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WeWork parent files for IPO; Mirae in pole position for Anbang's US hotel assets

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.

Spilling the works

* The We Co., the parent of coworking giant WeWork Cos. Inc., revealed its IPO plans in an Aug. 14 filing and shed light on its financial performance for the six months ended June 30. The company said it plans to offer an undisclosed number of its class A common shares and to list its stock on the NYSE under the ticker symbol WE.

The IPO filing comes less than a week after WeWork was reported to have adopted a structure known as an umbrella partnership corporation, or Up-C. The action is expected to provide tax benefits to co-founder and CEO Adam Neumann and pre-IPO investors, London's Financial Times reported, citing documents seen by the publication and people familiar with the matter.

By the billions

* An affiliate of Mirae Asset Financial Group emerged as the lead bidder for 15 luxury U.S. hotels from Anbang Insurance Group Co. Ltd., Bloomberg News reported, citing people with knowledge of the matter. The South Korea-based prospective buyer reportedly could value the former Strategic Hotels & Resorts Inc. portfolio at more than $5.5 billion.

* UDR Inc. signed a $1.76 billion asset swap transaction whereby the multifamily real estate investment trust would buy out the roughly 50% interest it does not own in 10 operating communities held by its joint venture with MetLife Investment Management. The transaction also involves one community under development and four development land sites, worth $1.1 billion, or $557 million at UDR's share. In turn, UDR will sell a roughly 50% stake in five communities under the venture valued at $645 million, or $323 million at UDR's share, to MetLife.

On the block

* Secured Capital Partners LLC scheduled an Aug. 15 auction for its 157-acre parcel in Beverly Hills, Calif., the Wall Street Journal reported. The property, known as The Mountain, was listed for $1 billion in 2018, but the price was slashed to $650 million earlier this year. The auction comes after the company failed to secure Chapter 11 bankruptcy protection, the publication noted.

* JP Morgan Asset Management is looking to sell its 95% stake in the 1.1 million-square-foot 195 Broadway office building in Lower Manhattan, N.Y., worth as much as $800 million, Real Estate Alert reported. L&L Holding Co., which holds the remaining interest in the asset, does not intend to sell.

* AT&T Inc. is selling 37 properties across regional markets in Alabama, Florida, Illinois, Indianapolis, Louisiana, Georgia, Ohio, South Carolina, Tennessee and Wisconsin. The telco giant will offer the surplus real estate portfolio individually in onsite and online auctions in October.

Big-buck buys

* A subsidiary of NexPoint Residential Trust Inc. agreed to pay about $322.0 million, subject to adjustments, to buy a 1,520-unit multifamily property in Pembroke Pines, Fla. The deal is expected to close Aug. 30.

* Slate Property Group LLC and Alcion Ventures LP paid $106.5 million for the 133-unit multifamily property at 60 E. 12th St. in Manhattan, N.Y., The Real Deal reported, citing Slate co-founder and principal Martin Nussbaum.

* MG Properties Group purchased a pair of apartment properties containing 397 units in Los Angeles for $139.7 million, REBusiness Online reported.

Joining forces

* Colony Capital Inc.'s Colony Industrial platform acquired a 30-building industrial portfolio spanning more than 1.3 million square feet in northern New Jersey in a joint venture transaction, NJBIZ reported.

* Student housing developer Core Spaces LLC formed a new partnership with affiliates of Goldman Sachs Group Inc.'s merchant banking division to recapitalize and develop a portfolio of nine assets worth more than $600 million.

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