Fresh Stimulus Propels Emerging Markets to Fourth Week of Gains
Emerging-market currencies dipped Friday on dwindling optimism over Federal Reserve rate cuts, paring their fourth-straight week of gains.
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Emerging-market currencies dipped Friday on dwindling optimism over Federal Reserve rate cuts, paring their fourth-straight week of gains.
The owner of a historic office building in Manhattan’s Financial District has filed bankruptcy to sell the property, which has been subject to foreclosure and suffered from a lack of tenants due to the Covid-19 pandemic.
Deutsche Bank AG has entered a capital-relief deal with the European Investment Bank that allows the German lender to grant discounts on more than €600 million ($652 million) of green mortgages in its home market.
A unit of Abu Dhabi’s Mubadala Investment Co. said it anticipated a roughly $315 million credit hit related to loans issued to the now-insolvent Signa real estate conglomerate.
The Teranet-National Bank composite house price index which tracks home prices in 11 of Canada's largest cities remained stable from March to April.
Mar 15, 2018
Bloomberg News
,Hotel sales in Canada will stay strong yet are set to slip from the near-record levels of the past two years with fewer large-scale deals being made, according to CBRE Group Inc.
High demand for stable assets in major markets will continue to prop up transactions, with hotel investments projected to total $3 billion this year, the real estate services firm said in a report. That’s down from $3.4 billion and $4.1 billion in 2017 and 2016, respectively.
“This is still a really strong period, though we do anticipate the large-entity deals and M&A deals to be fewer this year, with overall activity in individual and small-portfolio sales,” Bill Stone, a Toronto-based executive vice president at CBRE Hotels, said in a phone interview. “It’s a very brisk market both from a transaction standpoint and on an operating basis.”
Foreign capital played a big role in the past two years, with two of the largest purchases made by companies with ties to Hong Kong. In 2017, Leadon Investment Inc. bought a group of upscale hotels across Canada from British Columbia Investment Management Corp. for $1.1 billion. The year before, InnVest Real Estate Investment Trust was acquired for about $2.1 billion by Bluesky Hotels & Resorts Inc.
Portfolio sales like those are rare, so total transaction volume is likely to fall this year, according to Stone. The industry will remain robust, however, as growth in overseas travel makes hotels attractive investments, CBRE said.
Demand has been booming for all types of commercial real estate in Canada as investors seek high-yield assets in a haven from global turmoil. Transactions reached a record $43 billion in 2017 and are set for potentially higher volumes this year, CBRE said last month.