun’s newest hotel, Earth Tower.
New York–based architect firm KPF (Kohn Pedersen Fox) and the construction team out of North Stonington, Conn., A/Z Corp, are partners on the project, which targets an opening date of summer 2018…
Unreachable Huishan Executive Exposes China Debt, Bank Risks
Posted by: | CommentsAn unreachable corporate treasurer. An emergency meeting with creditors. A $4.1 billion stock collapse. And a vindicated short seller.
All that and more converged in a remarkable week for China Huishan Dairy Holdings Co., a milk producer with outsized ambitions that may turn into the country’s latest poster child for weak corporate governance, the dangers of leverage and the potential for financial shocks.
Four days after a sudden 85 percent drop in Huishan shares left investors grasping for answers, the company laid out its version of events in a Hong Kong exchange filing on Tuesday…
Hilton Appoints First Chief Customer Officer
Posted by: | CommentsMcLean, Va.—Hilton has named Jonathan Witter as chief customer officer, a new position that oversees the company’s Global Brands, Marketing, Loyalty & Partnerships, IT and Strategy teams. He will report to Christopher Nassetta, president & CEO of Hilton, and serve as a member of the executive committee.
Before joining Hilton, Witter most recently held the position of president of Retail & Direct Banking at Capital One Financial Corp. Previous to that, he was president & COO at Morgan Stanley Private Bank, executive vice president & head of General Bank Distribution at Wachovia Corp. and worked in consulting for McKinsey & Co. and Deloitte & Touche…
Big Changes for DC’s Reagan National
Posted by: | CommentsWashington, D.C.—The Metropolitan Washington Airports Authority has kicked off Project Journey, a comprehensive campaign surrounding a planned $1 billion, multi-year capital improvement project that is expected to transform the passenger experience at Reagan National Airport in Washington, D.C.
“Reagan National’s passenger areas were designed to serve 15 million passengers annually,” Jack Potter, Airports Authority’s president & CEO, said in a prepared statement. “Today, more than 23 million passengers travel through the airport—straining its infrastructure, crowding travelers and hampering our ability to provide best-in-class customer service. Project Journey will transform and improve the passenger experience.”…
U.S. Arrests Top Turkish Banker in Iran Sanctions Probe
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alkbank deputy CEO taken into custody at JFK Airport
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Mehmet Hakan Atilla allegedly helped break Iran sanctions
A senior executive at one of Turkey’s largest state-owned banks was arrested in the U.S. on charges of conspiring to evade trade sanctions on Iran, escalating a case that has prompted diplomatic tensions and political maneuvering between the two countries.
Mehmet Hakan Atilla, a deputy chief executive officer at Turkiye Halk Bankasi AS, is accused of conspiring with Reza Zarrab, an Iranian-Turkish gold trader, to launder hundreds of millions of dollars through the U.S. financial system on behalf of Iran and its companies…
Didi Chuxing, China’s Ride-Hailing Giant, Holds Talks With SoftBank
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Masayoshi Son, the leader of SoftBank, at the Mobile World Congress in Barcelona in February. A deal with SoftBank could help Didi Chuxing contend with a rash of difficulties. CreditAlberto Estevez/European Pressphoto Agency
HONG KONG — Didi Chuxing, a company in China that last year bested Uber in that huge ride-sharing market, is in negotiations to get SoftBank of Japan to take part in a multibillion-dollar investment round, according to people familiar with the talks.
SCA Architecture Gives Chula Vista Retail Center a $9M Makeover
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San Diego—SCA Architecture, formerly known as Smith Consulting Architects, has revamped Gateway Marketplace, a former 109,200-square-foot Target shopping center in Chula Vista, Calif. Eric Li, vice president of leasing at developer Brixton Capital, oversaw the $9.3 million remodeling project.
The existing site was enhanced with contemporary architecture, including a modern color scheme, new landscaping, lighting, pedestrian walkways and a new gateway plaza, flanked by the new retail stores and restaurant buildings. Located at Fourth Avenue and C Street, the 8.8-acre lot is bordered by I-5, I-805 and State Route 54…
Fannie-Freddie Fix Is the Focus of Senators’ Bipartisan Push
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Corker, Warner seek common ground on housing-finance overhaul
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Lawmakers started failed 2014 effort to unwind the companies
In a bitterly partisan Congress, two senators are making a rare push across party lines to solve a persistent riddle with huge implications for the U.S. housing market: What to do with Fannie Mae and Freddie Mac?
Aides to Tennessee Republican Bob Corker and Virginia Democrat Mark Warner have begun meeting with industry groups and former government officials to discuss ideas, according to people familiar with the matter. Senate Banking Committee Chairman Mike Crapo, whose panel would have to shepherd any bill to overhaul the mortgage finance giants, has also begun to hold housing-finance briefings with the idea of building toward a compromise…
Manhattan Landlords Are Offering Massive Giveaways to Their Retail Clients
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Incentives ‘creative solution’ as stores go dark, broker says
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Power shifting toward merchants after rents rose to records
Manhattan landlords, who have seen retail occupancy plummet after boosting rents to record levels, are trying to avoid big price cuts. Instead, they’re writing checks for things like interior redesigns and moving expenses to keep storefronts from going empty.
Tenant-improvement allowances haven’t been typical in the Manhattan retail market. But now the concessions, which can pay for anything from lighting and displays to a complete overhaul, are becoming a key component in some new leases, particularly for large, flagship stores in high-profile areas, such as Madison Avenue and Fifth Avenue, according to Steve Soutendijk, an executive director at brokerage Cushman & Wakefield Inc.…
Citing Misdeeds, U.S. Gives Wells Fargo Failing Grade on Lending
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A Wells Fargo branch in New York. The bank has received a “needs to improve” rating based on a law meant to promote lending in low-income neighborhoods. CreditVictor J. Blue/Bloomberg
In the latest blow to Wells Fargo’s efforts to rebuild its reputation after months of turmoil, the bank on Tuesday received a failing score on community lending from its federal regulator.
Wells Fargo was given a “needs to improve” rating on its latest evaluation under the Community Reinvestment Act, a 1977 law intended to promote lending in low-income neighborhoods…
Citing Misdeeds, U.S. Gives Wells Fargo Failing Grade on Lending
Marcus & Millichap Markets BB&T Miami HQ
Posted by: | CommentsThe bank is the largest tenant, occupying more than 35,000 square feet.
Miami—Marcus & Millichap recently announced that the company has obtained the exclusive listing for the net-leased BB&T Bank building in downtown Miami. The asking price is $17 million. Ronnie Issenberg and Gabriel Britti, first vice presidents in Marcus & Millichap’s Miami office, are representing the seller, a Florida-based LLC.
According to Yardi Matrix data, BB&T is the largest tenant in the 1200 Brickell Ave. building, occupying more than 35,000 square feet…
Marcus & Millichap Markets BB&T Miami HQ
Home Prices in 20 U.S. Cities Rise at Fastest Pace Since 2014
Posted by: | CommentsHome prices in 20 U.S. cities climbed in the 12 months through January at the fastest pace since July 2014, while nationwide the increase in property values also accelerated, according to S&P CoreLogic Case-Shiller data reported Tuesday.
Key Points
- 20-city property values index rose 5.7 percent from January 2016 (forecast was 5.6 percent) after increasing 5.5 percent in the year through December
- National home-price gauge increased 5.9 percent in the 12 months through January
- Seasonally adjusted 20-city index advanced 0.9 percent from a month earlier (forecast was 0.7 percent)…
Home Prices in 20 U.S. Cities Rise at Fastest Pace Since 2014
Wells Fargo Reaches $110 Million Fake Accounts Settlement
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Agreement may cover more than 2 million unauthorized accounts
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Judge must still approve nationwide resolution of claims
Photographer: Patrick T. Fallon/Bloomberg
Wells Fargo & Co. reached a $110 million settlement with customers nationwide over claims its employees set up fraudulent accounts to boost their own pay, a deal that moves the bank another step toward closing the books on last year’s scandal.
Revelations that Wells Fargo employees may have opened more than 2 million deposit and credit-card accounts without customers’ permission has prompted sweeping changes at the San Francisco-based lender. The bank eliminated a system of sales targets that regulators said encouraged workers to create fake accounts. It also fired or demoted five people who had served as senior managers in the consumer business…
What the Future of S.E.C. Enforcement Holds Under Jay Clayton
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Jay Clayton is President Trump’s nominee for chairman of the Securities and Exchange Commission.CreditPablo Martinez Monsivais/Associated Press
A frequently told story about the Securities and Exchange Commission’s adoption of Rule 10b-5, the principal antifraud rule used in hundreds of cases every year, is that after the five commissioners reviewed the proposal, the only one to speak was Sumner Pike, who simply said, “Well, we are against fraud, aren’t we?”
That captures well the approach of Jay Clayton, President Trump’s nominee for chairman of the S.E.C., at his hearing before the Senate Banking Committee last week. His prepared statement asserted that “I am 100 percent committed to rooting out any fraud and shady practices in our financial system.”…
Hudson Pacific Signs Google to San Fran Office Lease
Posted by: | CommentsSan Francisco—Hudson Pacific Properties Inc. just found a big-name tenant to fill a big gap looming in the roster at Rincon Center II, its 250,000-square-foot office property in San Francisco. The West Coast office, media and entertainment property REIT recently secured a commitment from Google Inc. to occupy 166,460 square feet of space that will soon become available at the six-story tower.
Expedia Replaces M&A Boss Hart With LendingClub’s Vengalil
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Hart helped lead Expedia’s acquisitions of HomeAway and Orbitz
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He will transition to Expedia-owned service CarRentals.com
Expedia Inc.’s Eric Hart, the executive who helped lead M&A during the travel giant’s multibillion-dollar acquisition spree, is stepping aside.
Expedia hired LendingClub Corp.’s Regi Vengalil to head corporate development and strategy at the Bellevue, Washington-based company, an Expedia spokesman said. Vengalil started at the job in January, according to his profile on LinkedIn. Hart, who helped run deals including the $1.6 billion purchase of Orbitz and the $3.9 billion acquisition of home-rental site HomeAway, will join Expedia-owned CarRentals.com as a senior vice president, said the spokesman, who declined to comment on the reason for the move…
Wall Street Is Suddenly Bullish On Snap
Posted by: | CommentsSnap! The maker of Snapchat is enjoying a sudden rush of love from sell-side analysts.
Banks including Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. on Monday issued a raft of ‘buy’ or ‘neutral’ ratings on newly-listed Snap Inc. stock. The recommendations follow the expiration of a waiting period that prevented underwriters on the company’s $3.1 billion initial public offering earlier this month from publishing research immediately after the listing.
Snap stock has since dipped to $23 a share — below its $24 first-day opening price and an initial ‘pop’ to $27 a share — after analysts at firms including Cantor Fitzgerald LP and Pivotal Research Group LLC published downbeat commentary and ‘sell’ recommendations…
JV Sells Boston-Area Plant
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Littleton, Mass.—Odyssey Real Estate Capital, in partnership with Gordon Brothers Group and New Mill Capital Holdings, announced the sale of a 332,000-square-foot industrial plant in Littleton. The 29-acre factory campus includes a juice processing plant, newly upgraded can and bottling lines, warehouse, research and office facilities, and a recently installed reverse osmosis system. A local bottling operator acquired the asset for an undisclosed amount.
Oslo Housing Prices Soar 24% Amid ‘Social Engineering’ Debate
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Shifting demand creates imbalances, permanent change
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Says can’t stay on the high part of price cycle forever
Norway’s government may end up regretting its move to target Oslo in an effort to cool a runaway housing market, according to a leading real estate economist.
“I don’t think it’s a good idea generically to social engineer where people live,” Albert Saiz, professor at Massachusetts Institute of Technology, said in an interview on Thursday.
Hedge Funds Are Training Their Computers to Think Like You
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Deep learning, once hyped by firms, returns with modest aims
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WorldQuant trades with neural networks; Man AHL may follow
Hedge funds have been trying to teach computers to think like traders for years.
Now, after many false dawns, an artificial intelligence technology called deep learning that loosely mimics the neurons in our brains is holding out promise for firms. WorldQuant is using it for small-scale trading, said a person with knowledge of the firm. Man AHL may soon begin betting with it too. Winton and Two Sigma are also getting into the brain game.
Meridian Arranges $150M Refi for Manhattan Asset
Posted by: | CommentsThe 212,000-square-foot retail and office property is located across from the Empire State Building.
New York—Meridian Capital Group arranged the $150 million refinancing of 1 W. 34th St., a 12-story retail and office property in Midtown Manhattan.
Wells Fargo and Goldman Sachs provided the 10-year CMBS financing, which features full-term, interest-only payments and has a 4.31 percent fixed rate. Carol Shelby, managing director with Meridian’s New York headquarters, worked on behalf of BLDG Management and Crown Acquisitions.
“The existing loan was entering its amortization period and given the property’s prime location and strong 96-percent occupancy, Meridian was able to negotiate a new 10-year, interest-only loan,” said Shelby in prepared remarks…
BOE Cites Brexit Among Financial Stability Risks for U.K.
Posted by: | CommentsThe Bank of England said Brexit, along with household debt and China’s economy, is among the main risks to U.K. financial stability, though it’s no longer the top threat.
In an assessment that comes two days before Prime Minister Theresa May triggers the formal exit from the European Union, the BOE said risks will be influenced by the “orderliness of the adjustment to the new relationship.”…
BOE Cites Brexit Among Financial Stability Risks for U.K.
Distressed Funds Find Treasure in China’s Mounting Bad Debts
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Huarong expects cash return from NPL disposal to rise to 20%
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China may have about $3 trillion in distressed debt: ShoreVest
The specter of more soured assets piling up in China is turning into a sweet spot for distressed debt investors seeking fat returns.
China Huarong Asset Management Co., the nation’s largest bad bank by assets, expects cash returns of above 20 percent from distressed debt sales in this non-performing loan disposal cycle versus about 17 percent in the last clean-up a decade ago. Guangzhou-based fund ShoreVest Capital Partners Ltd. predicts the next three years to be a sweet spot for bad debt investment in China due as many lenders look to sell. KPMG China says now is the best time to buy as asset prices and returns will improve once the economy stabilizes…
Westdale, KDC Kick Off Mammoth Dallas Project
Posted by: | CommentsDallas—Westdale and KDC have teamed to construct The Epic, a mixed-use, transit-oriented development in Dallas’ Deep Ellum neighborhood.
The project will feature an office building, residential tower, and boutique hotel, and is expected to transform the western end of Deep Ellum, rising on an 8-acre site Westdale has owned for more than 20 years.
“The Epic will complement Deep Ellum and provide state-of-the-art office space, residential and hospitality to the neighborhood, further contributing to Deep Ellum’s resurgence and sustainability as Dallas’ most unique urban neighborhood,” Joe Beard, Westdale’s CEO, said in a prepared release…
More Condos, Less Debt in Macklowe’s New Wall Street Game Plan
Posted by: | CommentsWhat does a Manhattan residential developer build in a market overcrowded with costly condos and high-end rentals? For Harry Macklowe, who’s making plans to convert a landmarked office building he owns on Wall Street, the answer — for now — is more condos.
The builder was seeking more than $1 billion in financing for a largely rental conversion of the former Bank of New York Mellon Corp. headquarters at the corner of Wall Street and Broadway, but he’s switching gears. Macklowe now plans to put in more equity and get a smaller loan for the project, he said in an interview airing Monday on Bloomberg Television. The building, initially planned as 65 percent rentals, will now overwhelmingly be condos and might not have any leased apartments at all…
America’s Housing Inventory Problem, Explained in Four Charts
Posted by: | CommentsThe paucity of houses on the market remains a nagging hurdle for those Americans interested in trading up or looking to take their first step into homeownership.
With a limited number of property listings amid solid demand, sellers have little reason to reduce asking prices. From December through February, less than four months’ supply of existing houses were on the market, compared with a post-recession high of about 12 months’ worth in mid-2010, according to the National Association of Realtors. Yes, interested sellers take their homes off the market during the winter, but such a lean supply over a similar time frame has never been recorded in about two decades of data…
London’s Luxury Homes Won’t Sell, So Now They’re on Airbnb
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As homes languish on market, owners look to generate cash
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Mayor pushing to enforce rules limiting length of stay
Frustrated after searching for a buyer for two years, the owner of a luxury apartment overlooking London’s Hyde Park decided to rent it out for 1,500 pounds ($1,868) a night.
“It was a very lofty valuation and I think they’ve always been chasing the market,” said Hasan Hasan, the co-founder of property broker Xenyos, which is handling the rental. Now the landlord, a developer trying to sell the property at a reduced price of 8.65 million pounds after a refurbishment, will at least recover some of his investment while he waits for a buyer, he said…
China’s HNA Buys $446 Million Stake in Old Mutual U.S. Unit
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Stake is latest in HNA’s $30b haul of deals since last year
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Old Mutual’s share of U.S. unit will drop to 26% from 51%
Chinese conglomerate HNA Group Co. agreed to buy a 25 percent stake in Old Mutual Plc’s U.S. asset management unit for about $446 million, adding to a $30 billion spending spree since last year.
Old Mutual is selling down its holdings in OM Asset Management to HNA Group in two tranches, according to an emailed statement on Sunday from the London-based company. The first — comprising 9.95 percent at $15.30 per share — will be completed within 30 days, with a second 15 percent stake at $15.75 taking place in the second half, the company said…
Paul Singer’s New Mantra: Be Like Argentina
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Getty Images
Elliott Management is certainly keeping busy positioning itself for the widespread global depression that’s heading our way. The hedge fund’s latest project is to get Dutch paint behemoth Akzo Nobel to sell itself to American paint behemoth PPG Industries. Not for a mere $24.19 billion, of course. Paul Singer & co. can see as clearly as Akzo that that’s way too low. But however will Akzo figure out what the right number is if it stubbornly refuses to have a conversation about it?
Mitsui Fudosan America Closes 2 Mid-Manhattan Leases
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New York—The U.S. arm of Mitsui Fudosan, a leading Japanese real estate firm, closed two leases totaling roughly 73,600 square feet at 1251 Avenue of the Americas, a 54-story high-rise in Manhattan. The two new tenants are Berenberg Capital Markets, a subsidiary of German bank Berenberg, and global law firm McGuireWoods.
Youngest Goldman Partner Now Middle-Aged Ex-Hedge Fund Manager
Posted by: | Comments![By World Economic Forum [CC BY-SA 2.0], via Wikimedia Commons](https://dealbreaker.com/uploads/2017/03/mindich-300x452.jpg)
By World Economic Forum [CC BY-SA 2.0], via Wikimedia Commons
The last few years have been hard on the hedge fund industry—the last eight, to be exact, when you-know-who was in charge, bringing sadness and misery and desperately unwanted introspectionfrom Stamford to Manhattan and everywhere in between. Last year especially, when more than 1,000 closed their doors, unable to survive long enough to enjoy the hedge-fund renaissance sparked by the rise of President Trump and the decline of all rules governing anything, instantly curing all of the many things that ailedthe industry.
Monster Moto Opens Manufacturing Hub, HQ in Louisiana
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Baton Rouge—Monster Moto has opened its new headquarters and manufacturing campus in Ruston, La. The relocation is expected to create 289 new direct jobs over the next 10 years.
The facility was developed by a local construction firm at the former Ruston Regional Airport. The 90-acre site will operate under the name of Russtown Industrial Park. The new facility located 70 miles away from Shreveport, La., will allow the company to assemble minibikes, go-karts and other vehicles. The center was designed in such a way as to allow expansion up to 300,000 square feet…
Most Concentrated EU Bank Market Sets Battle Lines on New Buffer
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Finnish bank lobby says more regulation would hurt investment
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Finance is ministry preparing systemic risk buffer legislation
No other country in the European Union has as much lending concentrated in as few banks as Finland.
To deal with the risk of one lender bringing down the entire economy, the Finnish Finance Ministry wants to add a systemic risk buffer to the regulator’s toolbox. The idea is that the watchdog should be free to apply an extra layer of capital if it sees non-cyclical, long-term risks building up. More specifically, the Financial Supervisory Authority could force banks operating in Finland to hold between 1 percent and 5 percent core capital on top of existing buffers…
Citing Confidentiality, British Court Blocks Reuters Article on Hedge Fund
Posted by: | CommentsLONDON — A High Court judge has blocked Reuters from publishing an article about the hedge fund manager Brevan Howard Asset Management, citing the confidential nature of information at issue in the story.
In Britain, companies and individuals can seek civil injunctions to prevent journalists from publishing articles that may contain confidential information or infringe on their privacy. The tactic is often used to prevent tabloids from reporting details about the personal lives of celebrities.
But last week, Brevan Howard, one of Britain’s largest hedge funds, sought the injunction as Reuters prepared to publish an article about the firm. It is not known what information the article contained…
Yardi Matrix: Fever Pitch—Atlanta Demand Heats Up
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Atlanta’s multifamily market benefits from a diversified economy, a healthy development pipeline and high investor demand. The population is growing, due to an influx of young professionals drawn to the 18-hour lifestyle. Strong rent gains and increased demand for housing have created concerns about affordability, congestion and overdevelopment.
Mexico Will Hedge Oil Export Prices for Next Year, Rubio Says
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All options on table to bolster peso: deputy finance minister
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Nation to reach fiscal goal with or without FX surplus: Rubio
Mexico plans “without a doubt” to protect the country against low crude prices for next year, Deputy Finance Minister Vanessa Rubio said in an interview, in a continuation of what’s become the world’s largest commodities hedging program.
The amount of Mexico’s export basket to be protected through market operations, versus through its stabilization fund, has yet to be determined, Rubio said in an interview on the sidelines of a banking conference in Acapulco. All options are open to reduce volatility of the peso, which is undervalued when economic fundamentals are taken into account, Rubio added…
Retail Instincts Propel Investor to Venture Capitalism’s Top Tier
Posted by: | CommentsSAN FRANCISCO — Kirsten Green had only dabbled in investing in start-ups before she began a venture capital fund in 2012. What she had instead was years of experience covering the retail business as an analyst on Wall Street.
So Ms. Green, 45, parlayed that retail knowledge into her venture capital endeavors and used it to bring specialized advice to her companies. In one of her first moves as a venture capitalist, she put $1 million into Dollar Shave Club, then a tiny company, which sells razors to consumers online. Later, she invested in Jet.com, an e-commerce start-up that was vocal about wanting to take on Amazon…
Uber, Alexandria Score Office Deal with NBA’s Warriors in San Fran
Posted by: | CommentsThe ride-hailing company bought a stake in the 580,000-square-foot office buildings and plans to occupy at least half of the space when completed.
San Francisco—Uber Technologies Inc. and Alexandria Real Estate Equities Inc., an urban office REIT focused on life science and technology campuses, are teaming up on two office buildings to be constructed as part of the Golden State Warriors’ Chase Center arena project in San Francisco’s Mission Bay neighborhood.
Uber, the ride-hailing company, bought a stake in the office buildings, which will have 580,000 square feet, The San Francisco Business Times reported. The firm plans to occupy at least half of the space when it is complete in 2019 and has the option to take all the space after it opens…
Ivory Coast Seeks More IMF Funding to Aid Budget as Cocoa Slumps
Posted by: | CommentsIvory Coast’s government said it is seeking more assistance from the International Monetary Fund to support the nation’s 2017 budget after cocoa prices slumped, hurting the finances of the world’s biggest grower.
“With cocoa prices falling, we have some new budget constraints,” government spokesman Bruno Kone said by phone from the commercial capital, Abidjan, on Sunday…
Ivory Coast Seeks More IMF Funding to Aid Budget as Cocoa Slumps
LargaVista Nabs Long Island City Office Asset
Posted by: | CommentsThe company is considering a creative office conversion and expansion for the property.
New York—LargaVista Cos. acquired a 65,000-square-foot office asset located at 30-10 41st Ave. in Long Island City. Financing for the transaction was provided by TriState Capital Bank.
The company also owns the adjacent building at 29-42 Northern Blvd. and is considering a creative office conversion and expansion…
LargaVista Nabs Long Island City Office Asset
Fund That Called the Smartphone Boom Piles Into Driverless Cars
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PineBridge fund manager sees long-term potential in components
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Soon’s Asia small-cap fund has outperformed peers this year
Fund manager Elizabeth Soon is on the lookout for her third “a-ha” moment. If her latest theme pans out as well as the first two, investors should start looking at driverless car suppliers.
So far, Soon’s moments of investor clarity in almost a decade at PineBridge Investments Asia Ltd. have been related to the smartphone — both of them cases where she’s recognized undiscovered trends destined to take off. While she doesn’t place her latest interest in quite the same category, she says the coming revolution in autos may be a key opportunity for investors…
Blackstone Sells Columbus Office Portfolio
Posted by: | CommentsDublin, Ohio—CBRE Group has announced that Blackstone sold a 1.1-million-square-foot office complex located in Dublin, Columbus’ largest and most desirable suburban office submarket. An affiliate of New York-based Group RMC Corp. paid $77 million for the portfolio, which consists of seven Class A/B office buildings.
Patrick Arangio and Jack Howard of CBRE’s Midtown Manhattan office negotiated the sale on behalf of Blackstone, while Donald Roberts and Philip Pelok of CBRE’s Columbus office provided local market expertise and transactional assistance…
Cresa Acquires Charlotte Firm
Posted by: | CommentsCharlotte, N.C.—Cresa has acquired Mohr Partners in Charlotte, N.C., and designated it as its new office in the city under the leadership of managing principals Jack Glasgow and Scott Dumler.
“Cresa’s core principle to ‘do the right thing’ is a value with which we strongly connected from the outset,” Glasgow told Commercial Property Executive. “Combining that principle with a company that has top-caliber, brokers, leadership and nationwide support staff who approach the business with a strategic and collaborative mindset made this a very attractive opportunity for us.”
Why Li Ka-Shing May Be Right Predicting Hong Kong Property Rally
Posted by: | CommentsHong Kong’s richest property tycoon Li Ka-shing expects the rally in the city’s home prices to continue for a couple more years. He isn’t alone.
Even after the Federal Reserve raised interest rates this month, brokers and analysts expect further increases in residential prices in Hong Kong, where the cost of existing homes keeps setting new records.
“The property market is hot now,” Sammy Po, head of the residential department at Midland Realty International Ltd., said by phone. “The market has totally factored in the potential impact of the Fed rate hikes, therefore, buyers just keep buying as usual.”
Kensington & Chelsea Has Almost 700 Empty Homes Despite Levy
Posted by: | CommentsAn attempt by the U.K.’s most expensive borough to penalize homeowners who leave properties empty isn’t having much impact.
More than 690 homes in London’s Kensington & Chelsea have been left vacant and unfurnished for more than two years, despite the introduction of a 50 percent levy on council tax for affected homes. That’s up from 660 in April 2015. The highest council-tax rate in the borough is almost 2,100 pounds ($2,620) a year…
Kensington & Chelsea Has Almost 700 Empty Homes Despite Levy
Wall Street Frets Over Health Vote’s Impact
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Hedges abound as investors fear Congressional gridlock
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Ability to pass bill seen as harbinger for Trump’s proposals
Washington’s got Wall Street’s undivided attention.
As Republicans in Congress tried to wrangle enough votes to pass their health care bill Thursday, the S&P 500 Index swung from a gain to a loss, continuing its worst selloff of the Trump era. Meanwhile demand rose for traditional safe havens like Treasuries.
By the close of trading, the GOP had decided to delay the vote as conservatives mulled a proposal from the Trump administration. The S&P 500 finished down 0.1 percent, while the Dow Jones Industrial Average was essentially flat and the Nasdaq 100 Stock Index fell 0.2 percent…
Retail Portion of Arizona Center to Undergo Major Facelift
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Phoenix—Parallel Capital Partners has broken ground on an $11.6 million refurbishment of the retail component of the Arizona Center, a 16-acre mixed-use campus. The company acquired the property in a joint venture with Angelo, Gordon and Co. back in 2015, for $126 million. The deal included entitlements for an additional 3.9 million square feet of improvements.
Renters Now Rule Half of U.S. Cities
Posted by: | CommentsThe American Dream increasingly involves a lease, not a mortgage.
Detroit was once known as a city where a working-class family could afford to own a home. Now it’s a city of renters.
Just 49 percent of Motor City households were homeowners in 2015, down from 55 percent in 2009 and the lowest percentage in more than 50 years. Detroit isn’t alone, of course: The rate of U.S. home ownership fell steadily for a decade as the foreclosure crisis turned millions of owners into renters and tight housing markets made it hard for renters to buy homes. Demographic shifts—millennials (finally) moving out of their parents basements, for instance, or a rising Hispanic population—further fed the renter pool…
Hedge Fund Run by Former ‘Big Wolf’ Trader Delivers 46% Return
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Former Fredriksen associates’ fund aims to raise $175 million
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Oil-recovery bet could triple the money in 3-5 years: Westeren
Two former associates of billionaire shipping and rig tycoon John Fredriksen are delivering out-sized returns by snapping up distressed and shunned oil-related assets. And they say it’s a bet that has plenty of room to run.
Titan Opportunities Fund, set up by Espen Westeren and Fredrik Halvorsen, has returned 46 percent in its first nine months. Now, they want to step up their bets by raising as much as $175 million. The goal: double or even triple the money in the next three to five years, with an annual return of at least 30 percent, before returning it to investors…
North Korea Said to Be Target of Inquiry Over $81 Million Cyberheist
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The Federal Reserve Bank of New York was led to move money from the Bangladesh central bank to other accounts in February 2016. CreditSpencer Platt/Getty Images
Federal prosecutors are investigating North Korea’s possible role in the theft of $81 million from the central bank of Bangladesh in what security officials fear could be a new front in cyberwarfare.
The United States attorney’s office in Los Angeles has been examining the extent to which the North Korea government aided and abetted the bold heist in February 2016, according to a person briefed on the investigation who was not authorized to speak publicly…
Kairos Capitalizes on Apex Repositioning
Posted by: | CommentsFort Washington, Pa.—Affiliates of Kairos Real Estate Partners and Artemis Real Estate Partners have completed a recapitalization of their interests in Apex Ft. Washington, a three-building, 400,000-square-foot Class A office campus located at 600, 601 and 602 Office Center Drive in Fort Washington, Pa.
An affiliate of Zeke Capital Advisors has acquired the majority of membership interests owned by Kairos and Artemis. Benefit Street Partners of New York provided new debt financing…