Archive for Uncategorized
Vista Investment Relocates HQ, Adds New Hire
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Los Angeles—Vista Investment Group LLC (VIG) has relocated to its new corporate headquarters to 2114 Pico Blvd. in Los Angeles.
The company currently occupies approximately 2,000 square feet on the second floor of the two-story, 9,000-square-foot building, which is located off Interstate 10. The firm plans to expand to 3,000 square feet by the end of the year, according to VIG’s President Jonathan Barach. The remainder of the building is fully leased to a variety of entertainment businesses.
Fitch: Challenges, Opportunities Ahead for Strong Retailers
Posted by: | CommentsNew York—There’s no doubt retailers in the United States are facing challenges, many of them due to the growth of e-commerce and how it is affecting the nation’s malls and shopping centers and ultimately the bottom lines of top retail companies. In a new report, “What Investors Want to Know: U.S. Retail,” Fitch Ratings analysts address those concerns and find that despite some problems, there could be opportunities for the strongest players.
Ezra Files for U.S. Bankruptcy as Marine Debt Crunch Spreads
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Company joins Swiber, Swissco in fending off hostile creditors
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Decline in oil prices led to project delays, amassed debt
Ezra Holdings Ltd., a Singapore-listed oilfield services group, filed for bankruptcy in the U.S. after weeks of facing hostile actions from creditors at home and abroad as it struggles to recover from a slump in oil prices over the past three years.
Ezra and two affiliates, Ezra Marine Services Pte. Ltd. and EMAS IT Solutions Pte. Ltd., filed for Chapter 11 protection March 18 in U.S. Bankruptcy Court in White Plains, New York. Ezra listed consolidated long-term assets with a value of $1.3 billion and current assets of $623 million for the fiscal year ended August 31, 2016, according to court papers.
Savills Studley Arranges 95 KSF Lease Renewal in NYC
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New York—Savills Studley has arranged a long-term, 95,000-square-foot lease renewal and expansion for W. W. Norton & Co. at 500 Fifth Ave. in New York City. Executive Vice President Daniel Horowitz, Executive Managing Director Jeffrey Peck, Managing Director Gary Kerper and Senior Managing Director Roi Shleifer represented the tenant.
Vancouver Eases Foreign Home Buyer Tax to Attract Tech Workers
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Canadian province exempts certain skilled workers from 15% tax
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British Columbia premier says tech sector needs immigrants
British Columbia will exempt some immigrants from a 15 percent home buyers tax in a bid to ensure the Canadian province attracts skilled workers and entrepreneurs.
Foreign workers entering the country through a so-called Provincial Nominee Program won’t have to pay the real estate tax. The break will only apply to residents in the Vancouver area.
“Our growing tech sector depends” on the program, Premier Christy Clark said in a statement Friday. “That’s why we’re removing barriers, so they can get to work, create jobs, and help build B.C.”…
Deutsche Bank Seeks $8.6 Billion Selling Shares at 35% Discount
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Offering stock at 11.65 euros is in-line with earlier guidance
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The environment for a sale ‘is almost perfect,’ analyst says
Deutsche Bank AG said it will raise 8 billion euros ($8.6 billion) by selling stock at a 35 percent discount to last week’s closing price as Germany’s largest lender seeks to shore up its finances and boost growth.
Investor Dollars Not Alone In Fleeing Och-Ziff
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The hedge fund of unsound method, in the midst of some fairly sizable redemptions due to that whole bribery scandal and concomitant guilty plea and $400 million fine, is bidding farewell to a few folks.
Among those departing are Drew Gillanders, a top European equity analyst; James Keith “JK” Brown, a partner and head of investor relations; and Paula Drake, chief compliance officer, said the people, who asked not to be identified discussing personnel matters. Hamish Chalmers, an analyst in London, also has exited, they said…
Investor Dollars Not Alone In Fleeing Och-Ziff
Trump Picks a Regulator Who Could Help Reshape Dodd-Frank Act
Posted by: | CommentsPresident Trump rounded out his financial regulatory team on Tuesday, announcing plans to select J. Christopher Giancarlo to oversee a lucrative corner of Wall Street that helped unleash the financial crisis.
In appointing Mr. Giancarlo to run the Commodity Futures Trading Commission, which regulates the sort of derivatives trading that spread panic on Wall Street in 2008, the president took another step toward challenging the Obama administration’s legacy on financial regulation. As a Republican commissioner at the agency since 2014, and more recently as its interim chairman, Mr. Giancarlo has embraced the broad goals of new derivatives regulations under the Dodd-Frank Act while criticizing crucial portions of the fine print…
Arizona Center Begins $25M Renovation
Posted by: | CommentsBy IvyLee Rosario
Phoenix—Arizona Center, a downtown mixed-use development at 3rd St. and Van Buren in Phoenix, has kicked off its $25 million makeover. The property comprises two office towers, a 24-screen AMC Theatres multiplex, as well as retail and restaurant space.
Owners Parallel Capital Partners and Angelo, Gordon & Co. tapped Skanska USA to handle construction management for the renovation. The joint venture paid $126 million for the 16-acre complex, which has entitlements for an additional 3.9 million square feet of improvements…
Blackstone Sells Value-Add Medical Campus in Providence
Posted by: | CommentsProvidence, R.I.—Ventas Inc. has purchased a life science, research and medical campus in Providence, R.I., from affiliates of Blackstone Real Estate Partners VIII LP, the Chicago-based REIT announced Tuesday.
The acquisition’s nearly $130 million price tag covered South Street Landing, a redeveloped 269,000-square-foot former municipal power station, as well as an adjacent newly constructed 744-car parking garage. The building is 100 percent leased to Brown University for academic administrative offices and the Nursing Education Center, an initiative between Rhode Island College and University of Rhode Island’s nursing programs…
You Are Cordially Invited To Join Paul Singer In Profiting From Global Supercollapse
Posted by: | CommentsA “widespread global depression” may be pretty “close to a guarantee” now that Donald Trump is president, but Paul Singer has come to terms with it and the man who will make it happen. He even thinks there might be some money to be made from it. That’s where you come in: Elliott Management’s current $32.8 billion is already tied up in prisons, exploding cellphones, IT outsourcing and atrociously-run aerospace and automative parts makers. To take advantage of whatever opportunities should present themselves in the wake of a presidential tweetstorm, deregulatory bonfire or thermonuclear war, he needs some new cash at the ready…
James Donovan Is Latest Goldman Sachs Executive to Join Trump Administration
Posted by: | CommentsAnother Goldman Sachs executive is being hired for a senior government role in Washington — this time at the Treasury Department.
James Donovan, a longtime Goldman banking and investment management executive, has been named to be the deputy to the Treasury secretary, Steven Mnuchin.
Mr. Donovan, 50, would be responsible for helping Mr. Mnuchin, also a Goldman alumnus, in running a government agency that handles a wide range of economic matters, from producing physical currency to enforcing economic sanctions against nations…
James Donovan Is Latest Goldman Sachs Executive to Join Trump Administration
NYC Investor Snags Connecticut Office Park
Posted by: | CommentsWindsor, Conn.—Griffin Park Realty VV, a Brooklyn-based private equity partnership managed by Vasco Ventures, has emerged as the new owner of an office complex located in Windsor, Conn.
Cedar Rapids-based Investors Warranty of America sold the five-building portfolio for a reported $5 million in a transaction negotiated by CBRE/New England.
CBRE’s John McCormick and Patrick Mulready represented the seller and procured the buyer for this transaction…
Housing Starts in U.S. Climbed to Four-Month High in February
Posted by: | CommentsBeginning construction of U.S. houses climbed to a four-month high in February, led by the strongest pace of single-family homebuilding in nearly a decade.
Residential starts advanced 3 percent to a 1.29 million annualized rate, a Commerce Department report showed Thursday. The median forecast of economists surveyed by Bloomberg was 1.26 million. Construction of one-family dwellings rose 6.5 percent to an 872,000 pace, the fastest since October 2007…
Housing Starts in U.S. Climbed to Four-Month High in February
Convicted Insider-Trader’s New Book Not Titled ‘Take The Damned Deal’
Posted by: | CommentsMichael Kimelman didn’t have to go to prison. He could have accepted the late lamented Preet Bharara’s offer of probation and never seen the inside of the Lewisburg Federal Prison Camp. But Kimelman was convinced that he hadn’t actually committed insider trading, and naively believed that mattered back in the heyday of such prosecutions. And so he got to enjoy the mundane solitude of minimum-security prison life, filling the hours by writing an 800-page memoir entitled—in spite of his protestations of innocence—Confessions of a Wall Street Insider and since whittled down by 550 pages or so.
Trump Adviser Gary Cohn to Sell Stake in Chinese Bank Giant
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Gary D. Cohn, now the director of the National Economic Council, at Trump Tower in January.CreditHilary Swift for The New York Times
The White House economic adviser Gary D. Cohn is selling a significant holding in the world’s largest bank — which happens to be in China — as he clears potential conflicts of interest to serve in his new role.
The stock that Mr. Cohn is selling is in the Industrial and Commercial Bank of China, which with nearly $3.5 trillion in assets is the biggest on the planet, and it would be valued at about $16 million based on Thursday’s trading, according to details of his holdings in a set of documents issued by the Office of Government Ethics…
George Smith Partners Secures Refi for SoCal Retail Center
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Los Angeles—George Smith Partners has secured $30 million in refinancing for Plaza de Hacienda, a 156,000-square-foot grocery-anchored retail center in the La Puente submarket of Los Angeles. The financing was arranged by Shahin Yazdi, principal & managing director for George Smith Partners .
The sponsor, Optimus Properties LLC, had requested a fixed-rate loan with the goal of refinancing its maturing loan for this regional retail center. The sponsor plans to perform capital improvements as needed, and maintain the retail center as a high-profile, cash-flowing asset…
Hong Kong’s Richest Men Prove Resilient Against Property Curbs
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Focus on housing in election year may spur policy changes
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Billionaires have erased losses after November property curbs
Li Ka-shing.
Photographer: Justin Chin/Bloomberg
Don’t bet against Hong Kong’s billionaire property tycoons, even if the city’s incoming chief executive takes a tough stance on reining in soaring home prices.
After a short-lived dip as the city’s government ratcheted up real estate curbs in November, property stocks have bounced back and so has the wealth of billionaires including Li Ka-shing and Lee Shau Kee…
Hong Kong’s Richest Men Prove Resilient Against Property Curbs
California is a high cost of living state. That goes without saying. Yet the level of affordability oscillates up and down with the whims of the bubble economy. As of today the state faces a rental Armageddon trend where many families simply cannot afford to purchase a gorgeous, sturdy, and well-designed home (just kidding, most can’t buy a 700 square foot funky looking crap shack). Whenever people even hint at the expensive nature of California the yelling begins with “then move out!” or “buying always makes sense!” which seems interesting since the housing market really got out of control in many metro areas starting in the late 1990s as Wall Street injected its casino antics into the industry. And many of those that protest the loudest are usually Taco Tuesday baby boomers living in granite countertop paradise that wouldn’t have a chance affording their home today if they had to pay current prices. But in reality, many are moving out. From 2000 to 2015 more people left California than moved in from other states. The biggest destination is Texas…
HFF Arranges $65M Financing for CityCentre
Posted by: | CommentsCityCentre comprises retail, office, hotel and residential space.
Houston—HFF arranged $65 million in interim financing for the retail portion of CityCentre, a mixed-use development located at 800 Town and Country Blvd. in Houston.
HFF worked on behalf of the borrower, a partnership between Midway and L&B Realty Advisors, to secure financing through JPMorgan and First Tennessee Bank. The debt placement team representing the borrower was led by Executive Managing Director Scott Galloway and Managing Director Colby Mueck…
HFF Arranges $65M Financing for CityCentre
REBNY Special Report: Behind Blackstone’s Investment Strategy
Posted by: | CommentsSitting down with James Kuhn, president of Newmark Grubb Knight Frank, Meghji discussed the strategies behind some of the firm’s major recent deals, as well as its view of the New York City real estate market…
Mounting Costs, Not PBOC, Could Slow China’s Bank Debt Binge
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Issuance of NCDs by small lenders more than doubled in 2016
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The short-term debt is more expensive than commercial paper
China may avoid having to pull out the big stick when it comes to reining in a record short-term borrowing spree by its smaller banks.
The increased cost to lenders of issuing so-called negotiable certificates of deposit will naturally deflate a market that jumped by 90 percent in February from a year earlier, according to Ping An Securities Co. Demand is also waning for the securities, used by Chinese banks as a way of leveraging up investments and expanding their balance sheets, with mutual funds cutting their holdings to the lowest level in at least a year in January…
Rental Armageddon hits the ballot boxes in March for Angelinos. One measure that hits particularly close to home is Measure S, dubbed the slow growth measure and sought out to curb large scale development. Now as you are aware and we’ve noted before, Los Angeles County is now a renting majority county. Most of the people that live in the area and haven’t purchased are priced out in terms of owning a home. So it should come as no shock to Taco Tuesday baby boomers who bought “back in the day” that large scale development is going to be the future even if it interferes with them getting lit mid-afternoon. Measure S lost because most people rent and don’t give a crap about your crap shack in Culver City or any other West L.A. hood. In other words, L.A is going to get even more crowded and sardine packed…
Hampton Roads 7-Eleven Portfolio Trades for $24M
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Hampton, Va.—Marcus & Millichap recently announced that it has closed the sale of a nine-property portfolio located throughout the Tidewater region of Virginia for $23.6 million. The properties are leased to 7-Eleven Inc. and three of them are situated in Hampton, two in Williamsburg, Va. and the others are located in Poquoson, Va., Newport, Va., News, Va., Gloucester, Va. and Surry, Va.
C&W Awarded 700 KSF Management Assignment
Posted by: | CommentsLas Vegas—Cushman & Wakefield Commerce, which operates the Cushman & Wakefield business in Nevada, Utah and Washington, has been retained to manage the Las Vegas office and retail portfolio for MIG Real Estate LLC, an expansion of their ongoing relationship.
“MIG contracts with Cushman & Wakefield teams in other states and is well aware of the global platform. Our team can use this leverage to help these properties run smoothly and profitably,” David Jewkes, senior vice president – Nevada, Cushman & Wakefield Commerce, said in a prepared statement…
Equity Rally Stalls as Dollar Maintains Decline: Markets Wrap
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S&P 500 turns lower while Treasuries hold Thursday’s losses
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Asia stocks benchmark falls after biggest gain since November
An equity rally spurred by the Federal Reserve’s outlook this week is stalling, capping a strong week for global stocks which saw a fresh record. The dollar and Treasuries held losses.
The MSCI Asia Pacific Index retreated after its biggest gain since November, with Japanese stocks leading declines. The S&P 500 Index’s post-Fed rally ran out of steam after the gauge climbed to within 0.5 percent of an all-time high. The pound held on to gains spurred by some Bank of England policy makers saying they may not be far behind Kristin Forbes who’s leaning toward raising interest rates. Treasuries maintained Thursday’s declines…
REIT Lands Battle Creek Medical Office Building
Posted by: | CommentsBattle Creek, Mich.—The co-sponsors of Griffin-American Healthcare REIT IV Inc., American Healthcare Investors and Griffin Capital Company LLC., recently announced the REIT’s purchase of Battle Creek Medical Office Building, a nearly 46,000-square-foot property in Battle Creek, Mich. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand.
Located on a 7.3-acre parcel, at 3600 Capital Ave., the multi-tenant medical office building is currently approximately 97 percent leased and anchored by Ambulatory Surgery Associates LLC, a company that does business as Brookside Surgery Center. Battle Creek Medical Office Building is located within a medical office park adjacent to the newly completed 65,000-square-foot Borgess Health Park…
A Mountain of Bad Debt Looms Over Modi
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‘Political courage’ has been wanting as yet, analyst says
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Stressed assets in India rise to almost 17% of total loans
With a resounding domestic political victory behind him, Indian Prime Minister Narendra Modi turns attention back to policies this week. One area key to watch for investors: progress on resolving a mountain of bad debt that’s restraining the private economy.
Modi, who swept to power in federal elections in 2014 and this weekend notched a decisive win in India’s largest state, has championed reforms for businesses yet overseen an expansion that’s been propelled by the public sector. Key to that shortfall has been a decline in credit exacerbated by the lack of a national plan to clean out non-performing loans…
Focus on Bank Culture Is an Odd Regulatory Strategy
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Traders on the floor of the New York Stock Exchange as Janet L. Yellen, Federal Reserve chairwoman, spoke after the central bank’s December policy meeting. CreditSpencer Platt/Getty Images
The general counsel of the Federal Reserve Bank of New York said last week that everyone “should be concerned with culture in financial services.” This has been a theme raised by banking regulators the world over.
Janet L. Yellen, the chairwoman of the Federal Reserve, has said that “we expect the firms we oversee to follow the law and to operate in an ethical manner. Too often in recent years, bankers at large institutions have not done so, sometimes brazenly.”
Hedge Funds Piling Into Treasury Short Bets Could Be Let Down by the Fed
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Speculators have bulked up on short futures bets: CFTC data
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Potential for temporary rally if Fed doesn’t tilt hawkish
One corner of the $13.9 trillion Treasuries market is signaling growing confidence that yields will rise after the Federal Reserve’s policy decision this week, leaving some analysts wary of a crowded trade that may backfire.
Hedge funds and other large speculators boosted net short bets in five-year futures to the second-largest on record as of March 7, Commodity Futures Trading Commission data show. Even asset managers, who’ve typically taken the other side of the wager, pared net longs to the lowest since September…
Bank of England Official Resigns After Critical Parliament Report
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Charlotte Hogg, a senior official at the Bank of England, in 2015. She offered her resignation on Monday.CreditDavid Levenson/Bloomberg
LONDON — A senior Bank of England official who had been named a deputy governor at the central bank has resigned after a Parliament committee found that her failure to disclose a potential conflict of interest showed she lacked the competence to take on a new role overseeing banks and financial markets.
The official, Charlotte Hogg, offered her resignation on Monday and it was accepted on Tuesday morning, the central bank said…
Bank of England Official Resigns After Critical Parliament Report
Transwestern Expands Chicago Presence
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Chicago—Transwestern has acquired TRU Office Advisors LLC, a tenant advisory firm that has represented corporate office users in Chicago and across the U.S.
Dave Wilson and Ryan Foran, TRU Office Advisors’ founders, will join Transwestern as executive vice presidents, and Wilson will sit on the firm’s Chicago Advisory Board.
Hyatt Place Project in Times Square Lands Financing
Posted by: | CommentsNew York—Plans for the 520-key Hyatt Place Hotel in Manhattan move right along as Eastern Consolidated lands a $120 million construction financing package for the project on behalf of developer McSam Hotel Group.
Designed by Gene Kaufman Architect, Hyatt Place will stand 25 stories tall at 350 W. 39th St. in the Garment District. The financing Eastern Consolidated’s capital advisory division orchestrated for the 180,000-square-foot development consists of a $95 million first mortgage and $25 million of preferred equity secured through Bank of the Ozarks and Square Mile Capital Management LLC, respectively. The project has quite a few features that would turn the head of many lenders…
China Home Sales Surge 23% in First Two Months Defying Curbs
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Top policy makers vowed at conclave to tackle property bubbles
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New banking regulator also pledges close watch on real estate
Photographer: Brent Lewin/Bloomberg
China home sales remained resilient in the first two months of the year, signaling policy makers are struggling to check the booming housing market.
The value of new homes sold rose 23 percent to 912 billion yuan ($132 billion) in January and February compared with the first two months of 2016, according to National Bureau of Statistics data released Tuesday. Sales rose 17 percent in December, the last time the data was released…
Hedge Fund Sees 30% Gain by Betting Only on Tomorrow, Literally
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Runestone Capital invests only in one-day U.S. volatility
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Runestone targets average annual return of more than 20%
This hedge fund is only looking one day ahead.
That delivered a 30 percent return in 2016 for the London-based Runestone Capital Fund, which crunched more than 700 variables to develop a quantitative model for trading U.S. equity index volatility.
“We trade with a one-day horizon as predicting volatility long term is completely random,” Rune Madsen, founder and portfolio manager of the $17 million fund, said in an interview on Monday…
Hedge Fund Sees 30% Gain by Betting Only on Tomorrow, Literally
South Korean Hedge Fund Inspired by Elliott Eyes Chaebol Cash
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Lime Asset says country’s conglomerates will have to dip in
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Free cash flow at Korea’s largest firms tripled since 2008
A homegrown hedge fund has taken up activism in South Korea, betting the country’s family-owned conglomerates will have to deploy their cash hoards.
The timing couldn’t be better after Elliott Management Corp.’s campaign pushedSamsung Electronics Co. to boost its dividend and amid the start of a stewardship code last December.
Proof Wall Street Is Still a Boys’ Club
Posted by: | CommentsFinancial advisory firms are far more lenient with men who break the rules, a new study says.
The Fearless Girl statue stands facing the Charging Bull sculpture in the Financial District of New York.
Photographer: Jeenah Moon/Bloomberg
Last week a statue of a young girl was temporarily installed in New York’s Financial District to mark International Women’s Day. Called The Fearless Girl and sponsored by State Street Corp., she was depicted bravely facing off against the bronze bull that’s become a symbol of Wall Street.
CBRE Survey: Investors’ Outlook for 2017
Posted by: | CommentsWhat are investors looking for? Where are they looking? And what property types do they prefer this year?
Los Angeles—Most investors in CRE in the Americas expect to be net buyers, industrial has displaced multifamily as the preferred product type, value-add is still the most popular strategy and Los Angeles remains the most favored metro. These are some of the top-line results from the 2017 CBRE Americas Investor Intentions Survey, released late last week.
CBRE surveyed nearly 1,000 investors who indicated that they are focused on the Americas…
CBRE Survey: Investors’ Outlook for 2017
Oil at $40 No Problem as U.S. Drillers Snub OPEC With Hedges
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Saudi Arabia insists it won’t pick up the slack on output cuts
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Two years of cost cutting has made shale more resilient
OPEC’s worst enemy isn’t U.S. shale drillers. It’s the hedges propping them up.
American oil explorers who survived the worst of the 2014-2016 market rout are shrugging off the 14 percent slide in prices this year from a high of $55.24 to less than $48 a barrel Tuesday. The price would have to drop to the $30s or lower to dent the bottom line of many drillers now working U.S. shale fields, said Katherine Richard, the CEO of Warwick Energy Investment Group, which own stakes in more than 5,000 oil and natural gas wells…
Paul Singer Is Reopening His Flagship Hedge Fund to New Capital
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Elliott’s multistrategy fund posted a return of 13% last year
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Investor sentiment toward industry category has been positive
Paul Singer
Photographer: Jacob Kepler/Bloomberg
Billionaire Paul Singer is reopening his hedge fund to additional cash to take advantage of upcoming investment opportunities, according to people familiar with the matter.
Investors will be able to start committing their money to the multistrategy hedge fund in the second quarter, said one of the people, who asked not to be identified because the information isn’t public. The capital may be put to work within two to three years…
Vision, Operator of Rent-to-Own Homes, Gets Legislative Scrutiny
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Donna Thomas babysitting in her home in Cincinnati. She learned of a house’s unaddressed property code violations, and around $5,000 in unpaid fines, after signing a contract for it. CreditAndrew Spear for The New York Times
As a landlord, Vision Property Management has had a reputation of not responding promptly to tenant complaints about major problems with its rent-to-own homes. Vision, a national company, has also been accused of not being responsive to concerns raised by local property code officials.
So it may not be surprising that the company, based in Columbia, S.C., has kept a congressman waiting as well…
Columbia Property Trust Grows Footprint in NYC
Posted by: | CommentsNew York—Columbia Property Trust Inc., of Atlanta, has agreed to purchase 149 Madison Ave., a 127,000-square-foot office building in Manhattan, the REIT announced late last week. The move follows an extensive program of asset sales by Columbia.
Neither the price nor the seller of the 1916 building were disclosed, but information provided to Commercial Property Executive by Yardi Matrix indicates that the owner is Abramson Brothers, of Manhattan…
Chinese Leaders Back Bankruptcies for Unwanted Zombie Companies
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Courts accepted 5,665 bankruptcy cases in 2016, up 54%
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Concerns remain about government influence on cases: Deloitte
China is getting serious about dealing with so-called zombie companies through court-led bankruptcies as it seeks to cut overcapacity in industries and boost economic growth.
The country’s Chief Justice Zhou Qiang said at the National People’s Congress Sunday that authorities will improve the country’s judicial system for dealing with bankruptcies in 2017 to support those goals. Chinese authorities are devoting more resources to tackle corporate restructurings and bankruptcies as bad debts at banks soared to an 11-year high in 2016 and bond defaults more than quadrupled in the period…
William Ackman Sells Pershing Fund’s Stake in Valeant
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William A. Ackman, right, announced Monday that his firm, Pershing Square Capital Management, had sold its stake — about 27 million shares — in Valeant Pharmaceuticals International.CreditDrew Angerer for The New York Times
William A. Ackman, a billionaire investor, staked his reputation as a savvy stock picker on his ability to oversee a turnaround at Valeant Pharmaceuticals International.
When other hedge funds began to leave Valeant in 2015 as questions about its practices for pricing drugs and its accounting procedures mounted, Mr. Ackman bravely — some might say stubbornly — stood his ground…
William Ackman Sells Pershing Fund’s Stake in Valeant
JP Morgan, Stream Realty Tackle $135M Makeover
Posted by: | CommentsDallas—Trammell Crow Center, an iconic office high-rise in the blossoming Arts District of downtown Dallas, will soon take on a new life. Property owners Stream Realty Partners and J.P. Morgan Asset Management have revealed plans for the $135 million transformation of the 1.2 million-square-foot asset into a mixed-use destination.
Gordmans Stores Files for Bankruptcy With Plan to Liquidate
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Nebraska retailer is latest victim of online shopping boom
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Vendors stopped supplying goods in March as sales plunged
Gordmans Stores Inc., the century-old discount department store chain, filed for bankruptcy with plans to liquidate its inventory and assets.
The company, which posted losses in five of the past six quarters, listed total debt of $131 million in Chapter 11 papers filed Monday in Nebraska federal court. Gordmans said in a statement that it has an agreement with Tiger Capital Group and Great American Group “for the sale in liquidation of the inventory and other assets of Gordmans’ retail stores and distribution centers,” subject to court approval or a better offer.
Meridian Arranges Refi for Delaware Shopping Center
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Milford, Del.—Meridian Capital Group arranged $18 million in financing on behalf of Tsonias Management for Milford Plaza, a shopping center located in the heart of Milford’s retail corridor. The loan features a fixed rate of 5.1 percent, full-term interest-only payments and was provided by a CMBS lender.
Located at 656 North Dupont Blvd., the 172,200-square-foot asset is situated at the heavily trafficked intersection of routes 9 and 113 and is in close proximity to Delaware’s beach towns, which provide a seasonal increase in traffic. Major tenants include The Peebles Corp., Sherwin-Williams, Save-A-Lot, Chick-fil-A and Dollar General…
Wall Street Has Found Its Next Big Short in U.S. Credit Market
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Struggling retailers such as Macy’s are fueling mall defaults
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Investors are betting against commercial mortgage-backed debt
Wall Street speculators are zeroing in on the next U.S. credit crisis: the mall.
It’s no secret many mall complexes have been struggling for years as Americans do more of their shopping online. But now, they’re catching the eye of hedge-fund types who think some may soon buckle under their debts, much the way many homeowners did nearly a decade ago…
Wall Street Has Found Its Next Big Short in U.S. Credit Market
Inland Securities Welcomes New SVPs
Posted by: | CommentsJeni Middaugh and Miguel Aguilar will serve as external wholesalers working to build relationships with current and new financial advisors.
Oak Brook, Ill.—Inland Securities Corp. announced that Jeni Middaugh and Miguel Aguilar joined the company as vice presidents for external wholesalers. Middaugh will be responsible for building networks in the Mid-Atlantic region, while Aguilar will build networks in northern California, alongside the territory leadership of Inland Securities’ senior vice president, Peter Fisher.
Regulator Proposes Walling Off Wall Street Investment Banks
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FDIC Vice Chairman Hoenig wants separation of bank functions
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Trump White House recently reaffirmed Glass-Steagall interest
President Donald Trump has worried Wall Street by promising to bring back a Depression-era law that separated investment banking from consumer lending, but he hasn’t offered details on what his modern version might look like. Now a key regulator may be filling the void.
U.S. financial firms should partition their investment banking activity, putting it into a separate “intermediate holding company” with its own board, management and capital, Federal Deposit Insurance Corp. Vice Chairman Thomas Hoenig said Monday. The companies could even have a special class of stock, he said…
Trump Fires Wall Street Enforcer Bharara After He Refuses to Quit
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Wall Street sheriff Bharara was asked to resign — and refused
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President had been advised to purge agencies of ‘saboteurs’
President Donald Trump’s abrupt firing of a prominent federal prosecutor in Manhattan reflects a bruising battle that’s building between the new administration and U.S. law enforcement agencies.
This week the president turned to overwhelming force…
Trump Fires Wall Street Enforcer Bharara After He Refuses to Quit
Kimpton to Open First Property in San Jose
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San Jose, Calif.—Kimpton Hotels & Restaurants announced its first property in San Jose, Calif., and its expansion of the Tech Museum of Innovation at Museum Place, a mixed-use asset by Insight Realty Co. The development will include a 173-key hotel, 300 residential units, retail and restaurants.
Realtors Investigated in Hong Kong on Overseas Property Sales
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Lawmaker confirms investigations after meeting with regulator
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Record number of complaints in 2016 after projects fail
Hong Kong’s securities regulator is investigating whether realtors selling overseas properties are illegally marketing investment plans, according to a lawmaker helping investors who lost money on such deals.
Buyers argued that developments promoting guaranteed rental income are so-called collective investment schemes, which need approval from the Securities and Futures Commission, said James To Kun-sun, a member of the city’s legislature. Individuals who lost money on at least 15 uncompleted U.K. developments have complained, said To, who met with the agency on March 7…
Hedge Funds Exit Emerging-Market Assets as Real Money Swoops In
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Real money 4-week FX inflows near highest level in 16 months
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Divergence with hedge fund flows widest in Latin America
Short-term investors are escaping emerging markets ahead of a likely U.S. interest-rate hike this week amid concern a strengthening dollar will undermine credit quality in developing nations.
Meanwhile, longer-term investors have increased their exposure, pointing to equity and currency valuations that linger below their five-year averages and arguing developed nations from the U.S. to France carry greater political risks.
After $225 Billion in Deals Last Year, China Reins In Overseas Investment
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At a briefing during the annual meeting of China’s congress, Zhong Shan, the country’s commerce minister, castigated what he called “blind and irrational investment.” CreditGreg Baker/Agence France-Presse — Getty ImagesBEIJING — China struck $225 billion in deals to acquire companies abroad last year, a record-breaking number that signaled to the world that Chinese business leaders were hot to haggle.
Now, China — with a worried eye on the money leaving its borders — is telling some of its companies to cool it down.
Mixed-Use Project Underway in Alexandria
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Washington, D.C.—Retail real estate developer EDENS recently announced that the company broke ground on a mixed-use project that includes retail and residential space in Alexandria, Va. The firm joined hands with Gables Residential to develop the apartment units. The development project is slated to come online in 2019.
Located at 530 First St., the property will encompass 50,000 square feet of community-centered space and 232 residences. The LEED-Certified property also includes the addition of a Capital Bikeshare station, an enhanced streetscape and on-site public art. The development will be located less than 10 miles from downtown D.C. and is close to a broad range of urban amenities. The building situated in Old Town Alexandria will create a mix of high-end residences, retail and dining options…
Back From NYC, Trader at Swedish Hedge Fund Steps on the Brakes
Posted by: | CommentsIf you want to protect your portfolio, you better go liquid.
The current market is “priced for perfection,” said Sean George, a partner and head of fixed income at Swedish fund manager Granit Fonder AB.
“It’s time to step on the brakes a bit,” George, a former Wall Street trader who has returned to Sweden to set up a hedge fund, said in a phone interview on Thursday. “I may not pull the hand brake, but gear down a bit.”…
Back From NYC, Trader at Swedish Hedge Fund Steps on the Brakes
Trump’s Plan on Fannie and Freddie? Clues May Emerge Soon
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The Trump administration will have to decide what happens to the $10 billion in earnings that Fannie Mae and Freddie Mac together generated in the most recent quarter, as well as the release of documents withheld from shareholders in a recent lawsuit. CreditJ. David Ake/Associated Press
Fixing Fannie Mae and Freddie Mac, the mortgage finance giants that still operate under government supervision, is nowhere near the top of the Trump administration’s to-do list. Since the election, administration officials, including Steven T. Mnuchin, the United States Treasury secretary, have said little about their plans for the companies.
River Point Tower Gets Steakhouse with Retractable Roof
Posted by: | CommentsThe Gibsons restaurant will feature a 1,600-square-foot operable enclosure overlooking the Chicago river.
Chicago— River Point kicks off construction on a rooftop restaurant with a custom retractable roof designed by OpenAire. The 52-story office tower of 1.1 million rentable square feet, which also features office space, retail locations and various amenities, was opened this month in the West Loop at 444 W. Lake St.
The 10,000-square-foot Gibsons steak restaurant with Italian influences will span two levels at the north side of the building and will feature a 1,600-square-foot restaurant terrace with a custom retractable roof overlooking the 1.5 acre landscaped plaza and the main branch of the Chicago River. Gibsons Restaurant Group signed the lease in December 2015 and is targeting a fall opening…
Top China Stock Fund Manager Says Small-Caps Ripe for Rally
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Ren’s fund favors technology, new energy and machinery stocks
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ChiNext Index has rebounded 6.5% from a low in January
Ren Xiangdong, whose Chinese stock fund has beaten 97 percent of peers over the past three years, says now’s the time to buy small-cap shares with high profit growth.
Ren is adding to holdings of “new economy” companies and selling some cyclical stocks, he said in an interview on Feb. 27. The 2.7 billion yuan ($390 million) Bank of Communications Advanced Production Fund’s biggest picks were concentrated in technology, new energy and machinery stocks at the end of 2016, data compiled by Bloomberg show…