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May 8, 2013

Two midtown Manhattan buildings to sell for more than $1 billion

NEW YORK, May 8 (Reuters) – Two deals to sell two prime
midtown Manhattan office buildings for more than $1 billion
combined were reached on Wednesday – signaling another hike in
New York City’s commercial property values.

The pending sales by Hines, an international real estate
firm, offer further evidence of the high prices U.S. commercial
real estate are now commanding.

May 7, 2013

Exclusive: Lehman puts Ritz-Carlton Maui resort up for sale

NEW YORK (Reuters) – Lehman Brothers Holdings LEHRG.UL has put the Ritz-Carlton, Kapalua Resort, a 54-acre luxury condo and hotel resort in Maui, Hawaii, on the block as it continues to sell off its real estate holdings to pay off creditors, said two sources familiar with the deal.

The sale is expected to fetch more than $200 million, said one source who was not authorized to speak on the record.

May 7, 2013

Lehman puts Ritz-Carlton Maui resort up for sale

NEW YORK, May 7 (Reuters) – Lehman Brothers Holdings
[LEHRG.UL] has put the Ritz-Carlton, Kapalua Resort, a 54-acre
luxury condo and hotel resort in Maui, Hawaii, on the block as
it continues to sell off its real estate holdings to pay off
creditors, said two sources familiar with the deal.

The sale is expected to fetch more than $200 million, said
one source who was not authorized to speak on the record.

May 3, 2013

Exclusive: Edens partners in talks on ownership, sources say

NEW YORK (Reuters) – The three partners that own Edens, a shopping center landlord and developer with $3.5 billion in assets, are negotiating its future as one of them considers exiting, people with knowledge of the situation said.

The State of Michigan Retirement System is contemplating a departure, while a $20 billion open-ended fund run by JPMorgan Investment Management wants to remain a partner, according to the sources, who are not authorized to speak on the record. It could not be determined what the third partner, the New York State Teachers’ Retirement System (NYSTRS), wants to do.

May 3, 2013

Edens partners in talks on ownership, sources say

NEW YORK, May 3 (Reuters) – The three partners that own
Edens, a shopping center landlord and developer with $3.5
billion in assets, are negotiating its future as one of them
considers exiting, people with knowledge of the situation said.

The State of Michigan Retirement System is contemplating a
departure, while a $20 billion open-ended fund run by JPMorgan
Investment Management wants to remain a partner, according to
the sources, who are not authorized to speak on the record. It
could not be determined what the third partner, the New York
State Teachers’ Retirement System (NYSTRS), wants to do.

Apr 29, 2013

New York judge may allow Empire State Building REIT plan

NEW YORK (Reuters) – A New York judge signaled on Monday he would probably allow the group that controls the Empire State Building to include the fabled New York landmark in a public stock offering, despite objections of dissident investors.

Malkin Holdings wants to roll the 102-story tower in midtown Manhattan into a real estate investment trust with 18 other properties and launch shares on the New York Stock Exchange through an IPO that could generate $1 billion. The REIT, Empire State Realty Trust Inc, is estimated to be valued at about $4.2 billion.

Apr 29, 2013

N.Y. judge says he may allow Empire State Building REIT plan

April 29 (Reuters) – A New York judge said on Monday he was
leaning toward allowing a group that wants to roll the Empire
State Building into a real estate investment trust to force any
holdouts to surrender their holdings for a fraction of their
value.

New York Supreme Court Justice O. Peter Sherwood said he
would issue his written decision regarding Malkin Holdings’ plan
for the landmark building by the end of Tuesday at the latest.

Apr 26, 2013

Simon sees no sale-leasebacks as mall occupancy rises

NEW YORK (Reuters) – Simon Property Group Inc (SPG.N: Quote, Profile, Research, Stock Buzz), the largest owner of U.S. malls, has little interest in buying department store space from retailers and leasing it back, a senior executive said on Friday, a stance that may limit options for cash-strapped J.C. Penney Co Inc (JCP.N: Quote, Profile, Research, Stock Buzz).

Penney, which has 111 stores in Simon malls across the country, has been talking with its financial advisers about ways to raise capital after a botched turnaround that led to a steep sales slump. Sale-leasebacks may be one of those options, analysts have said.

Apr 26, 2013

Simon Property results speed past Wall St estimates

NEW YORK, April 26 (Reuters) – Simon Property Group Inc
said a key earnings measure rose 14.4 percent in the
first quarter, helped by higher rents and sales at its malls and
outlet centers, prompting the company to raise its forecast for
the year.

Simon also ended its six-quarter streak of raising
dividends.

Funds from operations (FFO) increased to $741.9 million, or
$2.05 per share, from $648.7 million, or $1.82 per share, a year
earlier, Simon, the largest U.S. owner of malls and shopping
centers, said on Friday.

Apr 26, 2013

More U.S. investors spanning the globe for property

NEW YORK (Reuters) – U.S. investors are rediscovering their appetite for foreign real estate. Attracted by potentially higher returns, they are putting more money into overseas funds that invest in offices, malls and apartment complexes than they have in six years.

Investors moved $2.6 billion into mutual funds and exchange-traded funds that primarily invest in office buildings, hotels, and other commercial properties abroad during the first quarter of 2013. That is the largest inflow since 2007′s record first quarter of $5.3 billion in new investments, according to Lipper, a Thomson Reuters company.