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Wyndham, CorePoint complete spinoffs; Cushman & Wakefield could plan IPO

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Wyndham, CorePoint complete spinoffs; Cushman & Wakefield could plan IPO

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

Spinning off

* Wyndham Destinations, formerly Wyndham Worldwide Corp., completed the spinoff of Wyndham Hotels & Resorts Inc. into a publicly traded hotel franchising and management company. Wyndham Destinations will now operate as a vacation ownership and rental company.

* Wyndham Hotels & Resorts also acquired La Quinta Holdings Inc.'s hotel franchise and management business in a $1.95 billion deal, after CorePoint Lodging Inc. completed its spinoff from La Quinta into a stand-alone, publicly traded real estate investment trust on May 31.

Going public

* Global commercial brokerage firm Cushman & Wakefield Inc. is planning to file for an IPO in June, The Real Deal reported, citing unidentified sources. Brokers at Cushman were told that the IPO could take place in the third quarter. The size of the offering has not yet been determined, the publication noted.

* Essential Properties Realty Trust Inc., a primarily single-tenant net-lease retail real estate company, filed for an IPO with a proposed maximum aggregate offering price of $100.0 million, estimated solely to determine the registration fee.

Activist election

* Taubman Centers Inc. shareholders elected Land & Buildings Investment Management LLC founder and Chief Investment Officer Jonathan Litt, along with two of the REIT's director nominees, to Taubman's board at the annual shareholder meeting. Taubman COO William Taubman was not elected to the board.

In addition, shareholders did not approve Land & Buildings' proposal to eliminate the REIT's dual-class voting share structure.

Healthy targets

* Kayne Anderson Real Estate Advisors raised $1.8 billion for its fifth opportunistic equity fund, excluding capital from the general partner and its affiliates. The fund is the firm's largest investment vehicle to date and will target seniors housing, medical office and student housing investment opportunities.

* Prime Group Holdings raised roughly $700 million in private equity for its Prime Storage Fund II, with plans to use the capital to acquire more self-storage units across the U.S., the Albany (N.Y.) Business Review reported, citing Prime Group Principal and Managing Member Bob Moser.

East Coast casinos

* Yonkers Racing Corp. agreed to sell the real estate and operations of its Empire City Casino in Yonkers, N.Y., to MGM Resorts International for about $850 million, which includes an expected approximately $245 million of the casino's outstanding debt when the deal closes.

In addition, MGM Growth Properties LLC agreed to acquire developed properties associated with the casino from MGM Resorts for about $625 million and lease them back to a subsidiary of MGM Resorts, which will operate the property.

Property sales

* Kennedy-Wilson Holdings Inc. sold a six-property multifamily portfolio, spread across the western U.S., for $422 million.

* HNA Group Co. Ltd. sold its office tower at 123 Mission St. in San Francisco to investment fund Northwood Investors for approximately US$300 million, The Real Deal reported, citing an unnamed source familiar with the deal.

* Columbia Property Trust Inc. wrapped up the sale of 222 E. 41st St. in Midtown Manhattan, N.Y., to the real assets investment manager of Germany's Commerzbank AG for $332.5 million.

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