- CRE Hiring A Mixed Bag As Industry Retrenches “Job posting data nationwide on employment search engine Indeed.com has found that active job listings in hospitality/ tourism and banking/finance have dropped from the middle of April last year to mid-April this year by 64% and 40%, respectively. Active job postings are a good indicator of activity in the current labor landscape. The Indeed report found that loading and stocking job postings that fill many industrial warehouses are also slowing. Those positions are growing 34% slower than at the same point last year, according to Indeed Chief Economist Jed Kolko.” (Bisnow)
- Brookfield launches $5bn rescue fund for retailers “Brookfield Asset Management, the Canadian investment group that is one of the largest owners of US shopping malls, is launching a $5bn rescue fund for retailers that need extra capital to weather the coronavirus pandemic. The fund will be overseen by Ron Bloom, a former Lazard banker who also led the US Treasury’s restructuring of General Motors and Chrysler before joining Brookfield in 2016.” (FT.com)
- Kimco Realty Shoots 8.5% Higher on Q1 Beat, but Dividend Suspended “The economic slowdown stemming from the SARS-CoV-2 coronavirus outbreak affected the results for the retail real estate investment trust (REIT) for the quarter. Its revenue slumped by almost 2% on a year-over-year basis to $289.7 million, while its net income fell by nearly 18% to $83.7 million ($0.19 per share). On the other hand, funds from operations (FFO) -- considered to be the most relevant profitability metric for REITs -- inched up by 1% to $160.5 million ($0.37) for the period.” (The Motley Fool)
- BlackRock Real Assets Raises $1.3B for Europe Property Fund “Even with market uncertainty from the new coronavirus, London-based BlackRock Real Assets announced it has raised EUR 1.287 billion (or approximately $1.3 billion) at the final close for its Europe Property Fund V. The firm also said it has additional commitments of EUR 200 million for co-investments totaling EUR. 1.487 billion for their strategy. EFV is a city-focused and principle-based investment strategy.” (GlobeSt.com)
- Ventas looks to COVID-19 testing program to accelerate move-ins, announces new Holiday management agreement “Ventas is hoping that a new testing program will help accelerate the move-in process for operators in part by increasing prospective residents’ trust and confidence in senior living communities, leading to improved occupancy and finances. Hutchens noted that approximately 70% of operators in the REIT’s portfolio have locations in states that are starting to loosen their stay-at-home policies.” (McKnight’s Senior Living)
- Leasing of warehousing, industrial space in India to rebound strongly post virus crisis, say experts “The leasing of warehousing and industrial space has slowed down because of the nationwide lockdown but demand may rise post-COVID-19 with expected growth in e-commerce and possible shift of manufacturing activities from China to India, according to industry experts. ‘Industrial and warehousing is the most resilient segment in India, which is likely to emerge quickest and strongest post-COVID-19,’ property consultant Savills India said in a report.” (Financial Express)
- Midtown Manhattan Office Tower Lands $400M Refi “A joint venture between George Comfort & Sons, Loeb Partners Realty and JPMorgan Chase Asset Management has taken a $400 million refinancing package from MetLife for 498 Seventh Avenue, a 960,000-square-foot office mid-rise in Midtown Manhattan, according to public records. The recorded loan documents show that $181.7 million of the new mortgage pays down existing debt, with the remaining $218.3 million taken as new capital through a gap note.” (Commercial Property Executive)
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