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$2B project planned in Manhattan, NY; hotel companies target African expansion

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$2B project planned in Manhattan, NY; hotel companies target African expansion

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

New York state of mind

* A joint venture between Canada-based Oxford Properties Group and Canada Pension Plan Investment Board plans to invest roughly $2 billion in a project to convert the 1.3 million-square-foot St. John's Terminal in Manhattan, N.Y., into a modern office building, Bloomberg News reported, citing a source with knowledge of the matter. The 550 Washington St. property was acquired for $700 million in January.

* Extell Development hopes to sell its 56-story building at 555 10th Ave. in Manhattan's Hudson Yards for $775 million, The Real Deal reported, citing unnamed sources. The 600-unit property was completed in 2016.

* Multifamily real estate investment trust AvalonBay Communities Inc. is selling an 80% stake in five Manhattan apartment communities for estimated net proceeds of roughly $460 million.

* Bank of New York Mellon Corp. acquired the 101 Barclay St. office building in Manhattan's Financial District for $352 million, The Real Deal reported, citing property records. The bank paid $164.4 million for the property's ground lease in 2013 and has now acquired the land outright from the City of New York.

Strategic alliance

Strategic Storage Growth Trust Inc. is being acquired by fellow nontraded self-storage REIT Strategic Storage Trust II Inc. for roughly $340 million under a definitive merger agreement. Strategic Storage Growth stockholders will receive $12.00 per share in cash.

African expansions

A number of international hoteliers announced plans to expand in Africa. Among U.S.-based hotel companies, Marriott International Inc. said it expects to boost its African portfolio by 50%, with more than 200 hotels and 38,000 rooms planned by 2023. Hyatt Hotels Corp. plans to more than double its hotel footprint in Africa by 2020 by opening nine more hotels in the region, and Hilton Worldwide Holdings Inc. also reportedly intends to more than double its African presence over the next five years.

Portfolio sale

Industrial landlord Prologis Inc. sold a portfolio in the U.S. and Europe to Singapore-based REIT Mapletree Investments Pte Ltd. for $1.1 billion. The portfolio includes properties in Chicago, Dallas, Seattle, Paris, Warsaw and Germany, among other logistics markets.

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