Total Return
RioCan Moves Forward with $123.3M Purchase of Stake in Eight Inland Western Retail Properties
RioCan and Inland Western announced the formation of their institutional joint venture in May. The eight new format and grocery-anchored assets of which RioCan will now acquire 80 percent account for approximately 1.1 million square feet of retail space in the Houston, Dallas-Fort Worth and Austin markets.
GGP, JLL Strike Strategic Partnership
The joint venture adds more than 11 million square feet to JLL’s retail portfolio of 84 million square feet in the Americas and 265 million square feet worldwide. Additionally, more than 200 GGP employees will now become JLL employees.
General Growth Requests Extension on on Bankruptcy Plan Filing
Currently the exclusivity period to file the plan and its accompanying disclosure statement is scheduled to expire on July 15.
Santa Monica-Based Douglas Emmett Closes Fund with Half-Billion Dollars to Invest
Leverage notwithstanding, Douglas Emmett Inc. has closed the subscription period to its Fund X with equity commitments totaling approximately $549.3 million. The Santa Monica, Calif.-based REIT has invested $191 million of its own into the institutional fund.
Dividend Closes on $1.3B CRE Portfolio
The properties are located in 16 U.S. markets and comprise approximately 11.3 million net rentable square feet.
Ventas to Buy Lillibridge, Expanding MOB Portfolio to 8.4M SF
Buying an entire company is a good way to expand a portfolio in one fell swoop and Ventas Inc. is about to do just that. The Chicago-headquartered healthcare REIT has signed a definitive agreement to acquire Lillibridge Healthcare Services Inc., also based in Chicago, in a transaction valued at $300 million to $400 million.
New REIT Grabs San Francisco’s Sir Francis Drake Hotel in $90M Deal
Located downtown in the center of San Francisco’s bustling Union Square, the 23-story Sir Francis Drake was originally developed in 1928. The upper upscale hotel features 18,000 square feet of meeting space and is home to a famed bistro, a Starbucks store, a bar and a nightclub.
Fitch Gives Health Care REIT Inc’s $152MM Convertible Senior Notes ‘BBB’ Rating
According to a statement by Fitch, Health Care REIT will use the proceeds to repurchase a portion of its 4.5 percent convertible senior notes due in 2026 and 2027.
Omega Buys 63 Long-Term Care Facilities with $293M Price Tag
The 63 facilities comprise 6,607 available beds in 19 states and are part of 30 in-place triple-net leases among 18 operators. The leases generate about $34 million in annualized revenue.
REIT Week 2010: Some Sectors Still Waiting for Recovery
If there were any overarching theme to Thursday’s REIT Week 2010 general session, “Magnificent Milestones–A Look Ahead,” it was this: some property types are fully in recovery, while others are still waiting for it, at least among REITs that specialize in one or another of the food groups.