Danish insurer goes Asian
Denmark’s largest private life insurer, PFA Pension, is to commit $200m (£139m) to Morgan Stanley’s Prime Asia Fund. PFA Pension will be the cornerstone investor in the new open-ended, pan-Asia core investment vehicle, which is expected to hold a $500m first close soon.
HSBC to limit US mortgages
HSBC plans to limit mortgages to Chinese nationals buying real estate in the US. The policy change comes as the Chinese government attempts to stem the flow of capital out of China. Chinese buyers spent $28.6bn (£19.9bn) on US homes in 2015.
Madison to buy Queens flats
Madison Realty Capital is under offer to buy Saxon Hall, a block of 420 rented flats in Rego Park, in the New York borough of Queens, for $135m (£94m) from Treetop Development. The price reflects a capital value of $268 per sq ft.
Rockspring in Euro spree
Rockspring has bought an office development site in Geneva and a French logistics portfolio as part of a €272m (£206m) spending spree for its TransEuropean VI fund, which held its first close in October. It paid €80m for the L’Atelier development site in Geneva and €101m for the French sheds portfolio.
Prologis on a roll in Hungary
Prologis has leased more than 1m sq ft of Hungarian sheds, including a 300,000 sq ft letting to Geodis at Park Budapest-Budaörs. It has also signed a lease for 270,000 sq ft with Schneider Electric at Prologis Park Budapest-Sziget.
Amazon to open 400 stores
Online giant Amazon plans to open as many as 400 physical bookshops in the US, according to a major retail landlord. Sandeep Mathrani, chief executive of General Growth Properties, told analysts this week that Amazon’s goal is to open 300 to 400 bookstores.
