10 Must Reads for the CRE Industry Today (November 4, 2014)

10 Must Reads for the CRE Industry Today (November 4, 2014)

 

  1. Qatar, Citic Plan to Start $10 Billion Investment Funds “Qatar’s sovereign-wealth fund, which controls more than $100 billion of assets, plans to set up a $10 billion investment venture with China’s Citic Group as it seeks to diversify from retail and property assets in Europe. The two signed a preliminary agreement for the fund today.” (Bloomberg)
  2. Real Estate Investments Less Attractive for SWF, Report Says “The shine may be wearing off for high-end real estate investments by sovereign wealth funds, according to a new report, a consequence of perceived market frothiness and increased competition for property assets. Sovereign wealth funds collectively closed $5.9 billion in real estate deals in the first half of this year, according to the report from Institutional Investor’s Sovereign Wealth Center. That was a 43% decline in value compared to the same period last year.” (The Wall Street Journal)
  3. New York Teachers Commits $140M to New York Real Estate “The New York State Teachers Retirement System has approved three new real estate commitments totalling $140m (€111.8m). The fund has committed $40m to the Edens Investment Trust alongside $50m allocations to Madison Realty Capital’s Debt Fund III and Rockpoint’s Core Plus Real Estate Fund.” (IP Real Estate)
  4. GIC’s Blackstone Warehouse Pursuit Signals Appetite for Property “GIC Pte’s planned purchase of Blackstone Group LP’s U.S. industrial property company signals the Singapore sovereign wealth fund’s appetite for real estate as investments by other state funds wane. The Singapore fund, which manages more than $100 billion, is leading a group said to be buying Blackstone’s IndCor Properties Inc. for more than $8 billion, two people with knowledge of the matter said.” (Bloomberg)
  5. In Rising Real Estate Market, Shopping Centers Are Tops “Shopping centers around the [Chicago] region delivered one-year total returns of 14 percent in the third quarter, the highest among all major property types here, according to data from the National Council of Real Estate Investment Fiduciaries, a Chicago-based trade association.” (Crain’s Chicago Business)
  6. Samsung Eyes Large New York City Expansion “The South Korean company—which already has U.S. offices in New Jersey and in Silicon Valley, among other locations—is looking for up to 1 million square feet of Manhattan office space in a new or existing tower, according to the real-estate executives. Offices of that size generally hold between 5,000 and 7,000 employees.” (The Wall Street Journal)
  7. Austin Multifamily’s Extra Competition “The Austin multifamily investment sales market is growing, despite new competition. With our new international appeal, each property is no longer just vying for attention versus other Austin properties—it's competing with other global markets.” (Real Estate Bisnow)
  8. Before and After: How Tom Menino Changed Real Estate Development “For a guy who never claimed to be a grand visionary, Tom Menino certainly changed the face of Boston. Let’s say you were to commandeer a DeLorean time machine, shift into reverse, and travel back to the Boston of 1993, the year Menino first became mayor. You would be in for quite a surprise, to say the least.” (Boston.com)
  9. Related Names First Female Division President “Related Group founder and CEO Jorge Perez just did something he’s never done before—appointed a female as the president of a company division. Lissette M. Calderon is now president of Related’s International and Strategic Projects.” (GlobeSt)
  10. Real Estate Mogul Sam Zell Presents Alternative to “Suits, Ties and Academics” “A self-proclaimed “career opportunist” and “lone evangelist,” Zell spoke about his “radical” investments in Brazil, Colombia and emerging markets that have paid off. His next stop is India. ‘The hardest thing is finding an honest man,’ he said.” (The Daily Pennsylvanian)
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