Vanguard could lead the way with its active ETFs | Retail REITs find debt markets welcoming | Deutsche Bank ranks first as CRE lender in New York
September 20, 2017
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Vanguard could lead the way with its active ETFs
Vanguard has been granted its request to list active exchange-traded funds by the Securities and Exchange Commission, a decision that could prompt other active managers to make similar offerings. ETFs have been largely focused on index investors, but Vanguard's active ETFs could change that if it shows there is demand for these products.
WealthManagement (9/14) 
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Investment News
Retail REITs find debt markets welcoming
Publicly listed retail landlords are finding the debt markets welcoming even as retail REIT shares, beset with store closures and the encroachment of e-commerce, have dropped significantly this year. S&P Global Market Intelligence reports that retail REITs have raised $2.65 billion in senior debt in the first eight months of 2017.
The Wall Street Journal (tiered subscription model) (9/19) 
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Deutsche Bank ranks first as CRE lender in New York
Deutsche Bank is focusing aggressively on commercial real estate lending in New York City. In the second quarter it ranked first among project lenders, according to CrediFi.
Financial Times (tiered subscription model) (9/19) 
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Norwegian oil fund's assets surge
Norway's extraordinarily successful oil fund reached a record $1.001 trillion in assets Tuesday. The fund has increased 13-fold since 2002.
Bloomberg (9/19),  Financial Times (tiered subscription model) (9/19) 
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Market Commentary by NAREIT
Shared households climb higher, supporting future demand for apartment REITs
The number of shared or doubled-up households has continued to increase several years after the housing market began to recover. NAREIT economist Calvin Schnure discusses how the elevated level of shared households represents future demand for apartment rentals, which is likely to support the market even in the face of new construction.
NAREIT (9/19) 
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Looking carefully at the current real estate market cycle
The current bull market for exchange-listed equity REITs has rewarded investors with returns averaging more than 21% per year over the past 8 1/2 years -- but by the standards of previous real estate market cycles, NAREIT's Brad Case says, this one has not even hit its stride yet.
NAREIT (9/19) 
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Real Estate Marketplace
Greystar-led fund's $4.4B acquisition of Monogram Residential closes
Greystar Growth and Income Fund, a perpetual-life fund led by Greystar Real Estate Partners and affiliates of APG Asset Management NV, GIC and IvanhoƩ Cambridge, has closed on its acquisition of Monogram Residential Trust. The transaction has been valued at approximately $4.4 billion.
GlobeSt (9/20) 
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Numerous suitors line up for Plaza Hotel
JLL Hotels and Hospitality Group, the broker handling the sale of New York City's Plaza Hotel on behalf of its majority owner Sahara Group, has received about 50 offers from a range of investors including private-equity firms, foreign governments and other hotel investors. Experts indicate the hotel could fetch more than $500 million.
The Wall Street Journal (tiered subscription model) (9/19) 
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Camden Property Trust steps up renting after Hurricane Harvey
Houston-based Camden Property Trust has leased 500 apartments in the last 2 1/2 weeks, compared with about 170 apartments between January and August, according to CEO Richard Campo. The REIT's shares are up 4% since Hurricane Harvey.
CNBC (9/19) 
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Walgreens wins approval to buy 1,932 Rite Aid stores
Walgreens wins approval to buy 1,932 Rite Aid stores
(Karen Bleier/AFP/Getty Images)
US regulators have approved a revised version of Walgreens Boots Alliance's bid to acquire Rite Aid stores, the pharmacy chain said Tuesday. Under the new deal, Walgreens will pay $4.38 billion for 1,932 Rite Aid locations, giving Walgreens about 10,000 stores in the US.
Chicago Tribune (tiered subscription model) (9/19) 
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Policy & the Economy
$1.5T tax cut gains support from Senate GOP
Republican senators have agreed to back a plan to cut taxes by $1.5 trillion during the next decade. They say the tax cut would not affect the US deficit because the reduction would stimulate economic growth and compensate.
The New York Times (free-article access for SmartBrief readers) (9/19) 
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Traders bump odds of another rate hike to 50%
Traders are pricing a 50% chance of the Federal Reserve raising interest rates in December, up from 22% predicted in September. The odds are likely to continue rising unless the Fed rules it out when the Federal Open Market Committee's policy meeting comes to a close today.
Bloomberg Businessweek (tiered subscription model) (9/19) 
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