- No 'screaming deal' in the works for this Zell company “Rising interest rates and a wobbly commercial real estate market last year seemed like a perfect combination for Sam Zell, the billionaire financier famous for buying distressed properties and businesses. It hasn’t worked out that way so far. Equity Commonwealth, a Chicago-based real estate investment trust led by Zell, has been hunting for a big deal for about six years now, armed with a $2.6 billion war chest to finance one.” (Crain’s Chicago Business)
- Inside RealPage’s Mounting Legal Troubles “With lawsuits filed against it from all corners of the country and more probably on the way, RealPage is facing serious legal trouble. By most accounts, its YieldStar software has been wildly successful, but maybe it was too successful. Depending on how the various courts rule, the ruthless effectiveness of YieldStar in maximizing multifamily revenues may have actually been illegal.” (Propmodo)
- Is Commercial Real Estate Really In A Recession? Kind Of, Economists Say “When it comes to economic growth or deceleration, commercial real estate has historically been a lagging indicator, taking longer to slow than other parts of the economy, economists told Bisnow. But this time, CRE values are dropping before the job market has cooled and consumer spending has dropped.” (Bisnow)
- Nelson Rising, whose projects helped shape today’s California, dies “Nelson Rising, a developer who mastered the art of political relationships and the science of skyscraper building, spearheading megaprojects such as Downtown Los Angeles’ U.S. Bank Tower, the neighborhood of Playa Vista and the revitalization of San Francisco’s Mission Bay, has died at 81.” (The Real Deal)
- London Is Losing Its Crown as a Luxury Shopping Destination “The U.K. government scrapped tax-free shopping for overseas visitors at the end of 2020, arguing that the country could no longer afford to offer a perk its Treasury estimated cost the public purse £2 billion a year, worth $2.4 billion at current exchange rates. London is now the only major European shopping destination where tourists can’t get back the 20% value-added tax they pay on luxury purchases.” (The Wall Street Journal)
- Hines To Exit $2.3B Russia Business As Real Estate Works Through Post-War Breakup “Global real estate investment giant Hines is exiting its Russian real estate business, Bisnow can reveal, as international property firms navigate the complicated process of leaving the country following its invasion of Ukraine a year ago.” (Bisnow)
- House Hearing Debates Changes to the SEC’s Definition of Accredited Investor “A U.S. House of Representatives hearing last week highlighted current policy on whether the definition of “accredited investor” should be amended further, focusing on upcoming expected rulemaking by the Securities and Exchange Commission anticipated in April 2023.” (The DI Wire)
- Generative AI is building the foundation of proptech’s next wave “Yet, a number of services provided by brokers and brokerages can be automated in a similarly personalized and consultative manner. AI-powered chatbots that power real estate brokerages have great potential to disrupt this marketplace.” (TechCrunch)
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