Commercial News for 3/10/10
WSJ.com: Commercial Real Estate
European REIT Rollout at Hand
With European property markets beginning to recover from the market downturn and global recession, there are signs that the REIT revolution could be at hand. General Growth Debt Bet Pays Off
A handful of investors dug to the bottom of the discount bin and snapped up General Growth's convertible bonds at three cents on the dollar. They now trade at 103 cents. Marriott Expands in Europe
Forty thousand more hotel rooms on the Continent would have Marriott brand names in the next few years under the company's plan. Farkas Closes Deal to Buy Centerline
The New York real-estate investor will buy one of the nation's largest commercial-mortgage-servicing specialists for $100 million in new equity and assuming $180 million of Centerline's debt. U.K. REIT Plans IPO
Metric Property Investments hopes to raise £150 million in an IPO on the London Stock Exchange's main market as it seeks to take advantage of the sharp downturn in property values. Trust Not Enough for Integrity Bank
The FDIC is investigating loan practices at Georgia's Integrity Bank, which was seized in 2008 after loaning all its capital to the owner of Casa Madrona Hotel & Spa in California. General Growth Wins Plan Extension
A federal judge hearing mall owner's bankruptcy reorganization grants it four more months of exclusive control over its fate, against the objection of some suitors and creditors. |
