European Real Estate Deals Slump to Lowest Level in 13 Years
The deep freeze that’s gripped Europe’s real estate markets since borrowing costs jumped worsened at the start of the year as deals plunged to their lowest levels since 2011.
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The deep freeze that’s gripped Europe’s real estate markets since borrowing costs jumped worsened at the start of the year as deals plunged to their lowest levels since 2011.
Investors are looking for the next policy domino to fall in Asia amid an escalating campaign against a resurgent dollar, after Indonesia used a surprise interest rate hike to defend the rupiah.
Vietnamese billionaire Pham Nhat Vuong pledged to invest at least another $1 billion of his personal wealth into VinFast Auto Ltd., providing the capital needed for expansion of the struggling electric vehicle maker.
Macrotech Developers Ltd., a real estate firm that operates under the brand name Lodha, expects pre-sales to grow about 20% in the year to March after reporting its highest ever quarterly revenue.
Distressed Indonesian property developer PT Agung Podomoro Land has hired financial advisory firm Kroll Inc. to advise on an exchange of $132 million of bonds due in June, according to people familiar with the plan.
Nov 11, 2020
Bloomberg News
,(Bloomberg) -- Marathon Asset Management is setting up an office in Miami as the Covid-19 pandemic upends New York City as a financial hub, according to co-founder and Chief Executive Officer Bruce Richards.
“Marathon South will be an option for our employees,” Richards said in an interview on Bloomberg Television Wednesday. The Miami office will mainly be for non-investment professionals and the investing team will remain in New York, he said.
“I’m certainly committed to New York City,” Richards said. “I love New York City.” But he sees cities like Atlanta, Nashville and Charlotte benefiting from travel and business in the next few years, with New York not as attractive as it once was. Lower taxes and less crime outside of New York will also lure companies elsewhere, Richards said.
The distressed-debt specialist looked at Charlotte, Atlanta and Miami as possible locations for another office, ultimately choosing the Florida city, he said. Marathon has had a presence in New York, London and Tokyo, according to its website.
Marathon follows peers like Balyasny Asset Management and Bluecrest Capital Management in establishing an office outside of New York City as the pandemic pushes office dwellers to work from home for the foreseeable future. Currently 20% of Marathon’s workers are in the office Monday through Thursday, with 10% on site on Friday, he said.
“New York is not what it once was,” he said. “Vacancy rates are going to go up, and it’s going to be ugly for property owners.”
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