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Jun 2, 2013

Two big Manhattan property deals signal recovery, China interest

NEW YORK, June 2 (Reuters) – A group of investors, including
Chinese real estate tycoon Zhang Xin, paid about $1 billion for
a 40 percent stake in a landmark New York office building, a
person familiar with the deal said on Sunday, in the latest sign
of how foreign investors are fueling a U.S. commercial real
estate market recovery.

The deal, which closed on Friday, comes in the same week
that food company Shuanghui International Holdings Inc
agreed to buy pork producer Smithfield Foods for $4.7
billion. That purchase, if approved, would be the largest ever
acquisition of a U.S. company by one from China.

May 29, 2013

Empire State Building investors approve IPO plan

By Ilaina Jonas

(Reuters) – A plan to include the Empire State Building in a publicly traded company has cleared a critical investor hurdle that will allow the IPO to move forward.

Holders of more than 80 percent of the units that own the landmark skyscraper approved the plan to fold it into a newly created real estate investment trust called Empire State Realty Trust Inc. The green light came after more than a year of fighting between Malkin Holdings Plc, which has spearheaded the plan, and a small group of investors.

May 24, 2013

Exclusive: In surprise, General Growth eyes New York office tower

NEW YORK (Reuters) – General Growth Properties Inc (GGP.N: Quote, Profile, Research, Stock Buzz) has paired with Brookfield Office Properties Inc (BPO.TO: Quote, Profile, Research, Stock Buzz) to bid for an expensive New York building in what could mark the No. 2 U.S. mall owner’s entry into a new segment of the retail real estate market, according to two sources familiar with the deal.

Bids for the 27-story office and retail building at 650 Madison Avenue, one of the toniest shopping and office districts in Manhattan, could exceed $1.3 billion, the sources said.

May 24, 2013

In surprise, General Growth eyes New York office tower

NEW YORK, May 24 (Reuters) – General Growth Properties Inc
has paired with Brookfield Office Properties Inc
to bid for an expensive New York building in what could
mark the No. 2 U.S. mall owner’s entry into a new segment of the
retail real estate market, according to two sources familiar
with the deal.

Bids for the 27-story office and retail building at 650
Madison Avenue, one of the toniest shopping and office districts
in Manhattan, could exceed $1.3 billion, the sources said.

May 22, 2013

Blackstone, Prologis pay $960 million for warehouses: sources

NEW YORK (Reuters) – Blackstone Group LP (BX.N: Quote, Profile, Research, Stock Buzz) and Prologis Inc (PLD.N: Quote, Profile, Research, Stock Buzz) have agreed to buy a portfolio of 17 million square feet of warehouse and distribution centers whose majority owner is Lehman Brothers for about $960 million, two sources familiar with the deal said on Wednesday.

Under the deal, Blackstone’s IndCor Properties Inc will operate about 9.5 million square feet of properties in Reno, Nevada. Prologis will buy the remaining properties that are chiefly in Pennsylvania and some in Las Vegas, the sources said.

May 22, 2013

Blackstone, Prologis pay $960 mln for warehouses-sources

NEW YORK, May 22 (Reuters) – Blackstone Group LP and
Prologis Inc have agreed to buy a portfolio of 17
million square feet of warehouse and distribution centers whose
majority owner is Lehman Brothers for about $960 million, two
sources familiar with the deal said on Wednesday.

Under the deal, Blackstone’s IndCor Properties Inc will
operate about 9.5 million square feet of properties in Reno,
Nevada. Prologis will buy the remaining properties that are
chiefly in Pennsylvania and some in Las Vegas, the sources said.

May 16, 2013

Empire State Building REIT closes in on investor approval

NEW YORK, May 16 (Reuters) – A plan to roll the Empire State
Building into a real estate investment trust is a whisker away
from obtaining the necessary investor approval for a stock
offering allowing the public to own a piece of the iconic
skyscraper, according to a regulatory filing on Thursday.

Investors holding 99.3 percent of the Empire State Building
units needed to approve the plan for an initial public offering
have voted for it, according to the filing with the U.S.
Securities and Exchange Commission.

May 15, 2013

DDR to buy shopping center stake from partner Blackstone

NEW YORK (Reuters) – DDR Corp (DDR.N: Quote, Profile, Research, Stock Buzz), owner of shopping centers where big-box retailers are located, said on Wednesday it had agreed to buy from Blackstone Group LP (BX.N: Quote, Profile, Research, Stock Buzz) the portion of 30 centers it does not already own for $1.46 billion.

The joint venture between Blackstone Real Estate Partners VII and DDR owns 44 shopping centers. Under the deal, which is expected to close in the fourth quarter, DDR will acquire the Blackstone fund’s 95 percent equity ownership in 30 of the shopping centers. Blackstone will retain 95 percent interest in the 14 properties not being acquired, while DDR will keep its 5 percent stake, DDR said.

May 13, 2013

Blackstone’s Brixmor names former Kimco exec as new CFO

NEW YORK, May 13 (Reuters) – Brixmor Property Group,
Blackstone Group LP’s neighborhood shopping center
business, on Monday said it named Michael Pappagallo, the former
president of rival Kimco Realty Corp, as its president
and chief financial officer, potentially setting the company up
for an initial public offering.

The position will become effective May 20.

Pappagallo, who also was chief operations officer at Kimco
and was chief financial officer before that, will play an
integral role in executing Brixmor’s long-term business and
capital markets strategies, the company said in a statement.

May 13, 2013

Hong Kong has world’s most expensive retail space – report

NEW YORK, May 10 (Reuters) – There’s expensive and then
there’s Hong Kong.

The Asian shopping haven in the first quarter kept its crown
as having the world’s highest rent for prime retail properties,
at nearly 50 percent more than for similar districts such as
upper Fifth Avenue in Manhattan. Rents were more than four times
the rate in similar areas in London and Paris, according to a
report by global property advisor CBRE Group Inc.