Ilaina's Feed
Dec 7, 2012

Macerich seeks to sell malls with lower sales rating – sources

NEW YORK, Dec 7 (Reuters) – Macerich Corp has put 17
non-core malls on the block, according to sources familiar with
the matter, a move already taken by other mall owners selling
centers producing lower sales.

The properties are so-called Class B malls, as opposed to
Class A, which differ based on the sales per square foot the
specialty store tenants generate.

Nov 30, 2012

Online sales may bring holiday fear for some U.S. malls

NEW YORK (Reuters) – When it comes to the internet, David Simon’s kids can look but not buy.

“They are not allowed to shop on the Internet or I won’t pay for their room or board,” Chief Executive and Chairman of Simon Property Group Inc, the largest U.S. owner of malls and outlet centers joked at a the National Association of Real Estate Investment Trusts investor forum in June.

Nov 29, 2012

Stuyvesant Town/Peter Cooper owner, tenants settle suit

NEW YORK, Nov 29 (Reuters) – The owners of Stuyvesant Town
and Peter Cooper Village have reached a $147 million settlement
to resolve claims by thousands of tenants who said they were
overcharged on rent, removing the biggest hurdle to a sale of
the huge Manhattan apartment complexes, attorneys for both sides
said o n Thursday.

About 25,000 people live in Stuyvesant Town and Peter Cooper
Village, a sprawling complex of 56 high-rise brick buildings
with a private park on 80 acres on Manhattan’s East Side. The
co m plex – known for its spacious apartments – was built in two
stages beginning after World War II with the intention of
providing homes for returning veterans and later for
middle-class residents. Last month, the property sustained tens
of millions of dollars of flooding damage from Superstorm Sandy.

Nov 29, 2012

Stuyvesant Town owner and tenants agree to settle suit

NEW YORK, Nov 29 (Reuters) – The owners of Stuyvesant Town
and Peter Cooper Village have reached a $147 million settlement
to resolve claims by thousands of tenants who said they were
overcharged on rent, removing the biggest hurdles to a sale of
the huge Manhattan apartment complexes, attorneys for the
tenants said on Thursday.

CWCapital Asset Management LLC, which has controlled
Stuyvesant Town/Peter Cooper Village since 2010, and past owner
MetLife Inc will pay $68.75 million to reimburse 21,250
tenants for past overcharges under the agreement. CWCapital also
agreed to end any effort to recover $78.1 million in rent
reductions it has provided since the lawsuit was filed in 2009.

Nov 27, 2012

Shopping malls cater to shifting demographics

NEW YORK (Reuters) – Macerich Co (MAC.N: Quote, Profile, Research, Stock Buzz) isn’t usually in the business of hosting religious processions in its mall parking lots.

But when it allowed a Good Friday event featuring a costumed Jesus, prisoners and Roman guards at a Phoenix mall last year, hundreds of shoppers turned out from the heavily Hispanic community, where re-enactments of the Stations of the Cross are a major occasion.

Nov 27, 2012

Lehman to sell apartment owner Archstone for $6.5 billion

NEW YORK (Reuters) – Lehman Brothers Holdings Inc agreed to sell property group Archstone to two real estate investment trusts for about $6.5 billion, taking advantage of a strong market for apartments and marking an end to a 2007 gamble that helped push the investment bank into bankruptcy.

The buyers, Equity Residential (EQR.N: Quote, Profile, Research, Stock Buzz) and AvalonBay Communities Inc (AVB.N: Quote, Profile, Research, Stock Buzz), will split the assets 60-40 and will also take on Archstone’s debt, for a total transaction value of $16 billion.

Nov 27, 2012

Equity Res., AvalonBay buying Archstone for $6.5 bln

NEW YORK, Nov 26 (Reuters) – Equity Residential and
AvalonBay Communities Inc have agreed to buy apartment
owner Archstone from Lehman Brothers Holdings for about $6.5
billion in cash and stock, the companies said on Monday.

The deal would expand Equity Residential’s presence in
mid-Atlantic and Northeast states. While AvalonBay would expand
its base in Southern California.

Nov 26, 2012

Lehman to sell Archstone to Equity Residential, AvalonBay for $6.5 bln

NEW YORK, Nov 26 (Reuters) – Lehman Brothers has agreed to
sell the assets of apartment owner Archstone to rivals Equity
Residential and AvalonBay Communities Inc for
about $6.5 billion in cash and stock and the absorption of debt,
bringing the total value of the deal to $16 billion, the
companies said Monday.

The deal comes shortly after Archstone filed for a $3.5
billion initial public offering. It also follows an Equity
Residential’s unsuccessful bid earlier this year to buy the
entire company, which includes apartment buildings and
communities major U.S. cities.

Nov 20, 2012

Lehman’s Archstone expects IPO to raise $3.45 billion

By Ilaina Jonas

(Reuters) – Archstone Inc, the apartment building owner and developer owned by Lehman Brothers Holdings Inc, said on Monday it plans to raise up to $3.45 billion in its initial public offering, making it the biggest U.S. commercial real estate IPO ever.

If the offering is launched this year, it would be the third largest U.S. IPO of 2012, behind Facebook Inc (FB.O: Quote, Profile, Research, Stock Buzz) and Banco Santander’s Mexican unit (SANMEXB.MX: Quote, Profile, Research, Stock Buzz).

Nov 13, 2012

Blackstone eyes property sales over next two years

NEW YORK, Nov 13 (Reuters) – Blackstone Group LP will
likely take Hilton Hotels public in the next two years and sell
other properties as it looks to cash out of some of its U.S.
commercial real estate, a senior Blackstone executive said on
Tuesday.

Given Hilton’s size, taking the company public would make
the most sense, said Jonathan Gray, Blackstone’s Global Head of
Real Estate, at the Bloomberg Commercial Real Estate Conference.
Hilton has 630,000 rooms worldwide.