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Canada's OneREIT $ONR.UN Hires TD Securities to Seek Exit, Once Again

Canada's OneREIT $ONR.UN Hires TD Securities to Seek Exit, Once Again

Globe and Mail, in 2006 “Retrocom has achieved the unachievable: Despite a great market for retail properties, its unit price has fallen 32 per cent since its initial public offering, and it became one of the first REITs ever to cut distributions.” “Retrocom has become the real estate world’s equivalent of an aging divorcée who rents a billboard to advertise her availability to men,” said the Globe and Mail under the headline, “Dowdy mall REIT best left off résumé of a potential PM.” “How did it come to this?” asks the Globe and Mail. “If the trust’s name is vaguely familiar to you, perhaps you’ve heard of Retrocom Growth Fund, which recently became the latest labour-sponsored fund to hit a liquidity crisis and suspend redemptions.” “How it’s possible to screw up real estate in this market is an open question, but most REIT-watchers point to the union ties as part of the problem. Some of the properties Retrocom acquired in the IPO are true dogs. (A 37-year-old mall in Terrace, B.C., that’s 25-per-cent vacant? No thanks.),” the Globe and Mail added. On March 22, 2004, Retrocom completed its initial public offering of 10,769,000 trust units for gross proceeds of over $107 million. The offering was underwritten by a syndicate that was led by CIBC World Markets Inc. and included TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Canaccord Capital Corporation, Desjardins Securities Inc. and HSBC Securities (Canada) Inc. The Canadian REIT specializes in owning and operating income producing shopping centers, consisting of a mix of new format shopping centers, open air strip plazas and enclosed shopping malls.. Its growth comes from improving its assets and purchasing built out shopping centers. The REIT reportedly owns a portfolio of approximately 60 properties, with over 900 tenants spread out throughout Canada, including over 55 investment properties located in approximately nine provinces and the Yukon Territory, one parcel of land for development located in New Brunswick, and an interest in over 40 acre tract of land in Mississauga, Ontario. It owns over three retail properties in the Province of British Columbia consisting of shopping centers located in Abbotsford, Chilliwack and Mission; approximately three retail properties in the Province of Alberta consisting of shopping centers located in Cochrane, Medicine Hat and Red Deer, and over 30 retail properties and an interest in Joint Venture Property in the Province of Ontario. OneREIT owns over six properties in the Province of Saskatchewan and a property in the Province of Manitoba. Photo: OneREIT Kenora Shopping Center, in Kenora, Ontario. The 81,000 sq. ft. outdoor mall is situated on Mikana Way and Highway 17. Walmart anchors the center with an adjacent Canadian Tire. It includes future development opportunities available up to 8,000 sq. ft.]]>

Blackstone $BX Eying Its Own Brexit From $HLT $1.1B DoubleTree EU Portfolio

Blackstone $BX Eying Its Own Brexit From $HLT $1.1B DoubleTree EU Portfolio

Blackstone Group LP (NYSE: BX), is said to be exploring the sale of some hotels operated under the Hilton Worldwide Holdings (NYSE: HLT) DoubleTree brand in London, Dublin and Amsterdam for about $1.1 billion, Bloomberg reported. The move comes two weeks after Blackstone’s GSO Capital Partners was said to have hired Rothschild to explore the sale of its portfolio company, the Miller Group, one of the UK’s leading home-builders, for approximately £700 million. Blackstone’s concurrent strategic shift involving British real estate disposals, may be prompted to some extent by market uncertainties caused by the UK’s European Union Brexit referendum being held on June 23. Under a front page headline “Queen Backs Brexit“, The Sun recently quoted anonymous sources who suggest the monarch has expressed concerns about the UK in Europe, purportedly favoring the UK exiting from the EU. “The Queen remains politically neutral, as she has for 63 years. We would never comment on spurious, anonymously sourced claims. The referendum will be a matter for the British people,” Buckingham Palace said in a statement. “The ‘Brexit’ referendum is the most important vote in Europe in a half-century,” says The Washington Post. The referendum will decide whether “Brexit” — Britain’s exit — occurs. “Americans should pay close attention because this debate concerns matters germane to their present and future,” The Post added. Blackstone is a global leader in real estate investing. The firm’s real estate business was founded in 1991 and has $92 billion in investor capital under management. Blackstone is also Hilton’s biggest shareholder. A year ago Blackstone sold 90 million shares in the hotel chain, a stake reportedly worth close to $3 billion at the time, reducing its stake in the company from 55% to 46%. Blackstone has reportedly given broker Eastdil Secured LLC a mandate to sell the DoubleTree by Hilton at the Tower of London, valued at about 350 million pounds ($510 million), said Bloomberg citing anonymous sources, while Eastdil and CBRE Hotels are offering the Amsterdam property, valued at about 340 million euros ($378 million). The sale of the former Burlington hotel in Dublin, valued at about 180 million euros ($200 million), is said to be handled by Savills. Earlier in May, Blackstone also agreed to sell Strategic Hotels & Resorts Inc. for $6.5 billion, to China’s Anbang Insurance Group. Strategic Hotels & Resorts is an owner and asset manager of the highest quality portfolio of upper-upscale and luxury hotels and resorts. Its current portfolio of 16 hotels and resorts are found in desirable and high-barrier-to-entry urban and resort markets in the United States. Strategic Hotels’ resort properties include the Fairmont and Four Seasons Resort in Scottsdale, Arizona, Four Seasons Resort in Jackson Hole, Wyoming, Del Coronado in San Diego, the Loews Santa Monica Beach, Montage Laguna Beach, Ritz-Carlton Half Moon Bay and Ritz-Carlton, Laguna Niguel in California. Strategic’s urban properties include the Fairmont and Intercontinental Chicago, Four Seasons Hotel in Austin, Texas, Four Seasons Hotel in Silicon Valley, Four Seasons Hotel in Washington, D.C., Intercontinental in Miami, JW Marriott Essex House in New York and The Westin St. Francis in San Francisco. Blackstone’s real estate portfolio includes hotel, office, retail, industrial and residential properties in the US, Europe, Asia and Latin America. Major investments include Hilton Worldwide, Invitation Homes (single family homes), Logicor (pan-European logistics), SCP (Chinese shopping malls), and prime office buildings in the world’s major cities. Blackstone real estate also operates one of the leading real estate finance platforms, including management of the publicly traded Blackstone Mortgage Trust (BXMT). Photo: Buckingham Palace complained to the Independent Press Standards Organisation (IPSO) that The Sun breached Clause 1 (Accuracy) of the Editors’ Code of Practice, in an article headlined “Queen Backs Brexit” published on 9 March 2016. IPSO upheld the complaint, and has ordered The Sun to publish its decision as a remedy: “The headline was not supported by the text. It was significantly misleading – given that it suggested a fundamental breach of the Queen’s constitutional obligations – and represented a failure to take care not to publish inaccurate, misleading or distorted information in breach of Clause 1 (i). The complaint under Clause 1 was upheld.”]]>

Tata's Taj Group Puts Taj Boston 5-Star Luxury Hotel Up For Sale for $125M+

Tata's Taj Group Puts Taj Boston 5-Star Luxury Hotel Up For Sale for $125M+

Taj Group, is one of Asia’s largest and finest group of hotels. Incorporated by the founder of the Tata group, Jamsetji Tata, the company opened its first property, the Taj Mahal Palace, in Bombay in 1903. The Taj, a symbol of Indian hospitality, completed its centenary year in 2003. The company’s head office is in Mumbai, India. Taj properties are located in Asia, UK, US, Australia and Africa. “Acquired 10 years ago, Taj Boston remained a loss-making property for the third consecutive year last year, forcing IHCL to explore liquidating options. The company has been struggling to bring down its debt, which stands at Rs 5,000 crore,” says the Business Standard. This is reportedly the Taj Group’s seventh hotel exit in the past two years. “In recent times, the company has been relooking at all options for a course correction in strategy, focusing on growth in high-margin markets, evaluating the relevance of some of its existing assets in the portfolio to reduce leverage. In order to accomplish the above objectives, the board has authorized the management of the company to pursue such a divestment,” Indian Hotels said in a statement. Taj Group comprises 108 hotels in 63 locations, including 25 Ginger hotels across India, with an additional 17 international hotels in the Maldives, Malaysia, Australia, UK, US, Bhutan, Sri Lanka, Africa and the Middle East. From world-renowned landmarks to modern business hotels, idyllic beach resorts to authentic grand palaces, each Taj hotel offers an unrivalled fusion of warm Indian hospitality, world-class service and modern luxury. The most significant additions to the Taj portfolio have been The Pierre, the iconic landmark hotel on New York’s Fifth Avenue, the Taj Cape Town in South Africa and the latest Taj Falaknuma Palace in Hyderabad. In 1993, the company established the Indian Institute of Hotel Management in Aurangabad, Maharashtra, in western India. Indian Hotels operates in the luxury, upper upscale, upscale and value segments of the market. Other areas of business include Taj Air, a luxury private jet operation, and Taj Yachts, which can be used by guests in Mumbai and Kochi, Kerala. The company also operates airline-catering services.]]>

$UBS Exploring Sale of $1B Intel Capital $INTC Discrete Venture Portfolio

$UBS Exploring Sale of $1B Intel Capital $INTC Discrete Venture Portfolio

Fortune. “There are investments in our portfolio that are representative of a different investment focus. Provided that we could find a better home for such investments, we would contemplate a sale,” he stated. Since 1991, Intel Capital has invested more than $11 billion in 1,440 companies in 57 countries. “Intel Capital plans to continue investing at its historical rate, $300 million to $500 million per year,” added Brooks. “We will look to lead investments in those areas where we can add value to our portfolio companies and create value and learning opportunities for Intel.” Intel Capital’s strategic review and divestment plans with the appointment of UBS to handle the process, were set in motion earlier this year, according to Bloomberg.]]>

Australia's Infigen Energy $IFN Hires Lazard to Explore Strategic Options for Wind Farms

Australia's Infigen Energy $IFN Hires Lazard to Explore Strategic Options for Wind Farms

Australian Financial Review. “The hotly contested sale of Pacific Hydro by IFM Investors to China’s State Power Investment Corporation in a deal said to be worth more than $3 billion, including debt, left several suitors standing on the sidelines in late 2015,” AFR reported. In October 2015, Infigen sold its US wind business to a portfolio company affiliated with ArcLight Capital Partners LLC for US$274.4 million. “In the context of the improved market environment for renewable energy, Infigen is exploring a range of options on how to best participate in the growth opportunities and maximize value for its securityholders,” the company said in a statement. “This exploration of alternatives is at a preliminary stage and there is no certainty it will lead to any particular transaction.” “The Commonwealth Government’s renewable energy scheme has created a significant opportunity for investment in new renewable energy projects over the period to 2020, with over 5,000MW of new capacity required to meet the current Renewable Energy Target,” the company added. “Infigen has also benefited from the rising price of renewable energy certificates – or LGCs – which are expected to fuel the company’s bottom line,” AFR said. Infigen Energy develops, owns, and operates renewable energy generation assets in Australia. It owns six wind farms and a solar farm with a combined installed capacity of 557 megawatts operating in New South Wales, South Australia, and Western Australia. The company’’s development pipeline comprises approximately 1,200 megawatts of large-scale wind and solar projects spread across five states in Australia. Infigen Energy was founded in 2003 and is headquartered in Sydney, Australia.]]>