- No Grave Dancing for Sam Zell Now. He’s Paying Up for Hot Properties. “Mr. Zell also wasn’t able to drive as hard a bargain as he had in many previous distressed deals. The all-stock deal reached in May is valued at more than $18 a share, a near-record for Monmouth stock. He could conceivably have to pay even more, since Blackwells Capital, which made an $18-a-share all-cash bid late last year, said it is weighing options including a higher offer. Mr. Zell declined to comment. But the 79 year-old’s more conventional investment strategy is the latest sign that the pandemic hasn’t produced the distressed opportunities many investors expected.” (The Wall Street Journal)
- Blackstone and Starwood Capital Increase Offer to Acquire Extended Stay America to $20.50 in Cash Per Paired Share and Amend Definitive Merger Agreement “Under the terms of the merger agreement, as amended, a 50/50 joint venture between funds managed by Blackstone and Starwood Capital will now pay STAY shareholders an additional $1.00 per paired share in cash for a total consideration of $20.50 per paired share in cash. The merger agreement, as amended, has been unanimously approved by the entire boards of directors of both ESA and ESH.” (Via press release)
- 'A Tough Road': Grads Pursuing CRE Gigs Have Opportunities In Upswing “On-the-job learning may be replaced with remote or hybrid collaboration. The networking and internship opportunities that might have opened doors in the past have disappeared or diminished during the coronavirus pandemic. And while there has been an emergence of more and more real estate-specific degree programs in undergrad and grad school in the past decade, it’s still an emerging specialty, and many students may not have the opportunity to obtain such a concentration at their school.” (Bisnow)
- A Construction Boom is Coming Despite Skyrocketing Material Prices “While rising costs have canceled some construction projects, CBRE says 2021 will still see a boom in new commercial real estate development. This is not to discount surging prices, which have resulted in domestic steel and lumber prices tripling since last year, according to SteelBenchmarker and TradingEconomics.” (GlobeSt.com)
- Krispy Kreme has officially filed to go public via IPO and list on the NASDAQ under the ticker DNUT “This isn't the first time the doughnut brand has gone public. It first went public on the NASDAQ in 2000, under the ticker KREM, before switching to the New York Stock Exchange the next year using the ticker KKD.” (Insider)
- Phoenix Mills and Canada Pension Plan Investment Board to build largest retail mall “The development will also mark the first entry of a national player and a large international private equity fund into the city’s mall space, which has so far been dominated by city-based builders. Real estate experts say the project would be a ‘big positive’ for Calcutta and may attract more national players and institutional investors to look at the city favourably.” (The Telegraph)
- NBA All-Stars Invest in $1 Billion Harvard Real-Estate Development “Kyle Lowry of the Toronto Raptors, Andre Iguodala of the Miami Heat, Jrue Holiday of the Milwaukee Bucks and Andre Drummond of the Los Angeles Lakers are part of an investment group putting $30 million into the Boston development.” (The Wall Street Journal)
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