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...Its push to refinance upcoming loans represents a high-profile example of the challenge faced by property owners around the world at a time of higher borrowing costs and lower property values....
...Large private property trusts similar to Breit managed by investment groups, including Starwood Capital and Brookfield, also reported cash flows falling short of distributions in 2023, filings show....
...Sam Pollock, chief executive of Brookfield’s infrastructure investment arm, told the Financial Times that he believes a “deglobalising” world, where large companies are bringing production closer to home...
...Rival Brookfield has also invested heavily in these high-tech facilities....
...Canary Wharf’s owners Brookfield and the Qatar Investment Authority announced a £300mn equity infusion and a £100mn revolving credit facility for the company in October....
...Private equity group Brookfield and the Qatar Investment Authority, which have owned the east London financial centre since 2015, on Wednesday announced an equity infusion of £300mn and a £100mn revolving...
...to reside in a property and sell that right on, although ultimately the building is owned by a landlord or freeholder....
...Gucci owner Kering has bought a retail block on Milan’s top shopping street from Blackstone for €1.3bn in Europe’s biggest property deals for two years, as intense demand from luxury groups helps high-end...
...Further reading— Brookfield: inside the $500bn secretive investment firm— Will Canary Wharf become a financial ghost town?— After Brookfield’s asset shuffle what cards are left to be played?...
...One scoop to start: Brookfield Asset Management is in advanced talks to buy a majority stake in $22bn private credit manager Castlelake as the world’s second-largest alternatives group uses acquisitions...
...Loans from the fund are typically extended for up to 20 years, secured against property assets and carrying a “commercial” interest rate....
...Wall Street firms could be at risk in the face of a $2tn “wall” of property debt coming due in the next three years....
...Brookfield Property Group said the FDIC was running a “secret” process to sell Signature Bank loans....
...Apollo, Brookfield, Carlyle, KKR and JPMorgan all declined to comment....
...Concord said it “remains committed to becoming the new owner of Hipgnosis”....
...Blackstone invested more in European real estate than in any other region in 2023, as the world’s largest commercial property owner picked up bargains from market turmoil and distressed sellers....
...Competitors such as Apollo Global, KKR, Carlyle Group and Brookfield have all designed similar funds for rich individual investors....
...The Financial Times reported last month that Blackstone has built a $560mn liability to the US as a result of its return promise after the fund lost value last year....
...The owner of the Bullring shopping centre in Birmingham and Brent Cross in London reported the first rise in rent expectations since 2017, in the latest sign that the gloom over retail properties is lifting...
...Many property owners are sitting on unrealised losses....
...Although some owners have been forced to sell by debt pressures, many property owners are reluctant to crystallise losses at what they believe could be the bottom of the market....
...It underscores the financial risk Blackstone assumed to draw UC’s investment by promising high returns on property investments hit by rising interest rates....
...Brookfield has hired Sir Ron Kalifa, the former head of payments group Worldpay, to lead its push into financial infrastructure assets as the Canadian investment group expands further beyond the property...
...Brookfield declined to comment....
...Commercial landlords are predicting that higher debt costs will force a growing number of owners to sell if unable to refinance against lower property values when their loans come due....
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