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Colony Capital selling industrial portfolio; 3 Steadfast REITs to merge

S&P Global Market Intelligence offers our top picks of U.S. real estate news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.

Mighty bets

* Global investment management firm Colony Capital Inc. is looking to sell its multibillion-dollar industrial portfolio with the help of advisers as part of its strategic review program. The portfolio consists of about 450 properties and 60 million square feet of space.

The company is open to a variety of types of bids for the portfolio, Chairman and CEO Tom Barrack Jr. said on an earnings conference call, adding that Colony expects to close a deal by the end of 2019.

* Marriott International Inc. signed management contracts with hotel developers for five new all-inclusive resorts in the Caribbean and Latin America, to be built with an investment of over $800 million and scheduled to open between 2022 and 2025.

* Bain Capital LP's Bain Capital Real Estate LP sold a core life science portfolio totaling 1.34 million square feet across 18 buildings on four campuses in North Carolina's Research Triangle in an approximately $405 million deal. A Longfellow Strategic Value Fund LLC affiliate purchased the portfolio.

* Spirit MTA REIT will convene a special shareholder meeting Sept. 4 to vote on its planned portfolio sale for $2.4 billion to Hospitality Properties Trust.

* Real estate private equity firms DJM and Gaw Capital US purchased the 463,000-square-foot Hollywood & Highland shopping center in Los Angeles for $325 million from CIM Group LP, The Real Deal reported, citing sources familiar with the deal.

* A joint venture of Pearlmark Investment Co. LLC and Hines sold the two-building, 306,000-square-foot office complex at 400-450 Concar Dr. in San Mateo, Calif., for $320 million to Diamond Investment Properties, the San Francisco Business Times reported.

Steady going

* Multifamily landlord Steadfast Apartment REIT Inc. agreed to acquire peers Steadfast Income REIT Inc. and Steadfast Apartment REIT III to create one moderate-income apartment REIT with approximately $3.3 billion in gross real estate assets. The separate stock-for-stock, tax-free transactions are set to be finalized in the first quarter of 2020.

* Canadian private equity firm Clarke Inc. agreed to acquire all Holloway Lodging Corp. common shares that it does not already own in a deal valued at about C$132 million on an equity value basis and C$265 million on an enterprise value basis. The deal is expected to close by Sept. 30, subject to certain conditions.

WeWork commitments

* Coworking giant WeWork Cos. Inc. received commitments from at least 10 banks led by JP Morgan for $6 billion in credit facilities by close of business Aug. 5, LPC reported, citing unnamed sources. According to the report, at least 10 banks committed $500 million or $750 million each to the loans, which remain conditional upon a successful IPO by WeWork's parent.

Earnings call coverage

S&P Global Market Intelligence reporters tuned in to conference calls hosted by some of the larger players in the real estate sector towards the end of earnings this season.

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