Australia's Cromwell Property Group has put on hold the $1.1 billion REIT initial public offering it was planning for the Singapore Exchange even though it received "significant interest from strategic, institutional and retail investors," according to Cromwell. The company cited current market conditions as the reason for not proceeding.
There is heavy demand from European investors for foreign bonds, given somewhat higher yields that can be had around the world. The demand is likely to persist even though the European Central Bank is expected to begin easing its monetary policy, theoretically pushing local yields higher.
Digital Realty Trust is seeking to grow its footprint in the fragmented Asia market through acquisitions and partnerships and by expanding its own network there. "Asia is the least mature of all the markets, so there is an opportunity for both pure organic growth and acquisitions," says Krupal Raval, CFO for Asia Pacific at the REIT.
Washington Prime Group is selling 41 restaurant parcels to Four Corners Property Trust for $67.2 million. The portfolio consists of 22 restaurant brands, including McDonald's, Red Lobster and Outback Steakhouse.
Phase II of The Shops at Clearfork in Texas has opened, with Neiman Marcus as the anchor. The 500,000-square-foot office and retail space is an open-air, luxury property developed by Simon Property Group and Cassco Development Co.
R1 Rayford Road has sold Rayford Harmony, a newly built, 31,500-square-foot retail center in Spring, Texas, to an institutional fund based in Texas. The shopping center, which is in a master-planned community, features neighborhood-oriented tenants such as Sammy's Sports Grill, Brightway Insurance and Spring Oaks Dental.
Halloween shopping is forecast to grow to $9.1 billion in 2017, an 8.3% increase from 2016, the National Retail Federation reports. Consumers will spend, on average, $86.13 on items such as candy, costumes and decorations.
Hackers breached the Securities and Exchange Commission's corporate-disclosure database last year, accessing documents filed by publicly traded companies. The agency determined last month the information could have been used for illicit trades.
Forest City Realty Trust is selling its 51% stake in its New York City specialty retail properties to its partner in the 12 properties, Madison International. The $1 billion sale is part of the REIT's strategic focus on apartment, office and mixed-use assets in core urban markets.
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