Showing posts with label U.S.. Show all posts
Showing posts with label U.S.. Show all posts
Wednesday, April 18, 2012
Westfield Sells Eight U.S. Centers for $1.15B
The Westfield Group entered an agreement to sell a majority interest in seven of its non-core U.S. retail assets to Starwood Capital Group for $1 billion. Starwood will manage and control the platform, while Westfield will retain a 10 percent interest in the properties.
Friday, April 13, 2012
AIG Is Planning a Return to U.S. Property Investing
But now AIG is beginning to make plans for fresh investments across the U.S. that will begin later this year.
A real-estate division of the New York-based company has reached out to developers of new apartment buildings in major metropolitan areas, said people familiar with the matter.
"We've done multifamily deals with them before, and we're interested in working with them again," said Hal Fetner, president and chief executive of New York developer Durst Fetner Residential LLC who has been contacted by AIG about new developments.
AIG hasn't set specific targets on the size of its future investments in real estate, but people familiar with the insurer say that eventually it will amount to hundreds of millions of dollars annually.AIG started its real-estate investing business in 1987 and built it into one of the world's largest property-investment platforms with $25 billion in assets at its peak a few years ago. Its real-estate team is led by Robert Gifford, a 55-year-old industry veteran who was hired in 2009, shortly before Robert Benmosche was appointed chief executive.
http://online.wsj.com
A real-estate division of the New York-based company has reached out to developers of new apartment buildings in major metropolitan areas, said people familiar with the matter.
"We've done multifamily deals with them before, and we're interested in working with them again," said Hal Fetner, president and chief executive of New York developer Durst Fetner Residential LLC who has been contacted by AIG about new developments.
AIG hasn't set specific targets on the size of its future investments in real estate, but people familiar with the insurer say that eventually it will amount to hundreds of millions of dollars annually.AIG started its real-estate investing business in 1987 and built it into one of the world's largest property-investment platforms with $25 billion in assets at its peak a few years ago. Its real-estate team is led by Robert Gifford, a 55-year-old industry veteran who was hired in 2009, shortly before Robert Benmosche was appointed chief executive.
http://online.wsj.com
Friday, February 3, 2012
Commercial Property Values in the U.S. Probably will Climb About 6 %
Commercial-property values in the U.S. probably will climb about 6 percent in the next six months, based on recent trading in real estate investment trusts and fixed-income yields, Green Street Advisors Inc. said.
“The increased optimism being expressed by REIT investors and the decreased skittishness evidenced in the high-yield market should eventually find their way into property valuations,” the Newport Beach, California-based research firm said today in a report introducing its Commercial Property Price Forecast. “That’s a notable improvement over the outlook a few months back.”
Property values were little changed during the past several months after a two-year rally that brought them to within 10 percent of record highs reached in 2007, Green Street said in a Jan. 6 report on its Commercial Property Price Index.
http://www.bloomberg.com/news/2012-02-02/u-s-commercial-property-prices-to-climb-6-green-street-says-in-forecast.html
“The increased optimism being expressed by REIT investors and the decreased skittishness evidenced in the high-yield market should eventually find their way into property valuations,” the Newport Beach, California-based research firm said today in a report introducing its Commercial Property Price Forecast. “That’s a notable improvement over the outlook a few months back.”
Property values were little changed during the past several months after a two-year rally that brought them to within 10 percent of record highs reached in 2007, Green Street said in a Jan. 6 report on its Commercial Property Price Index.
http://www.bloomberg.com/news/2012-02-02/u-s-commercial-property-prices-to-climb-6-green-street-says-in-forecast.html
Monday, August 15, 2011
Investors Have Been Moving Into Secondary Markets
Investors have been moving into secondary markets such as Dallas and Minneapolis amid growing confidence in the recovery and soaring prices that drove down yields on office buildings, shopping malls and apartments in prime cities including New York, San Francisco and Washington.
The trend may be cut short. Turmoil in financial markets over the past three weeks -- triggered by concern that Spain and Italy will struggle to pay off their debts, signs that the U.S. will remain mired in sluggish growth through next year and Standard & Poor’s downgrade of the U.S. credit rating -- may send buyers back to prime cities and push prices even higher, as long as the economy doesn’t deteriorate so much that trophy properties suffer.
The trend may be cut short. Turmoil in financial markets over the past three weeks -- triggered by concern that Spain and Italy will struggle to pay off their debts, signs that the U.S. will remain mired in sluggish growth through next year and Standard & Poor’s downgrade of the U.S. credit rating -- may send buyers back to prime cities and push prices even higher, as long as the economy doesn’t deteriorate so much that trophy properties suffer.
Wednesday, July 20, 2011
U.S. Commercial Property Prices Increased
NNN Lease market news
U.S. commercial property prices increased in May for the first time in six months as a rebound in distressed real estate helped boost values, according to Moody’s Investors Service.
The Moody’s/REAL Commercial Property Price Index rose 6.3 percent from April, the largest gain since the measure began in 2000. It’s down 11 percent from a year earlier and 46 percent below the peak of October 2007, the company said today.
“A number of transactions that were recorded in May had their most recent prior sales in 2009 as the market was beginning to bottom and subsequently traded for substantial returns,” Tad Philipp, director of commercial real estate research at Moody’s, said in a separate statement. “We are likely to see a pickup in post-peak repeat sales and expect such transactions to play an important role in helping drive the CPPI higher.”
http://www.bloomberg.com/news
U.S. commercial property prices increased in May for the first time in six months as a rebound in distressed real estate helped boost values, according to Moody’s Investors Service.
The Moody’s/REAL Commercial Property Price Index rose 6.3 percent from April, the largest gain since the measure began in 2000. It’s down 11 percent from a year earlier and 46 percent below the peak of October 2007, the company said today.
“A number of transactions that were recorded in May had their most recent prior sales in 2009 as the market was beginning to bottom and subsequently traded for substantial returns,” Tad Philipp, director of commercial real estate research at Moody’s, said in a separate statement. “We are likely to see a pickup in post-peak repeat sales and expect such transactions to play an important role in helping drive the CPPI higher.”
http://www.bloomberg.com/news
Tuesday, July 19, 2011
U.S. Retailers Shop for Space in Europe
NNN Lease Market News
U.S. retailers expanding abroad include some of the biggest names in the business. Banana Republic, for example, is expected to open its first French store this year. In 2010, Apple opened its largest flagship store in the world in London's Covent Garden. Fashion retailers Tommy Hilfiger and Michael Kors have built flagship stores in Paris.
The outlook is better in some countries than others. According to CBRE, the development pipeline is still "considerably smaller" than in 2007 and 2008 —the most recent peak in shopping-center development. But construction starts are rising in markets such as Turkey, Russia, and Poland. There are 146 shopping centers under construction in Europe today, says CBRE, and the highest level of activity is in Europe's emerging markets.
"The shopping center development market in Turkey has sprung back to life," Neville Moss, CBRE's head of retail research in Europe, the Middle East and Africa, said in a statement.
Another thing in Europe's favor is that American retailers are finding it easier to experiment and try new strategies in new markets than to revamp worn models at home.
U.S. retailers expanding abroad include some of the biggest names in the business. Banana Republic, for example, is expected to open its first French store this year. In 2010, Apple opened its largest flagship store in the world in London's Covent Garden. Fashion retailers Tommy Hilfiger and Michael Kors have built flagship stores in Paris.
The outlook is better in some countries than others. According to CBRE, the development pipeline is still "considerably smaller" than in 2007 and 2008 —the most recent peak in shopping-center development. But construction starts are rising in markets such as Turkey, Russia, and Poland. There are 146 shopping centers under construction in Europe today, says CBRE, and the highest level of activity is in Europe's emerging markets.
"The shopping center development market in Turkey has sprung back to life," Neville Moss, CBRE's head of retail research in Europe, the Middle East and Africa, said in a statement.
Another thing in Europe's favor is that American retailers are finding it easier to experiment and try new strategies in new markets than to revamp worn models at home.
Thursday, February 10, 2011
Three Suitors Left for Centro's U.S. Properties
Morgan Stanley’s global real estate fund is teaming with Barry Sternlicht’s Starwood Capital Group LLC to bid for U.S. shopping centers being sold by Australia’s Centro Properties Group, a person briefed on the plans said.
Centro said on Dec. 22 it had received several expressions of interest. Blackstone Group LP made a preliminary bid for some assets, a person with knowledge of the offer said in December. Centro, based in Melbourne, ceded control to its bankers at the end of 2008 and put its assets up for sale after an acquisition spree in the U.S. backfired as the credit markets seized up.
The person briefed on Morgan Stanley and Starwood’s plans asked not to be identified because the information is private.
Mark Lake, a spokesman for Morgan Stanley in New York, and Tom Johnson, a spokesman for Greenwich, Connecticut-based Starwood Capital, declined to comment. Stacy Slater, a New York- based spokeswoman for Centro, also declined to comment.
www.bloomberg.com
Centro said on Dec. 22 it had received several expressions of interest. Blackstone Group LP made a preliminary bid for some assets, a person with knowledge of the offer said in December. Centro, based in Melbourne, ceded control to its bankers at the end of 2008 and put its assets up for sale after an acquisition spree in the U.S. backfired as the credit markets seized up.
The person briefed on Morgan Stanley and Starwood’s plans asked not to be identified because the information is private.
Mark Lake, a spokesman for Morgan Stanley in New York, and Tom Johnson, a spokesman for Greenwich, Connecticut-based Starwood Capital, declined to comment. Stacy Slater, a New York- based spokeswoman for Centro, also declined to comment.
www.bloomberg.com
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