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Latest Real estate news
Homebuyers are looking for larger homes than small ones amidst the pandemic. According to a new report from Redfin, typical homes that sold in a month ending August 16 were 3.7% larger (1,772 square feet) than those that got dealt a year earlier. This is compared with a 0.4% average year-over-year from 2015 to 2019. Sales for large homes increased by 21% year-over-year globally in July. The sales grew almost ten times faster for large homes than...
The Maharashtra government last week reduced stamp duty on the real estate sector to boost demand. The government stated that the 3% stamp duty cut in the realty sector would take effect from 1 September to 31 December 2020, while a 2% cut in stamp duty will be effective from January 2021 to March 2021. Before now, the government charged 5% in stamp duty in popular cities like Pune, Mumbai, Nagpur, and Nashik, while stamp duty charges were 6% in...
WeWork said on Thursday that it has successfully reduced its rate of cash burn by almost 50% as compared to the start of the year. It also announced to have secured an additional £840 million financing from SoftBank Group Corp (TYO:9984) that currently has a majority stake in WeWork. Previously, SoftBank had pulled out of a £2.41 billion tender offer in April that had left WeWork in crisis. Shares of SoftBank lost roughly 1.5% on Friday. The Japa...
The Macerich Company (NYSE: MAC) published its quarterly financial results on Tuesday that highlighted the company to have concluded its fiscal second quarter in loss that came in lower than what the experts had forecast. Its revenue and funds from operations (FFO), however, fell shy of the analysts’ estimates. Macerich highlighted on Tuesday that it the Coronavirus pandemic pushed it into closing nine of its malls in California once again as the...
Rightmove plc (LON: RMV) said on Friday that its pre-tax profit in the first half (H1) of the current fiscal year came in 43% lower. It attributed the decline to the Coronavirus pandemic that pushed the UK housing market into a temporary shut down in recent months. Rightmove announced to have hired a new CFO on £1.75 million package earlier this week. Shares of the company were almost flat in premarket trading on Friday but jumped more than 8% on...
Workspace Group (LON: WKP) expressed confidence on Thursday that customer enquiries recovered quickly in June as the British government started to ease Coronavirus restrictions. The office space provider, however, still forecasts occupancy levels to remain under pressure in the short term. In the first quarter that ended on 30th June, Workspace posted £16 million in loss. According to CEO Graham Clemett of Workspace Group: “As our existing custom...
Global investment firm giant Blackstone Group Inc (NYSE: BX) thinks that owning facilities where TV and films are produced is a worthwhile investment, even at a time when production is halted due to the COVID-19 pandemic, The Wall Street Journal reported. Betting hundreds of millions of dollars Blackstone’s real-estate investment team is scooping up land and facilities that are vital to content distributors like Netflix and Walt Disney, WSJ repor...
As the Coronavirus pandemic continues to wreak havoc on the UK’s housing market, Rightmove Plc (LON: RMV) announced to have extended discounts aimed at supporting agents cope up with the novel financial challenges posed by the health crisis. Consequently, the UK’s largest property website said on Tuesday that its revenue will be further slashed by £17 million to £20 million. Shares of the company were 2.2% down in premarket trading on Tuesday. At...
Intu Properties (LON: INTU) said on Tuesday that it might be pushed into closing a few of the most popular shopping centres in the United Kingdom as the Coronavirus pandemic continues to weigh on its performance. The real estate investment trust has approached its creditors for a debt standstill deal. Upon failure to strike a deal before Friday, the company said it might enter administration with KPMG serving as the administrator. Shares of the c...
In an announcement on Monday, Capital & Countries Properties (LON: CAPC) said that it has finalised an agreement to purchase Samuel Tak Lee’s stake in Shaftesbury (LON: SHB) for £436 million. The Hong Kong tycoon had a 26.3% stake in Capco’s rival located in central London. Capital & Countries Properties was reported 1.7% up while a 2.7% decline in Shaftesbury was seen in premarket trading on Monday. At 168 pence per share, Capco is rough...
Land & Buildings Investment Management is among the most notable activist investor firms in the real estate space. The fund, mostly known for establishing long positions and pushing for change, is now taking a different approach by shorting multiple New York City office owners, The Wall Street Journal reported. Potential short targets Land & Buildings is reportedly short three names, including Empire State Realty Trust Inc (NYSE: ESRT), S...
In an announcement on Monday, Intu Properties (LON: INTU) said that it might not be able to meet its debt commitments next month. The company cited falling rental payments and expressed plans of negotiating with creditors over standstill agreements to cushion the economic blow from COVID-19. Earlier in May, Intu announced to have received debt waivers until 26th June. The real estate investment trust company is now seeking standstill agreements t...
In an announcement on Thursday, Persimmon (LON: PSN) said that it has resumed around 65% of construction work after a COVID-19 driven temporary halt on operations. On 15th May, the company added, it will also reopen sales offices with strict social distancing measures in place. In Scotland, however, Persimmon will keep all of its sites closed for now. The UK’s 2nd largest housebuilder also highlighted on Thursday to have completed 1,300 ho...
Latvian State real estate has now been permitted to expand the range of tenants supported under a recent government program meant to cushion tenants against the hard-economic times following the ongoing lockdown measures. Thanks to an amendment to the requirements to qualifications for beneficiaries of the program, Latvian State Real Estate (VNĪ) will now extend its rent exemption or reduction initiative to include not just business people but al...
Just when you would think that firms are holding tightly onto capital owing to the impact of the pandemic, Dutch real estate firm Orange Capital has snapped up 173 new apartments in the Netherlands. According to sources, the units whose exact cost remains a closely guarded secret were acquired from a KKR and Round Hill Capital partnership. The apartments are part of a 2018 investment venture between KKR and Round Hill which saw the two...
The outbreak of the deadly Coronavirus has dealt a major blow to the global economy. Some of the most effective measures put in place to curb the virus spread include social distancing, which is awful news to mall owners with real estate investment trusts (REITs) in their portfolios. Businesses are already shifting online and closing brick and mortar locations in malls, thanks to a strained economy. But even before the Covid-19 pandemic, malls ha...
Last month there were occasional jumps in the UK property prices but according to a recent report by Nationwide, the market recovery signs are set to come to a halt amid the Covid-19 pandemic. While house prices rose by 3.7% last month representing a three-year high, the impact of the pandemic was not factored in the percentage, the British mutual financial institution said. Nationwide’s House Price Index for April utilizes mortgage approval info...