Major CRE player takes bullish stance on future of office by Mike Consol | May 3, 2023 Even as many investors and managers warn the office sector will never be restored to its pre-pandemic status, one of commercial real estate’s longtime players is betting that it’s making a comeback — and that the Big Apple, the nation’s premier office market, is ground zero for that recovery.
Pennsylvania leaders to build ground-up manufacturing facility for innovation-driven industries by Kali Persall | May 3, 2023 Pennsylvania Gov. Josh Shapiro, along with leaders from Re:Build Manufacturing, the Regional Industrial Development Corp. (RIDC) and the Commonwealth of Pennsylvania, have announced an $81 million investment to create a major, innovation-focused manufacturing operation in the New Kensington Advanced Manufacturing Park.
Portland General Electric announces region’s largest battery-storage procurement by Kali Persall | May 3, 2023 Portland General Electric Company (PGE) has procured 400 megawatts of new battery-storage projects to help shore up Oregon’s energy grid. This is the largest single procurement of standalone energy storage to date by a utility in the United States outside the state of California.
Advance estimate of U.S. GDP growth of 1.1% in Q1 puts pressure on Fed by Loretta Clodfelter | May 3, 2023 The U.S. economy recorded real GDP growth at an annual rate of 1.1 percent in first quarter 2023, according to the advance estimate from the Bureau of Economic Analysis.
Google, EDPR to deploy 650MW of solar projects in six U.S. states by Kali Persall | May 3, 2023 Google and EDP Renewables’ (EDPR) distributed solar-generation business unit have signed a framework agreement targeting the development and installation of more than 80 distributed solar PV projects with about 650 megawatts dc.
Blackstone’s private wealth platform curtails flood of redemption requests in April by Kali Persall | May 2, 2023 Blackstone Real Estate Income Trust (BREIT), Blackstone’s $70 billion private wealth platform, has pumped the brakes on its deluge of repurchase requests for another month.
Arch Street Capital Advisors expands into infrastructure by Kali Persall | May 2, 2023 Arch Street Capital Advisors, a real estate investment and advisory firm, has made its foray into the infrastructure sector.
True Green Capital to take majority stake in U.S. cleantech company by Kali Persall | May 2, 2023 Renewable energy infrastructure investment firm True Green Capital Management (TGC) has plans to acquire a majority ownership in CleanChoice Energy, a cleantech company.
NYSTRS reallocates $375m of commitments from REIT accounts by Kali Persall | May 2, 2023 The New York State Teachers’ Retirement System (NYSTRS) has reallocated a total of $375 million out of externally managed REIT accounts, according to an April 26 board meeting document.
OP&F appoints Parametric to manage $350m commodities mandate by Kali Persall | May 2, 2023 The $17.3 billion Ohio Police & Fire Pension Fund (OP&F) has selected Parametric to manage a $350 million mandate in its new commodities asset class.
Continental Properties closes apartment fund with $130.5 million by Larry Gray | May 1, 2023 Continental Properties has announced the closing of its seventh commingled real estate fund, Continental Properties Real Estate Income Fund V.
Partners Capital launches 5th value-add commercial real estate fund by Kali Persall | May 1, 2023 Partners Capital, the investment platform of Partners Real Estate, has launched its fifth commercial real estate investment vehicle for its value-add investment strategy.
From red-hot to ice-cold: Once coveted nonlisted real estate funds meet their Waterloo in 2023 by Sheila Hopkins | May 1, 2023 Public nonlisted real estate funds, especially nontraded REITs (NTRs), have been on fire the past two years. 2021 proved to be a record-setting year with $36.5 billion raised, and 2022 wasn’t far behind. 2023 is a different story altogether. Fundraising among nontraded real estate investment trusts in February 2023 sank to just $489 million, a low not seen since August 2020, while reported monthly redemptions have exceeded $1.7 billion, an amount reflecting 351 percent of fundraising and about 1.6 percent of reported net asset value (NAV) for the industry, according to Robert A. Stanger and Co.
Passion Play: Citi Global Wealth’s Kristen Bitterly Michell shares her journey to the finance world by Mike Consol | May 1, 2023 CURRENT ISSUE: Citi Global Wealth's Kristen Bitterly Michell was awash in divergent career interests until a Chicago financial institution settled the matter
SPONSORED: Clarion Partners — U.S. multifamily investment opportunity post-COVID by Sheila Hopkins | May 1, 2023 In a sponsored report published in the May issue of Real Assets Adviser, Tim Wang, managing director and head, investment research, and Julia Laumont, vice president, investment research at Clarion Partners, explain why they are optimistic about the outlook for U.S. multifamily in 2023 and beyond.
