Forever 21's new owners plan to keep the fashion retailer's stores up and running and will focus on growing its presence in international markets. Simon Property Group, Brookfield Property Partners and Authentic Brands Group teamed up to acquire Forever 21, which currently operates 593 stores including 448 in the US.
L Brands will sell a 55% stake in its Victoria's Secret and Pink brands to Sycamore Partners for $525 million, the company said Thursday. Victoria's Secret will become a privately held company valued at about $1.1 billion with L Brands retaining a 45% interest, and Les Wexner will exit as L Brands chairman and CEO but remain as chairman emeritus.
Alternative commercial real estate lenders increased their share of origination activity in the fourth quarter, according to CBRE. They are proving to be formidable competitors to traditional sources, especially in short-term construction and bridge loans.
Simon Property Group, Brookfield Property Partners and Authentic Brands Group have completed their acquisition of retailer Forever 21. The new owners are in talks to keep as many stores open as possible and plan to work with partners to pursue expansion in Europe, South America and other markets.
The White House Council of Economic Advisers forecasts that the US economy will grow at a 2.4% annual rate this year and 2.3% next year, assuming that policy remains unchanged. For the pace of growth to reach 3%, lawmakers would need to pass a major infrastructure package and more tax cuts, the economists say.
Piedmont Office Realty Trust has acquired the Galleria Office Towers in Dallas for an undisclosed price. The three properties are a total of about 1.4 million square feet.
The House Committee on Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets is planning to hold more hearings on accounting topics and the role of the Financial Accounting Standards Board. "If you control the definition of earnings per share, you control the vast majority of the important entities in the country," says Rep. Brad Sherman, D-Calif., the subcommittee's chair.
Both Duke Realty Corp. and the industrial sector as a whole have evolved considerably over the decades. "We've simplified from many different businesses down to just industrial logistics," says Chairman and CEO Jim Connor, who also discusses market forces and the importance of diversity and inclusion.
Highwoods Properties has signed Martin Marietta to occupy an office property in Raleigh, N.C. Martin Marietta will be the sole tenant in the 125,000-square foot property, which is expected to open next year.
WashREIT is selling an office building in Tysons, Va., for $63.4 million. The sale of the nine-story, 223,000-square-foot building represents the end of the REIT's exposure to single-tenant assets.
- Page 1