Sunday, June 30, 2013

Henderson and TIAA-CREF Form $63 Billion Property Giant

National Commercial Real Estate News From CoStar Group

Henderson and TIAA-CREF Form $63 Billion Property Giant

TIAA-CREF and Henderson Global Investors, a European investment manager, have launched a $63 billion global real estate investment management company, TIAA Henderson Global Real Estate.

The new company will offer clients expanded investment opportunities in the global real estate market while helping to accelerate the growth of each firm’s real estate investment business. Taken together, the partners said the scale of the new venture matches that...

Related Expands Funding Platform With Highbridge JV Targeting Real Estate Projects

Related Cos., one of the nation’s most prolific real estate development and investment firms, is partnering with deep-pocketed private investment firm Highbridge Principal Strategies (HPS) to invest in real estate debt, specifically gap financing for commercial and residential real estate projects across the U.S. that are "in transition."

By leveraging Related's access to deal-flow and HPS's extensive mezzanine credit experience, the pair hope...

IRS Is Watching CBS’ REIT Conversion

CBS Corp. has formally decided to spin-off its billboard subsidiary, CBS Outdoor Americas, into a separate REIT. If the conversion goes through, CBS would also dispose of all of its common stock in the newly formed REIT.

The move comes at a time when the IRS has put firms owning non-traditional real estate that are seeking to qualify as real estate investment trusts on notice that it has decided to study the current legal standards it uses to define...

Facility Closures & Downsizings: Best Buy: Two Steps Back, One Step Forward

Best Buy Co. Inc. gradually continues to optimize its U.S. real estate portfolio.

The Minneapolis-based retailer’s key focus has been on occupancy cost reductions through both store closings and renegotiated leases. Over time, the company said it believes there is an opportunity to trim $400 million in costs in the U.S., Canada and Mexico.

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Through the first 11 months of its 2013 fiscal year, the...

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