Week in Review for March 31 ? April 6:
- J.P. Morgan Chase (JPM) announces it will sell $132 million in distressed CMBS. According to analysts, if investors show interest in these underperforming assets, it would be a strong sign of recovery in the commercial real estate market.
- Major banks?including Citigroup (C), Bank of America (BAC), and Morgan Stanley (MS)?brace for possible downgrades by Moody?s. The credit-rating agency says it will consider these downgrades in May.
- The?student housing?sector enjoys increased business thanks to rising enrollment in U.S. colleges.
- CommonWealth REIT (CWH) acquires the tallest building in Connecticut. The REIT purchased the 38-story CityPlace I office building, in Hartford, for $99 million. It was sold by CityPlace, LLC, which has owned the tower since its construction.
- UBS plains to sell $412 million in CMBS backed by the famous Fontainebleau Hotel in Miami.
- Smaller REITs, such as Pennsylvania Real Estate Investment Trust (PEI), outperformed larger REITs in the first quarter of 2012.
- Mall REIT General Growth Properties (GGP) refinances its Ala Moana Center in Honolulu. The initial lender is Goldman Sachs Commercial Capital.
- Retail Properties of America promises a strong IPO, but some analysts predict a more lukewarm debut for the firm.
- Though Best Buy continues to struggle, its long-term outlook seems far better than that of its previous competitor, Circuit City.
#CRE #finance
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