Wednesday, November 28, 2012

More Multifamily REITs Looking Beyond Primary Markets

National Commercial Real Estate News From CoStar Group

More Multifamily REITs Looking Beyond Primary Markets

When deciding whether to let their money ride on Washington, DC, or Baltimore, MD, Home Properties is going with Baltimore.

When deciding whether job growth will be stronger in larger or smaller markets, Mid-America Apartment Communities is seeing the secondary markets doing better.

And in the New York City MSA, AvalonBay Communities increasingly sees better investment opportunities in the outlying markets in Connecticut, Westchester County...

Penn National Gaming Betting on REIT Structure

Penn National Gaming Inc. intends to pursue a plan to separate its gaming operating assets and real estate property assets into two publicly traded companies. The plan will result in the formation of an operating entity, Penn National Gaming (“PNG”), and, through a tax-free spin-off of its real estate assets to holders of PENN common stock, a newly formed, publicly traded real estate investment trust (REIT).

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Major Canadian REIT Planning To Expand U.S. Property Holdings

Agellan Commercial Real Estate Investment Trust, another in a growing list of Canadian-based investors, filed plans in Toronto for the initial public offering of trust units in Canada.

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Agellan said it was forming the REIT to own and operate a diversified portfolio of industrial, office and retail properties in the United States and Canada, although it has not yet determined how much it will seek...

Facility Closures & Downsizings: Hostess Wind-Down a Wind-Up for Other Bakeries

After winning bankruptcy court approval to close down its business, Hostess Brands began the process of shuttering its 33 bakeries, 565 distribution centers, approximately 5,500 delivery routes and 570 bakery outlet stores resulting in the loss of 18,500 jobs.

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Among other provisions, the court order provides Hostess Brands with added liquidity through an amended debtor-in-possession financing agreement...

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