- Brookfield Affiliate to Acquire Associated Estates for a Big Sum "It doesn’t typically garner the attention that AvalonBay or Equity Residential or other big-ticket multifamily REITs get, but Associated Estates Realty Corp. is undeniably turning heads this week. The apartment owner, developer and manager just announced that its Board of Directors has signed off on a definitive merger agreement that calls for the company to be acquired by a real estate fund managed by Brookfield Asset Management for $2.5 billion–in cash.” (Commercial Property Executive)
- What a Chinese Developer’s Default Means for New York “Many in New York associate Chinese real estate companies with limitless funds and a never-ending ability to invest here. But what if they are wrong? On Monday, Shenzhen-based megadeveloper Kaisa defaulted, sending shockwaves through the worlds of real estate and finance. As the Chinese property market continues to soften, observers are starting to wonder who will be next.” (The Real Deal)
- KKR Beats Profit Estimates as Sales Mitigate Energy Drop “KKR & Co.’s first-quarter profit beat expectations, driven by sales of private equity holdings, even as earnings decreased after the firm marked down energy-related holdings and its loans portfolio.” (Bloomberg)
- Investors Turn to Big Real-Estate Funds “Investors are pouring more money into real-estate funds than they have since the property bust, but a few giant fund firms are collecting the lion’s share of the spoils. Pension funds, endowments and other big institutional investors are putting more cash into private-equity firms with large real-estate funds and strong track records, leaving smaller firms to fight over the scraps.” (Wall Street Journal)
- Martha Stewart Is Still Alive and She's at Staples “Is she still alive? That's the question I got asked by one of the resident Millennials as I sat at my desk reading a Staples' press release announcing the chain had reached a deal to sell a line of home office products under the Martha Stewart brand.” (Retail Wire)
- Under Armour Just Exposed a Weakness in Its Women's Line “Under Armour has been investing heavily in its women's business. The company has snagged high-profile endorsement deals with female athletes and supermodels, including ballerina Misty Copeland and model Gisele Bündchen, and last year launched its biggest-ever global women's marketing campaign.” (Business Insider)
- REIT Activist Scores Win in Associated Estates $2.5B Sale to Brookfield “Land and Buildings, the activist hedge fund run by former Citigroup real estate investment trust (REIT) stock analyst Jonathan Litt claimed a major victory on Wednesday in Associated Estates Realty Corporation’s $2.5 billion sale to industry giant Brookfield Asset Management. Since Litt emerged as a challenger to Associated Estates in mid-2014, calling for the company’s sale, shares have gained over 65%.” (Forbes)
- Top U.S. Mall Owner Simon Taps Tech, Loyalty to Boost Own Brand “The vast majority of shoppers couldn’t care less whether their local mall belongs to Simon Property Group, General Growth Properties, Westfield Group or any other major developer for that matter. But many of these real estate investment trusts (REITS) are trying to change that, betting that by creating a stronger brand identity, shoppers will come to associate their names with more enticing shopping environments, something potentially critical as many developers build more new outlet malls and redevelop existing shopping malls.” (Fortune)
- Companies Trade Suburbs for City Life “Earlier this month, online travel agency Expedia Inc. said it plans to relocate its headquarters from a Seattle suburb that it has called home for nearly 20 years to the city’s downtown. That announcement was the latest in a string of high-profile companies making moves from the suburbs back to the city.” (Wall Street Journal)
- SL Green Lends $97M to Ben Shaoul for LES Development “Ben Shaoul’s Magnum Real Estate Group just closed on a $97 million loan from SL Green Realty Corp. to acquire and begin construction on a Lower East Side residential project, a representative for Magnum confirmed to Commercial Observer.” (Commercial Observer)
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