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10 Must Reads for the CRE Industry Today (February 25, 2015)

10 Must Reads for the CRE Industry Today (February 25, 2015)


  1. Cushman & Wakefield Going Up for Sale “The Italian family that controls Cushman & Wakefield Inc., one of the world’s largest real-estate services firms, is putting the company up for sale as rising property prices push up the value of rivals, according to people familiar with the matter.” (Wall Street Journal)
  2. HBC to Form Real Estate Joint Ventures in U.S., Canada “Canadian retailer Hudson's Bay said on Wednesday it had agreed to form two real estate joint ventures that would bring in about C$1.1 billion in cash, reducing its debt, and paving the way for an initial public offering or alternate transaction.” (Reuters)
  3. It Cost Target $5.1B to Leave Canada “On Wednesday, Target announced fourth quarter and fiscal-year 2014 results while the retailer gave another outlook on the costs it expects to incur as it exits operations in Canada.” (Business Insider)
  4. Hines Breaks Ground on Sheraton Georgetown Hotel “Hines and joint venture partner Novak Bros. are developing The Sheraton Georgetown Texas Hotel and Conference Center, a 196,284-square-foot, 222-room hotel located in the Summit at Rivery Park, a 32-acre mixed-use development located on Rivery Boulevard in Georgetown, Texas.” (Commercial Property Executive)
  5. Norway Fund Bulks Up on Real Estate “Norway’s state-run investment fund is becoming one of the world’s biggest landlords at a time when other big commercial property owners are sounding alarms about high prices.” (Wall Street Journal)
  6. JPMorgan to Close 5% of Bank Branches “JP Morgan Chase is planning to close 300 bank branches, or about 5 percent of the total, over the next two years, as more customers move to online and mobile banking and the bank looks to reduce its overall expenses.” (NBC News)
  7. U.S Office Investment Hits 7-Year High at $119 Billion “According to CBRE Research, increased demand for U.S. office space, the strongest labor market since 1999, and continued strong interest from investors combined to drive the largest full-year office investment total since 2007.” (World Property Channel)
  8. Invesco’s Mortgage REIT Turns Winner in Fannie-Freddie Debt Bet “A rally in a growing type of Fannie Mae and Freddie Mac securities is vindicating Invesco Mortgage Capital Inc.’s decision to be a big player in the market.” (Bloomberg)
  9. Moinian Refinances Fifth Avenue Buildings in Deal Brokered by Meridian “The Moinian Group refinanced two adjacent office and retail buildings spanning a full block on Fifth Avenue with a $310 million CMBS loan from Morgan Stanley.” (Commercial Observer)
  10. Macy's Off-Price Chain to Be More Like T.J. Maxx Than Nordstrom Rack “Macy’s 1.30% is getting closer to a key new way to attract new shoppers: it’s set to pilot a chain of ‘off-price’ discount stores.” (Fortune)


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