Banks Warn of Growing Energy-Related Risks in Mortgage Portfolios
Across Europe, banks are trying to figure out how to handle a growing risk lurking in residential mortgage portfolios: energy consumption.
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Across Europe, banks are trying to figure out how to handle a growing risk lurking in residential mortgage portfolios: energy consumption.
British Land Co. has sold its stake in Sheffield’s Meadowhall Shopping Centre, one of the largest shopping malls in the UK, to Norway’s sovereign wealth fund.
China’s latest housing initiative is aimed at vacant properties, a major pain point in a crisis that’s dragged on for almost three years. But analysts say the package of measures is still too small to end the rout.
Foreign buyers swooped in to purchase Chinese stocks on Friday as Xi Jinping’s government announced a slew of measures to bolster the housing market.
China’s property stocks need a sustainable turnaround in order to foster investor confidence that this year’s broader equities recovery can maintain, or even increase its momentum.
Feb 8, 2021
Bloomberg News
,(Bloomberg) -- Bank of Nova Scotia is vacating the top floors of one of Canada’s tallest skyscrapers in downtown Toronto, continuing a revamp of its office footprint in the city.
Scotiabank will leave the top floors of 40 King Street West, part of the Scotia Plaza complex, making them available for lease in 2023, building owners KingSett Capital and Alberta Investment Management Corp. said in a statement Monday.
This is the first time the space will be open since the 68-floor building opened in the 1980s, the owners said. It’s the second-tallest office tower in Canada.
The bank is renewing 560,000 square feet of space in the complex, bringing its total commitment at the site to 1.1 million square feet.
Scotiabank, Canada’s third-largest lender, has been restructuring its office setup in its headquarters city. The bank has signed to be an anchor tenant in the north tower of Brookfield Asset Management Inc.’s Bay Adelaide Centre office complex, one block north of Scotia Plaza. The tower was announced in 2018.
Major corporations’ office plans have been in flux as the Covid-19 pandemic forces employees to work from home for extended periods. Tech companies including Facebook Inc. and Shopify Inc. have said some employees may work from home indefinitely, and even some financial firms like Deutsche Bank AG are considering policies to allow staff to work from home a few days a week.
The office shift is part of Scotiabank’s long-term real estate strategy, a representative for the bank said.
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