New US Home Sales Jump to Highest Level Since September
Sales of new homes in the US bounced back broadly in March as an abundance of inventory helped drive prices lower.
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Sales of new homes in the US bounced back broadly in March as an abundance of inventory helped drive prices lower.
Hong Kong developer Lai Sun Development Co. is considering options for a planned office tower in the City of London, including a potential sale of a stake in the project.
Germany’s financial regulator BaFin is taking a closer look at the real estate used by lenders to secure covered bonds known as Pfandbriefe, a €400 billion market traditionally considered among the safest in credit.
Taylor Wimpey Plc is failing to see lower mortgage rates translate into higher levels of home sales and is maintaining its forecast for fewer deals in 2024.
Chinese mainland investors increased their portion of total turnover of Hong Kong stocks to a record daily average in April, with the latest measures to bolster the city’s position potentially boosting their purchases.
Jun 22, 2018
Bloomberg News
,(Bloomberg) -- Apollo Global Management LLC is the mystery buyer that’s under contract to purchase a $428 million portfolio from HCP Inc., according to a person with knowledge of the matter.
The New York firm is buying 22 properties managed by Brookdale Senior Living Inc., said the person, who asked not to be identified because the matter is confidential. HCP said on June 5 that it was under contract to sell the portfolio, which comprises for 2,781 units, to a third party without revealing its identity. The deal has yet to close.
Representatives for Apollo and HCP didn’t immediately respond to a request for comment.
HCP -- which also owns medical-office buildings and life-science properties -- has been selling chunks of senior housing in an attempt to bolster its balance sheet and reduce its lease exposure to Brookdale.
In two separate transactions over the past 18 months, the Irvine, California-based real estate investment trust generated $812 million by selling a portfolio of 49 senior housing assets to a group led by Columbia Pacific Advisors LLC. HCP also sold six properties back to Brookdale for $275 million in a deal that closed in April, and separately sold 64 Brookdale communities comprising 5,697 units to Blackstone Group LP in a $1.13 billion transaction completed last year.
HCP has fallen 26 percent in the past 12 months, under-performing the Bloomberg REIT Healthcare Index, which has dropped 19 percent in the same period, mostly due to the rising interest-rate environment.
“We believe HCP is strategically in a solid position in the more challenging health-care REIT sector, or ‘like a good house in a rough neighborhood,’” Evercore ISI analysts said in a recent research note.
To contact the reporter on this story: Gillian Tan in New York at gtan129@bloomberg.net
To contact the editors responsible for this story: Daniel Taub at dtaub@bloomberg.net, Alan Mirabella
©2018 Bloomberg L.P.