Commercial real estate
* Blackstone Group Inc. received $20.5 billion in total capital commitments for its latest global real estate investment vehicle at final close, marking the private equity giant's largest property fund to date. The Blackstone Real Estate Partners IX LP, alongside the firm's other vehicles, made its first investment in June through the pending acquisition of GLP Pte. Ltd.'s U.S. logistics portfolio. That deal is scheduled to close in the coming weeks.
* WeWork Cos. Inc. may make major governance changes to allay investor concerns ahead of its parent's planned IPO later in September, Bloomberg News reported, citing people with knowledge of the matter.
JPMorgan Chase & Co. and Goldman Sachs Group Inc., the lead financial advisers for The We Co.'s IPO, reportedly are concerned about moving forward with an offering that could value the company as low as $15 billion. WeWork is looking at governance reforms as a means to improve investor interest, the people told the news outlet.
* California lawmakers approved a statewide rent control as part of efforts to combat the state's housing crisis, The New York Times reported. The bill, which is expected to affect about 8 million tenants, will limit annual rent increases to 5% after inflation and introduce new barriers to eviction, according to the report.
* Lexington Realty Trust paid approximately $180 million to buy a three-property e-commerce industrial portfolio encompassing 2.4 million square feet within Park North at Monroe in Ohio from IDI Logistics LLC.
The portfolio comprises newly constructed, class A warehouse/distribution facilities that are fully net-leased to Amazon, Hayneedle/Walmart and Blue Buffalo.
* Atlas Residential plans to invest $1 billion for its first global multifamily apartment portfolio that will comprise several thousand of its existing units and newly acquired properties in the U.S., the U.K. and mainland China, IPE Real Assets reported. U.S. properties will make up 65% of the total portfolio, while the U.K. and China will account for 20% and 15%, respectively.
* Fairfield Residential Co. LLC sold the 292-unit Ora Flagler Village Apartments in Fort Lauderdale, Fla., for $92 million, The Real Deal reported, citing property records. The buyer, an entity affiliated with former Wyse Technology executive Lumin Chang, acquired the property using a $55 million loan from TIAA, according to the report.
* Prologis Inc. purchased the Portland Meadows horse racing track in Portland, Ore., for $48.8 million from The Stronach Group Inc., the Portland Business Journal reported. The industrial real estate investment trust plans to redevelop the 115-acre property at 1001 N. Schmeer Road into a 1.8-million-square-foot Prologis Meadows industrial park. Construction on one of the six planned buildings of the park is expected to begin later in 2019.
The company also secured a long-term ground lease for a 15.5-acre site across from Portland Meadows, which is likely to be developed into a 300,000-square-foot facility, or it could serve as trailer storage for the Prologis Meadows site, the publication said, citing Sean Colletta, vice president and market officer for Prologis in Portland.
* TruAmerica Multifamily LLC purchased an 830-unit multifamily portfolio in Raleigh, N.C., for $108.7 million from Investcorp, the Triangle Business Journal reported. The portfolio comprises the 362-unit Duraleigh Woods Apartments at 5600 Briar Oaks Lane, the 276-unit Bridgeport Apartments at 4101 Lake Lynn Drive, and the 192-unit Sailboat Bay Apartments at 3221 Lynn Ridge Drive.
* Seagate Technology PLC sold a roughly 140,000-square-foot office building at 10200 S. De Anza Blvd. in Cupertino, Calif., for about $107.5 million to Rubicon Point Partners, the Silicon Valley Business Journal reported, citing Santa Clara County property records.
* Granite Properties Inc. plans to build an 18-story, 415,000-square-foot class AA office building in the Granite Park development in Plano, Texas, the Dallas Business Journal reported. Construction of Granite Park Six is expected to start in early 2020.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng dropped 0.26% to 27,087.63, and the Nikkei 225 rose 0.75% to 21,759.61.
In Europe, around midday, the FTSE 100 was up 0.02% to 7,339.28, and the Euronext 100 climbed 0.13% to 1,087.33.
On the macro front
The consumer price index, the jobless claims report, EIA natural gas report, the treasury budget report, the Fed balance sheet and the money supply report are due out today.
Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.
Now featured on S&P Global Market Intelligence
* Data Dispatch: US REIT capital markets activity hot in August with $10.44B raised: Chart Watch: Prologis raised the most capital during the month, at nearly $2 billion, followed by Welltower and Gaming & Leisure Properties at $1.2 billion and $1.1 billion, respectively.
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