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The Property Report

  • [REVEL]

    Big Casino Project Back From Dead

    The Revel casino development in Atlantic City, N.J., is nearing completion of a deal for $1.15 billion in capital that will allow the once-doomed project to be finished.

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    [paris]

    Top Parisian Hotels Have New Rivals

    Paris is seeing the biggest influx of new prestige hotels in decades.

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    [centro]

    Centro Suitors Trimmed to Three

    Bidding for the 600 U.S. shopping centers owned by Australia's Centro Properties Group has narrowed to three large suitors, with formal bids due Feb. 24.

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    Spanish Loans Draw Bidders

    Big-name private-equity firms are circling a $640 million portfolio of soured Spanish commercial-real-estate loans.

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    Beazer Swings to Loss

    Home builder Beazer swung to a loss as closings fell, driving down revenue.

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    [EUROPROP]

    Europe's Backwaters Attract Cash

    Commercial-property markets in second-tier European cities could be poised to make a comeback as investors find it more difficult to find attractive properties in the biggest urban centers.

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    Commercial-Property Lending Rises

    Commercial-real-estate lending spiked in the fourth quarter of 2010, registering the largest quarter-over-quarter increase in new mortgages tied to commercial property since mid-2007.

  • Commercial Real Estate Coming Back, but Unevenly

    Commercial property took less of a drubbing than residential real estate in the recession but still faces a long and painful recovery.

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    Blackstone Results Beat Estimates

    Private-equity giant Blackstone Group's fourth-quarter loss narrowed, and a measure of adjusted profit rose, beating analysts' estimates, as the company's revenue increased sharply.

  • [black2]

    Hilton's Revival Boosts Blackstone

    Blackstone's once-embarrassing Hilton investment has turned profitable, helping Blackstone's real-estate group score gains that are expected to be a big part of the company's fourth-quarter earnings release.

  • [FLIP]

    Mortgage Bankers Miss out on Profits

    A year ago, in what seemed like a supreme irony, the Mortgage Bankers Association sold its headquarters at a big loss. On Thursday, insult was added to injury: The building's buyer has flipped it for a big profit.

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    [IMMIG]

    Fund a Project, Get a Green Card

    With bank financing for new construction in short supply, real-estate developers are turning to a federal program that grants green cards to foreign nationals who invest at least $500,000 in a project.

  • [KERZNER]

    Debt Due-Date Looms for Kerzner

    Kerzner International Resorts, owner of several high-end vacation spots, including Atlantis resort in the Bahamas, has tapped a cadre of restructuring advisers to help rework nearly $3 billion in debt ahead of a looming repayment deadline.

  • [Europrop]

    Post-Deal, ProLogis, AMB Look to Europe

    The distribution-space giant being formed by the megamerger of ProLogis and AMB Property is looking at Europe as a major stomping ground.

  • All-Cash Gamble by the FDIC

    Nearly two years after the failure of Georgia-based Silverton Bank, the FDIC is seeking to unload from its books $385 million of the bank's assets in an all-cash auction.

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    London's Real-Estate Gold Rush

    Prime London commercial real estate has emerged as an improbable postcrisis safe haven. But global real-estate investors can find better value elsewhere.

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    [coronado_lion]

    Blackstone Nears Stake in Famed Hotel

    Blackstone Group is close to a deal with the owners of the historic Hotel Del Coronado near San Diego to restructure the beachfront hotel's $630 million of debt and become a major owner of the property.

  • [calpers1]

    Calpers, After Losses, Plays It Safe

    Giant California pension fund Calpers is returning to the property market with a new strategy and fewer investment managers, seeking steady, modest gains rather than blockbuster returns.

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    Warehouse Giant AMB Near Merger With ProLogis

    Warehouse giant AMB Property is close to a pact to merge with its larger rival, ProLogis, in what would be the largest deal involving publicly traded real-estate companies in years.

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    Colony Capital Prevails in FDIC Acquisitions

    Colony Capital is emerging as one of the dominant players in the acquisition of distressed assets from the FDIC, which is set to announce a Colony-led group was awarded two portfolios with $820 million of commercial and residential mortgages seized from failed banks.

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    [cnl]

    Ownership of CNL Resorts at Stake

    Investors jockeying to control the fate of eight huge U.S. resorts are pushing to get the Feb. 1 due date of $1.5 billion of debt on those properties extended.

  • London Real-Estate Group
    Expands in Netherlands

    Rockspring Property Investment Managers is expanding its business in the Netherlands with the opening of an Amsterdam office and the $60.54 million acquisition of the Bossche Boulevard shopping center in Den Bosch.

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    Weak Start for Europe's Property Stocks

    After strong growth in 2010, European property stocks have gotten off to a lackluster start this year. Dangers old and new lurk around every bend in the road.

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    Bush Slept Here.
    (A Few Others, Too)

    Jamestown Properties is paying $93.8 million for the Madison Hotel in Washington D.C., a 15-story lodging a few blocks from the White House that has been popular with former U.S. presidents.

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    [C1.SKYBOX2]

    Shopping for Real Estate at J.C. Penney

    To impress investors, retailers need a talent for unloading merchandise. But these days, they might make a bigger splash selling real estate.

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    [HIGHLAND]

    Highland Hospitality Nears Deal With Creditors

    Highland Hospitality, the hotel chain owned by real-estate mogul Joseph E. Robert Jr.'s investment firm, is nearing a deal to hand ownership to creditors led by Ashford Hospitality Trust and Prudential Financial.

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    Land Securities' Development Gamble

    Land Securities is putting all its chips on a recovery in the U.K. commercial property market, Heard on the Street's Renée Schultes writes.

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    [imh]

    Motto Comes Back to Haunt

    IMH Financial had a philosophy of "Don't Lose the Money." But its strategy was no match for the real-estate downturn.

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    [ISTAR]

    As Values Rise, iStar Looks to Dig Out

    The company's success at selling assets at higher-than-expected prices has helped it reduce its debt level. A big test comes in June, when $2.2 billion is due.

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    Brookfield Boosts GGP Stake to 38%

    Fairholme Fund is selling its entire common-stock holding in U.S. mall company General Growth Properties to Brookfield Asset Management in a $1.7 billion transaction.

  • Glendale Gambit for Mr. Caruso

    Will the city of Glendale, Calif., raise the issue of eminent domain to expand a booming local mall?

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    Dutch Deal Turns Properties Into Cash

    Food retailer C1000 sold six logistics facilities to W.P. Carey for $209.3 million in a lease-back arrangement. The funds will be used for expansion, among other things.

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    Banks' Housing Giveaway

    Buy a foreclosed home, get a TV? It is no joke. Banks' holdings of distressed properties remain a burden, even with foreclosure activity slowing since the fall.

  • [SINGPROP]

    Singapore Tries Again to Cool Property Market

    The Singapore government unveiled more measures to stabilize prices in the city-state's housing market, which it says could rise beyond "sustainable levels."

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    [centro]

    Centro's Fate Lies With New Suitors

    Most of the banks set to decide the fate of shopping-center owner Centro Properties Group by December have been replaced by hedge funds and other opportunistic investors.

Deal of the Week

  • Signs of a Thaw in Land

    After a dry spell, Liberty Property Trust is buying land for the first time in nearly three years, a sign that real-estate investment trusts are beginning to inch open their development pipelines.

  • New York

  • [NYVILLAGE]

    Deal Signals Market Recovery

    In 2007, a condominium developer signed a contract to pay more than $33 million for a former assisted living facility. More than three years later, the developer has closed on the purchase of the building, the latest sign that the city's residential development engine is beginning to crank up again.

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    [JFK1]

    Hotel Plan Set for Ghost Terminal

    An airline terminal at John F. Kennedy International Airport that started as a jet-age architectural icon but has become a security-age relic could be reopened as a boutique hotel.

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