10 Must Reads for the CRE Industry Today (May 11, 2015)

10 Must Reads for the CRE Industry Today (May 11, 2015)

 

  1. Bonderman’s TPG to Buy Cushman in $2 Billion Transaction “David Bonderman’s TPG Capital agreed to buy Cushman & Wakefield Inc., the largest closely held commercial-property brokerage, for about $2 billion including debt and merge the company with its DTZ unit.” (Bloomberg)
  2. Blackstone to Sell 103.5 Million More Shares of Hilton “Blackstone Group LP said Monday it would sell another 103.5 million shares of Hilton Worldwide Holdings Inc., as the hotel operator’s stock continues to rally. Hilton’s shares have gained about 30.5% the last year and closed at $30.10 on Friday.” (MarketWatch)
  3. Prudential Raises Fifth Senior Housing Fund to the Tune of $629 Million “Prudential Real Estate Investors, an early institutional investor in senior housing, has closed its fifth and largest commingled fund that specializes in that business after raising $629 million. The fund-raise by the real estate investment unit of Prudential Financial, Inc. comes as senior housing is becoming increasingly popular among investors.” (The Wall Street Journal)
  4. Former Starwood Pres’ New Fund Nabs $1.6B from Biggest Japanese Insurer “Japan’s largest public insurer is the backer behind the new venture Acore Capital, started by four ex-Starwood Property Trust executives, Commercial Observer has learned. A source that asked to remain anonymous said that Delphi Financial Group, a subsidiary of insurer the Tokio Marine Group had provided Acore with $1.6 billion in capital for the new business.” (Commercial Observer)
  5. Ahold, Delhaize in Preliminary Merger Talks, European Sources Report “Amsterdam-based Ahold and Brussels-based Delhaize are in preliminary talks about a possible merger, according to published media reports in Europe. The reports came from two Dutch publications, and were picked up by news outlets including Reuters and MarketWatch.” (Supermarket News)
  6. Thomas H. Lee-Backed Mortgage Venture Seeks $425 Million in IPO “Black Knight Financial Services Inc., the mortgage-technology company backed by private-equity firm Thomas H. Lee Partners, is seeking to raise as much as $425 million in an initial public offering.” (Bloomberg)
  7. OSHA Ill-Prepared to Enforce Construction Safety: Report “According to a report released Monday by the nonprofit New York Committee for Occupational Safety and Health ahead of a City Council oversight hearing on construction safety, the Occupational Safety and Health Administration is critically overwhelmed when it comes to protecting construction workers in New York state.” (The Real Deal)
  8. Starwood, Fortuna to Break Ground on Aloft Hotel in Midtown Manhattan “In partnership with Morris Moinian, founder of Fortuna Realty Group, Starwood Hotels & Resorts Worldwide will break ground later this month on the Aloft New York Midtown, on 38th Street, just off 5th Avenue, the developers announced late last week.” (Commercial Property Executive)
  9. PE Deals Hit 7-Year High of USD 15.2 Bn in 2014: Report “Total deal value size in the private equity sector rose to a seven-year high of USD 15.2 billion in 2014 and going forward this trend is likely to continue this year as well on improved investor sentiment, says a report.” (Money Control)
  10. Wal-Mart Will Buy 13 of Target’s Shuttered Canada Stores “The company is buying 13 former Target stores and one distribution center and said it will hire 3,400 new employees. It is spending $290 million to buy and renovate the stores and said that will created 1,500 construction jobs.” (The Associated Press)
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