The Stoxx 600 Real Estate Index, which tracks European property stocks, is about to fall below a technical threshold that has acted as a support since the 2009 crash. Rising bond yields and the uncertainty around Brexit are among the reasons.
President Donald Trump's first actions reportedly will be to direct federal agencies to cease rule-making for Obama-era regulations. He is also expected to roll back regulations set to go into effect in the near future, including a possible six-month delay for the so-called fiduciary rule and cuts to the Federal Housing Administration's annual mortgage insurance premiums.
Tier REIT sold two office properties in Burbank, Calif., and Philadelphia and bought out its partners' interest in two Austin, Texas, office properties. The deals, which totaled $217.7 million, were aimed at narrowing the REIT's focus on its target markets.
The hotel cycle is currently at the point where supply has been increasing while demand has not been as strong, says LaSalle Hotel Properties CEO Michael Barnello. "The best part about that is the cycle will turn ... and we'll be able to see the growth that we really enjoy," he says.
General Growth Properties, which controls 100 million square feet of retail space, will change its name to GGP as of Jan. 27. The company owns 126 properties and is one of the largest A-level shopping center owners in the US.
Pennsylvania Real Estate Investment Trust (PREIT) has closed on the sales of two shopping centers, Beaver Valley and Crossroads malls, for $49 million. The Pennsylvania malls were the last of PREIT's non-core centers.
Grocery store-anchored 11 Galleria, in Greenville, N.C., will be sold to Slate Retail REIT for $14 million. The 109,000-square-foot property is 78% occupied and features The Fresh Market and Dick's Sporting Goods.
Starwood Capital Group will acquire Milestone Apartments REIT in a deal valued at $2.85 billion. The cash-for-stock deal, which works out to about $120,000 per apartment unit for Milestone's 24,000-unit portfolio, is expected to close in the second quarter of 2017.
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