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Jul 30, 2013

Exclusive: Vornado, Oxford buy stakes in New York’s 650 Madison Ave

NEW YORK (Reuters) – Vornado Realty Trust and Oxford Properties, the real estate arm of an Ontario pension plan, are buying stakes in 650 Madison Avenue, joining two parties that had already agreed to acquire the Manhattan building for $1.3 billion, three sources told Reuters on Tuesday.

The office and retail tower now will have four equal owners, one source said.

The sources declined to be identified because the deal is not public.

When the sale of 650 Madison is complete, it will become one of a handful of Manhattan office buildings whose sale or partial sale this year values the property at more than $1 billion, according to real estate research firm Real Capital Analytics.

Jul 30, 2013

Vornado, Oxford buy stakes in New York’s 650 Madison Ave

NEW YORK, July 30 (Reuters) – Vornado Realty Trust
and Oxford Properties, the real estate arm of an Ontario pension
plan, are buying stakes in 650 Madison Avenue, joining two
parties that had already agreed to acquire the Manhattan
building for $1.3 billion, three sources told Reuters on
Tuesday.

The office and retail tower now will have four equal owners,
one source said.

The sources declined to be identified because the deal is
not public.

When the sale of 650 Madison is complete, it will become one
of a handful of Manhattan office buildings whose sale or partial
sale this year values the property at more than $1 billion,
according to real estate research firm Real Capital Analytics.

Jul 29, 2013

General Growth quarterly profit beats Street

NEW YORK (Reuters) – General Growth Properties Inc (GGP.N: Quote, Profile, Research, Stock Buzz) said on Monday it had a 17 percent increase in a key measure of quarterly profit, beating Wall Street expectations, and said it had reached an agreement to sell its stake in a Brazilian shopping center company.

General Growth posted second-quarter funds from operations (FFO) of $267 million, or 27 cents per share, compared with $228 million, or 23 cents per share, a year ago.

Jul 29, 2013

Simon Property raises outlook as profit tops expectations

NEW YORK (Reuters) – Simon Property Group Inc (SPG.N: Quote, Profile, Research, Stock Buzz), the largest owner of U.S. malls and outlet centers, reported a higher-than-expected quarterly profit on Monday, boosted by increased occupancy and rent, and the company raised its earnings forecast for the year.

Simon’s vast collection of malls and outlets includes some of the highest-quality U.S. properties, where demand for space from retailers keeps growing. Weaker malls are feeling more acutely the effects of wary consumers and competition from online shopping.

Jul 29, 2013

Simon Property Group 2nd-qtr beats Wall Street forecast

NEW YORK, July 29 (Reuters) – Simon Property Group Inc
, the largest owner of U.S. malls and outlet centers, on
Monday reported a higher-than-expected quarterly profit boosted
by increased occupancy and rent, and the company raised its
forecast for the year.

The company reported that funds from operations, an earnings
measure for real estate investment trusts, rose 11.25 percent to
$766.3 million, or $2.11 per share, from $688.8 million, or
$1.89 per share in the year-earlier quarter.

Jul 18, 2013

Blackstone’s second-quarter earnings more than triple

July 18 (Reuters) – Blackstone Group LP, the largest
alternative asset manager, said on Thursday that second-quarter
earnings more than tripled as the value of its funds rose and it
cashed out on parts of its portfolio, including SeaWorld.

Despite market jitters in the second half of the quarter
over the Federal Reserve ending its bond buying program,
Blackstone’s private equity and real estate funds appreciated
more than 5 percent, surpassing analysts’ expectations, while
its hedge and credit funds posted strong gains.

Jul 18, 2013

Blackstone’s Brixmor files for IPO: SEC filing

NEW YORK (Reuters) – Blackstone Group LP’s (BX.N: Quote, Profile, Research, Stock Buzz) Brixmor Property Group Inc, owner of neighborhood shopping centers, on Thursday filed with federal regulators for an initial public offering in what will likely be one of the largest real estate IPOs in years.

Brixmor said it was seeking to raise $100 million, but the amount was solely for the purpose of calculating the registration fee, the company said in a filing. The IPO is expected to be larger as it is valued at roughly $13 billion including debt.

Jul 9, 2013

U.S. apartment vacancy rate flat in second quarter, but rents rise

NEW YORK (Reuters) – The U.S. apartment vacancy rate was unchanged in the second quarter, the first time in two years that the vacancy rate failed to tighten, in a sign that a wave of new properties may be easing market conditions, according to real estate research firm Reis Inc.

The national vacancy rate was 4.3 percent, unchanged from the prior quarter though down from 4.8 percent a year earlier, according to preliminary figures Reis released on Monday. The vacancy rate is 3.70 percentage points below the cyclical peak of 8.0 percent at the end of 2009.

Jul 2, 2013

Related Cos nears ownership of Chicago Spire site

NEW YORK, June 28 (Reuters) – U.S. condominium and apartment
developer Related Cos moved closer to owning a two-acre parcel
in one of Chicago’s most expensive neighborhoods that was to
have been the site of North America’s tallest residential tower,
the ill-fated Chicago Spire.

Related last week closed on the purchase of a loan to
finance the Chicago Spire that was made by Anglo Irish Bank Corp
and secured by the real estate. When the auction of the loan
began in March, its balance was $92.8 million, including
mounting penalties and interest.

Jun 30, 2013

Analysis – Big lenders wary of following oil money to North Dakota

/NEW YORK (Reuters) – Money and workers are pouring into Williston, the capital of North Dakota’s oil boom, but the only department store in town is a JCPenney, with a facade straight out of the 1950s.

“We desperately need some kind of shopping center or mall here in Williston,” said Rev. Jay Reinke, a 20-year resident and pastor of Concordia Lutheran Church. “You have to drive hours to find decent shopping.”