Vornado Moves Toward Distressed Properties


Vornado Realty Trust is looking forward toward an opportunity presented by the inevitable increase in distressed properties over the next few years. The REIT is preparing a $1 billion private-equity fund so that it will be ready to act on this opportunity.

The Wall Street Journal has more:

“Vornado says the proposed fund, Vornado Capital Partners LP, would be the company’s “exclusive vehicle for real-estate and real-estate-related investments,” according to a presentation to potential investors that was reviewed by The Wall Street Journal. In the presentation, Vornado said the fund would aim to generate returns of over 20% by taking advantage of distress in the real-estate market. Vornado would focus on the areas it knows best — office and retail properties in New York and Washington.”

Written by Nissa on July 8, 2009 – 4:25 pm -
Posted in Mall World | No Comments »

Westfield Sweetens its World Trade Center Deal

0611construction.gifWith plans for the World Trade Center redevelopment in limbo, Westfield has made a bold offer to get its retail plan for the site moving:

“Australian shopping-mall company Westfield Group is offering to foot the $1.3 billion bill to build a retail complex at the World Trade Center site in a bid to break an impasse and seize a bigger role in the site’s redevelopment.

The Port Authority of New York and New Jersey, the owner of the World Trade Center site, warmly greeted the proposal, which closely resembles the plan the agency has been advocating. The Port Authority is at loggerheads with private developer Larry Silverstein, who has rights to develop three office towers on the site. Their long-running dispute, coupled with the recession, is threatening to further delay efforts to rebuild the complex, which was destroyed close to eight years ago in the Sept. 11 terrorist attacks.

Under Westfield’s plan, which was reviewed by The Wall Street Journal, 540,000 square feet of contiguous retail space would be developed both underground and at street level, about double the retail space that existed in the original World Trade Center. Westfield says sections could open within two years, in time for the 10th anniversary of the attacks, and it would be fully up and running before 2014, when the transit hub is scheduled for completion. Westfield’s proposal would require some modifications in the site’s master plan to make room for more prominent retail space.”

From The Wall Street Journal

Written by Nissa on June 10, 2009 – 2:09 pm -
Posted in Mall World | No Comments »

Developing in new markets

0129mall.gifGrowth in the shopping center industry may be slowing in most traditional markets, but some companies are finding new areas to develop.

ECC group is one of those companies. The Netherlands-based developer has just announced two new overseas developments: Promenada@ Canary in Bihn Duong, Vietnam, and another in Chiang Mai, Thailand. These new developments are the developer’s sixth and seventh overseas projects.

From an article discussing the announcement:

“Located on 82,000sq.m in front of the Viet Nam-Singapore Industrial Park in Thuan An District, some 17km from downtown HCM City, the complex is a joint venture between ECC and Guocoland Viet Nam, a real estate developer from Singapore.

ECC Group will contribute 80 per cent and Guocoland the remaining 20 per cent of the joint venture’s registered capital of US$33 million.

Promenada @ Canary says it will offer an innovative mix of international and local fashion brands, food and beverage concepts, as well as leisure and entertainment.

The project’s first phase is expected to be completed in the 3rd quarter of 2011 and the second phase, in late 2012.”

Written by Nissa on March 11, 2009 – 12:06 pm -
Posted in Mall World | No Comments »

Russian Development

0129mall.gifFASHION HOUSE Development is moving forward on a plan to open Outlets in Russia. The developer has just completed acquisition of its first Russian Outlet plot.

A number of development companies have been looking to Russia as a new market, but this project looks to be the first outlet development. With outlets gaining popularity around the world, the growth opportunities should be significant.

From the company’s press release:

Brendon O’Reilly, Director, GVA Grimley Outlet Services and FASHION HOUSE Development, explains: ‘Currently Russia has no Outlets and yet there is the potential for at least 20 based on population, brand awareness and potential spend. Interestingly the original drive for us to look into this market came from our existing tenants who are desperate to move into these areas.  We work as a partner with our tenants and wanted to look into meeting this need.  FASHION HOUSE Development was the ideal vehicle to move this forward.’

Neil Thompson, CEO of FASHION HOUSE Development adds: ‘This is a new and exciting marketplace that we feel is ready for the FASHION HOUSE branded Outlet offer. As Brendon mentioned, there is high brand awareness amongst consumers who have money to spend, extremely high demand from our current tenants wanting to move into this market and a good number of investors with Outlet experience looking to come on board. FASHION HOUSE Development has the experience and expertise to be the first to go into this emerging market. FASHION HOUSE Outlet Centre Moscow is our first of many in Russia. Currently we are looking into a further sixteen cities with the hope to secure future plots.’

Written by Nissa on March 4, 2009 – 5:56 pm -
Posted in Mall World | No Comments »

Developers Diversified draws investment

1133money.gifDevelopers Diversified, an Ohio-based REIT, has drawn a proposed $112.5 million investment from the German Otto family. The Otto family owns German development firm ECE Projektmanagement, and several North American companies and developments.

The ICSC has more about this story:

“The Ottos have agreed to buy 30 million shares and reserve the right to buy 10 million more. The shares will be purchased in two tranches at a price of $3.50 per share for the first 15 million shares at the first closing and $4.00 per share for the second 15 million shares at the second closing. The share prices represent a premium of approximately 33 percent and 52 percent, respectively, to the closing market price of the company’s shares on Friday, Feb. 20, 2009…”

Written by Nissa on February 25, 2009 – 4:51 pm -
Posted in Mall World | No Comments »

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