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Keppel, KBS Forming New REIT to Acquire $800 Million U.S. Office Portf
 
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Canadian Real Estate Street Smart REI   October 16, 2017   1   0   0   0   0   0
Singapore-based Keppel Corp. has received approval to launch a new REIT on the Singapore Exchange and has reached a deal for that REIT to acquire 11 U.S. office properties from Newport Beach, CA-based KBS Strategic Opportunity REIT, a nontraded REIT. The properties have not been specifically identified nor has a final purchase price been set. However, KBS currently values the portfolio at $800 million with $400 million in outstanding debt. View Original Article[1] References ^ View Original Article (www.costar.com)
How effective is your resident screenign provider? A 5 minute audit
 
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Canadian Real Estate Street Smart REI   October 16, 2017   1   0   0   0   0   0
Any decision is only as good as the data behind it. CoreLogic® Rental Property Solutions connects you with the most comprehensive and up-to-date resident screening information. We give property owners and managers access to vital data that makes leasing decisions easier, faster and more effective. Learn more by downloading our Resident Screening Provider white paper.  
Data Center REITs Will Continue to Deliver Outsized Returns | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 16, 2017   2   0   0   0   0   0
In the REIT sector, data center REITs are looking more and more like all-star players as customers expand the playing field for cloud computing, e-commerce, connected devices, high-definition video, self-driving cars and other data-dependent innovations. “We characterize the data center REIT sector as being in the second or third inning, which implies there is significant future runway for growth in the sector—well above any other REIT product type,” says Diane Morefield, CFO at CyrusOne Inc., one of half a dozen publicly-traded data center REITs in the U.S. To underscore that outlook, Morefield points out that over the past 12 months, the stock price return for data center REITs has been 30 percent, compared with 6 percent for the stock index encompassing all U.S. REITs. CyrusOne’s stock price has more than tripled since the company went public in 2013, she says. As data center REITs like CyrusOne compete to meet the rising demand for space, they’re growing by way of buying and building[1]. Most notably, data center REIT Digital Realty Trust Inc. recently wrapped up its $7.8 billion purchase of DuPont Fabros Technology Inc., and data center REIT Equinix Inc. snagged 29 Verizon data centers for $3.6 billion. CyrusOne, for its part, is spending about $300 million a year on acquisitions; to fuel growth, the REIT has boosted its unsecured credit facility to $2 billion, up from over $1.5 billion. Meanwhile, data center REITs are sinking a pile of money into putting up new structures. At Digital Realty,...
Nordstrom Suspends Buyout After Struggling to Get Financing | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 16, 2017   2   0   0   0   0   0
(Bloomberg)—Nordstrom Inc. is suspending efforts to take the company private after struggling to get financing with favorable terms, another sign that the department-store industry has lost favor with both customers and investors. The controlling members of the Nordstrom family will renew a review of its operations after the holiday season, the company announced on Monday. In scrubbing the deal for now, the chain cited “the difficulty of obtaining debt financing in the current retail environment.” The transaction was meant to help the company continue its turnaround efforts outside the glare of market scrutiny. But even Nordstrom’s prestige -- the upscale retailer is seen as a stronger business than the likes of Macy’s Inc., J.C. Penney Co. and Sears Holdings Corp. -- couldn’t sway enough potential lenders. “Nordstom is a high-quality retailer, but it is still an apparel retailer, and that becomes difficult to finance,” said Tom Shandell, chief executive officer of Marble Point Credit Management. The industry is being “painted with one brush,” he said. The announcement sent the shares down as much as 6.5 percent to $39.86 in New York trading. The stock was already down 11 percent this year through the end of last week. Nordstrom embarked on the buyout plan in June, sending the stock on its biggest rally in more than eight years. Family members formed a group to evaluate a possible deal, which would involve acquiring 100 percent of the outstanding shares. The board also created a special committee in connection with...
Kushner Plan for Fifth Avenue Tower Is Being Blocked by Partner
 
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Canadian Real Estate Street Smart REI   October 16, 2017   1   0   0   0   0   0
(Bloomberg)—An ambitious plan by Jared Kushner’s family to recast its indebted Fifth Avenue office building as a luxury architectural trophy is collapsing, setting off a chain of events that may imperil the Kushners’ ownership of a property central to their real estate empire. Their partner, Vornado Realty Trust, is telling brokers to plan for a much more mundane renovation that would leave the property as an office building, according to three people familiar with the matter. Vornado Chairman and Chief Executive Officer Steve Roth was never enthusiastic about the Kushner plan although until now he hadn’t stood in its way. Putting an end to the Kushner effort -- to salvage their overpriced investment by turning it into a Midtown jewel with expensive condos, a hotel and five-floor mall -- could have profound ramifications for the family. Vornado, which owns 49.5 percent of 666 Fifth Ave., is unlikely to invest further in the property without first being reassured of its future, said three people familiar with Roth’s thinking. That means returning to the negotiating table with lenders -- a battle that could result in Kushner Cos.’ losing control of the building, said the people, who asked not to be named discussing private deals. A Kushner Cos. spokesman said nothing has been decided. “As equal partners, Vornado and Kushner have been exploring a range of options for the future of 666 Fifth Avenue,” he said in an email. “All options are still being assessed, and no decision has been made about...
Weinstein Co. Enters Talks With Barrack's Colony Capital on Sale
 
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Canadian Real Estate Street Smart REI   October 16, 2017   2   0   0   0   0   0
(Bloomberg)—Weinstein Co., reeling after firing its co-founder Harvey Weinstein amid sexual assault and harassment allegations, is in talks to potentially sell its movie and television rights to Colony Capital. Colony Capital, founded by Tom Barrack, has agreed to immediately provide cash to the film studio, according to a statement Monday. No other details of the talks were disclosed. A deal would give the investment firm a stake in shows such as “Project Runway” and award-winning films such as “The Artist.” “We believe that Colony’s investment and sponsorship will help stabilize the company’s current operations,” Weinstein board member Tarak Ben Ammar said in the statement. Harvey Weinstein was fired Oct. 8 after the New York Times published an investigation that detailed sexual harassment allegations against him over three decades. The company’s board has said it was unaware of the accusations and last week denied it was exploring a sale or shutdown. “We will help return the company to its rightful iconic position in the independent film and television industry,” said Barrack. Brothers Harvey and Bob Weinstein founded Miramax in 1979, then sold it to Walt Disney Co. in 1993. The Weinsteins eventually left, and Disney sold the business in 2010 for $660 million to a group that included a unit of the Qatar Investment Authority -- and Barrack’s Colony Capital. When Qatar-based broadcaster BeIN Media Group. agreed to acquire Miramax in 2016, Colony made 3.5 times its equity, according to a person with knowledge of the...
10 Must Reads for the CRE Industry Today (October 16, 2017) | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 16, 2017   2   0   0   0   0   0
10 Must Reads for the CRE Industry Today (October 13, 2017) Oct 13, 2017 10 Must Reads for the CRE Industry Today (October 12, 2017) Oct 12, 2017 10 Must Reads for the CRE Industry Today (October 11, 2017) Oct 11, 2017 10 Must Reads for the CRE Industry Today (October 10, 2017) Oct 10, 2017
News Canadian Real Estate Magazine   October 16, 2017   2   0   0   0   0   0
Credit unions have been chomping at the bit to offer alternatives to Ontario’s payday loan stores, but the current regulatory regime is hindering their ability to exhibit new products, according to a top official of a public policy think-tank. In a contribution piece for the Financial Post, Cardus program director Brian Dijkema stated that payday loan providers fulfill a valuable role as they address the needs of the consumer segment called ALICE—Asset-Limited, Income-Constrained, and Employed. “More than two-thirds of ALICEs earn less than $50,000 per year.And while payday lenders’ reputation for being the somewhat shifty cousins of banks is not entirely undeserved, they nonetheless provide a real and needed service to people who, for a variety of reasons, can’t or don’t have the cash to meet their needs,” Dijkema wrote. These shops offer extremely-short-term loans (less than 62 days) for amounts less than $1,500 at grossly elevated interest rates (currently at 657% on an annualized basis on the average 10-day term). “And that has consequences.Payday loans can lead customers to develop a habit — an addiction even — of using high-cost loans to meet their needs,” Dijkema said.“We’ve known about the challenge for a while, and the typical response has been to tighten already strict regulations.The problem with this approach, however, is that it simply raises
News Canadian Real Estate Magazine   October 16, 2017   2   0   0   0   0   0
In the latest edition of the Royal LePage House Price Survey released late last week, Toronto[1] and Vancouver[2] posted notable gains in sales activity amid continuous price growth. In Q3 2017, real estate in the Greater Toronto Area began to show signs of a recovery, “transitioning to a more balanced market as price movement and consumer confidence stabilized,” Royal LePage stated. “The market-cooling effects stemming from the introduction of the Ontario Fair Housing Plan have begun to wear off, leading to a burst of demand being witnessed as many prospective homebuyers re-entered the market with the expectation that home values will only increase from here on out,” the firm noted, adding that this development has put slight pressure on inventory levels as sellers take their homes out of the market upon realizing that they can no longer capitalize on overheated conditions. “Though it is true that appreciation may continue to stagnate at the higher-end of the market due to affordability issues, strengthening consumer confidence has once again rekindled demand across the Greater Toronto Area, leading to the end of a very short-lived and measured softening within the region,” Royal LePage Real Estate Services Limited chief operating officer Kevin Somers said. Meanwhile, sales activity and consumer confidence across the Greater Vancouver residential real
News Canadian Real Estate Magazine   October 16, 2017   2   0   0   0   0   0
Vancouver’s condo market supply is lagging well behind demand, putting a major premium on units. Royal LePage’s Randy Ryalls Randy Ryalls, general manager of Royal LePage Sterling Realty in Port Moody, says one of the major reasons for the supply shortage is that the single-family market segment remains out of reach for most prospective homeowners, and developers haven’t been able to inject the marketplace with enough completed projects. “In the condo market, it’s been a chronic situation over the years,” he said.“It takes a long time to get those units to market, and there’s lots of demand for them, so the developers can’t seem to keep up with the demand.” “It’s a matter of years,” he continued.“If the developer buys a piece of land, the process can easily take them years to get approval, get the building up and get people moved into it.It’s a lengthy process.” Royal LePage House Price Survey shed light on the pressure placed upon condo supply –and, by extension, buyers. The report also revealed that the ‘move-up’ buying cohort, defined as sellers able to make a pretty penny and move into the single-family segment, are benefiting from Vancouver’s supply constraints.However, many more buyers are priced out of entry-level homes, namely condos, and, therefore, the market altogether.
Data Center REITs Will Continue to Deliver Outsizes Returns | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 16, 2017   5   0   0   0   0   0
In the REIT sector, data center REITs are looking more and more like all-star players as customers expand the playing field for cloud computing, e-commerce, connected devices, high-definition video, self-driving cars and other data-dependent innovations. “We characterize the data center REIT sector as being in the second or third inning, which implies there is significant future runway for growth in the sector—well above any other REIT product type,” says Diane Morefield, CFO at CyrusOne Inc., one of half a dozen publicly-traded data center REITs in the U.S. To underscore that outlook, Morefield points out that over the past 12 months, the stock price return for data center REITs has been 30 percent, compared with 6 percent for the stock index encompassing all U.S. REITs. CyrusOne’s stock price has more than tripled since the company went public in 2013, she says. As data center REITs like CyrusOne compete to meet the rising demand for space, they’re growing by way of buying and building[1]. Most notably, data center REIT Digital Realty Trust Inc. recently wrapped up its $7.8 billion purchase of DuPont Fabros Technology Inc., and data center REIT Equinix Inc. snagged 29 Verizon data centers for $3.6 billion. CyrusOne, for its part, is spending about $300 million a year on acquisitions; to fuel growth, the REIT has boosted its unsecured credit facility to $2 billion, up from over $1.5 billion. Meanwhile, data center REITs are sinking a pile of money into putting up new structures. At Digital Realty,...
I Bought a Condo and It Ruined My Life
 
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Canadian Real Estate Street Smart REI   October 16, 2017   4   0   0   0   0   0
At the age of 24, making $35,000 a year working as an editorial aide at a newspaper, I bought some real estate: a 770-square-foot, one-bedroom condo in northern Virginia. This was in 2006, when the housing bubble was at its most distended. It was basically the worst time to buy a piece of real estate—especially in the DC area, where inflated prices are the norm in any market condition. I avoided a subprime loan because I had the backing of my middle-class parents, but this was still a terrible, terrible decision. Eleven years later, I'm stuck in debt, besieged by bank fees and unable to get myself out of what has become a life-altering real estate clusterfuck. Even as the country recovers from the crash of 2008, the financial crisis is still dragging me down. Looking back, it's easy for strangers to armchair quarterback my path to financial ruin. I obviously wasn't making enough on my own to afford the place, and my career choice, print journalism, has never been known for its robust earning potential. And this was at a time when newspaper jobs were decreasing, and digital media jobs were still few in number. Nevertheless, my parents pressed me on the idea of home ownership. I told them I had heard there might be a housing bubble. They brushed it off. I worried what would happen if I suddenly had to move to another city for work, a very real possibility for someone starting out in newspapers. They told...
CXP Puts Dry Powder to Work with More Than $1 Billion in Office Purcha
 
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Canadian Real Estate Street Smart REI   October 15, 2017   4   0   0   0   0   0
After a quiet first half of 2017, Columbia Property Trust, Inc. (NYSE: CXP) has fired off more than $1 billion in acquisitions since the July 4 holiday including a flurry of deals for buildings in New York City and Washington, D.C. totaling $935 million, the company announced Wednesday. In early July, Atlanta-based Columbia obtained a nearly 50% interest in an office tower at 114 Fifth Ave. in Manhattan as part of a joint venture. View Original Article[1] References ^ View Original Article (www.costar.com)
Why Airbnb and WeWork Are Partnering Up Estate Investor
 
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Canadian Real Estate Street Smart REI   October 15, 2017   4   0   0   0   0   0
Road warriors traveling to New York, Washington, D.C., Chicago, Los Angeles, London or Sidney can now book lodging accommodations and workspaces simultaneously through the Airbnb business app or web channel. A partnership of Airbnb and WeWork launched an initial phase of a new bed-and-work pilot program last week in these five cities, because they are the most heavily traveled locations for business travelers. Currently, there are no plans to expand the program to additional cities. The way the program works is that once a traveler books lodging in one of these cities through Airbnb, he/she is offered the option to book workspace at a nearby WeWork location by clicking on the WeWork icon, notes an Airbnb spokesman. WeWork has 15 locations in Los Angeles, six in Chicago, 43 in New York, 10 in D.C., three in Sidney and 23 (plus another opening soon) in London. According to Chip Conley, Airbnb’s head of global hospitality, nearly 10 percent of Airbnb customers are traveling on business. Visiting travelers can plug-in and work in open WeWork spaces, such as indoor lounge areas or outdoor spaces, for $50 per day and have access to a conference room for $25 per hour, but the first day, as well as one hour of conference room time, is free. “Since it is an early test, we have not made arrangements around revenue sharing,” says Airbnb’s spokesperson. However, “During this pilot, WeWork is covering the cost of the free or discounted co-working space.” ...
Report: Strong construction pipeline, rising rents continue for Charlo
 
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Canadian Real Estate Street Smart REI   October 15, 2017   4   0   0   0   0   0
With 1.6 million square feet recently delivered and more than 1.9 million square feet under construction, Charlotte's office development pipeline remains strong. Heading into the last months of 2017, Charlotte is expected to see a strong fourth quarter in absorption and delivery while rents continue to rise, according to a Q3 office market report by JLL. The midtown submarket, which includes South End, and uptown in particular have significant new supply coming online. View Original Article[1] References ^ View Original Article (www.bizjournals.com)
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A spotlight has been shining on Hamilton’s residential real...
 
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10 Must Reads for the CRE Industry Today (August 1, 2017)
10 Must Reads for the CRE Industry...
 
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CMHC Housing Outlook Sees Slowdown In Starts, Prices But No Housing Collapse
Category: News
OTTAWA - Canada Mortgage and Housing Corp....
Seniors Housing Investor Outlook
Archived versions of WealthManagement.com webinars are available...
 
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A new book predicting Canada’s biggest housing market crash[1]...
 
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AIG to Sell Stowe Mountain Ski Operations After Seven Decades
(Bloomberg) — American International Group Inc., the...
 
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The Surprising Cities Canadians Are Leaving
Canadians are leaving Canada’s three largest cities...
 
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10 Must Reads for the CRE Industry Today (August 2, 2017)
10 Must Reads for the CRE Industry...
 
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Investors hunt for opportunity in up market
Property investors are searching for ways to capitalize...
 
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Canadian home sales surge in December, but market troubles imminent
Category: News
Sales of homes across Canada rallied by 2.2 per...