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REIT Replay: REITs inch up; markets pull back

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REIT Replay: REITs inch up; markets pull back

The broader markets fell Tuesday, May 22, after getting a boost a day earlier from waning trade war concerns. Real estate investment trusts held their ground.

Seritage Growth Properties is partnering with Invesco Real Estate to jointly own The Collection at UTC development project in La Jolla, Calif. The roughly $165 million project involves the conversion of the existing Sears store and auto center at Westfield UTC.

The retail REIT also announced after markets closed Monday that it tapped former MacFarlane Partners President Kenneth Lombard as executive vice president and COO, effective May 20. It also sold a 50% stake in The Corbin Collection project in West Hartford, Conn., in a roughly $23 million joint-venture deal with a First Washington Realty affiliate.

Seritage Growth shares jumped 6.25% to close at $40.97.

After an earlier recommendation from Institutional Shareholder Services Inc., activist investor Land & Buildings Investment Management LLC gained support from another proxy adviser, Glass Lewis & Co., for its proposed changes at Taubman Centers Inc. The proposed election of Land & Buildings founder and Chief Investment Officer Jonathan Litt to Taubman's board and elimination of the regional mall REIT's dual-class voting structure will be up for a vote at the May 31 annual meeting.

Taubman shares rose 0.63% to close at $52.64.

Diversified REIT Colony NorthStar Inc. is among the potential acquirers of the private equity business of United Arab Emirates-based Abraaj Group Ltd., and a potential deal could be worth up to $600 million, the Financial Times reported, citing unnamed sources.

Colony NorthStar shares declined 1.53%, closing at $5.78.

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Conference Chatter: Retailers, landlords must differentiate themselves or die off: At RECon in Las Vegas, prominent retail players said the "mass extermination" of retailers will continue as technology continues to force radical change on the industry.

Data Dispatch: Manhattan, NY, office market tops US property deal volume over LTM: Market watch: In this U.S. property-market snapshot based on data from Real Capital Analytics, over the last 12 months, Dallas had the highest multifamily transaction volume, followed by Chicago for industrial and Los Angeles for retail.

Market prices and index values are current as of the time of publication and are subject to change.