Industrial giant ProLogis is boosting its exposure to Nevada’s growing market for distribution space. On Thursday, the Denver-based REIT (NYSE: PLD) spent $1.85 billion for a portfolio of 114 industrial properties with approximately 25 million sq. ft. of distribution space.
Six years after the 9-11 attacks, tenants are flocking to lower Manhattan’s office market in droves. This morning, Manhattan-based real estate services firm Cushman & Wakefield held its quarterly briefing on the Manhattan market. One central finding from the briefing was that downtown office vacancy hit 6.7% at the end of June, down from 11.2% just 12 months earlier.
In the most expensive hotel buyout ever, Blackstone Group has agreed to buy Hilton Hotels (NYSE: HLT) for roughly $20 billion in cash. The private equity firm — which ranks as the world’s largest with $88 billion in assets under management—will pay $47.50 per share of HLT. The Blackstone offer represents a 40% premium to Monday’s closing price of $33.87 per share of HLT. Blackstone will also assume $6 billion in HLT debt, ratcheting the total deal value up to $26 billion.
India’s gigantic retail market presents a growing range of retail opportunities for both developers and retailers. But a new report warns that the world’s second most populated country also poses unique challenges for companies eying this fast-changing market.
As one of the nation's fastest growing suburban office markets, Ontario, Calif. is teeming with new development. With a booming local economy, cranes are rising all over this Inland Empire city of 171,000 located 35 miles east of Los Angeles.
Private equity-led buyouts of real estate investment trusts show no sign of slowing down at midyear. Eight large privatizations worth $43.3 billion were announced through the first five months of 2007.
Albuquerque and Charleston, S.C. don’t immediately come to mind as retail strongholds. But a new research report finds that these and eight other cities hold the greatest potential for income growth over the next few years.
The Mexican hotel market is benefiting from a wave of global liquidity, according to a joint research report from Jones Lang LaSalle Hotels and Mexico’s National Trust for Tourism Development (FONATUR).
The coming weeks may bring even more apartment REIT privatizations, say sources. Just two weeks after Archstone-Smith agreed to a $15.2 billion privatization, rumors are swirling that Washington, D.C.-based AvalonBay Communities (NYSE: AVB) is being pursued by real estate private equity giant Blackstone Group.
Lower Manhattan's commercial real estate market is thriving nearly six years after the 9/11 attacks. What's fueling this rebound are a growing number of businesses and residents who see the allure of an area that's undergoing a $20 billion upgrade.