Conversions of office, retail and hotel properties into multifamily buildings are on track to produce 20,100 new apartments this year, according to Yardi Matrix, up from an average of about 12,000 annually during the past five years. Conversions are generally cheaper than building entirely new properties, and the demand for apartments has proven resilient despite the pandemic.
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A spate of issuance has sent the face value of the high-yield bond market above $1.5 trillion for the first time, according to ICE Data Services. A record 149 companies have entered the market this year, including an almost unprecedented total of 26 in September and 13 in October.
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Ryman Hospitality Properties is buying the famed Block 21 in Austin, Texas, for $260 million. Stratus Properties had first announced plans to sell the downtown block to Ryman Hospitality in December 2019, but the transaction was canceled because of the pandemic.
Boston Properties and Rudin Management Company have signed a tenant for a 12-year, 42,000-square-foot lease at Dock 72 at the Brooklyn Navy Yard. The tenant, Food52, will occupy the 13th floor at the 675,000-square foot building.
Equinix is planning a new Manchester, UK, data center, with the first phase opening in the second quarter of next year. The project "will provide high-speed connectivity to the North of England, facilitating the next generation of digital transformation within the region," said Equinix's Lorraine Wilkinson.
Senate Democrats are looking to finance spending proposals with a 15% minimum tax on large companies' profits and a tax on the unrealized capital gains of billionaires. Some House Democrats have expressed reservations about the proposals, both of which could face constitutional challenges.
Investors are increasingly looking for real estate projects that prioritize sustainability, with the trend driven in part by new standards and more accurate monitoring tools and data. Examples of the sustainable movement include Hudson Pacific Properties' Epic solar-powered office building in Hollywood and Prologis' use of green bonds on warehouse projects.
The Nareit Hawaii Community Giving Initiative is providing a a $75,000 grant to Molokai Baptist Church that will benefit three families. The grant will go toward the church's Aloha in Action program and be used to buy housing materials for families in need. "The Aloha in Action program is an inspiring example of how a community comes together with volunteer labor and a commitment to make homes better and safer for families to live in and raise children," said Nareit Hawaii Executive Director Gladys Quinto Marrone.
BlackRock has brought to market the world's biggest range of climate change exchange-traded funds, after adopting tightened investment rules for six existing climate-aligned ETFs that manage $9 billion in assets. After discussions with the fund manager, MSCI indexes linked to BlackRock's iShares ESG Enhanced UCITS ETF range will comply with the EU's Climate Transition Benchmark.
Keenan recently spoke with REIT magazine about Blackstone Mortgage Trust's investment approach, why maintaining relationships in the real estate industry is key, and her side job tending to her vegetable garden. Read the interview.
Nareit's REITworld: 2021 Annual Conference will be held virtually on Nov. 9-11. Connect with top REIT management teams and investors during private one-on-one meetings and get the latest news, analysis, and insights from industry experts during educational sessions. REITworld is free to attend -- register now.