Singapore logistics property developer GLP hopes to launch an initial public offering of its US operations this year that could raise $3 billion, sources say. GLP has tapped Citigroup and Goldman Sachs to work on the offering, which reportedly could value its US operations at over $20 billion.
The Philippines' largest property developer, Ayala Land, plans to file an application for a public offering and listing on the Philippine Stock Exchange later this year. It hopes to raise $500 million in what will be the country's first REIT listing.
Vanguard is granting voting power to Wellington Management and 24 other external managers on such issues as takeovers, board slates and shareholder proposals affecting shares they manage. In all, the transition will affect 9% of Vanguard's $5.3 trillion in assets.
Self-storage rents continued their decline in March, but signs are emerging that the sector is moving to growth, according to Yardi Matrix. These indicators include strong demand in undersupplied markets and limited supply in some West Coast and Northeast cities.
Highwoods Properties has sold two office buildings in Orlando, Fla., for about $32.5 million. In January, the REIT sold a 124,000-square-foot building in Alpharetta, Ga., and a 199,000-square-foot building in Tampa, Fla., for a combined $54.5 million.
A 10-year plan for the redevelopment of Cabin John Village Retail Center in Potomac, Md., includes the addition of townhomes valued at $1 million each and 60,000 square feet of retail and office space. The proposed three-phase project would replace the existing retail center that is currently home to a grocery, CVS and several restaurants.
As large companies such as Carson's and Toys R Us close down, huge retail spaces are left empty with real estate landlords fighting to fill these vacancies, according to a CBRE survey. Many are targeting retail companies that face less competition with e-commerce businesses and still heavily rely on brick-and-mortar shopping.
Beztek Properties, landlord of Century Plaza in Troy, Mich., has signed three retail leases with Michigan College of Beauty, Quickly Tea and Breakfast Club Restaurant. Gerdom Realty & Investment facilitated the agreements with the new tenants of the retail center.
Pinot Pasadena Land Co. purchased a 5,500-square-foot retail center in Pleasant Grove, Utah, from Evergreen Devco for $3.1 million. The property was completed in November, and its current occupants are restaurant Mo'Bettahs and a Beans and Brews Coffee House with edible cookie dough store Dough Co expected to open soon.
Pier 1 Imports will ask shareholders for approval to do a reverse stock split of up to 1-for-20 shares, a move aimed at boosting the retailer's stock price and avoiding delisting from the New York Stock Exchange. Shareholders will vote on the proposal at the retailer's annual meeting in June.
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