10 Must Reads for the CRE Industry Today (December 11, 2014)

10 Must Reads for the CRE Industry Today (December 11, 2014)

 

  1. GLP Co-Invests with GIC on $8B IndCor Purchase “Global Logistics Properties Ltd., the leading provider of logistics facilities in Asia and Brazil, is making a big move into the United States industrial market by taking a 55 percent stake in a deal with GIC, Singapore’s sovereign wealth fund, to buy IndCor Properties from Blackstone for $8.1 billion.” (Commercial Property Executive)
  2. Atlantic City, N.J. to Slash Bond Deal, Sell Casino Tax Liens “Atlantic City is expected to slash a bond sale by 71 percent to $40 million because the multitude of uncertainties facing the city have made it difficult to borrow, a city official told Reuters on Wednesday.” (Reuters)
  3. Wal-Mart Cuts a New Path through Rural Texas “Wal-Mart is rediscovering small-town Texas. This time it’s focusing on even smaller towns than it did in the 1970s and 1980s. Wal-Mart will open 37 stores in the state from November through the end of January.” (Dallas Morning News)
  4. The Great Wall of CMBS Maturities “It’s not a coincidence that in recent reports, both Fitch Ratings and Trepp have used the word “wall” to characterize the CMBS maturities due to occur in 2015, 2016 and 2017. ‘Over the next three years, more than $300 billion in conduit CMBS loan balance will mature,’ according to a Trepp report that cites a preponderance of 10-year balloon loans issued between 2005 and 2007.” (GlobeSt)
  5. Revel Asks to Sell to Polo after Brookfield Drops Out “Casino operator Revel AC Inc. asked a bankruptcy court to permit the sale of its assets to Glenn Straub’s Polo North Country Club Inc. for $95.4 million, after the winner at a bankruptcy auction pulled out of the deal. Atlantic City, New Jersey-based Revel filed for bankruptcy in June, as gamblers took their business to nearby states.” (Bloomberg)
  6. Hilton in Talks for Four Hotels to Defer Paying Waldorf Tax “Hilton Worldwide Holdings Inc. is in talks to buy four properties from Blackstone Group LP and other owners to defer tax payments from its $1.95 billion sale of New York's Waldorf Astoria hotel, according to two people with knowledge of the talks. The assets include San Francisco's Parc 55 Wyndham, the city's fourth-biggest hotel, at more than 1,000 rooms, said the people, who asked not to be identified because the negotiations are private.” (Crain’s New York Business)
  7. KKR Looking at Mexico Opportunities, David Petraeus Says “KKR, the private equity firm led by billionaires Henry Kravis and George Roberts, is considering opportunities such as real estate and corporate takeovers that will arise from Mexico’s energy opening as well as its growing economy and increasing consumer spending, the retired general said.” (Bloomberg)
  8. Starboard Value Takes Roughly 6% Stake in Staples “Starboard Value LP has taken control of about 6% of Staples Inc.’s shares and boosted its position in Office Depot Inc. to about 10%, moves that could raise pressure for a combination of the office-supply retailers.” (The Wall Street Journal)
  9. Tesco Moves Closer to Junk as S&P Places Grocer on CreditWatch “Tesco Plc (TSCO), the U.K. grocer that’s grappling with fallout from overstated earnings estimates, moved closer to losing its investment-grade credit status as Standard & Poor’s placed it on negative CreditWatch. The new outlook will remain in place while S&P considers ‘the effect of any management actions to improve the group’s financial risk profile,’ according to a statement today from the credit-ratings provider.” (Bloomberg)
  10. Little Caesars to Build 8-Story Headquarters Next to Fox Theatre in Detroit “The building would be the first new office tower construction in the central business district since completion of the 250,000-square-foot One Kennedy Square building at 777 Woodward Ave. in 2006.” (Crain’s Detroit Business)
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