Buyers and sellers face a 'standoff' in the spring real estate market: economist
Canada’s real estate market is seeing some signs of increased activity, but one economist says a recovery will be gradual until interest rates are firmly moving down.
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Canada’s real estate market is seeing some signs of increased activity, but one economist says a recovery will be gradual until interest rates are firmly moving down.
Home Depot Inc. is making its biggest acquisition ever to win over more professional contractors as the company looks beyond its do-it-yourself roots to revive growth.
Mortgage rates in the US declined, helping to ease affordability challenges for homebuyers.
Country Garden Holdings Co., one of China’s biggest property developers, warned it will miss a deadline for reporting annual results, further complicating plans to restructure its debt following a default last year.
More New Yorkers have stopped paying their property taxes — a troubling trend since the onset of the pandemic that city officials attribute to the end of a tax-lien sales program that punishes delinquency.
May 22, 2018
Bloomberg News
,(Bloomberg) -- Two major backers of London’s Battersea Power Station project are sounding out banks for a loan of about 1.5 billion pounds ($2 billion), people with knowledge of the matter said.
Malaysia’s Employees Provident Fund and state-owned asset manager Permodalan Nasional Bhd. are expected to hire banks shortly, according to the people, who asked not to be identified as the process is private. Proceeds will be used to refinance existing borrowings and complete the purchase of commercial assets being developed as part of the Battersea Power Station project’s second phase, the people said.
EPF and PNB said in January they plan to spend about 1.6 billion pounds on the acquisition, which will give them ownership in a residential and office development where Apple Inc. plans to have its U.K. headquarters.
A representative for EPF declined to comment. PNB said in a statement that due diligence is ongoing, and it would be premature to comment on the loan.
The Battersea Power Station building is about halfway through a comprehensive reconstruction that will be completed in late 2020, according to the January statement. The work, which is the largest historic building development undertaken in the U.K., is part of a wider 42-acre (17-hectare) mixed-use project.
The power station gained worldwide recognition after being used as the iconic cover illustration for rock band Pink Floyd’s platinum 1977 album “Animals.” It was depicted on the cover with a pig floating between two of its four chimneys.
To contact the reporters on this story: Elffie Chew in Kuala Lumpur at echew16@bloomberg.net;Mariko Ishikawa in Sydney at mishikawa9@bloomberg.net
To contact the editors responsible for this story: Ben Scent at bscent@bloomberg.net, ;Andrew Monahan at amonahan@bloomberg.net, Yudith Ho
©2018 Bloomberg L.P.