Commercial real estate
* AshfordHospitality Prime Inc. issueda statement regarding Sessa Capital's "disruptive" actions. Thecompany believes that the activist's "litigious and reckless strategy isdestroying stockholder value by forcing the Company and management to expendsignificant time and resources."
* The Port Authority of New York and New Jersey continues topay more than $3 million per month to cover the cost of Condé Nast's840,000-square-foot leaseat 4 Times Square in Manhattan, N.Y., Crain'sNew York Business reported.
The 48-story office tower is owned by the DurstOrganization, and the payments will continue until Condé Nast's lease expiresin 2019 unless a new tenant is signed up. The DurstOrganization is nearing a 240,000-square-foot leasing deal in connection withthe space formerly occupied by Condé Nast, according to industry insiders withknowledge of the deal.
* Tribeca Associates has landed a $96.2 million loan fromM&T Bank to fund the purchase of the office tower at in Manhattan's FinancialDistrict, The Real Deal reported.
The company is acquiring control of the nearly477,000-square-foot, 47-story asset for $130 million from a partnership led byGotham Realty Holdings, according to the news outlet.
* Rubenstein Partners paid about $90 million to acquire a985,490-square-foot office park in Atlanta, ThePhiladelphia Inquirer reported.The 11-building Interstate North Office Park was previously owned by the U.S. realestate investment division of Dutch insurance firm Aegon.
* Rent growth for industrial properties in the U.S. was 9.0%in 2015, which compares to global industrial rent growth of 6%, the National Real Estate Investor reported,citing Prologis Logistics Rent Index. However,industry experts are predicting deceleration in 2016.
* Sears Holdings Corp. said it inked a$500 million committed secured loan facility secured by mortgages on 13properties.
* In Canada, a large parcel of land on Vancouver's exclusivewest side is being sold to three local aboriginal groups for C$480 million,Reuters reported.The land parcel comprises two plots totaling 38.8 acres. The site could beredeveloped to create an entire neighborhood of homes at a time when the cityis experiencing a housing shortage, according to the report.
After the bell
Crown CastleInternational Corp. bought out Tower Development Corp. in a cashdeal valued at roughly $461 million.
The company saidthat it financed the transaction using available cash, including cash on hand,cash from borrowings under its revolving credit facility and cash from the saleof about 3.5 million net common shares at an average per-share price of $85.52year-to-date.
* In an article titled "Housing Bust Lingers forGeneration X," The Wall StreetJournal reportsthat homeownership rates for the group of Americans born between 1965 and 1984are expected to remain low in the years to come, according to an analysis offederal data. Generation X, as the group is called,saw the most successful period of home ownership rates in 2004 and the leastsuccessful in 2015.
* The federal trialof three men who allegedly tried to hide a convicted felon's holding in 33acres in Everett, Mass., is set to commence Monday, the Boston Herald reported.Wynn Resorts Ltd.Chairman and CEO Steve Wynn, who is developing a $2 billion on the land, is expected to becalled as a witness.
Charles Lightbody, Dustin DeNunzio and Anthony Gattineri arecharged with fraud and face up to 20 years in prison, the Boston Globe reported.
The day ahead
Early morning futures indicators pointed to a higher openingfor the U.S. market.
In Asia, the Hang Seng rose 0.35% to 20,440.81, while theNikkei 225 declined 0.44% to 15,751.13.
In Europe, around midday, the FTSE 100 was up 0.10% to6,210.78, the Euronext 100 had increased 0.68% to 854.67.
On the macro front
No notable reports are due out today.
Data Dispatch:Real estate companies' debt offerings grew, equity offerings fell YOY in Q1'16:While equity issuance was up from the fourth quarter of 2015, the total equitydeal volume fell far short of the year-ago quarter.
Data Dispatch:REIT M&A slows to a trickle, but Brookfield-Rouse deal may be catalyst:The first quarter saw only one REIT deal, but some have said Brookfield's playfor Rouse could be a harbinger for more consolidation in the B mall arena.
Real EstateRundown: 'Buoyant' private RE fundraising cooling, but value-added strategiesstill attractive: Significantly fewer funds closed during the firstquarter, but value-added strategies had relative success, drawing 41% of thecapital raised during the period, according to Preqin.
The Week in USReal Estate: Marriott-Starwood tie-up wins shareholder nods; Gaming REIT couldgross $1.12B in IPO: The April 8 weekly roundup of news in theNorth American real estate space also features a hospitality REIT capping offits strategic review, a new market player targeting smaller-scale investmentsand a telecom REIT eyeing more investments in India.
Best of SNL:Real Estate, editors' picks: Our real estate editors' picks for thebest stories of the week ending April 8.
Best of SNL:Real Estate, most read: The 10 most read real estate articles forthe week ending April 8.
SNL Q1'16M&A League Tables: SNL Financial released first-quarter 2016M&A league tables for its covered North American sectors.
SNL Q1'16 CapitalMarkets League Tables: SNL Financial released first-quarter 2016capital markets league tables for its covered North American sectors.
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