REITs, skyrocketing property values, and April’s retail hiring spree
May 13, 2013
Here are the news stories you may have missed last week:
Bloomberg: Canadian Tire to spin off stores in $3.5 billion REIT
Canada’s largest sporting goods retailer, Canadian Tire Corp., is jumping on the REIT bandwagon and creating a $3.5 billion REIT IPO this year. The company expects to retain about 80% of the 18 million square feet of retail space the firm owns. Get the full story at Bloomberg.
GlobeSt.com: Property values surpass ’07 highs
Green Street Advisors announced that after years of lagging values, the commercial property market has surpassed 2007 highs (albeit only by one percentage point). Get the full download on the state of the market by heading over to GlobeSt.com.
The Wall Street Journal: Funds see opportunity in real estate
Pension funds are investing in distressed commercial real estate to capitalize on low interest rates and attractive pricing. A successful example of this strategy is Manhattan’s Baccarat Hotel & Residences, a luxury condo development expected to open its doors in 2014. Click through to The Wall Street Journal to see how much pension funds are expected to raise through real estate in the next year.
Chain Store Age: NRF: Retailers stepped up hiring in April
The retail industry added a promising 29,000 jobs in April, a good sign from an industry that supplies the most private sector jobs in the country. Check out Chain Store Age for more on what these new jobs mean for the economy.
Author: Raymond T. Cirz