News

Helmsley hotel sells for $170 million while Icahn group gets Tropicana for $200 million / Source: Wall Street Journal
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Blumberg Capital Partners, a leading US-based investment firm, has launched a $1bn commercial real estate fund to capitalise on distressed properties in the US, the Gulf and Brazil / Source: Arabian Business
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General Growth Properties Inc. said its biggest debt and equity holders offered to jointly invest $3.93 billion in the company, bolstering a plan with Brookfield Asset Management Inc. to bring the mall owner out of bankruptcy / Source: Bloomberg
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Hennes & Mauritz AB Chief Executive Officer Karl-Johan Persson said the economy will be “a little better” this year and confirmed that Europe’s second-largest clothing retailer plans to open 240 stores in 2010 / Source: Bloomberg
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Aberdeen European Balanced Property Fund has bought Redevko’s Turun Sampotalo office building in Turku, Finland / Source: Property Week
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Whitbread-owned Premier Inn hotel has signed up with Westfield, the Australian shopping centre developer, to open a 267-bedroom budget hotel at Stratford, next to the Olympic Stadium / Source: Property Week
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Danske Bank A/S took control of a 104-year-old office building in New York’s Times Square from Istithmar World PJSC, the second loss of a Manhattan property by the Dubai World unit in three months / Source: Bloomberg
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Gerald Ronson, the billionaire property developer, has filed plans to build a five-star hotel and more than 100 luxury apartments in the heart of the City of London as part of a wider £500m ($752m) scheme / Source: Financial Times
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Rreef Investment GmbH has bought the Park Tower office building in Frankfurt from a Morgan Stanley fund for around ˆ123m / Source: Property Week
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Global investment volumes will near $500bn this year following investment surges in China, the UK and the US, research from Cushman & Wakefield has said / Source: Property Week
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China overtook the U.S. as the world’s biggest property investment market last year and will probably keep the lead in 2010 on economic growth and a lower reliance on debt, Cushman & Wakefield LLP said / Source: Bloomberg
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Dubai shares declined for a second day after results at Arabtec Holding Co., the biggest construction company in the United Arab Emirates, disappointed investors / Source: Bloomberg
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Liberty Plc, the 135-year-old U.K. luxury retailer, may sell its Tudor-style flagship store in London’s West End shopping district / Source: Bloomberg
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Russian foreign direct investment plummeted an annual 41 percent to $15.9 billion last year as the economy posted its biggest contraction since the collapse of the Soviet Union / Source: Bloomberg
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The default rate for commercial property mortgages held by U.S. banks more than doubled in the fourth quarter and may reach a peak of 5.4 percent at the end of next year, according to Real Capital Analytics Inc / Source: Bloomberg
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Land Securities Group Plc, the U.K.’s largest real estate investment trust, is preparing to restart development of the London skyscraper known as the Walkie-Talkie as a shortage of office space looms / Source: Bloomberg
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Liberty International, the UK’s largest shopping mall owner, is in talks to sell its $560m (£368m) US shopping centre business to a Miami-based real estate investment trust as the next step in its planned demerger / Source: Financial Times
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California, facing a deficit that could force it to issue IOUs, may raise more than $2 billion from the sale of 11 office properties that would be the biggest commercial real estate deal in the state government’s history / Source: Bloomberg
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Metro AG’s Media Markt/Saturn electronics division is in talks to buy M.video, a Russian retailer, Kommersant reported, citing unidentified people familiar with talks / Source: Kommersant
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Wal-Mart Stores Inc., the world’s largest retailer, said it plans to open 35 to 40 supercenters in Canada in 2010 / Source: Bloomberg
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