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Dubai has picked banks including Emirates NBD Capital and JPMorgan Chase & Co. to work on the planned initial public offering of construction firm ALEC, according to people familiar with the matter.
Xi Jinping’s government announced its most forceful attempt yet to rescue the beleaguered Chinese property market, relaxing mortgage rules and urging local governments to buy unsold homes as authorities become increasingly concerned about the sector’s drag on economic growth.
The People’s Bank of China will establish a nationwide program to unleash 300 billion yuan ($41.5 billion) in cheap funding to help state-owned companies buy unsold homes.
Emerging-market stocks and currencies headed for a fourth consecutive week of gains as investors weighed US rate cut prospects amid fresh efforts by developing nations to shore up their economies from China to Turkey.
Shares of Chinese property developers extended a rally after Beijing announced forceful measures to shore up the beleaguered property market.
Sep 1, 2016
, The Globe and Mail
Two of Canada’s largest pension funds are forging a partnership to co-own several large office buildings in Toronto and Calgary.
Canada Pension Plan Investment Board said Thursday that would buy half of a bundle of seven office properties in downtown Toronto and Calgary from the real estate arm of the Ontario Municipal Employees Retirement System for $1.2-billion.
The buildings, which include the Richmond-Adelaide Centre in Toronto and Centennial Place in Calgary, have been owned and managed by Oxford Properties Group and have a diverse array of tenants. Oxford will continue to be the manager of these properties, which span 4.2 million square feet of space.
“Recapitalizing this portfolio allows Oxford to reinvest our equity in new opportunities across the portfolio,” said Michael Turner, executive vice president of Oxford in Canada, in a statement.
The two pension funds also stressed that their strong relationships were an important part of the deal.
“This is a rare opportunity to acquire a large-scale portfolio of modern office properties in two key Canadian office markets,” said Peter Ballon, head of real estate investments at CPPIB, in a statement. “With the addition of these assets, we are able to significantly expand our office portfolio in Canada alongside Oxford, a best-in-class manager and well-aligned partner.”
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