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Germany's Promising Discount Retail Market Lures Behringer Harvard

Wed, 28 Oct 2009 13:05:02 UTC

With the recession having taken a chunk out of consumers' pocketbooks around the world, the retail real estate market has been struggling for quite some time, and the situation is no different in Germany. However, the discount retail sub-sector is thriving in the country, and Dallas-based commercial real estate firm Behringer Harvard has positioned itself to capitalize on related development opportunities with the recent formation of Behringer Harvard German Retail, a joint venture with Hanover, Germany-based real estate investment and management company Rahlfs Immobilien GmbH.

Compelling Opportunities in International Real Estate

Wed, 28 Oct 2009 13:05:02 UTC

Investors in U.S. REITs and other U.S. property companies should consider investing in publicly traded REITs and property companies abroad.� Within developed markets globally, the aggregate equity market capitalization of this sector totals $600-plus billion, two thirds of which are outside of the United States. My team and I continue to identify very compelling investment opportunities in international markets and encourage investors to consider �going global� as part of their real estate allocations.�

Economy Watch: No Rush to Build More Houses

Wed, 28 Oct 2009 13:05:02 UTC

U.S. housing starts posted a gain in September, but only a modest one,pointing to a still-modest rate of recovery for the overall economy.According to the U.S. Department of Commerce, the rate of new homestarted inched upward by 0.5 percent during the month to a seasonally adjustedrate of about 590,000 units. Ever-optimistic economists, it seems, wereexpecting more.

Lenders Step Up Activity for CRE Investments in U.K.

Wed, 28 Oct 2009 13:05:02 UTC

For U.K. property investors looking to borrow, lending volume increased from the first to the second quarter of this year, according to a report by international real estate advisor Savills. The change i s all about pricing corrections and a decrease in the cost of funding for banks.

For FirstService, Expansion via Investment

Wed, 28 Oct 2009 13:05:02 UTC

When an advisory firm is looking to expand its geographic presence, that typically means it will either establish a new office, or partner with�or buy out�a local firm. But FirstService Real Estate Advisors, a subsidiary of FirstService Corp., has taken a different strategy in its bid to expand its operations abroad.

Economy Watch: MGM Cuts Condo Prices

Wed, 28 Oct 2009 13:05:02 UTC

In an effort to keep buyers from wriggling out of their deals, and as a simple acknowledgment that the luxury condo market just isn�t what it used to be, MGM Mirage and its partner Dubai World are slashing prices for condos at their City Center development in Las Vegas by 30 percent.

Q&A: Starwood CEO Sees Upturn Ahead

Wed, 28 Oct 2009 13:05:02 UTC

Starwood Hotels & Resorts Worldwide CEO Frits van Paasschen on the outlook for business travel, and Starwood'sincreasingly global slant.

Economy Watch - ICSC Predicts Slightly Improved Holiday Season for Retailers

Wed, 28 Oct 2009 13:05:02 UTC

The International Council of Shopping Centers expects holiday sales among U.S. retailers to rise 1 percent this year compared with last year, when retail sales fell off a cliff (down 5.8 percent compared with the pre-recession holiday season of 2007). It's a slightly more optimistic forecast than some other organizations that track retail activity, such as the flat 2009 holiday sales predicted by Retail Forward, as previously reported by CPE.

Report: Rents on Half the World's Preeminent Shopping Streets Plummet to 24-Year Low

Wed, 28 Oct 2009 13:05:02 UTC

Fifth Avenue. Rodeo Drive. Avenue des Champs-Élysées. Event the most acclaimed retail strolls in the world have not escaped the ravages of the global economic crisis, according to Cushman & Wakefield's annual Main Streets Across the World report. Surveying 274 leading shopping streets in 60 countries, the real estate services firm found that 54 percent of the group experienced a decline in rents; a decline that marks the largest drop in retail rents ever recorded since the report' s inception 24 years ago.

Russian Equity Partner Comes Aboard on $4B Atlantic Yards Project

Wed, 28 Oct 2009 13:05:02 UTC

The $4 billion Atlantic Yards mixed-use development--the centerpiece of which will be the Barclays Center sports and entertainment arena, future home base of the NBA's Nets team--has new financial backing. Developer Forest City Ratner Cos. Inc. and Nets Sports and Entertainment have just signed a letter of intent to form a strategic partnership with an affiliate of Moscow-based international private investment fund Onexim Group for the development of the 22-acre project. The multi-faceted deal calls for Onexim to invest $200 million.

Economy Watch - IRS Changes Rules for Securitized Loan Modification

Wed, 28 Oct 2009 13:05:02 UTC

From the nether reaches of the Internal Revenue Service a new tax rule recently emerged (Revenue Procedure 2009-45), the effect of which will be to let real estate borrowers pursue possible modifications to securitized loans--ones that are at risk of default--without triggering tax penalties. Previously, administrative tax rules imposed severe penalties for changes made to commercial mortgage pools or investment interests after the startup date of the securitization vehicle. This naturally had the effect of keeping borrowers mum until default had actually occurred or was nigh.

RE Shares Continue Positive Run

Wed, 28 Oct 2009 13:05:02 UTC

Real estate stocks are continuing to rebound, according to a new report by ING Clarion Real Estate Securities.

Hundered of Projects Stalled as Downturn Hits Arabian CRE Market

Wed, 28 Oct 2009 13:05:02 UTC

Real estate growth is slowing down significantly in the Arabian Gulf, according to a new report from Proleads. The Cityscape Intelligence Focus On Dubai Report, which reviewed the status of more than 3,000 real estate projects throughout the Arabian Gulf, found the impact of the global real estate crisis is being felt across the region.

European Shopping Center Development to Hit 8-Year Low in 2011

Wed, 28 Oct 2009 13:05:02 UTC

The global recession has made its rounds, putting a damper on shopping center construction around the world, and Europe has been no exception. According to a new report by real estate services firm Cushman & Wakefield, the decline in construction has yet to reach its low point.

Economy Watch - China Could Be Going Shopping for Distressed RE

Wed, 28 Oct 2009 13:05:02 UTC

A host of grave dancers now seem interested in sickly U.S. properties as the problems in commercial real estate grind on, but few may end up being bigger dancers than China Investment Corp.

Economy Watch - Health Care Jobs Help Spur Investor Interest in Sector

Wed, 28 Oct 2009 13:05:02 UTC

Just ahead of Labor Day, the U.S. Department of Labor pegged the official U.S. unemployment rate at 9.7 percent in August, a surprising uptick, but actually not that much of a jump since at the same time its figures for June and July were both revised upward. A net of some 216,000 people lost their jobs in August, with construction and manufacturing still accounting for a large share of those numbers(65,000 and 63,000, respectively).

Expert: U.S. Falling Behind Europe in the Green Race

Wed, 28 Oct 2009 13:05:02 UTC

While America's green building market will likely continue its rapid growth over the coming years, architects, developers and contractors in the U.S. could still learn a lot from their European counterparts, according to engineer Jerry Yudelson, a green building proponent.

ProLogis Continues Risk Reduction Strategy with New Japan Partnership

Wed, 28 Oct 2009 13:05:02 UTC

A victim of the credit crisis and the global economic downturn, ProLogis announced nearly 10 months ago that it would take steps to shore up its balance sheet and reduce risk, and its latest move in Japan constitutes yet another one of those steps. The Denver-based global distribution facilities provider has just formed an alliance with Tokyo-based Japan Logistics Fund Inc. and Mitsui & Co., Logistics Partners Ltd. that allows the aforementioned group, JLF, to acquire assets in ProLogis' development portfolio in Japan.

Lowe's Sees Australia as Fertile Ground for Expansion; 150 New Stores Planned with JV Partner

Wed, 28 Oct 2009 13:05:02 UTC

As most retailers fight just to keep their heads above water, Lowe's Companies Inc. is planning a big expansion--in Australia. The Mooresville, N.C.-based home improvement chain has formed a joint venture with Sydney, Australia-headquartered Woolworths Limited to develop 150 stores over the next five years in a country boasting a burgeoning $20 billion home improvement market.

TJAC Lands $23M Financing for Sydney M-F

Wed, 28 Oct 2009 13:05:02 UTC

The Boston office of Holliday Fenoglio Fowler L.P. has secured $23.73 million in financing on behalf of TJAC International for a multi-family housing complex in Sydney, Australia.