Newsline

BlackRock Inc. has sold some of its stake in Cromwell European REIT.

Unibail-Rodamco-Westfield as completed the sale of Westfield Trumbull located in Trumbull, Conn., and Westfield South Shore located in Bay Shore, N.Y., to a commercial real estate investment firm.

Realty Income Corp. has signed a definitive agreement to acquire up to 185 single-tenant retail and industrial properties from subsidiaries of CIM Real Estate Finance Trust (CMFT), a non-listed REIT sponsored by an affiliate of CIM Group, for approximately $894 million in cash.

 Ascendas India Development VII and its joint venture partner Maharashtra Industrial Development Corporation have entered into separate agreements with CapitaLand India Trust.

Cushman & Wakefield has released its 2023 Forecast Report.

DEMIRE Deutsche Mittelstand Real Estate AG has sold LogPark logistics property in Leipzig to a German institutional investor for €121 million ($128 million).

Broad Street Development and a real estate fund advised by Crow Holdings Capital have sold 298 Mulberry St., a 96-unit, market-rate, mixed-use rental apartment property on the corner of East Houston and Mulberry Streets in the Noho neighborhood of Manhattan.

The Office of the Chief Investment Officer of the Regents of the University of California (UC Investments) and Blackstone announced a long-term strategic venture in which UC Investments will invest $4 billion in Blackstone Real Estate Income Trust, Inc. (BREIT) Class I common shares, the largest existing share class. Blackstone will then contribute $1 billion of its current BREIT holdings as part of a strategic venture with UC Investments.

Ontario Teachers' Pension Plan Board (Ontario Teachers') has appointed Charley Butler as chief pension officer, effective Jan. 1, 2023.

The Public School Retirement System of the city of St. Louis (PSRSSTL) has approved a full redemption request from the open-ended UBS Trumbull Property Fund, managed by UBS Asset Management.

A consortium led by Thomas A. Rizk and Roger W. Thomas, the founders of Workspace Property Trust, has purchased an additional 1 million square feet across six class A suburban office buildings.

Joe McDonnell has assumed the position of CIO at Border to Coast Pensions Partnership, one of the United Kingdom’s largest pension pools.

A partnership lead by Fontainebleau Development has secured a $2.2 billion construction loan to complete Fontainebleau Las Vegas, the anticipated 67-story hotel, gaming, meeting and entertainment destination coming to the north end of the Las Vegas Strip.

UMH Properties, through a joint venture with Nuveen Real Estate, has acquired manufactured housing community in Sebring, Fla., for $15.1 million.

Sovereign Partners has sold 300 Kimball, an approximately 430,000-square-foot trophy office property in Parsippany, N.J., for $88 million.

Debt funds started out as a means to access distressed properties, which was lucrative but appropriate for only a small universe of investors.

With central banks raising interest rates and lenders under pressure, the era of easy, cheap credit is over. The sharp reversal of conditions throws bad decisions into stark relief. Property purchases based on false assumptions are already proving difficult to justify.

From shifts in consumer shopping habits and increasing demand for fast delivery to the need for modern logistics space in the right locations to enable transportation-efficient and resilient supply chains, investors should keep in mind four key logistics trends globally.

Both 2023 and 2024 are likely to be “very good vintage years” to invest in real estate, as lower valuations in the European market create new investment opportunities.

European property investors could learn a trick or two from the French, when it comes to gathering energy use data, write Vicky Cotton (head of ESG at Workman) and Najib Ghantous (a director at Workman's French subsidiary, Workman Turnbull).