NBIM in $1.6bn NY purchase
Norges Bank Investment Management has bought a 44% stake in an 11-strong New York office portfolio from Trinity Wall Street for $1.6bn (£1bn). The 4.9m sq ft portfolio is 94% let; all of the properties are in the Hudson Square neighbourhood of Midtown South in Manhattan.
Hines hires in Italy
Hines has rehired Mario Abbadessa as a director to lead investment in Italy. Abbadessa previously spent five years working for Hines in Milan before the company sold its Italian fund management arm to Manfredi Catella, Hines’ former country head for Italy.
SEGRO grabs Dutch sheds
Industrial developer SEGRO has bought a three-asset, 1.1m sq ft shed portfolio in the Netherlands from private Dutch developer Dok Vast for £65m – a 6.1% yield.
Outback estate sale blocked
Australia has blocked the sale of an outback estate to foreign bidders, citing national security concerns. The S Kidman & Co cattle station is the largest parcel of non-state and non-royal land in the world and is valued at £175m. The land includes a weapons-testing site used by the military.
Hudson resi tower financed
Related Companies and Oxford Properties have secured $1.3bn (£862m) of finance to develop 15 Hudson Yards, the first residential tower at the 28-acre mixed use development in Manhattan. The Children’s Investment Fund Foundation, New York State and a sovereign wealth fund jointly participated in the financing.
Chinese insurers plan spree
The Chinese insurance industry will invest $73bn (£48.3bn) in global real estate by 2019, according to a report by Cushman & Wakefield. Chinese insurers have spent $13.4bn on global property since deregulation in 2009.
