10 Must Reads for the CRE Industry Today (November 17, 2014)

10 Must Reads for the CRE Industry Today (November 17, 2014)


  1. China REITs could top US$6 trillion “Property assets that can be spun off into publicly listed real estate investment trusts on the mainland could top US$6 trillion by 2020 as the authorities speed up regulatory efforts to get them launched. Market talk is swirling that Beijing will allow the launch of publicly traded REITs as early as next year as part of its efforts to support the ailing property industry.” (South China Morning Post)
  2. Schorsch's RCS Capital Had Accounting Deficiencies, SEC Filings Say “The accounting scandal at real-estate mogul Nicholas Schorsch's American Realty Capital Properties last month had a ripple effect on a second public company the billionaire controls --  RCS Capital Corp. With its shares plunging, RCS Capital hired an outside law firm and forensic accounting firm to review its financials for the first nine months of 2013, the company said Thursday.” (The Street)
  3. US may investigate Blackstone’s Waldorf deal with China “A long-awaited thaw in US-China relations can’t come soon enough for Steve Schwarzman. Blackstone Group is eager to close the $1.95 billion sale of New York’s Waldorf-Astoria hotel to a Chinese buyer this year, while US officials dither over whether to launch a review to assess the potential security risks.” (The New York Post)
  4. Blackstone’s Jonathan Gray: CRE growth rate will fall “Jonathan Gray, global head of real estate at Blackstone Group, said the commercial real estate market is heading into a phase of moderate growth. The supply and demand fundamentals of commercial real estate are holding strong even though the growth rate is slow as a result of limited construction, Gray, who became a billionaire last year after Blackstone’s stock surged, told Bloomberg News. ‘We are clearly past the distressed phase,’ he said.” (The Real Deal)
  5. Macy's enters same-day delivery fray “Do you need same-day delivery for a sweater or a pair of stilettos? Macy's and J.C. Penney believe so: one is testing the service now and the other is rolling it out to about a quarter of its stores next year. In late October, Macy's began trialing same-day delivery to online customers in eight major U.S. markets: Chicago, Houston, Los Angeles, New Jersey, San Francisco, San Jose, Seattle and Washington, D.C. Bloomingdale's, its sister chain, will offer the service in four: Chicago, Los Angeles, San Francisco and San Jose.” (RetailWire)
  6. Fed hosts meeting with banks, regulators on LIBOR alternatives “The Federal Reserve said it is hosting a meeting on Monday with banks and regulators to discuss the development of a reference rate alternative to LIBOR, the London interbank rate that was at the center of a global rigging scandal. Expected participants in the discussion include Bank of America, Goldman Sachs, HSBC and central bank officials from England, Europe and Japan.” (Reuters)
  7. Blackstone Agrees to Sell Paris Offices to SFL for $288 Million “Blackstone Group LP agreed to sell an office building close to the Gare du Nord train station in Paris to Societe Fonciere Lyonnaise for 230 million euros ($288 million). The 25,000 square-meter (270,000 square-foot) building on the Rue Condorcet is fully leased to French energy regulator GrDF until 2024, the buyer said in a statement today. The Blackstone Real Estate Partners Europe III fund is expected to complete the sale during December, according to the statement.” (Bloomberg)
  8. Highwoods Properties to Develop $232M Headquarters for Bridgestone Americas “Bridgestone Americas, Inc. (BSAM) is relocating its corporate headquarters to a new $232 million, 514,000-square-foot build-to-suit high-rise in Nashville’s downtown core. The move comes as a result of BSAM having outgrown its current headquarters and the company’s desire to consolidate several operations into one central location. As a result, downtown Nashville will gain 1,700 jobs—1,100 positions will be relocated from BSAM’s current headquarters near Nashville International Airport, while 600 positions will be transposed from three out-of-state BSAM facilities.” (Commercial Property Executive)
  9. American Eagle Outfitters delivers on European expansion promise “Challenged to grow in the U.S., teen apparel chain American Eagle Outfitters is making good on its pledge to leverage the overseas market to kickstart expansion. Earlier this year, AEO said it would begin a Western European rollout with three stores in London, after a decade of eying the UK as a potential launchpad for overseas expansion.” (Chain Store Age)
  10. Gourmet stores to fortify World Trade Center “The Condé Nast crowd will have lots to nosh on at the World Trade Center. In addition to Eataly in the base of 4 WTC, Westfield Corp. — which owns all the retail space at the 16-acre complex — has signed leases with 14 gourmet food stores and grab-and-go spots, The Post has learned.” (The New York Post)
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