Australia’s largest pension fund is taking a hit on an eight-building U.S. office portfolio in which it has a 49% stake, including one building that is going back to the lender.
“In the US office sector in particular, we are holding assets at far less than what we bought them for several years earlier,” AustralianSuper head of Mid Risk Portfolios Jason Peasley told Bloomberg in an email.
AustralianSuper purchased the minority share in the portfolio from Brookfield Properties for $349M in 2015 as a way for the fund to enter the Washington, D.C., market.
The portfolio totals 2.2M SF and was 96% occupied at the time of the 2015 sale,…
Birkenstock is entering the market with hopes to grow its business in Asia and the United States.
Banking giant HSBC Holdings is beginning a worldwide review of its office and retail footprint as part of its effort to cut costs and otherwise streamline operations, React News reports. The bank occupies about 3,000 properties in 62 countries.
London-based HSBC is likely to appoint a number of real estate specialists to oversee the process, which will generate nearly $1B in fees over a period of five years, according to React News. JLL has been doing global facilities management for HSBC under a deal that runs until next year.
With nearly $3T in assets, HSBC is one of the 10 largest banks in the world. Its…
His culinary empire included several restaurants, an olive oil company, a winery and retail stores with a robust catalog business.
Once the symbol of the counterculture, lately the darlings of the fashion world, Birkenstock went public in New York.
In her second day testifying at the FTX founder’s trial, Ms. Ellison said she misled lenders at Mr. Bankman-Fried’s request.
Birkenstock shares declined in their stock-market debut Wednesday, a potential blow to an IPO market that was just showing signs of recovery.
The Treasury secretary said that she was not yet seeing an economic impact from the Israel-Gaza war.
Investors doubt that central bankers will lift borrowing costs again following big market moves that are widely expected to cool growth.
The incoming chief executive faces a tough challenge, with a core business under pressure due to pharmacy-benefit managers such as his former employer Express Scripts.