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10 Must Reads for the CRE Industry Today (January 24, 2017)

10 Must Reads for the CRE Industry Today (January 24, 2017)


  1. Senate Committee Clears Carson Nomination “The Senate cleared the way on Tuesday for Ben Carson to take the helm of the Department of Housing and Urban Development (HUD). The Senate Banking Committee approved Carson’s nomination, sending it to the floor for final confirmation. President Donald Trump’s Cabinet picks need only a simple majority to clear the Senate, which means Carson can be confirmed with only Republican support, and Democrats cannot filibuster.” (The Hill)
  2. Credit Suisse Gets New Head of Commercial Real Estate Finance “Matthew Masso has been tapped by Credit Suisse to head the commercial real estate finance group, replacing former chief Mark Brown, a person familiar with the matter told IFR. Credit Suisse ranked third in terms of CMBS originations last year with US$13bn of deals, according to IFR league tables. Brown stays on as a senior advisor to the Credit Suisse real estate team, the person said. He joined in 2013 to restart the bank's commercial mortgage effort after it was shuttered in the wake of the financial crisis.” (Reuters)
  3. Cerberus Raises $1.8Bn for Fourth Global Opportunistic Fund “Cerberus Capital Management has raised $1.8bn for its fourth global opportunistic real estate fund. The Cerberus Institutional Real Estate Partners IV fund (CIREP IV) is focused on distressed or undervalued real estate in the US and western Europe. The fund was backed by 60 investors, including sovereign wealth funds, public pension plans, corporate plans, insurance companies, endowments, foundations, and high net worth individuals.” (IPE Real Estate)
  4. Real Estate Investors Enjoy Post-Election Boost “Shares of real-estate investment trusts typically get hammered as interest rates rise—not this time. So far, many REITs have bucked the trend with investors expecting a looser regulatory environment and fiscal stimulus under the administration of President Donald Trump. Since interest rates started increasing after Election Day, shares of REITs have risen by 5.8%.” (Wall Street Journal)
  5. Israeli Investors Increasingly Turning to U.S. Real Estate “Israel has become one of the largest foreign investors in US commercial real estate over the past few years, and considering the size and population of Israel, it is remarkable how common the country’s investments in America have become. In New York alone over the last decade, Israeli investors were the fourth-largest cross-border purchasers. There have also been many American real-estate owners and developers coming to the Tel Aviv Stock Exchange to obtain Israeli institutional funding for their US projects through bond offerings.” (the Algemeiner)
  6. Questions About Trump’s Business Interests Linger Into First Days of Administration “If President Donald Trump is worried about violating the Constitution with his business interests, he's not showing it. Trump brushed aside claims made in a lawsuit alleging his business dealings violate the Constitution's Emoluments Clause, telling reporters the suit is ‘totally without merit’ while signing executive orders from the Oval Office on Monday. The suit, filed by D.C. watchdog group Citizens for Responsibility and Ethics in Washington (CREW), seeks to stop Trump from what the group says is a violation of the Constitution in receiving payments from foreign governments.” (The Street)
  7. Plans for Another Amazon Warehouse Under Way “Amazon is getting ready to break ground on yet another new fulfillment center — its first in Colorado. The one million-sq.-ft. facility being constructed in Aurora is expected to create more than 1,000 new full-time jobs. Associates at the Aurora warehouse will pick, pack and ship larger customer items, such as sports equipment, musical instruments and furniture. Amazon already operates a sortation center in the same city, which employs ‘hundreds of associates,’ the company said.” (Chain Store Age)
  8. Chinese Overseas Real Estate Investment Hits New Record of $33 Billion in 2016 “According to the latest JLL's Global Capital Flows data, China has hit a record of $33 billion in overseas commercial and residential property investment in 2016, an increase of nearly 53 percent year-on-year. While investment in land, offices and hotels account for 90 percent of all Chinese outbound capital in the last three years, the hotel and industrial sectors showed the largest increase in 2016 due to significant transactions in the U.S. in the form of portfolio sales and Chinese appetite for industrial parks.” (World Property Journal)
  9. Construction Kicks Off on Billion-Dollar Boston M-U “Construction has gotten underway on Bulfinch Crossing, a 2.9 million-square-foot mixed-use project in Boston. Developers National Real Estate Advisors LLC and The HYM Investment Group LLC have joined local leaders to celebrate the commencement of the $1.5 billion undertaking, which will be credited with ushering in a new era in Beantown. It will be quite the transformation of two full city blocks in downtown Boston. Designed by Pelli Clark Pelli and CBT Architects, Bullfinch Crossing will emerge from what had been the sprawling, 50-year-old Government Center Garage.” (Commercial Property Executive)
  10. The Super Bowl Returns to a Transformed Houston “As Houston prepares to host Super Bowl 51 on Feb. 5, its leaders are eager to show off a makeover that has transformed the city since it last hosted the game more than a decade ago. The Houston that awaits nearly 140,000 Super Bowl visitors and millions of television viewers is the result of an ambitious effort aimed at turning the city into a world-class destination. In contrast to its past reputation as an urban dead zone after dark, Houston now includes a greater array of restaurants, high-rises, green space, and cultural and entertainment venues.” (The New York Times)
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