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

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

 

  1. Blackstone Hires Jonathan Pollack for Real Estate Debt “Blackstone Group LP, the biggest real estate private equity firm, hired Jonathan Pollack from Deutsche Bank AG to be chief investment officer of its property-debt unit, which oversees almost $10 billion of investor capital.” (Bloomberg)
  2. Gap is Closing 175 Stores, Hoping for a Turnaround “The retailer said in a statement that it would shutter 175 of its 675 Gap stores in North America, of which about 140 will close in the current fiscal year that will end in January. The closings will leave the Gap label with about 500 specialty stores in the region, in addition to Gap’s 300 outlet stores, which are not being closed.” (The New York Times)
  3. Sun Life to Acquire Real Estate Manager Bentall Kennedy for C$560 Million “Sun Life Financial said Monday it is acquiring North American real estate investment manager Bentall Kennedy Group for C$560 million, as part of the financial services group's larger strategy to expand its capabilities in commercial property.” (Reuters)
  4. Starwood Plans New York Listing for Timeshare Unit by Year-End “Starwood Hotels & Resorts Worldwide Inc. plans to list its timeshare unit, Vistana Signature Experiences Inc., on the New York Stock Exchange by the end of this year. The new public company will be listed under the ticker VSE, Starwood said in a statement Tuesday.” (Bloomberg)
  5. NorthStar Splurges on Retirement “NorthStar Healthcare Income, Inc. has acquired a $639.3 million portfolio of senior housing communities from subsidiaries of Fountains Senior Living Holdings, L.L.C. The portfolio included 15 continuing care communities and 23 contracted life estate units, with approximately 3,637 units located in 11 states.” (Commercial Property Executive)
  6. Google Eyes S.F.’s Hunters Point Shipyard for Future Office Space “Google Inc. (NASDAQ: GOOG) is in talks with developer Lennar Urban to set up shop at San Francisco’s Hunters Point Shipyard, two sources with knowledge of the discussions said. A potential deal doesn’t appear imminent for Google to lease or buy a slice of the planned 3 million square feet of offices and R&D space at the abandoned naval base.” (San Francisco Business Times)
  7. Spitzer Charges into His Family’s Real Estate Business “In customary fashion, Mr. Spitzer — who once, as governor, famously threatened to roll over a state lawmaker — has tackled his new career much like a steamroller, in overdrive. He signed a contract to buy nearly three acres on the Brooklyn waterfront last August, closed on the deal in February and got his building permits on June 8.” (The New York Times)
  8. Subway Made 2 Mistakes That Are Destroying its Business “Subway opened more stores without changing the menu. Today it has more than 42,000 locations worldwide, making it bigger than McDonald's. The expansion plan is backfiring.” (Business Insider)
  9. Colliers Set to Buy Retail Giant RKF “GlobeSt.com has confirmed published reports stating that Colliers International is planning to acquire retail powerhouse RKF. The latter firm has approximately $20 billion in aggregate real estate transactions to its credit, giving Colliers’ retail operations a major boost.” (GlobeSt.)
  10. U.S. Manufacturing Sector Said to Be in a Technical Recession “The U.S. factory sector, ailing from the strong dollar, global weakness and lower oil prices, has slipped into a technical recession, new data released Monday show. The Federal Reserve said Monday that industrial production dropped unexpectedly in May and hasn’t increased since November.” (MarketWatch)
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