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REIT Replay: REITs rebound; markets close mixed

Real estate investment trusts posted gains, and the broader markets closed mixed Friday, May 18, as investors continued to face uncertainty over trade talks between the U.S. and China.

Brookfield Property Partners LP, backed by the Qatar Investment Authority, is in late-stage talks to help Kushner Cos. take complete control of the 666 Fifth Ave. office building in New York City, which it jointly owns with office REIT Vornado Realty Trust, The New York Times reported. If the parties strike a deal, Kushner would buy out Vornado's 49.5% stake in the tower's office portion.

Vornado shares fell 0.48% to close the day at $65.93.

Park Hotels & Resorts Inc. completed the sale of the 601-room Hilton Berlin in Berlin, generating gross proceeds of €297 million, with the lodging REIT's pro rata share of the proceeds totaling about $140 million. Park Hotels' board declared a special cash dividend of 45 cents per share, following the closing of the transaction.

Shares of Park Hotels rose 1.64%, closing at $30.94.

Multifamily REIT BSR Real Estate Investment Trust raised US$135.0 million in gross proceeds in its IPO of 13.5 million trust units, which commenced trading on the Toronto Stock Exchange May 18 under the HOM.U ticker.

Marriott International Inc. intends to open at least five new hotels at regional mall landlord Simon Property Group Inc.'s shopping centers in various U.S. states over the next several years.

Simon Property shares increased 0.33% to close at $154.18.

Scott Peterson will step down as data center REIT Digital Realty Trust Inc.'s chief investment officer, effective May 31, and Senior Vice President for Global Sales and Marketing Daniel Papes will leave the company, effective June 30.

Digital Realty Trust shares closed 0.25% lower at $105.24.

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The Week in US Real Estate: Brookfield bailing out Kushner tower; GreenOak raises $1.55B US real estate fund: The May 18 weekly news roundup in the North American real estate space also features Simon Property's $4.0 billion of planned upgrades and H&R Real Estate Investment Trust's sale of a majority of its U.S. retail properties.

Data Dispatch: Green Street Investors initiates 12 new US REIT positions in Q1: LaSalle Investment Management Securities, Heitman Real Estate Securities and AEW Capital Management also initiated multiple new U.S. REIT positions each during the quarter, respectively.

Data Dispatch: Cohen & Steers exits HCP position in Q1: During the first quarter of 2018, the asset manager also initiated new positions in five publicly traded U.S. equity REITs, including VICI Properties, Americold Realty Trust and VEREIT.

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