10 Must Reads for the CRE Industry Today (October 19, 2015)

10 Must Reads for the CRE Industry Today (October 19, 2015)

 

  1. Private Equity Real Estate Hiring Gets SEC Scrutiny “Private equity funds that specialize in real estate are attracting regulatory scrutiny over hiring that can boost the firm’s fees while sticking investors with higher expenses, Securities and Exchange Commission Chair Mary Jo White said Friday. SEC examiners are looking into poorly disclosed business relationships that benefit advisers to private equity funds, White said at a speech in New York.” (Bloomberg)
  2. Worldwide Real Estate Asset Growth Spectacular Again “Real estate worldwide assets of the largest real estate money managers returned to a pre-crisis growth rate, up 20% for the 12 months ended June 30, buoyed by increased capital flows from foreign investors, Pensions & Investments' annual survey shows. While worldwide real estate assets have been growing steadily since 2011, they had not reached the 20% growth level since 2006, when total assets were up 20.7%. Last year, total assets grew by 13.7%.” (Pensions & Investments)
  3. Fresh Market Founder Explores Bid for Company “Fresh Market Inc (TFM.O) founder and board chairman Ray Berry is exploring a bid to take the U.S. specialty grocery retailer private with the help of a private equity firm, according to people familiar with the matter. Berry, who has a 4.1 percent stake in the company, has reached out to several buyout firms, seeking a private equity partner in order to put together an offer for Fresh Market, the people said this week.” (Reuters)
  4. NYC’s Stuyvesant Town Said for Sale With Blackstone Weighting Bid “Manhattan’s Stuyvesant Town-Peter Cooper Village apartment complex is being prepared for a sale, five years after its prior owners defaulted on the mortgage and walked away from the property in one of the biggest collapses from the last decade’s real estate boom. CWCapital Asset Management, the loan servicer that has been in control of Stuyvesant Town on behalf of bondholders, has hired Eastdil Secured LLC to advise on the sale.” (Bloomberg)
  5. Largest Senior Housing REITs Pencil Out Divergent Plays “With chatter that blockbuster portfolio transactions in senior housing are harder to come by, HCP Inc. (NYSE: HCP), Welltower Inc. (NYSE: HCN) and Ventas (NYSE: VTR) are placing bets on higher yields in the hospital system space. But while Ventas has staked its claim with the ‘beachhead’ investment in hospitals by acquiring Ardent for $1.75 billion, the CEO of Welltower is talking about putting acute hospitals ‘out of business.’” (Senior Housing News)
  6. Lawsuit Says Manhattan Real Estate Was Used to Launder Money “A banker and a former politician from Kazakhstan tried to launder tens of millions of dollars of stolen money through New York real-estate holdings, a civil lawsuit alleges. The men allegedly conspired with New York developer Joseph Chetrit to hide at least $40 million by investing in a former Manhattan hotel and the Cabrini Medical Center, according to a complaint filed on Oct. 12 by Kazakhstan’s largest city, Almaty, and one of the nation’s biggest lenders, BTA Bank.” (Wall Street Journal)
  7. Boomers Feeling Squeezed by the Rise in Rents “Rising rents have been cited as a reason millennials aren’t moving out of their parents’ basements. But higher rents could force some boomers to move in with their children. So says Don Lawby, president of the Real Property Management franchise, a property management company based in Utah. He says it is shaping up to be a crisis for some boomers for the following reasons.” (MarketWatch)
  8. Fresh & Easy Eyes Chapter 11 “Fresh & Easy could file for its second Chapter 11 bankruptcy in two years in the next few days, industry sources told SN. However, if the company can find a buyer for some or all of the 103 remaining locations, that could postpone a filing, sources said. Fresh & Easy was acquired in 2013 by Yucaipa Cos., a Los Angeles-based investment firm, from United Kingdom-based Tesco following a bankruptcy filing.” (Supermarket News)
  9. Julien Studley, Real Estate Broker Who Began Career in a Bedroom, Dies at 88 “Julien J. Studley, who arrived in New York as a young refugee from Europe and began to build a commercial real estate empire by sending penny postcards to prospective tenants from the bedroom of his fourth-floor walk-up, died on Tuesday at his home in Manhattan. He was 88. The cause was brain cancer, Reid Richter, a friend of the family, said.” (New York Times)
  10. Related to Take 270K SF for Itself at Hudson Yards “The Related Companies has lined up a tenant that will take nearly 300,000 square feet in its northern Hudson Yards tower when the 90-story building is finished in 2019: the Related Companies. The developer is carving out an office condo for itself spanning six floors near the top of 30 Hudson Yards for a total of roughly 270,000 square feet, a source with knowledge of the firm’s plans told The Real Deal.” (The Real Deal)
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