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Mark Yusko’s Morgan Creek has invested in China since 1995
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China’s bad debt may be 40% smaller than bears estimate: Yusko
One hedge fund investor says Kyle Bass, Jim Chanos and other China bears are missing a key piece of the equation.
Global investors have underestimated the power of China’s command economy, where leaders can cancel or forgive debts and control the currency, Mark Yusko, chief investment officer of Morgan Creek Capital Management, said in an interview. China’s unique ability to control its market ensured that predictions of a yuan crash, a debt crisis and an economic hard landing didn’t play out, said Yusko, whose Chapel Hill, North Carolina-based firm manages about $2.5 billion in private investments and hedge funds…
For over two decades, Lev Alburt has been teaching strategy, patience, and prognostication to the finest in finance.
On East 83rd Street there’s a squat brick walk-up that’s a viable contender for the least fancy apartment building on Manhattan’s Upper East Side. But for the past 25 years, Wall Street machers and captains of industry have marched up to its gray-carpeted third floor to learn the secrets of attack and defense from Lev Alburt, a three-time U.S. chess champion and one of the most prominent Soviet defectors of the 1970s. Alburt has long been giving patter-filled private lessons to New Yorkers from all walks of life, encouraging, cajoling, and reprimanding men and women as they attempt to learn the so-called game of kings…
Iron Mountain Opens NoVa Facility
By · CommentsIron Mountain, an enterprise information management company, celebrated the opening of its fifth data center in the U.S., located in the growing tech market of Northern Virginia, in Prince William County. Last year, Iron Mountain broke ground on its facility, being well within the allotted time frame for construction and deployment.
Monday Properties Hires New SVP
By · CommentsShortly after hiring Evan Dreilinger as senior vice president & general counsel, Monday Properties has hired Wes Machowsky as its senior vice president of acquisitions. In his new role, Machowsky will be in charge of selecting and closing new property acquisitions, creating value in current assets and raising capital from investment partners.
“Wes will be an invaluable asset to the team with over 16 years of experience in commercial real estate. His strong background in acquisitions, dispositions, leasing and management will bolster Monday’s strategic capabilities and scale as the firm re-enters buy mode,” Monday Properties Managing Partner Tim Helmig said in a prepared statement…
Wonderful Spec Project Underway in Central Valley
By · CommentsThe call for premier industrial space in California’s Central Valley is growing louder, and Wonderful Real Estate, formerly Roll Real Estate, is responding with a new project. The company is in the midst of developing a 1 million-square-foot speculative industrial property in Shafter, Calif., roughly 130 miles north of Los Angeles and 100 miles south of Fresno in the Central Valley.
Sales of previously owned U.S. homes declined to a one-year low in August as affordability continued to hamper demand and Hurricane Harvey caused a slump in Houston-area purchases, a National Association of Realtors report showed Wednesday.
HIGHLIGHTS OF EXISTING-HOME SALES (AUGUST) |
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Chinese Investment in US Real Estate Likely to Slow
By · CommentsRidgeline, USAA Team Up in Nashville
By · CommentsRidgeline Property Group has entered a joint venture with USAA Real Estate Co. to develop Park 840 East Building 100, a 558,600-square-foot Class A distribution/logistics facility in Lebanon, Tenn.
Under terms of the deal, RPG will develop the project on a prime 29-acre site located at the southeast corner of Central Pike and I-840, just east of Nashville…
China’s Dangerous House Price Boom Is Spreading
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Shanghai, Beijing joined by regional cities in boom era
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Tropical Haikou displays fastest property leverage run-up
Beijing and Shanghai are now well known for their ballooning house prices — double-digit gains last year prompted more regulatory tightening. But the risk factors that could decide the fate of China’s property boom can be found well beyond the capital and biggest city.
A close look at the available economic data of ten cities reveals big differences in the factors that can inflate, and deflate, property bubbles, including population growth, income gains and the ratio between house prices and pay…
InvenTrust Acquires $115M LA Shopping Center
By · CommentsIn a $115 million deal, InvenTrust Properties Corp. acquired River Oaks, a grocery-anchored center in Los Angeles.
“We are excited to acquire this institutional-quality retail destination positioned at the epicenter of the Valencia retail hub,”said Michael Podboy, executive vice president, chief financial officer & chief investment officer of InvenTrust, in prepared remarks.
PREMIER RETAIL ASSET
The 275,000-square-foot shopping plaza features tenants such as Target, buybuyBaby, Total Women Gym & Spa, Big 5 Sporting Goods, Sprouts, ULTA and Pier 1 Imports…
CIM Group Snags Boston Office Property
By · CommentsCIM Group has added to its Boston holdings with the acquisition of 1000 Washington St., an 11-story, 242,000-square-foot office building and the adjacent four-level, 309-stall parking garage at 321 Harrison Ave. in Boston’s South End, from Rubenstein Partners LP.
The purchase was made in partnership with Nordblom Co., which has owned a stake in the property and managed it since 2006. In late 2014, Nordblom and Rubenstein announced a partnership acquisition of the property for $75 million. The current sales price was not released nor was information on Nordblom’s stake.
Enerkem Inc., a Canadian producer of biofuels and renewable chemicals, started the commercial production of cellulosic ethanol at its facility in Edmonton, Alberta, Canada. The plant is the first commercial-scale manufactory in the world to produce cellulosic ethanol from non-recyclable, non-compostable mixed municipal solid waste.
The company has been producing and commercializing biomethanol since 2016. The methanol-to-ethanol conversion unit was installed earlier this year. The ethanol global market is anticipated to reach 124 billion liters per year by 2030, according to the International Renewable Energy Agency…
Carney’s 200 Billion Reasons to Fret About Consumer Debt
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BOE stability officials hold quarterly meeting this week
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Easy access to loans, credit cards fueling debt binge
Bank of England Governor Mark Carney has 200 billion reasons to keep an eye on consumer borrowing and he’s about to find out just how concerned he should be.
With household credit rising five times faster than earnings, alarm bells are ringing and regulators have fast-tracked part of their annual stress tests to get an insight into the resilience of banks to a sharp jump in defaults. Carney and his Financial Policy Committee will have that crucial information when they gather for their quarterly meetings this week…
The World’s Biggest Wealth Fund Hits $1 Trillion
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Fund has ballooned in size since first cash injection in 1996
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Fund manages oil wealth for future generations of Norwegians
Norway’s sovereign wealth fund hit $1 trillion for the first time on Tuesday, driven higher by climbing stock markets and a weaker U.S. dollar.
The milestone valuation was reached for the first time on Sept. 19 at 2:01 a.m. in Oslo, Norges Bank Investment Management said in a statement on Tuesday…
The World’s Biggest Wealth Fund Hits $1 Trillion
A team of brokers from Cushman & Wakefield represented MSG Port 95, the owner of Port 95 Business Center, in closing long-term agreements with two Broward County businesses. General Insulation, an insulation distributor and supplier, is relocating from Pompano Beach to Dania Beach with a move-in date scheduled for the fourth quarter of 2017. The other business is Kaman Industrial Technologies, a subsidiary of Kaman Corp., which is planning to consolidate several locations in a single one. The company plans to move into the new space in September.
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Acadata shows annual price change at the weakest since 2012
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London is leading the slowdown in U.K. property market
U.K. house prices fell for a fifth month in August, according to a new report, dragging their annual gain to the weakest since 2012.
In a monthly report published Wednesday, Acadata said values fell 0.2 percent from July to an average 297,398 pounds ($400,863). From a year earlier, they rose 2.1 percent. Detailed figures published with a lag show London values dropped 1.4 percent in July, led by prime boroughs such as Kensington and Chelsea, and Westminster…
Fed to Shrink Assets Next Month, Boost Rates by Year End
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Yellen presses on with rate hike plan amid inflation ‘mystery’
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10 years after financial crisis, Fed unwinds key policy tool
The Federal Reserve moved to dismantle a pillar of crisis-era support for the world’s biggest economy and stuck with its forecast to raise interest rates again this year, saying hurricane damage won’t derail an otherwise healthy expansion.
“Hurricanes Harvey, Irma and Maria have devastated many communities, inflicting severe hardship,” the Federal Open Market Committee said in its statement on Wednesday following a two-day meeting in Washington. “Storm-related disruptions and rebuilding will affect economic activity in the near term, but past experience suggests that the storms are unlikely to materially alter the course of the national economy over the medium term.”
Creative Office Building Underway in West LA
By · CommentsThe Luzzatto Co. broke ground on Expo Station, an 80,000-square-foot transit-oriented creative office development in West Los Angeles. The property is scheduled for completion in the first quarter of 2019.
Located at 12414 Exposition Blvd., the upcoming office building will offer easy access to interstates 10 and 405. The property will also sit near multiple bus stations, restaurants and hotels, including The Upper West, Valentino and Ocean Park Hotel. Expo Station will feature three levels of creative office space and a two-level parking structure, more than 16,000 square feet of outdoor patio areas with seating, bar and barbecue…
C&W Adds New Tenant to VA Office Tower
By · CommentsCushman & Wakefield | Thalhimer brokered a new lease at One Ten Franklin, a 193,043-square-foot, Class A office tower in downtown Roanoke, Va. Associated Asphalt, an independent asphalt reseller, will occupy the building’s entire ninth floor, totaling approximately 19,632 square feet, where it plans to establish its new headquarters.
Located at 110 Franklin Road SE, the 12-story property was constructed in 1992 and recently traded in a $10 million deal, according to public records. Associated Asphalt has 260 employees across Virginia, West Virginia, the Carolinas, Georgia and Florida…
Barnett Capital Sells 2 MSF Industrial Portfolio
By · CommentsCommercial real estate services firm CBRE represented both seller and buyer in the transaction…
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Connecticut property will start operating after artist’s death
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Will be open to visual artists, poets, musicians, dancers
Jasper Johns, America’s most acclaimed living artist, has a plan to make sure his bucolic Connecticut estate remains a creative haven long after he’s gone.
Johns, 87, whose 1950s depictions of the American flag are among the most influential contemporary works, received a green light last week to turn his 170-acre property in Sharon into an artists’ retreat after he dies…
Jasper Johns Plans to Turn His 170-Acre Estate Into an Artists’ Retreat
69 KSF Office Asset Trades in Seattle
By · CommentsCommercial real estate investment company SmartCap Group has acquired Quadrant I-5 Corporate Park, Building B, a 68,575-square-foot office property in Everett, Wash. TMG Lynnwood LLC sold the asset for $12.5 million.
CLASS A OFFICE SPACE
Located at 808 SW 134th St., the Class A, two-story building sits on approximately 4.1 acres. Built in 1999 by the Quadrant Co., a division of Weyerhaeuser, Quadrant I-5 Corporate Park has tenants such as Redfin and the international Thales Group. The property features a conference room, a lobby and a recently upgraded common area, free parking spaces and 24-hour fresh food options. The building is approximately 89 percent occupied…
Steady U.S. new-home construction in August together with a jump in permits indicate the housing market was moving ahead before a likely temporary hit from Hurricanes Harvey and Irma, government figures showed Tuesday.
HIGHLIGHTS OF HOUSING STARTS (AUGUST) |
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Endowment markdowns in natural resources have hurt its results
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World’s biggest college fund is now valued at $37.1 billion
Harvard University’s endowment reported an 8.1 percent annual investment gain, a lagging performance its new manager said was “a symptom of deep structural problems” that will take years to turn around.
N.P. “Narv” Narvekar, who took over as chief executive officer of Harvard Management Co. in December, said in a five-page letter published Tuesday that the problems “highlight the critical impact of culture, structure, and incentives in an investment organization.”…
GP to Invest $100M in New AL Lumber Facility
By · CommentsGeorgia-Pacific is building a new lumber production facility in Talladega, Ala. The location for the state-of-the-art plant will be Georgia-Pacific’s former plywood plant that closed in 2008. Construction of the $100 million property will begin immediately and is slated for completion in late 2018.
Once in production, the 300,000-square-foot facility will receive 150 log trucks a day and produce 230 million board-feet of lumber a year…
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Al Gore’s Generation Investment Management also backs Gogoro
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Taiwanese startup eyes new cities and more R&D spending
Gogoro Inc., an electric scooter-maker backed by Panasonic Corp., raised $300 million from Singapore’s Temasek Holdings Pte. and other investors to pay for expansion and research and development.
Generation Investment Management LLP, co-founded by Al Gore, Japan’s Sumitomo Corp., and French utility Engie SA, also invested. The new funding brings the Taiwan-based startup’s valuation to about $800 million, including the new cash injection, according to a person familiar with the matter. That’s double the level when it last raised in 2015, the person said…
Multiplex, a Brookfield company, will develop a $64.8 million (AUD $81 million) world-class biomedical learning and teaching building for Australia’s Monash University at its Clayton campus in Victoria.
Multiplex is also currently constructing a new $164.9 million (AUD $206 million) Learning and Teaching Building at the University, which will include a large underground parking facility and regional transport interchange…
At Jefferies, Like Wall Street, Trading Cedes to Banking
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Trading revenue fell to worst since first quarter of 2016
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Investment-banking revenue at the firm surges 61% to a record
Jefferies Group, like its Wall Street competitors, is leaning on investment banking to weather a trading slump.
The firm’s revenue from trading dropped in the three months through August to the lowest in six quarters, a sign that an industrywide decline in transactions is worsening. The quarter was saved by investment banking, where fees surged 61 percent to a record $475.7 million…
At Jefferies, Like Wall Street, Trading Cedes to Banking
Hugh Hendry Murders His Hedge Fund
By · CommentsSimon Opens 500 KSF Fort Worth Mixed-Use Center
By · CommentsSimon Property Group and Cassco Development Co. have opened The Shops at Clearfork, a 500,000-square-foot, open-air luxury retail and office center in southwest Fort Worth.
Anchored by a 90,000-square-foot Neiman Marcus store that opened in February, The Shops at Clearfork includes such luxury, home furnishing and specialty retailers as Louis Vuitton, Tory Burch, Tiffany & Co., Mitchell Gold + Bob Williams, Z Gallerie, Arhaus, Mizzen+Main, Tesla and NuVitrum. Scheduled to open by the end of the year are Kendra Scott, Clean Juice Bar, Stanley Eisenman Shoes, Burberry and Elaine Turner, among others…
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Conatus manages $1.6 billion, down from $2.3 billion at start
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Flagship fund gained 18% this year; media fund up 24%
Hedge fund manager David Stemerman is closing his Conatus Capital Management after a decade to explore a run as the Republican candidate for governor of Connecticut.
As Conatus approaches the end of its tenth year, I have decided to pursue an opportunity in public service and will be winding down the firm in December,” he wrote in a letter to investors. “As I begin to evaluate the opportunity to serve as Connecticut’s next governor, I expect to form a candidate committee that will prepare to launch a campaign in 2018.”
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President’s legal bills could amount to more than $1 million
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Expenditures are legal, campaign finance lawyers say
President Donald Trump will use money donated to his campaign and the Republican National Committee to pay for his personal legal bills related to investigations into his campaign’s ties to Russia, two people familiar with the matter said.
The first payments from the campaign and RNC have already been made to Trump lawyers John Dowd and Jay Sekulow, said one person. Another person said the RNC has been working for months to figure out the legal parameters for using campaign donations for a candidate’s personal defense…
Stream Expands Property Management Portfolio
By · CommentsStream Realty Partners is the new manager of 199 South Los Robles, a 163,194-square-foot office building in Pasadena, Calif. Stream’s Mike Adams and Blaine Annett will lead leasing efforts, while Jennifer Costa and Tania Chavez will be in charge of managing the property on behalf of the owner.
NKF Brokers Sale of South LA Office Building
By · CommentsContinental Development Corp. sold a 75,711-square-foot office building in Torrance, Calif. to Miramar Property Group. The asset changed hands for $19 million.
Located at 1899 Western Way, the office building sits a few minutes from Interstates 405 and 110. Completed in 2004 and situated on 4.4 acres, the asset is fully leased to Unify Financial Credit Union, which uses the space as its corporate headquarters…
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Risk-on tone persists, though moves limited before Fed meeting
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Trump set to address North Korea in first UN appearance
U.S. stocks advanced to fresh records, while the dollar halted a two-day drop and Treasuries slipped as investors remained optimistic about the economy. Gold fell as demand for havens faded.
The S&P 500 Index held above 2,500 to notch a fresh record after briefly losing an advance that reached 0.3 percent. The Dow Jones Industrial Average added to its all-time high. Earlier, equities from Asia to Europe gained. The dollar climbed versus the euro and pound. The 10-year Treasury yield hit 2.23 percent. Gold tumbled, while oil was little changed…
Creative Office Sells for $31M in Santa Monica, CA
By · CommentsJOSS Realty Partners sold a Class A+ creative office building in Santa Monica, Calif., to MDC Realty Advisors for $30.5 million or $1,296 per square foot. This marks one of the highest prices per square foot ever recorded for a commercial office building outside of New York City.
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Ex-president speaks to Carlyle, Cantor, Northern Trust
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‘If someone is willing to pay him to give a speech, God bless’
Hillary Clinton says she made a mistake when she gave speeches on Wall Street after leaving government. Taking money from banks, she writes in her new memoir, created the impression she was in their pocket.
Her old boss doesn’t seem to share her concern.
Sentiment among America’s homebuilders fell more than forecast in September as companies grew concerned about the cost of construction materials and labor shortages in the wake of Hurricanes Harvey and Irma, according to data Monday from the National Association of Home Builders/Wells Fargo.
HIGHLIGHTS OF HOMEBUILDER SENTIMENT (SEPTEMBER) |
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Quail Ridge Apartments in Plainsboro has 1,032 units
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Kushner Cos. sold the property 11 years ago to buy NYC tower
Kushner Cos., the real estate firm owned by Jared Kushner’s family, repurchased an apartment complex in Central New Jersey that it sold 11 years ago.
The 1,032-unit Quail Ridge Apartments was sold by Angelo Gordon & Co. for $190 million, Kushner Cos. said Monday in a statement. The 52-acre Plainsboro property, near Princeton, was among buildings it sold in 2007 to help finance a $1.8 billion purchase of a Manhattan office tower. The deal was completed Sept. 14…
Trophy Office Building Coming to DC
By · CommentsA joint venture between Akridge and Stars Investments has started work on the redevelopment of 1101 and 1111 Sixteenth St., two Washington, D.C. buildings that will be combined to create a 100,000-square-foot, trophy office building.
“1101 Sixteenth St. will be an impressive and efficient building,” Matt Klein, Akridge’s president, said in a prepared release. “The project’s boutique size will give small- and medium-sized clients a prominent identity on one of D.C.’s most powerful streets.”
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SQN Capital financing Suniva trade case seeking solar tariffs
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Opponents argue tariffs may double panel prices, slow installs
A little-known Wall Street lender with a background financing dump trucks and helicopters is bankrolling a trade case that’s threatening the $29 billion U.S. solar industry.
SQN Capital Management typically finances and leases crucial, if prosaic, business equipment: think cement mixers, office furniture, honey-production machines, farm equipment. A $50 million loan to Suniva Inc. was one of its biggest ever, and when that loan went south with Suniva’s April bankruptcy filing, SQN joined the Georgia-based solar manufacturer’s improbable plan: ask President Donald Trump to impose tariffs on cheap imports from Asia…
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During periods of central-bank purchases, Treasury yields rose
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Fed likely to announce start of balance-sheet runoff this week
On Wall Street, the conventional wisdom is that once the Federal Reserve finally starts to whittle down its crisis-era debt investments, U.S. Treasury yields will have nowhere to go but up.
But to some bond investors, history suggests the consensus couldn’t be more wrong.
During each of the Fed’s quantitative-easing cycles, yields rose when the central bank was buying and then fell after it stopped. That ran counter to what many expected based on simple supply and demand as the Fed amassed $4.5 trillion of debt and became the single biggest holder of Treasuries…
SL Green, RXR to Buy Stake in NYC’s Worldwide Plaza
By · CommentsNew York City’s largest office property owner just added some prime square footage to its holdings. SL Green Realty Corp., along with joint venture partner RXR Realty, entered into an agreement to acquire a 48.7 percent interest in Worldwide Plaza, a 2 million-square-foot mixed-use asset in Midtown Manhattan. The partners will purchase the stake from New York REIT in a transaction that values the property at just over $1.7 billion.
Toys ‘R’ Us Plans Bankruptcy Filing Amid Debt Struggle
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Chain was loaded with debt in buyout more than a decade ago
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Looming Chapter 11 filing is rippling through toy industry
Toys “R” Us Inc., which has struggled to lift its fortunes since a buyout loaded the retailer with debt more than a decade ago, is preparing a bankruptcy filing as soon as today, according to people familiar with the situation.
The Chapter 11 reorganization of America’s largest toy chain would deal another blow to a brick-and-mortar industry that’s already reeling from store closures, sluggish mall traffic and the threat of Amazon.com Inc...
Portland Historic Office Buildings Change Hands
By · CommentsSwift Real Estate Partners sold the Blagen Block and the New Market Theater, two buildings in Portland, Ore.’s Chinatown district, to NBP Capital. The new owners secured a $26.8 million acquisition loan.
Tenants and Parking
By · CommentsEven in cities, many tenants have to worry about parking. Kingsley Associates and CPE asked how parking lots could be improved at various CRE sites.
“The spots aren’t big enough for a lot of SUVs/trucks to fit; even some of the mid-sized cars can’t fit. Personally, my car gets dinged almost every week.” —Norwalk, Conn.
“Parking is a constant problem with the temporary labor hired by other tenants. Limit tenants to a certain number of parking spaces so that everyone has reasonable parking access.” —Minneapolis
Alphabet Considers Lyft Investment of About $1 Billion
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Cash may come from Google or private-equity arm CapitalG
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Alphabet grows closer to Lyft as Uber relationship breaks down
Alphabet Inc. has held conversations with Lyft Inc. about a potential investment in recent weeks, signalling strong support for Uber Technologies Inc.’s main U.S. competitor, according to people familiar with the matter.
An investment of about $1 billion in Lyft may come from Google or CapitalG, Alphabet’s private-equity arm, said some of the people, who asked not to be identified because the discussions are private. A deal may not come together. Alphabet and Lyft declined to comment…
Southern Land Opens First Denver Office
By · CommentsSouthern Land Co. opened a new office in Denver to manage its area projects and expand its West development strategy. Alex Woodin, director of acquisitions, will be in charge of the new location and will relocate from the firm’s Nashville, Tenn. headquarters.
Canadian home sales had their first increase in five months as tumbling prices in Toronto coaxed buyers back following government moves to cool the market in the nation’s largest city.
Toronto sales jumped 14.3 percent in August from July, leading a nationwide sales gain of 1.3 percent. Toronto activity remains 36 percent below a peak set in March, the month before the Ontario government brought in measures such as a foreign buyers tax, the Canadian Real Estate Association said Friday from Ottawa…
Canada Home-Sales Rebound as Lower Toronto Prices Entice Buyers
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Bridgewater founder to share internal algos with America Inc.
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Firm’s practices are realistic not utopian, Dalio says
Of all the hedge fund world’s secrets, few are more closely guarded than the inner workings of Bridgewater Associates Inc. Now, founder Ray Dalio plans to share his management system and corporate culture with the world.
“We’re about to take the algorithms we have, and we’re going to give them to others,” Dalio said in an interview with Bloomberg Television. “We’re figuring out how to make that fit in a number of other companies, to just pass it along.”…
Class A Indianapolis office building Intech Ten has a new owner. Nashville, Tenn.-based Priam Capital bought the property from Colony Northstar, in a transaction brokered by JLL. The 116,248-square-foot building is 94 percent occupied, with several tenants having a tech profile.
“A surge in the technology sector is pushing tech employment to record highs in Indianapolis,” said JLL Executive Vice President Rebecca Wells, in prepared remarks. “Colony Northstar chose the right time to maximize their opportunity by selling Intech Ten, which is part of the only privately held, certified technology park in Indiana.“
Boxing champ Floyd Mayweather found a new place to hang up his gloves and spend some of his $100 million purse from last month’s technical knockout of Conor McGregor: a mansion in Beverly Hills, California.
Mayweather closed on a six-bedroom, 10-bathroom, 15,000-square-foot (1,400-square-meter) “French-modern” estate for $26 million, according to Alexander Ali, a spokesman for the home’s developer, Nile Niami. The home, which Niami built speculatively and listed for $28.95 million, comes with a two-bathroom master suite, wine cellar, gym, four-car garage, pool and guest house with a 20-seat cinema. In case the visitors’ quarters are occupied, the estate is just a short walk to the celebrity-studded Beverly Hills Hotel…
Too-Close-To-Call Kiwi Election Spooks Financial Markets
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N.Z. dollar falls when polls show Labour leading National
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‘Labour is being priced as a negative event at the moment’
New Zealand’s election is too close to call but one thing is clear: financial markets don’t want change.
The kiwi dollar has dropped whenever opinion polls show the main opposition Labour Party is ahead, while the currency jumped a full U.S. cent after a survey last week put the ruling National Party in the lead. The question is whether investors, including those offshore who hold 61 percent of New Zealand government bonds, simply dislike uncertainty or really think Labour’s policies would deliver poorer economic outcomes.
Peachtree Hotel Group Grows National Footprint
By · CommentsPeachtree Hotel Group increased its holdings by 394 keys with the purchase of three assets. The hotels include Element Denver Park Meadows, Aloft Tempe and Hampton Inn Green Bay Downtown.
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Independent broker estimates $628 million in mortgages lost
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Sweden’s biggest banks say they can see influx from Nordea
Nordea Bank AB is losing clients in Sweden in what independent mortgage brokers say appears to be a protest against the bank’s plan to redomicile to Finland in pursuit of a more accommodating regulatory environment.
The customer shift has been registered by two online home-loan brokers and confirmed by other banks operating in Sweden. Nordea says flows in the country remain “at normal levels” and that the bank’s decision to move is “not a big issue” for most clients…
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In tri-party repo, BNY Mellon emerges as lone clearing bank
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‘Single point of failure’ seen as a risk to financial system
These days, it’s virtually impossible to become a bona fide monopoly on Wall Street.
But that’s exactly what is happening in one vital part of the U.S. financial system, which has more than a few traders on edge.
Come mid-2018, just one entity — the Bank of New York Mellon Corp. — will be responsible for ensuring almost two trillion dollars of securities financed by so-called repurchase agreements are cleared and settled each and every day. With its lone longtime rival, JPMorgan Chase & Co., exiting the business, BNY Mellon began the process of moving over clients this summer…
Phillips Edison & Co., a Cincinnati-based owner of grocery-anchored shopping centers, is continuing its aggressive expansion, adding Hoffman Village to its Illinois holdings. The 159,443-square shopping center in Hoffman Estates, Ill., a Chicago suburb, marks the 14th property in Illinois for the company.
Hoffman Village, which is anchored by Mariano’s, a local grocer owned and operated by Roundys Supermarkets Inc., was acquired by the company’s Phillips Edison Grocery Center REIT I Inc. The shopping center has a mix of national and local tenants, including AT&T, Anytime Fitness, GNC, Fannie May Candies, Hallmark, Subway, Supercuts and Dunkin’ Donuts…
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Wagers on rising diesel prices reach their highest since 2013
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Gasoline stockpiles had the biggest weekly draw on record
The post-Harvey buzz over fuels is making U.S. crude look like the poor stepchild of hedge funds.
Since the storm battered the heart of America’s refining industry last month, bets on rising gasoline and diesel prices have surged for three straight weeks to the most bullish in years. But when it comes to West Texas Intermediate crude, skepticism is prevailing…
Hedge Funds Bet on Fuels Over Crude as Hurricane Trade Persists
The world’s central banks can’t sit back and ignore the growth in cryptocurrencies as it could pose a risk to the stability of the financial system, according to the Bank for International Settlements.
It said central banks will need to figure out whether to issue a digital currency and what its attributes should be, though the decision is most pressing in countries like Sweden where cash use is dwindling.
Institutions need to take into account of not only privacy issues and efficiency gains in payment systems, but also economic, financial and monetary policy repercussions, the BIS said in its Quarterly Review…
Historic San Francisco Office Asset Earns LEED Platinum
By · CommentsThe Swig Co.’s landmark historic San Francisco Mills Building and two adjacent properties were awarded LEED Platinum certification from the U.S. Green Building Council. The Mills Building is one of the longest serving office buildings in the country to secure a platinum certification.
Located at 220 Montgomery St., along with 333 and 369 Pine, the Mills Building is believed to be the oldest commercially-owned, multi-tenant building in the Bay Area to be awarded the USGBC’s highest certification…