The federal judge supervising the bankruptcy of General Growth Properties is being asked to rule on a legal question that could have far-reaching consequences for the CMBS market. The issue before the court is whether special-purpose entities established to hold commercial mortgage bonds are separate from the parent company and, consequently, remote from the bankruptcy process.
Al-Futtaim Carillion and Orascom Construction Industries plan to build a $340 million center in Cairo Festival City, Egypt. The center will include IKEA, ACE Hardware and Marks & Spencer, as well as restaurants and entertainment.
Eager to find new ways of attracting customers to its shopping centers in a time of tight marketing budgets, Inland Western Retail Real Estate Trust is having success with some innovative approaches, including the use of social media. "Social media is becoming a lot more popular in communication with your customer base, and it's a very cost-effective way to communicate with your customers," says the REIT's vice president of marketing, Cherilyn Megill.