Easterly Government Properties, a REIT that invests in office buildings leased primarily to the federal government, raised $180 million in an initial public offering that was priced at $15 per share. The REIT sold 12 million shares, and underwriters have a 30-day option to buy an additional 1.8 million.
MetLife bolstered its commercial real estate holdings with the purchase of the Fairmont Hotel in Washington, D.C., from Ivanhoe Cambridge for $180 million. The insurer's equity real estate portfolio totals nearly $16 billion.
Australia and New Zealand Banking Group, DBS Bank and Standard Chartered have been hired by Fortune Real Estate Trust to arrange and underwrite a $180 million loan for the REIT, according to a source. The three banks will look for other investors for the three-year loan, which includes a revolving credit facility. Fortune REIT plans to use the proceeds to acquire two properties in Hong Kong.
Berry Petroleum is spending about $180 million to purchase 9,300 net acres in the Wolfberry play in Texas from undisclosed sellers. According to the company, the assets contain 76% oil and are expected to add approximately 2,200 barrels of oil equivalent per day to 2011 output.
Developer John Ferchill, known for investing in risky markets, is pouring $180 million into renovating the Book-Cadillac hotel, located in a neglected downtown block in Detroit. The plan calls for transforming the 33-story hotel into a 455-room Westin, with the top eight floors housing 67 upscale condos.