WASHINGTON (AP) — U.S. builders broke ground on fewer homes in May, but the pace of construction remains significantly higher than a year ago as the real estate sector increasingly reflects the stronger job market.
By Allison Lampert and John Tilak MONTREAL, TORONTO (Reuters) – Sun Life Financial said Monday it is acquiring North American real estate investment manager Bentall Kennedy Group for C$560 million, as part of the financial services group’s larger strategy to expand its capabilities in commercial property. Through the deal, Bentall Kennedy, which provides property management, real estate investment and leasing services in Canada and the United States, will become a
By Matthias Inverardi DUESSELDORF, Germany (Reuters) – Hudson’s Bay Co is buying Germany’s leading department store chain, Kaufhof, from Metro for 2.8 billion euros ($3.2 billion), giving the Saks owner a launch pad to expand into Europe. The deal, the largest German inbound M&A this year, comes as department stores start to enjoy a revival by investing in ecommerce in tandem with revamped flagship stores. Hudson’s Bay, whose shares rose
By Andrea Hopkins TORONTO (Reuters) – Sales of existing homes in Canada rose to the highest level in more than five years in May, the fourth consecutive month of gains, the Canadian Real Estate Association said on Monday. The industry group for Canadian real estate agents said sales were up 3.1 percent from April. CREA’s home price index rose 5.17 percent from May 2014.
German retail and distribution giant Metro said Monday it has agreed to sell its Kaufhof department store chain to Canadian group Hudson’s Bay for 2.825 billion euros ($3.2 billion). “Today, Metro signed an agreement with Hudson’s Bay Company to sell Galeria Kaufhof which includes the operational department store business both in Germany (Galeria Kaufhof) and Belgium (Galeria Inno) as well as the corresponding real estate portfolio,” the German company said
By Ken Otterbourg ROCHESTER, NEW YORK (Reuters) – The First Allied building at 270 Commerce Drive in the Rochester, New York, suburb of Henrietta isn’t much to look at. It’s the de facto headquarters of the Glazer family, which controls the Manchester United football club, among the most valuable franchises in global sport, as well as the National Football League’s Tampa Bay Buccaneers. Inside are photographs and memorabilia of the
German property firm Deutsche Annington Immobilien SE will buy regional rival Suedewo for 1.9 billion euros ($2.13 billion) and launch a 2.25 billion euro capital increase to fund the acquisition, the company said in a statement late on Sunday. Suedewo owns about 20,000 apartments, mainly in the state of Baden-Wuerttemberg in southwest Germany, where Annington already owns some 15,000 rental properties. Record low interest rates and the search by investors
China’s real estate investment growth continued on its downward track in the first five months of 2015, to reach its slowest rate since May 2009, but government stimulus policies appeared to all but end the decline in floor area sold. Prices of new homes in 288 cities edged up 0.05 percent in May from April, the first rise in 14 months, property services provider Real Estate Information Corporation (CRIC) said
By Euan Rocha TORONTO (Reuters) – The Canada Pension Plan Investment Board (CPPIB), already a major global investor, has signaled even greater ambitions with a $12 billion transaction with GE Capital that insiders and advisors said may herald larger deals. The C$264 billion ($213 billion) pension fund manager’s decision not to seek a partner for the purchase of GE’s private equity lending portfolio also highlights its growing confidence and suggests
Filed under: Buying, Financing, Refinancing ZillowThe weekly mortgage rate chart illustrates the average 30-year fixed interest rate in six-hour intervals. By Lauren Braun Mortgage rates for 30-year fixed loans rose this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.96 percent, up 18 basis points from the same time last week. The 30-year fixed mortgage rate rose to 3.98 percent Friday, then hovered there before settling