10 Must Reads for the CRE Industry Today (April 16, 2015)

10 Must Reads for the CRE Industry Today (April 16, 2015)

  1. GGP Tax Executive Says Retention of Capital Critical in REIT Partnership Issues Kate Courtis, senior vice president for taxation at General Growth Properties Inc.  (NYSE: GGP), joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix.” (REIT.com)
  2. Sovereign Wealth Funds Continue to Ramp Up Property Allocations “The proportion of global sovereign wealth funds (SWFs) allocating capital to commercial real estate rose from 54% in 2013 to 59% last year, despite the fall in price of oil, a major capital source for funds in the Middle East, Asia and Europe, according to a new report by London-based Prequin.” (CoStar News)
  3. Manhattan Office Towers Trump Bonds as Korean Funds Hunt YieldKim Eun Gie, a credit analyst at NH Investment & Securities Co. who used to spend his days analyzing corporate bonds, is now studying overseas real estate and heading out to meet investors in alternative investments. National Pension Service helped buy a Swedish shopping mall last quarter and is among a group buying a German logistics facility, people familiar said. Shinhan Life Insurance Co. and Hyundai Marine & Fire Insurance Co. helped underwrite a $220 million loan to buy a Manhattan office tower.” (Bloomberg)
  4. Baby Boomer Investors Exchanging Multifamily Ownership for Net Lease Retail “Since bottoming five years ago this quarter, the average per square foot price being paid for single-tenant net leased retail properties has now surpassed their pre-recession highs of 2007. The average price increased to about $263 per square foot in the past quarter, up from its low of about $175, according to CoStar Group sales data.” (CoStar News)
  5. REIT Mergers Seen Likely to Accelerate as Activism Climbs “Mergers and acquisitions by larger real estate investment trusts will increase, probably approaching four to five a year, after a slowdown since the financial crisis, said Michael Kirby, chairman of research firm Green Street Advisors.” (Bloomberg)
  6. 1 WTC Contractor Charged with Money Laundering, FraudA Queens man who is allegedly affiliated with the Bonanno crime family was arrested Tuesday on suspicion of channeling funds from his construction company’s $11.4 million 1 World Trade Center contract for his own use.” (The Real Deal)
  7. Life Sciences Could be the Next Cool Growth Sector in New York City—If They Can Find the Lab Space “To understand the competition New York City is up against as it tries to attract and nurture the life sciences industry, just take a look at Wednesday’s Boston Globe. The chronicle of Alexandria Real Estate Equities’ rise as a dominant developer and landlord in the Kendall Square neighborhood has made the area ‘a national life-sciences center’ and ‘among the hottest districts in the country.’” (Crain’s New York Business)
  8. Houston Rents Are Surging — Despite the Plunge in Oil Prices “The rental market in Houston is one of the hottest in the country — but the plunge in oil prices and drilling is expected to be felt beginning later this year. Apartment rents were up 5.2% in the first quarter over a year earlier, well above the national average gain of 3.5%, according to Reis Inc., which tracks major real-estate markets.” (Market Watch)
  9. Columbia Sportswear Has a Bright Future Ahead “Columbia Sportswear's share value has gone up by 50% in a year. The company is a seller of outdoor apparel, footwear, accessories and equipment. Columbia has remained a top performer in the industry since a long time: the company's revenue growth has averaged 7.4% over the past three years, while the industry has seen its top line increase at a lesser rate of 5.1%. With the macro environment proving favorable for Columbia, this trend is expected to sustain ahead.” (Seeking Alpha)
  10. U.S. Retail Clinics Market Player Optum Purchases MedExpress to Acquire 140 Retail Locations “United Health Group's subsidiary Optum has recently purchased a major US retail clinic company called MedExpress, which has a presence in 11 states and 140 clinic locations. Optum currently has nine clinics under its operation, with the purchase dramatically increasing their number of clinic locations. This acquisition is expected to provide convenient medical care to a wide range of consumers, from low income consumers with high deductible medical insurance to those on higher incomes who want value for money and added convenience.” (Yahoo! Finance News)
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