Gap brand President and CEO Jeff Kirwan has stepped down after three years and parent Gap Inc. has launched a search for a new chief, the company said Tuesday. Kirwan led efforts to create a more efficient supply chain and improve the fit and quality of its fashions.
Existing-home sales fell 3.2% in January month over month for a seasonally adjusted annual rate of 5.38 million, while the median sales price was 5.8% higher than a year ago. Year over year, sales were down 4.8%, the biggest drop since August 2014, according to the National Association of Realtors, reflecting a shortage in inventory.
Saudi Arabia's sovereign wealth fund, Public Investment Fund, is in talks to acquire a 15% stake in Accor SA's property business. Also in talks to acquire stakes in AccorInvest are Colony NorthStar, Singapore's GIC and France's Amundi. If all the acquisitions go through, the four entities combined would take a majority stake in the unit.
Kimco Realty is likely to benefit from Albertsons' acquisition of Rite Aid, because the REIT has a 9.7% stake in the grocer that could be valued at up to $685 million, up from its $140 million value prior to the deal's announcement. The REIT may use the new liquidity to pay down debt or fund its redevelopment projects.
New York REIT has earned $81.8 million for the sale of two assets in Manhattan and one in Brooklyn. It has entered into three additional contracts totaling $73.2 million.
Among its sustainability measures, Parkway Properties has increased its waste-tracking capabilities, thus improving its waste diversion rate by 20% last year, according to Daniele Horton, head of sustainability. It is also investigating a FitWell certification as it is makes health and well-being a high priority, she said.
New York City's luxury retail neighborhoods, including SoHo, are beginning to feel the industry's 18-month slump with property prices being cut on key spaces. Accurate valuations are hard to determine due to the low volume of transactions in higher-quality real estate, though experts anticipate Grade A assets will still thrive.
BlackRock raised US equities from neutral to overweight, saying that impending stimulus measures will help increase earnings growth. "Economic strength was already changing the tone of earnings momentum but U.S. tax cuts and government spending plans lit a fire under the trend," according to Richard Turnill, BlackRock's global chief investment strategist.
Long-term US bond yields are closing in on 3%, a development that led in part to the stock correction earlier this year. While investors are more confident about the economy now, some worry about the potential for rising inflation.
A venture capital group involving Barry Sternlicht, Fifth Wall Ventures and New Enterprise Associates has invested in a startup that competes in the short-term rental space. AJJK has a service aimed at corporate and high-end travelers that will roll out in eight markets via deals it has arranged with large landlords.