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Seven Must Reads for the CRE Industry Today (April 5, 2021)

The Wall Street Journal looks at how investors in the single-family rental market are snapping up a significant share of houses on the market. A major skyscraper in London is on sale—providing a test for the appetite for office investment, reports Daily Business. These are among today’s must reads from around the commercial real estate industry.

  1. If You Sell a House These Days, the Buyer Might Be a Pension Fund “From individuals with smartphones and a few thousand dollars to pensions and private-equity firms with billions, yield-chasing investors are snapping up single-family houses to rent out or flip. They are competing for houses with ordinary Americans, who are armed with the cheapest mortgage financing ever, and driving up home prices.” (The Wall Street Journal)
  2. Skyscraper sale to test strength of office market “A London skyscraper is on sale for a record price in what is being seen as a test of the real estate market in the new work-from-home era. The owner of the 37-storey 100 Bishopsgate building is asking £1.8 billion, significantly higher than the £1.3bn paid for the Walkie Talkie building in, well before the pandemic impacted on office life. 100 Bishopsgate is occupied by law firm Freshfields, the Royal Bank of Canada and the investment bank Jefferies.” (Daily Business)
  3. Colony Capital Reaches Agreements With Colony Credit Real Estate to Internalize Management “Colony Capital, Inc. (NYSE: CLNY) (“Colony Capital” or the “Company”) today announced that its subsidiary, CLNC Manager, LLC, has signed definitive agreements with Colony Credit Real Estate, Inc. (NYSE: CLNC) (“CLNC”) to consensually terminate their management agreement. This transaction is a result of CLNC’s previously announced strategic alternative review process and is consistent with Colony Capital’s ongoing digital transformation and strategic plan.” (Via press release)
  4. Why private-market investments are well suited for ESG impact “But while there’s no questioning the momentum of sustainable investing in the public markets, whether it’s the best route to deliver impact is another debate entirely – especially when one considers putting their money in a more rarefied space.” (Wealth Professional)
  5. The Ross Effect “The project is a collaboration between Related and Dan Gilbert’s Bedrock Real Estate Partners, which specializes in the strategic development of urban cores. Gilbert’s initial commitment to downtown Detroit came in 2010, when he consolidated the suburban locations of Quicken Loans Inc. (now Rocket Cos.) — the country’s largest home mortgage lender — and established its corporate headquarters for 1,700 employees at One Campus Martius in the center of the Motor City’s central business district.” (dbusiness)
  6. Ares Pays $1.1 Billion for BrightSphere’s Landmark Partners Unit “The deal stands to boost assets under management of Ares by 9.4% to $215.7 billion and total employees by 10% to 1,600. Boston-based BrightSphere agreed to sell 100% of the equity interests in Landmark to Ares. The firm will receive $724 million in cash for its 60% ownership stake in Landmark.” (Los Angeles Business Journal)
  7. NYC exodus will end in April, real estate analyst predicts “Those two trend lines will finally cross paths this month, when the number of households moving into New York City should exceed the number leaving for the first time since at least January 2019 — the first month cited in the report.” (New York Post)
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