Latest Videos
The information you requested is not available at this time, please check back again soon.
Billionaires who built their fortunes rolling out wireless networks when debt cost almost nothing are seeing their wealth crimped by higher borrowing costs and caution among money managers on the outlook for the industry.
Above and beyond the obvious damage, wildfires levied a hidden cost on the finance industry: Mortgage lenders and investors lost more than $30 billion between 2020 and 2022, due to both accelerated defaults and prepayments following disastrous blazes.
Crown jewels including resorts and a gas station chain are up for grabs. Saudi Arabia mulls purchases.
(Bloomberg) -- China’s industrial companies’ profits fell in March as exports flagged and deflationary pressures persisted, suggesting the economy’s stronger-than-expected growth early this year might be tough to maintain.
New York Community Bancorp Inc. has had one of the most tumultuous quarters in recent banking history. Its first-quarter earnings will probably reveal more about impacts from the drama — and management’s plan to move forward.
Apr 26, 2021
, Bloomberg News
(Bloomberg) -- Harrison Street Real Estate Capital LL is betting on the growth of the U.K.’s bio-tech industry with a deal to combine the country’s largest science incubator with a portfolio of science parks.
The company has formed a venture with Trinity Investment Management to acquire its real estate business and combine it with BioCity Group, according to a statement. BioCity helps startups through early stage venture capital investment and accelerator programs.
Science parks have become one of the hottest real estate niches in the U.K. as international investors look to piggy-back on increased government funding for a sector that has been among the few beneficiaries of the coronavirus pandemic. The country has a shortage of purpose built space for commercializing scientific research, despite boasting several of the world’s top academic institutions and pharmaceutical companies.
In addition to Trinity’s portfolio of life science properties in the U.K., the venture will also acquire 12 science parks, according to the statement. The new business, valued at about 120 million pounds ($167 million), will be called We Are Pioneer Group and will manage a portfolio spanning 2.6 million square feet.
Chicago based Harrison Street, which is owned by broker Colliers International Group Inc., has invested heavily in science facilities in the U.S. where demand for hubs around top universities has lured billions from real estate investors. Blackstone Group Inc last year recapitalized a portfolio of BioMed Realty life sciences buildings for $14.6 billion.
©2021 Bloomberg L.P.
