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PIMCO buying Columbia Property in $3.9B deal; Cedar Realty exploring sale


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PIMCO buying Columbia Property in $3.9B deal; Cedar Realty exploring sale

S&P Global Market Intelligence offers our top picks of real estate news stories published throughout the week.

New week, new mergers

* Columbia Property Trust Inc. is being acquired by funds managed by Pacific Investment Management Co. LLC, also known as PIMCO, in a deal valued at $3.9 billion, Dow Jones Newswires reported. The deal is the result of the office real estate investment trust's board strategic review.

* Grocery-focused REIT Cedar Realty Trust Inc.'s management said it is exploring a sale of either the company in its entirety or potentially certain parts of its portfolio and projects as part of a review of strategic alternatives, Dow Jones Newswires reported. A special committee had been formed for the strategic review in 2019 but the process was disrupted by the outbreak of the COVID-19 pandemic.

Big ticket property deals

* Blackstone Inc. is seeking a sale of the Cosmopolitan of Las Vegas hotel and casino resort for at least $5 billion, with Apollo Global Management Inc. among the potential buyers, Bloomberg News reported, citing people familiar with the matter. Blackstone previously sought a sale of the property in 2019 for $4 billion.

* RBC Global Asset Management Inc.'s RBC Canadian Core Real Estate Fund is buying a 50% stake in a 12-property core real estate portfolio in Canada valued at more than C$1 billion in an off-market deal. The portfolio has about 5.5 million square feet of industrial space and 843 multifamily rental units across Toronto, Vancouver and Edmonton.

* Vornado Realty Trust is selling three retail properties at 677, 759 and 828 Madison Ave. in New York City to private equity firm Reuben Brothers for an undisclosed amount, the Commercial Observer reported, citing a source with knowledge of the deal.

* A joint venture between Bascom Arizona Ventures LLC and Pacific Life Insurance Co. sold two luxury multifamily assets totaling 724 units in North Scottsdale, Ariz., to The Ezralow Co. LLC for $312.5 million, Multi-Housing News reported.

* Representatives of former U.S. President Donald Trump are in advanced talks to sell the leasing rights of the Trump International Hotel in Washington, D.C., to hotel chains and investors, Axios reported, citing unnamed sources. The sale price is expected to be lower than the $500 million previously being sought for the deal in 2019, the sources told the news outlet.

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