Newmark Group is preparing for an initial public offering it hopes will raise $615 million. It will offer 30 million shares of common stock priced between $19 and $22 per share, which would give the company an estimated market valuation of approximately $3.3 billion.
The number of Americans filing for unemployment benefits fell last week by 2,000 to reach a seasonally adjusted 236,000. The low number of initial jobless claims points to an ongoing strengthening of the labor market.
Initial public offering activity has been relatively quiet this year and will likely remain so because the real estate cycle is at the mature point, says Greg Steele, managing director at Capital One. Investors will remain "very selective" about which companies go public, he predicts, adding that, among other things, they will want an "attractive entry point -- they'll look for a meaningful discount to the underlying value on the balance sheet."
KDC and Seritage Growth Properties have formed a partnership to develop 1 million square feet of office space at the 23-arce Dallas Midtown mixed-use redevelopment. The project's costs are expected to be $800 million.
Neuberger Berman's outlook for global real estate is positive, Managing Director Steve Shigekawa says. He adds REITs are undervalued right now, trading at notable discounts to net asset value.
Chatham Lodging Trust has spent about $310,000 per suite to buy the 219-key Embassy Suites by Hilton in Springfield, Va., in an off-market deal for $68 million. The purchase will deliver a 10% revenue-per-available-room premium to the REIT's existing properties, CEO Jeffrey Fisher says.
BI Intelligence predicts that the retail industry will top $5.5 trillion by 2020 and notes that US retail is growing $200 billion year-over-year. This information comes from the now-available research report "The Future of Retail 2018."
Hammerson will buy Intu Properties, one of the largest retail property owners in the UK, for $4.6 billion. The deal comes as shares are near rock bottom.
Bloomtown Associates has acquired Quality Center in East Lampeter Township, Pa., for $10.3 million. The property, near Rockvale Outlets, is home to Adidas, Dollar Tree and Waffle House.
Entertainment company Cinergy Corp. wants to add a movie theater with a restaurant and bar to a retail center in Anna America, Okla. It also is seeking a partial sales tax rebate from the city.