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- "Plan B" fails to garner enough votes to pass House
House Speaker John Boehner, R-Ohio, was forced to abandon his "fiscal cliff" proposal when it became clear there wasn't enough support to pass the measure in the Republican-controlled House of Representatives. The failure of "Plan B" raises the level of uncertainty about whether Republican leaders and President Barack Obama can reach a deal before the year ends. Reuters
(12/21), The Washington Post
(12/20), USA Today
(12/21)     
| Capital Markets | | |
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- Europe needs banking union to overcome challenges, IMF says
The International Monetary Fund says a banking union is necessary in Europe in light of challenges, noting that "the present conjuncture makes management of the situation particularly difficult." The IMF also called for stress testing of banks and sharper separation between sovereign and bank risk. Bloomberg
(12/20), Reuters
(12/20)
| Investment News | | |
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- Five Oaks eyes $115M IPO
Five Oaks Investment filed paperwork with the U.S. Securities and Exchange Commission to raise up to $115 million in an initial public offering. Five Oaks is a REIT that invests in agency and non-agency RMBS. Nasdaq.com/Renaissance Capital
(12/20)
| Real Estate Marketplace | | |
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- Signs are good for CRE in 2013
The commercial real estate industry is optimistic about the outlook for 2013. A PwC survey shows respondents expect improved performance in all sectors.
Lawrence Yun, chief economist with the National Association of Realtors, pointed to growing momentum in the market. REIT.com
(12/20)
- Haggerty: Investors' perceptions of REITs more favorable
Investors have a more favorable view of REITs, according to Frank Haggerty, portfolio manager with Duff and Phelps Investment Management. Speaking with REIT.com at REITWorld 2012: NAREIT's Annual Convention for All Things REIT, he pointed to the liquidity of REIT shares, the quality of their assets and cost of capital advantage as reasons investors favor REITs. "Liquidity has always been a part of the REIT story. An important lesson learned over the years is just how important that liquidity can be. Both from the buy and sell side, that's definitely grown in appreciation," he said. REIT.com
(12/20)
- Norway's SWF buys $1.6B stake in Prologis portfolio
Norway's $680 billion sovereign-wealth fund is buying a 50% stake in Prologis' European property portfolio for $1.6 billion. This will be the fund's first industrial purchase. The fund will be permitted to buy real estate outside of Europe in January. It seeks to have 5% of its assets invested in real estate. Bloomberg
(12/20), Reuters
(12/21)
- Henry: National retailers are growing like crazy
Kimco Realty CEO David Henry notes that the retail industry has been on a steady improvement track over the past few years. "Retailers, especially national retailers, are growing like crazy, adding stores," he said. Kimco is concentrating on major metro areas. Fox Business
(12/20)
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