Category Archives: Real Estate

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Hudson Pacific and Macerich to transform Westside Pavilion into state-of-the-art creative office space in a Prime Los Angeles Location

  • Hudson Pacific Brings Deep Expertise in Successfully Redeveloping and Repositioning Properties as Creative Offices to Attract Top-Tier Tenants in Technology, Entertainment, and Other High-Growth Industries
  • Redevelopment to Provide Approximately 500,000 Square Feet of Creative Office in a Prime Los Angeles Location Adjacent to Freeways and Public Transportation

LOS ANGELES, 2018-Mar-08 — /EPR Retail News/ — Hudson Pacific Properties, Inc. (NYSE: HPP) and Macerich (NYSE: MAC) today (03/05/18) announced the formation of a joint venture through which Hudson Pacific and Macerich will work together to transform the approximately 600,000 square-foot Westside Pavilion into approximately 500,000 square feet of state-of-the-art creative office space, while retaining the approximately 100,000 square feet of existing entertainment retail space. The joint venture will be held 75% by Hudson Pacific and 25% by Macerich.

The companies estimate total project costs, including the asset value at contribution, in the range of $425-475 million, with each partner contributing their pro rata share. The construction is expected to be completed by mid-2021. Hudson Pacific will serve as the joint venture’s Managing Member and the property’s day-to-day operator and developer.

Victor Coleman, Chairman and CEO of Hudson Pacific, said: “Westside Pavilion is a perfect opportunity for us to reposition a marquee asset in a premier location—this is what we do best. The project is poised to capture the strong demand from tenants for creative office space on the west side of Los Angeles. We look forward to working with Macerich and to making our signature improvements to the property, which we believe will greatly benefit the surrounding community.”

Art Coppola, Chairman and CEO of Macerich, said: “Our joint venture with Hudson Pacific will enable us to maximize the value of this incredibly well-situated real estate with dynamic new uses—something Macerich has always excelled at. Hudson Pacific brings great expertise in the creative office space segment, and we are pleased to partner with them on this exciting, high visibility project.”

Westside Pavilion is located proximate to the I-405 and I-10 freeways and steps from the Expo Line light rail’s Westwood/Rancho Park station. The property is immediately adjacent to the residential enclave of Cheviot Hills, and less than three miles from the business and residential communities of Century City, Westwood, Culver City, Mar Vista and Brentwood. The property’s proximity to these neighborhoods, excellent access to freeways and public transit, and its large footprint and parking areas make it ideal for redeveloping office space.

About Hudson Pacific Properties

Hudson Pacific Properties is a vertically integrated real estate company focused on acquiring, repositioning, developing and operating high quality office and state-of-the-art media and entertainment properties in select West Coast markets. Hudson Pacific invests across the risk-return spectrum, favoring opportunities where it can employ leasing, capital investment and management expertise to create additional value. Founded in 2006 as Hudson Capital, the company went public in 2010, electing to be taxed as a real estate investment trust. Through the years, Hudson Pacific has strategically assembled a portfolio totaling over 17 million square feet including land for development, in high growth, high-barrier-to-entry submarkets throughout Northern and Southern California and the Pacific Northwest. The company is a leading provider of design-forward, next-generation workspaces for a variety of tenants, with a focus on Fortune 500 and leading growth companies, many in the technology, media and entertainment sectors. As a long-term owner, Hudson Pacific prioritizes tenant satisfaction and retention, providing highly customized build-outs and working proactively to accommodate tenants’ growth. Hudson Pacific trades as a component of the Russell 2000® and the Russell 3000® indices. For more information visit HudsonPacificProperties.com.

About Macerich

Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 53 million square feet of real estate consisting primarily of interests in 48 regional shopping centers. Macerich specializes in successful retail properties in many of the country’s most attractive, densely populated markets with significant presence in the Pacific Rim, Arizona, Chicago and the Metro New York to Washington, DC corridor. A recognized leader in sustainability, Macerich has earned NAREIT’s prestigious “Leader in the Light” award every year from 2014-2017. For the third straight year in 2017 Macerich achieved the #1 GRESB ranking in the North American Retail Sector, among many other environmental accomplishments. Additional information about Macerich can be obtained from the company’s website at www.macerich.com.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events, or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the company’s control that may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the Securities and Exchange Commission, or SEC, on February 16, 2018, and other risks described in documents subsequently filed by the company from time to time with the SEC.

Contacts:

Investor/Media Contacts:
Hudson Pacific Properties
Laura Campbell
Vice President, Head of Investor Relations
310.622.1702
lcampbell@hudsonppi.com

Macerich
Karen Maurer
602.953.6471
karen.maurer@macerich.com

Source: Macerich

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British Land: Eataly to open its first UK location at Broadgate’s 135 Bishopsgate in 2020

British Land: Eataly to open its first UK location at Broadgate’s 135 Bishopsgate in 2020

 

LONDON, 2018-Mar-06 — /EPR Retail News/ — British Land and Eataly, the Italian marketplace, announce that Eataly is to open its first UK location at Broadgate’s 135 Bishopsgate in 2020. Eataly has signed an agreement for lease for 42,000 sq ft on the ground and first floors of the building.

Eataly’s original idea is very simple: to gather all the high-quality Italian foods under one roof, where you can eat, shop and learn. With a selection of the best Italian products, restaurants, bars, quick services, exciting on-site production laboratories, and a cooking school, Eataly will add to the already popular restaurant and bar offering at Broadgate, bringing many opportunities to learn about Italian food and culture though courses, guided tastings, demonstrations and special events.

The letting marks yet another positive step in Broadgate’s evolution into a mixed-use neighbourhood for London, and sets the tone for the world class retail destination that British Land is delivering at the campus.

135 Bishopsgate’s refurbishment is part of British Land’s wider focus on enhancing the environment for Broadgate’s workers and visitors and attracting businesses from a range of sectors to the campus. The upgraded building will deliver high quality office space for occupiers, who will benefit from a roof terrace with views over London, as well as an in-house catering offer and a café, both provided by Eataly. British Land is making significant improvements to the public realm on Bishopsgate, one of London’s busiest streets.

Eataly’s marketplace will be accessible from both Bishopsgate and Broadgate’s Exchange Square which is due to be transformed into a new park for the campus. These additional entrances will significantly improve the campus’ permeability and its connections with the lively surrounding areas of Spitalfields and Shoreditch.

Claire Barber, Head of Central London Retail and Meadowhall, British Land said: “Eataly’s decision to take space at Broadgate is a fantastic endorsement of British Land’s strategy to create a vibrant, world class neighbourhood at the campus.

“Along with arrival of the Elizabeth Line at 100 Liverpool Street this year, and the high quality retail space due to open at 100 Liverpool Street in 2019, Eataly will really put Broadgate on the map as an exciting destination for Londoners to enjoy seven days a week.”

Luca Baffigo, CEO, Eataly said: “Visiting Borough Market before opening our first Eataly in Italy was a source of great inspiration for our concept. This is why opening a place in London where people can buy, eat and learn is a very important and exciting milestone for us. Being able to bring our model into a place that is so significant for us fills us with satisfaction and stimulates us to create in London a wonderful multifunctional experience.”

This letting is the most recent in a series of commitments from a range of occupiers at Broadgate, including cyber security and data management company Mimecast, which is taking 79,000 sq ft at 1FA (currently undergoing a major refurbishment), and Japanese bank SMBCE which is taking 161,000 sq ft at 100 Liverpool Street.

For further details on Broadgate, visit www.broadgate.co.uk.

About British Land

Our portfolio of high quality UK commercial property is focused on Retail around the UK and London Offices. We own or manage a portfolio valued at £18.1 billion (British Land share: £13.5 billion) as at 30 September 2017 making us one of Europe’s largest listed real estate investment companies.

Our strategy is to provide places which meet the needs of our customers and respond to changing lifestyles – Places People Prefer. We do this by creating great environments both inside and outside our buildings and use our scale and placemaking skills to enhance and enliven them. This expands their appeal to a broader range of occupiers, creating enduring demand and driving sustainable, long term performance.

Our Retail portfolio is focused on Regional and Local multi-let centres, and accounts for 49% of our portfolio. Our Offices portfolio comprises three office-led campuses in central London as well as high quality standalone buildings and accounts for 49% of our portfolio. Increasingly our focus is on providing a mix of uses and this is most evident at Canada Water, our 46 acre redevelopment opportunity where we have plans to create a new neighbourhood for London.

Sustainability is embedded throughout our business. Our places, which are designed to meet high sustainability standards, become part of local communities, provide opportunities for skills development and employment and promote wellbeing. Our industry-leading sustainability performance led to British Land being awarded a five star rating in the 2017 Global Real Estate Sustainability Benchmark for the second year running.

In April 2016 British Land received the Queen’s Award for Enterprise: Sustainable Development, the UK’s highest accolade for business success for economic, social and environmental achievements over a period of five years.

Further details can be found on the British Land website at www.britishland.com.

About Eataly

Eataly, which in the last year generates sales of roughly EUR 400 million, has 40 shops in 12 countries, offering to more than 30 million of visitors the best cottage-industry products at sustainable prices, limiting the distribution chain to the utmost and creating direct contact between the producer and the final distributor, skipping the intermediate stages in the chain. The main goal is to increase the percentage of those who eat with awareness, choosing high-quality Italian products and paying special attention to the source and processing of raw materials.

The philosophy adopted by Eataly is twofold: on the one hand, it offers products, both for sale and used as ingredients in catering; on the other hand, it offers education, including cooking classes, tastings, encounters with great chefs, important wine or beer producers or craftsmen, free education for children and senior citizens. The latter aspect summarises the true originality of Eataly and represents the starting-point in leading consumers to perceive quality, which can encourage the sense of taste and enjoyment that makes a human being more satisfied and happier. More on www.eataly.com

Enquiries:
Investor Relations:
David Walker
British Land
020 7467 3418

Media:
Claire Turvey
FTI Consulting
020 3727 1000

Source: British Land

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Macerich to participate in the Citi 2018 Global Property CEO Conference in Hollywood, Florida

SANTA MONICA, Calif., 2018-Mar-06 — /EPR Retail News/ — Macerich® (NYSE: MAC) today (03/05/18) announced that Art Coppola, CEO and Chairman, Ed Coppola, President and Tom O’Hern, Senior Executive Vice President and CFO will participate in the Citi 2018 Global Property CEO Conference in Hollywood, Florida.

Macerich will participate in a roundtable discussion from approximately 2:55 p.m. to 3:30 p.m. Eastern Time, on Monday, March 5, 2018.  Interested parties can listen to a live audio only webcast of the discussion on the Macerich website at www.macerich.com (Investing Section). To listen, please go to the website, at least fifteen minutes prior to the start of the discussion in order to register.  An online replay of the webcast will be available one hour after the conclusion of the live event and will be available until May 1, 2018.

Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

Macerich currently owns 53 million square feet of real estate consisting primarily of interests in 48 regional shopping centers. Macerich specializes in successful retail properties in many of the country’s most attractive, densely populated markets with significant presence in the Pacific Rim, Arizona, Chicago and the Metro New York to Washington, DC corridor.

A recognized leader in sustainability, Macerich has earned NAREIT’s prestigious “Leader in the Light” award every year from 2014-2017. For the third straight year in 2017 Macerich achieved the #1 GRESB ranking in the North American Retail Sector, among many other environmental accomplishments. Additional information about Macerich can be obtained from the Company’s website at www.macerich.com.

Contact:

Jean Wood
Vice President
Investor Relations
(424-229-33

SOURCE: Macerich

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CBL Properties President and Chief Executive Officer Stephen D. Lebovitz to present at the Citi 2018 Global Property CEO Conference

CHATTANOOGA, Tenn., 2018-Mar-06 — /EPR Retail News/ — CBL Properties (NYSE: CBL) today (3/2/2018) announced that it will provide an online audio webcast of the presentation given by its President and Chief Executive Officer, Stephen D. Lebovitz, at the Citi 2018 Global Property CEO Conference in Hollywood, Florida. The presentation will take place on Monday, March 5, 2018, at 8:50 a.m. ET.

The live webcast of CBL’s presentation will be available online at cblproperties.com. The online replay will follow shortly after the presentation ends and continue for 30 days.

About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s portfolio is comprised of 119 properties totaling 74.4 million square feet across 27 states, including 76 high-quality enclosed, outlet and open-air retail centers and 12 properties managed for third parties. CBL continuously strengthens its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com

Contact:

CBL Properties
Katie Reinsmidt
423-490-8301
Executive Vice President & Chief Investment Officer
Katie.Reinsmidt@cblproperties.com

Source: CBL Properties

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Federal Realty Investment Trust President and CEO Donald C. Wood to present at the Citi 2018 Global Property CEO Conference

ROCKVILLE, Md., 2018-Mar-02 — /EPR Retail News/ — Federal Realty Investment Trust (NYSE: FRT) announced today (Feb. 27, 2018) that Donald C. Wood, President and Chief Executive Officer, will present at the Citi 2018 Global Property CEO Conference in Hollywood, Florida on Monday, March 5, 2018 from 7:30 AM ET to 8:05 AM ET.

Event: Federal Realty Investment Trust Presentation at Citi 2018 Global Property CEO Conference

When: 7:30 AM ET, Monday, March 5, 2018

Live Webcast: FRT Citi Global Property CEO Presentation or under the Investors tab at www.federalrealty.com

A replay of the webcast will be available on Federal Realty’s website at www.federalrealty.com through June 3, 2018.

About Federal Realty

Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, our mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Our expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty’s 104 properties include approximately 3,000 tenants, in approximately 24 million square feet, and over 2,300 residential units.

Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 50 consecutive years, the longest record in the REIT industry. Federal Realty shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.FederalRealty.com.

Investor Inquires:
Leah Andress
Investor Relations Associate
301.998.8265
landress@federalrealty.com

Media Inquiries:
Andrea Simpson
Vice President, Marketing
617.684.1511
asimpson@federalrealty.com

SOURCE: Federal Realty Investment Trust

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The Lipsey Company named CBRE the top global brand in commercial real estate for the 17th consecutive year

Los Angeles, 2018-Feb-23 — /EPR Retail News/ — CBRE Group, Inc. today (February 21, 2018) announced that The Lipsey Company has named CBRE the top global brand in commercial real estate for the 17th consecutive year.

Lipsey, a training and professional development firm specializing in commercial real estate, has surveyed commercial real estate professionals on their perceptions of the industry’s leading brands since 2002. CBRE has been ranked number one every year that Lipsey has conducted its brand survey. In 2018, more than 150,000 U.S. and international professionals participated in the survey, including property owners, investors, lenders, occupiers, brokers and property managers.

“The business environment has changed significantly in 17 years, but one constant has been the intense focus of CBRE’s professionals in delivering exceptional outcomes for our clients,” said Bob Sulentic, president and chief executive officer of CBRE. “The Lipsey survey results provide another testament to their efforts.”

Earlier this month CBRE was recognized as one of the 100 Most Sustainable Companies in the U.S. by Barron’s and was named one of the 2018 World’s Most Ethical Companies® for the fifth year in a row. Both FORTUNE and Forbes also recently named CBRE one of the best U.S. workplaces for diversity.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

MEDIA CONTACT:

Robert McGrath
212.984.8267
robert.mcgrath@cbre.com

SOURCE: CBRE Group, Inc.

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CBRE Group, Inc. named to The 2018 Global Outsourcing 100® by IAOP®

Los Angeles, 2018-Feb-23 — /EPR Retail News/ — CBRE Group, Inc. (NYSE: CBG) today (February 21, 2018) announced that the company has been named to The 2018 Global Outsourcing 100® by IAOP®. This marks the twelfth consecutive year that CBRE has been named among the world’s elite outsourcing firms across all industries.

The 2018 Global Outsourcing 100 and The World’s Best Outsourcing Advisors recognizes the world’s best outsourcing service providers and advisors. These lists are based on applications received, and judging is based on a rigorous scoring methodology that includes an independent review by an independent panel of IAOP customer members with extensive experience in selecting outsourcing service providers and advisors for their organizations.

“CBRE’s continued recognition by IAOP as a premier global outsourcing company highlights the quality of our professionals, our service offering and our ability to attract and build advantages for first-rate, global organizations,” said Bill Concannon, CEO of Global Workplace Solutions for CBRE.

CBRE’s suite of integrated outsourcing services for occupiers of commercial real estate spans transaction services, facilities management, project management, and strategic consulting. CBRE continues to enhance these services through technology, talent recruitment, mergers-and-acquisitions and other strategic initiatives. It also has bolstered its capabilities within specific industry sectors, including: financial services, healthcare, and life sciences.

“In today’s economy, it is more important than ever for outsourcing buyers to be able to easily identify and select the right company for their outsourcing needs,” said Debi Hamill, IAOP CEO. “The Global Outsourcing 100 and World’s Best Advisors lists are the essential tools companies reference to make smarter decisions. They provide companies with valuable insights into the outsourcing industry, leading and emerging service providers and advisors, and key developments to watch.”

About IAOP

IAOP is the global association that brings together customers, providers, and advisors in a collaborative, knowledge-based environment that promotes professional and organizational development, recognition, certification, and excellence to improve business service models and outcomes. Our members and affiliates worldwide are digging deep at IAOP conferences, learning at IAOP chapter meetings, getting trained and certified at IAOP courses and workshops, and connecting through IAOP social media, all with one goal: better business results. Whether you are a customer, provider or advisor, new to collaborative business models like outsourcing, or you are an experienced professional, IAOP connects you and your organization to our growing global community and to the resources you need to get the results your company deserves and demands. For more information and how you can become involved, visit www.IAOP.org.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

MEDIA CONTACT:

Robert McGrath
212.984.8267
robert.mcgrath@cbre.com

SOURCE: CBRE Group, Inc.

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Europa Capital and Ediston Real Estate sold two 1980s office buildings in Bath to Carlton (North Wales) for £26.5 million

Europa Capital and Ediston Real Estate sold two 1980s office buildings in Bath to Carlton (North Wales) for £26.5 million

 

Edinburgh, Scotland, 2018-Feb-22 — /EPR Retail News/ — Europa Capital and Ediston Real Estate have sold two 1980s office buildings in Bath to UK family property group Carlton (North Wales) for £26.5 million.

The Pinesgate site currently comprises detached buildings Pinesgate East and Pinesgate West.

Located along the Lower Bristol Road, both properties are currently let to insurance provider Redde until 2025 at £1,583,929 per year.

As well as offering eight years of secure income, the investment comes with the opportunity to obtain vacant possession to redevelop the site.

Planning consent has already been granted for a new, high-specification, Grade-A office comprising 112,246 sq ft over five floors at Pinesgate West.

A new state-of-the-art office is anticipated to be in high demand as there is currently no availability of Grade-A offices within Bath city centre. If developed, Pinesgate West will be the first newly-built office in the city in 26 years.

In addition, planning consent has been secured for a new, state-of-the-art education campus spanning 177,507 sq ft at Pinesgate East.

The campus will comprise college facilities and integral student accommodation for 358 units. Pinesgate East, which makes up approximately 50 per cent of the site, has been pre-let to Kaplan Bath on a new 21-year lease to create Kaplan International College.

Jeremy Hodgson, head of national investments at Allsop, said: “The strong price achieved reflected Europa Capital and Ediston Real Estate’s excellent asset management and vision in obtaining such a major and valuable planning consent for the site. The opportunity now reflects a secure medium-term income stream coupled with an exceptional planning consent and part pre-let.

“Bath boasts a strong local economy and is renowned as both a thriving business hub in the region and a centre for education excellence. As a result, this site benefits from excellent prospects for rental growth and good, long-term tenant demand.”

Allsop represented the vendor, Europa Capital and Ediston Real Estate.

Contact:
0131 225 5599
or email info@ediston.com

Source: Ediston Real Estate

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CBL Properties to deliver fresh new eateries at Volusia Mall in Daytona Beach, FL, and Northgate Mall in Chattanooga, TN

CHATTANOOGA, Tenn., 2018-Feb-20 — /EPR Retail News/ — CBL Properties (NYSE: CBL) today (2/19/2018) announced plans to add new dining options as part of the redevelopment of two former Sears Auto Centers. The redevelopments will deliver fresh new eateries at both Volusia Mall in Daytona Beach, Florida, and Northgate Mall in Chattanooga, Tennessee. Construction on both projects will begin in March with an expected opening this fall.

“CBL is committed to diversifying the uses at our properties to include more dining and other lifestyle options. We are thrilled to move forward with our plans to redevelop the two Sears Auto Centers we acquired last year,” said Stephen Lebovitz, president & CEO, CBL Properties. “This is one of many announcements we look forward to sharing in 2018 detailing the transformation of CBL properties through our redevelopment program.”

Bonefish Grill, Metro Diner, and The Casual Pint will join the mix at Volusia Mall. Additional tenants planned as part of the project will be announced as leases are executed.

Northgate Mall will welcome Tennessee-based Aubrey’s as well as Panda Express as part of the redevelopment.

About CBL Properties

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s portfolio is comprised of 119 properties totaling 74.4 million square feet across 27 states, including 76 high-quality enclosed, outlet and open-air retail centers and 12 properties managed for third parties. CBL continuously strengthens its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.

Investor Contact:
Katie Reinsmidt
423-490-8301
Executive Vice President & Chief Investment Officer
Katie.Reinsmidt@cblproperties.com

Media Contact:
Stacey Keating
423-490-8361
Director of Public Relations & Corporate Communications
Stacey.Keating@cblproperties.com

Source: CBL Properties

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Woolwich Estate in south east London joins the portfolio of British Land’s Local retail centres

LONDON, 2018-Feb-13 — /EPR Retail News/ — British Land is pleased to announce that it has acquired the Woolwich Estate, covering 4.9 acres in south east London for a headline price £103 million representing a net initial yield of 4.1%.

This acquisition is in line with our strategy of focusing on well-connected, mixed use assets which meet the evolving needs of our occupiers and their customers. It builds on our portfolio of places benefitting from the Elizabeth Line, including Broadgate, Paddington Central and Ealing Broadway, and provides significant potential to drive growth and returns through our placemaking, asset management and development expertise. It makes an exciting addition to our existing portfolio of Local retail centres, which provide convenience-led shopping for local communities.

The Woolwich estate covers 360,000 sq ft of space in central Woolwich. Predominantly retail, it includes over 50,000 sq ft of residential and 3,000 sq ft of office space. The area is already benefitting from significant regeneration, led by the Elizabeth Line which launches from Woolwich in December 2018 reducing journey times to Canary Wharf and Bond Street to 8 and 22 minutes respectively. To coincide with this, 6,000 new homes have been built or are in the pipeline. The estate is currently 95% occupied, with an average lease length of under four years, and average rent of £17 psf, providing British Land with an attractive opportunity to strengthen the offer and mix in line with the improving catchment.

Charles Maudsley, Head of Retail, Leisure & Residential at British Land, said: “This acquisition provides a unique opportunity to create a thriving retail-anchored centre, benefitting from a mix of uses in an exciting, increasingly well connected and rapidly regenerating part of London. We have a long term vision for the estate which will deliver space that works for retailers and their customers; which generates clear benefits for local communities and drives value for British Land.

Across our London campuses and our multi-let retail properties, we have developed a clear and distinct advantage in managing mixed use environments with development potential, and in enhancing and enlivening our space through placemaking. This acquisition plays very well to those skills.”

The Woolwich Estate comprises 56 retail units and has footfall of 6 million. It benefits from an improving local demographic with over 40% of residents falling within the top three most affluent groups, per CACI consumer classification. Coinciding with the arrival of the Elizabeth Line, Greenwich Council are investing £31 million to deliver a new “Creative District” which will transform five historic buildings into theatre and concert space, with offices and restaurants.

Notes to Editors

About British Land
Our portfolio of high quality UK commercial property is focused on Retail around the UK and London Offices. We own or manage a portfolio valued at £18.1 billion (British Land share: £13.5 billion) as at 30 September 2017 making us one of Europe’s largest listed real estate investment companies.

Our strategy is to provide places which meet the needs of our customers and respond to changing lifestyles – Places People Prefer. We do this by creating great environments both inside and outside our buildings and use our scale and placemaking skills to enhance and enliven them. This expands their appeal to a broader range of occupiers, creating enduring demand and driving sustainable, long term performance.

Our Retail portfolio is focused on Regional and Local multi-let centres, and accounts for 49% of our portfolio. Our Offices portfolio comprises three office-led campuses in central London as well as high quality standalone buildings and accounts for 49% of our portfolio. Increasingly our focus is on providing a mix of uses and this is most evident at Canada Water, our 46 acre redevelopment opportunity where we have plans to create a new neighbourhood for London.

Sustainability is embedded throughout our business. Our places, which are designed to meet high sustainability standards, become part of local communities, provide opportunities for skills development and employment and promote wellbeing. Our industry-leading sustainability performance led to British Land being awarded a five star rating in the 2017 Global Real Estate Sustainability Benchmark for the second year running.

In April 2016 British Land received the Queen’s Award for Enterprise: Sustainable Development, the UK’s highest accolade for business success for economic, social and environmental achievements over a period of five years.

Further details can be found on the British Land website at www.britishland.com

Enquiries:
Investor Relations:
David Walker
British Land
020 7467 3418

Media:
Pip Wood
British Land
020 7467 2838

Cressida Curtis
British Land
020 7467 2938

Source: British Land

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UNIQLO to open its first Maryland location at Pike & Rose in Montgomery County

Pike & Rose Continues to Build Momentum as International Apparel Merchant Joins Growing List of Retail, Restaurant, Residential, Hotel and Office Tenants

ROCKVILLE, Md., 2018-Feb-13 — /EPR Retail News/ — Federal Realty Investment Trust (NYSE: FRT) announced today (Feb. 7, 2018) that global retailer UNIQLO will open its first Maryland location and third in the Washington D.C. metro area at Pike & Rose, a 24-acre mixed-use development in Montgomery County. Expected to open in the fall of 2018, the new 11,000-square-foot store will offer LifeWear for men, women and kids.

“The latest store announcements and openings at Pike & Rose represent a continued positive trend for Federal Realty. Whether searching for the best location to be first to market, as it was for Chicago-based Stella Barra Pizzeria, or to expand their footprint in the D.C. metro region, as Scout & Molly’s Boutique did this week, they are choosing Pike & Rose,” said Chris Weilminster, President of Mixed Use at Federal Realty. “As Pike & Rose continues to reshape North Bethesda with a focus on the future, it has established a track record of attracting best-in-class domestic and international interest by offering options not found in other areas of the Greater Washington region.”

Other notable highlights from the neighborhood include:

  • Canopy by Hilton to open 3rd location in the world in late February 2018
  • 930 Rose Condominiums located above Canopy with hotel amenity offerings, 50% under contract
  • State-of-the-art Porsche Dealership
  • Conversion of 17,000-square-foot rooftop into The Farm at Pike & Rose

“With the addition of UNIQLO, over 60% of the project’s retail GLA now comes from iconic domestic and international brand category leaders, cementing Pike & Rose as a beacon for retailers both internationally known and locally loved,” said Stuart Biel, Federal Realty’s Vice President, Leasing. “The complement of an unparalleled mix of amenities within an authentic neighborhood environment means retailers and restaurateurs searching for their next location are finding it at Pike & Rose.”

In 2018 Pike & Rose will welcome:

  • 930 Rose – Condominiums
  • Baked Bear – Ice Cream Sandwich Shop
  • BlueMercury – Retailer
  • Canopy by Hilton — Hotel
  • Jinya Ramen Bar – Restaurant
  • Julii – Restaurant
  • Nada – Restaurant
  • Nando’s Peri Peri – Restaurant
  • The Red Door Salon & Spa by Elizabeth Arden – Spa
  • Scout & Molly’s Boutique – Retailer
  • Taylor Gourmet – Restaurant
  • Uniqlo — Retailer
  • Up Top Acres/The Farm at Pike & Rose – Rooftop Farm

About Pike & Rose, a Federal Realty neighborhood

Since its opening in 2014, the transit-oriented development has grown to 391,000 square feet, including over 40 tenants of thoughtfully merchandized retail space. The selection of restaurants (including Summer House Santa Monica, Del Frisco’s Grille, &pizza and Taylor Gourmet), retailers (including REI, Sephora, H&M, L.L.Bean and Sur La Table), a state-of-the-art Porsche dealership, and unique entertainment offerings (iPic Theaters, Pinstripes and AMP by Strathmore) have created a one-of-a-kind retail environment. The neighborhood is fully enhanced by the offerings of 99 luxury condominiums and penthouses uniquely positioned above Canopy by Hilton, a 177-key boutique hotel; 80,000 square feet of fully leased best-in-class office space; 765 luxury apartments; and a 17,000-square-foot rooftop farm. The project represents a total investment of approximately $500 million with additional potential for development, and is part of the Federal Realty Row properties, which include Santana Row, located in San Jose, California, and Assembly Row, located in Somerville, Massachusetts. For additional information about Pike & Rose, visit www.pikeandrose.com.

About Federal Realty

Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets. Founded in 1962, our mission is to deliver long-term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Federal Realty’s 104 properties include over 2,900 tenants, in approximately 24 million square feet, and over 2,000 residential units. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 50 consecutive years, the longest record in the REIT industry. Federal Realty shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.FederalRealty.com.

Investor Inquires:
Leah Andress
Investor Relations Associate
301.998.8265
landress@federalrealty.com

Media Inquiries:
Andrea Simpson
Vice President, Marketing
617.684.1511
asimpson@federalrealty.com

SOURCE: Federal Realty Investment Trust

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LCP welcomes Ceri Markham and Derek Croal as new asset managers

LCP welcomes Ceri Markham and Derek Croal as new asset managers

 

LONDON, 2018-Jan-30 — /EPR Retail News/ — LCP has appointed two new asset managers.

Ceri Markham and Derek Croal both join LCP’s head office in Pensnett, West Midlands. Ceri joins the industrial team from Cushman and Wakefield, where she was a senior surveyor in its asset services team. She has previously worked at Jaguar Land Rover and SEGRO.

Derek has joined the retail team from Walsall-based European Food Brokers Ltd, where he was group estates manager, leading the in-house property team in the management of the group’s 110 trading and 125 investment properties.

Managing director Nick Burgess said: “We’re gearing up for a very busy and productive 2018, with ambitious acquisitions targets, so we are delighted to welcome Ceri and Derek, who bring many years of first-class experience in their respective fields to LCP.”

Ceri, who enjoys travelling to South Africa where she has family, said: “Coming to LCP was an attractive prospect because of its ambitious plans for growth and because of its unqualified commitment to tenants. I’m very much looking forward to making my contribution to the firm.”

Sportive cyclist Derek added: “I’m very pleased to join LCP at a time of growth. It has expanded its retail portfolio significantly in recent years and its values in looking after the communities in which it acquires properties really appealed to me.”

Media Enquiries:

If you have any media enquiries please email propertyenquiry@lcpproperties.co.uk

Source: LCP

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CBRE named to the 2018 America’s Best Employers For Diversity list by Forbes

Los Angeles, 2018-Jan-26 — /EPR Retail News/ — CBRE Group, Inc. (NYSE:CBG) has been named to the 2018 America’s Best Employers For Diversity list by Forbes. The company earned a #45 ranking on the list of 250 organizations and is the only commercial real estate company to receive this honor.

The Forbes ranking is the result of employee responses to surveys that asked about diversity, gender, ethnicity, sexual orientation, age and disability. Other factors considered were the gender split of management teams and boards, and the company’s proactive communication about diversity.

“CBRE prides itself on creating a work environment that supports all of our employees and values the differences of each individual,” said Bobby Griffin, Vice President of Diversity and Inclusion for the Americas at CBRE. “We are honored to be named to this list and we will continue our efforts to celebrate the unique qualities that our employees bring to our company.”

Forbes and the research firm Statista surveyed 30,000 U.S. employees in companies that have at least 1,000 employees.

Click here to review the full list on forbes.com.

In December 2017, FORTUNE magazine also named CBRE one of the best U.S. workplaces for diversity.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

Media Contacts:

Robert McGrath
Senior Director
+1 212 9848267

Source: CBRE

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CBRE appoints Brian Harringon and Brennan McReynolds to leadership positions for CBRE 360

Los Angeles, 2018-Jan-26 — /EPR Retail News/ — CBRE has appointed Brian Harringon and Brennan McReynolds to leadership positions for CBRE 360, the company’s new capability focused on delivering enhanced employee experiences in the workplace. Mr. Harrington will be Chief Product Office for CBRE 360 while Mr. McReynolds will serve as Senior Vice President, Business Development & Operations for CBRE 360.

“Brian and Brennan have a track record of helping organizations to develop user-focused solutions that meet clients’ needs,” said Andrew Kupiec, Global President – CBRE 360. “Combining their consumer expertise with CBRE’s leadership in workplace solutions and building management will accelerate our ability to guide clients through the radically changing world of work.”

CBRE 360 helps property investors and occupiers create customized workplace solutions by integrating property services and amenities with advanced digital technologies. The capability leverages CBRE’s market-leading strengths in workplace strategy and occupancy planning, design and build-out, and property and facilities management, with its growing technology capabilities.

Mr. Harrington is a senior marketing and product executive with experience in early-stage, high-growth and global service organizations including both public and private companies. Most recently he was the inaugural entrepreneur in residence for the Carroll School of Management at Boston College and earlier Chief Marketing Officer for Zipcar, the world’s leading car sharing service. In this global role he oversaw all brand experience, member acquisition and engagement, public relations, policy and partnership efforts.

Mr. McReynolds was most recently Chief Operating Officer at Event Farm, a B2B marketing technology platform, where he oversaw operations, finance and experiential technology. As one of Event Farm’s initial hires in 2011, he was instrumental in the shift to a SaaS based business model, securing venture funding and the overall growth of the company. During the 2016 Summer Olympics, in Rio, he spent 30 days on the ground lead the technology platform that enabled Nike’s athlete and VIP brand experience during the games.

CBRE 360 builds on the company’s industry-leading expertise in workplace solutions and its management of more than 5 billion sq. ft. of space for premier corporations and property investors worldwide. It also leverages CBRE’s considerable experience with its own Workplace360 (free-address, tech-enabled, collaboration-enhancing offices) initiative, which has driven higher employee engagement and efficiency gains at more than 60 CBRE global offices since its launch in 2013.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

Media Contacts:

Robert McGrath
Senior Director
+1 212 9848267

Source: CBRE

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Fortune magazine named CBRE Group a World’s Most Admired Company in the real estate industry for the sixth consecutive year

Los Angeles, 2018-Jan-23 — /EPR Retail News/ — CBRE Group, Inc. (NYSE:CBG) today  (January 22, 2018) announced that Fortune magazine has named the company a World’s Most Admired Company in the real estate industry for the sixth consecutive year.

Fortune rates companies on nine attributes related to corporate performance. In 2018, CBRE was ranked second overall in the real estate sector (behind only Host Hotels & Resorts) and was among the top three companies on all nine attributes, including global competitiveness, people management, financial strength and long-term investment.

“Our continued recognition as a Fortune Most Admired Company reflects our people’s deep commitment to excellence and producing great outcomes for our clients every day.  We are very proud of their accomplishments,” said Bob Sulentic, president and chief executive officer of CBRE.

Drawing from a base of some 1,500 companies, Fortune evaluated 680 companies from 29 countries in determining the Most Admired Companies. Fortune surveys board directors, executives and financial analysts to determine the rankings.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

Media Contacts:

Robert McGrath
Senior Director
+1 212 9848267

Source: CBRE

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CBRE: U.S. office space vacancy increased to 13 percent during Q4 2017

Los Angeles, 2018-Jan-15 — /EPR Retail News/ — Vacant office space in the U.S. increased slightly by 10 basis points (bps) during the fourth quarter of 2017 (Q4 2017) to 13 percent, according to the latest analysis from CBRE. For the year, vacancy inched up 10 bps, marking the first year-over-year increase in vacancy since 2010.

The vacancy rate in suburban markets increased 10 bps, to 14.2 percent and downtown vacancy ticked up 10 bps to 10.7 percent. Vacancy continued to fall in a majority of U.S. office markets, and the national office vacancy rate remains near its post-recession low.

“The fourth quarter’s slight office vacancy rise can be attributed to an increase of supply and a slight loosening in the tightness of the market as we have closed in on the previous cyclical low,” said Spencer Levy, Americas’ head of research for CBRE.

The largest metro-area declines were recorded were recorded in Riverside (-80 bps), Salt Lake City (-70 bps) and Richmond (-60 bps). Tucson, Wilmington, Louisville, and Indianapolis, each declined by 60 bps or more. In the past four quarters, the vacancy tightening has been found in mid-sized markets located predominately across the Sun Belt, including Tucson, Las Vegas, Richmond, Albuquerque, Louisville, Orlando, Wilmington, Tampa, Phoenix, Kansas City, Riverside, Detroit and Jacksonville. The nation’s lowest vacancy rates list in Q4 2017 were led by tech markets: Seattle (7.6%), San Francisco (7.8%), Austin (8.2%), Raleigh (8.3%), New York (9.4%), and Boston (9.8%).

“Despite the slight rise in vacancy, we see the new supply as healthy overall, as many markets were becoming space constrained, in particular for large block space,” added Mr. Levy.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

Media Contacts:

Robert McGrath
Senior Director
+1 212 9848267

SOURCE: CBRE

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HBC: Marc Metrick, President of Saks Fifth Avenue to expand leadership role to include Gilt and Saks OFF 5TH

TORONTO & NEW YORK, 2018-Jan-11 — /EPR Retail News/ — HBC today (January 9, 2018) announced that Marc Metrick, President of Saks Fifth Avenue, will expand his leadership role to include Gilt and Saks OFF 5TH. In this capacity, Mr. Metrick will lead distinct teams and work to ensure that each business remains well positioned to execute within their respective operating structures.

“Since assuming leadership of Saks Fifth Avenue in 2015, Marc has successfully implemented strategies to enhance business performance and elevate the Saks experience to be at the forefront of luxury retailing,” said Richard Baker, Governor, Executive Chairman and Interim CEO. “Marc’s ability to shape and evolve the shopping experience is critical for success in an ever-changing retail environment, and I have great confidence that he will position Gilt and Saks OFF 5TH to drive improved performance.”

Mr. Metrick said, “I’m excited to work closely with the entire team at Gilt and Saks OFF 5TH to drive performance and move the business forward. There is opportunity for growth at both businesses, especially on their respective digital platforms. I look forward to collaborating with the leadership team to position the business for future success.”

As a long-tenured retail executive, Mr. Metrick has served in a number of leadership roles for HBC and Saks Fifth Avenue. Since April 2015, he has held the role of President, Saks Fifth Avenue. Prior to this, he served as Chief Marketing Officer and Chief Administrative Officer of HBC, where he was responsible for corporate strategy and administration for all of HBC’s retail businesses. Mr. Metrick spent the first 15 years of his career at Saks Fifth Avenue, ultimately becoming its Chief Strategy Officer before joining the leadership team of HBC in 2012. At HBC, Mr. Metrick played an instrumental role in the acquisition of Saks Fifth Avenue and has since focused on driving growth there.

With this change in leadership, Jonathan Greller will leave HBC effective January 12.

Mr. Baker said, “Jonathan has worked with the team to integrate Gilt and Saks OFF 5TH, bring Saks OFF 5TH to Canada and open more than 45 stores across North America. We thank Jonathan for his many contributions to HBC and wish him well in his future endeavors.”

About HBC
HBC is a diversified global retailer focused on driving the performance of high quality stores and their allchannel offerings, growing through acquisitions, and unlocking the value of real estate holdings. Founded in 1670, HBC is the oldest company in North America. HBC’s portfolio today includes formats ranging from luxury to premium department stores to off price fashion shopping destinations, with more than 480 stores and over 66,000 employees around the world.

HBC’s leading banners across North America and Europe include Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, Gilt, Saks OFF 5TH, Galeria Kaufhof, the largest department store group in Germany, and Belgium’s only department store group Galeria INNO.

HBC has significant investments in real estate joint ventures. It has partnered with Simon Property Group Inc. in the HBS Global Properties Joint Venture, which owns properties in the United States and Germany. In Canada, it has partnered with RioCan Real Estate Investment Trust in the RioCan-HBC Joint Venture.

MEDIA:
Andrew Blecher
Phone: (646) 802-4030
Press@hbc.com

INVESTOR RELATIONS:
Elliot Grundmanis
Phone: (646) 802-2469
Email: elliot.grundmanis@hbc.com

Source: HBC

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CBL Properties unveils major anchor redevelopment project at Eastland Mall in Bloomington, IL

CBL Announces Exciting Redevelopment Plans For Former Department Store

CHATTANOOGA, Tenn., 2018-Jan-10 — /EPR Retail News/ — CBL Properties (NYSE:CBL) today (1/4/2018) confirmed details of its transformation plan for Eastland Mall in Bloomington, IL. Global fashion retailer H&M and popular fitness center Planet Fitness will join the center as part of the redevelopment of the former JCPenney store. In addition to H&M and Planet Fitness, Outback Steakhouse is also slated to join the line-up at Eastland Mall.

“We are thrilled to kick off 2018 by announcing a major anchor redevelopment project at Eastland Mall,” said Stephen Lebovitz, president & CEO, CBL Properties. “The additions of H&M and Planet Fitness are a perfect example of our commitment to bringing a dynamic mix of uses to our centers. Dining, value and fitness are increasingly in demand, and we are pleased to deliver names that not only meet this demand, but elevate the overall customer experience.”

Construction on H&M, Planet Fitness, and Outback Steakhouse is currently underway, and all tenants are set to open prior to the 2018 holiday season.

About CBL Properties

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s portfolio is comprised of 119 properties totaling 74.4 million square feet across 27 states, including 76 high-quality enclosed, outlet and open-air retail centers and 12 properties managed for third parties. CBL continuously strengthens its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.

Investor Contact:
Katie Reinsmidt
423-490-8301
Executive Vice President & Chief Investment Officer
Katie.Reinsmidt@cblproperties.com

Media Contact:
Stacey Keating
423-490-8361
Director of Public Relations & Corporate Communications
Stacey.Keating@cblproperties.com

Source: CBL Properties

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New joint venture brings together Hernando de Soto and Medici Ventures’ blockchain expertise to develop a global property registry system

Blockchain used to Create First Global Record of Who Controls Territory and Property Rights
SALT LAKE CITY, UT, 2017-Dec-14 — /EPR Retail News/ — World-renowned economist Hernando de Soto and blockchain technology leader Patrick Byrne (founder Overstock.com, Inc. (NASDAQ:OSTK) and blockchain subsidiary Medici Ventures) have formed a joint venture to develop a global property registry system to surface  the property rights of billions of people in the developing world. The new company – De Soto, Inc. – brings together de Soto’s decades worth of reforms (especially regarding property rights) at the Institute for Liberty and Democracy (ILD) and Medici Ventures’ blockchain expertise to build solutions to empower individuals through recognized property ownership.

“I envision a world in which people with rights to their property and business assets pull themselves—and their communities —out of poverty,” said de Soto. “About 80 percent of the world’s population is unable to enter into the modern global economy due to lack of visible and standardized property records. Billions of people have resources that cannot easily be transformed into productive capital. Blockchain is a powerful tool to solve these structural issues, which are some of the principal causes of poverty and conflict.”De Soto, Inc. is developing a blockchain-based system using mobile applications and social media integration that will bring to light the thousands of “disconnected ledgers” (i.e., informal ownership records) that exist at local levels in communities around the world. In doing so, it will create a global repository on which ownership and transfer can be based. The system aims to promote the interests of people who are currently operating extra-legally, as well as multinational corporations who are trying to cooperate with local owners. The company expects to launch its first pilot program in early 2018.

Considering merely real estate, the poor in developing countries own a staggering $14 trillion in assets that is “dead capital.” In Peru alone, untitled real estate assets amount to $74 billion in value that Peruvians cannot use to establish creditworthiness or leverage as collateral for loans. Lacking formal ownership and the legal protection it affords, citizens of the developing world may turn for protection to terrorist organizations, who gain power by promising enforcement of de facto local property ownership.

Byrne, CEO of Overstock.com and founder of its subsidiary Medici Ventures, has been a longtime advocate for bitcoin and its underlying technology, blockchain. “Working with Hernando de Soto is the honor of my lifetime,” said Byrne. “Hernando’s work has demonstrated that secure ownership of property is a catalyst that sets into motion the engine of progress, creating enormous wealth in the process. From my first public talks on blockchain I emphasized that blockchain’s application to property could lift billions out of poverty. Hernando and I intend to use blockchain technology to empower and enfranchise the five billion people who live outside formal economies within five years.”

“One of our main missions is to democratize capital – to help the poorest members of society participate in global markets,” said Jonathan Johnson, president of Medici Ventures. “Hernando’s work proves that implementing policies to surface and protect property rights undermines terrorist organizations and promotes the prosperity of those who were previously forced to operate outside the formal economic system. Blockchain can solve this problem. It’s great to be partnering with Hernando to bring this vision to reality.”

De Soto is founder and president of the Peru-based Institute for Liberty and Democracy, considered by The Economist to be one of the two most important think tanks in the world. In the last 30 years, de Soto has been designing and implementing legal reforms to empower the poor in Africa, Asia, Latin America, the Middle East, and former Soviet nations through programs that grant access to formal property rights.  De Soto has been written of as “One of the 12 Most Important Economists in the World ”. He  won the prestigious Milton Friedman Prize in 2005, was listed as one of 15 innovators “who will reinvent your future” according to Forbes magazine’s 85th anniversary edition, and has been described by Bill Clinton as “the world’s most important living economist”.

Byrne is the founder/CEO of Overstock.com. Wired Magazine has called Byrne, “The Messiah of Bitcoin”. Byrne has been named the National Entrepreneur of the Year (Ernst & Young, 2011). Overstock has been voted #9 in Employees Choice “Best Places to Work” (Glassdoor, 2011) and named one of the “100 Most Trustworthy Companies in America” (Forbes, 2014).

About Medici Ventures:
Launched in 2014, Medici Ventures is a wholly owned subsidiary of Overstock.com, Inc., created to leverage blockchain technology to solve real-world problems with transparent, efficient and secure solutions. Medici Ventures has a growing portfolio of groundbreaking blockchain-focused investments, including t0.com, Peernova, Bitt, SettleMint, Factom, and IdentityMind, Spera and Symbiont. The company’s majority-owned financial technology company, t0.com, executed the world’s first blockchain-based stock offering in December 2016.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company’s Form 10-Q for the quarter ended September 30, 2017, which was filed with the SEC on November 8, 2017, and any subsequent filings with the SEC.

About Overstock.com
Overstock.com, Inc. Common Shares (NASDAQ:OSTK) / Series A Preferred (Medici Ventures’ tZERO platform: OSTKP) / Series B Preferred (OTCQX:OSTBP) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, décor, rugs, bedding, and home improvement. In addition to home goods, Overstock.com offers a variety of products including jewelry, electronics, apparel, and more, as well as a marketplace providing customers access to hundreds of thousands of products from third-party sellers. Additional stores include Pet Adoptions and Worldstock.com dedicated to selling artisan-crafted products from around the world. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock regularly posts information about the company and other related matters under Investor Relations on its website,http://www.overstock.com.

O, Overstock.com, O.com, Club O, Main Street Revolution, and Worldstock are registered trademarks of Overstock.com, Inc. O.biz and Space Shift are also trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company’s Form 10-Q for the quarter ended September 30, 2017, which was filed with the SEC on November 8, 2017, and any subsequent filings with the SEC.

SOURCE: Overstock.com, Inc.

Media Contact:
pr@mediciventures.com

SOURCE: Overstock.com/ GLOBE NEWSWIRE

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Citycon announces equity repayment of EUR 0.0325 per share

Helsinki, 2017-Dec-13 — /EPR Retail News/ — The Board of Directors of Citycon Oyj has today (12 December 2017) decided, on the basis of the authorisation by the Annual General Meeting 2017, that an equity repayment of EUR 0.0325 per share be distributed from the invested unrestricted equity fund of the company. The equity repayment will be paid to a shareholder registered in the company’s shareholders’ register maintained by Euroclear Finland Ltd on the record date for the dividend and equity repayment 14 December 2017. The equity repayment will be paid on 29 December 2017.

Citycon’s Annual General Meeting held on 22 March 2017, resolved to authorise the Board of Directors to decide in its discretion on the distribution of dividend and equity repayment. Based on the authorisation the total amount of the dividend to be distributed shall not exceed EUR 0.01 per share and the maximum amount of equity repayment distributed from the invested unrestricted equity fund shall not exceed EUR 0.12 per share. The authorisation is valid until the opening of the Annual General Meeting 2018.

Following the asset distribution on 29 December 2017, Citycon Oyj has distributed a total dividend and equity repayment of EUR 0.13 per share during the year 2017 and the Board of Directors has fully exercised the asset distribution authorisation granted by the Annual General Meeting.

Citycon is a leading owner, manager and developer of urban, grocery-anchored shopping centres in the Nordic and Baltic region, managing assets that total almost EUR 5 billion and with market capitalisation of close to EUR 2 billion. Citycon is No. 1 shopping centre owner in Finland and among the market leaders in Norway, Sweden and Estonia. Citycon has also established a foothold in Denmark.

Citycon has investment-grade credit ratings from Moody’s (Baa1) and Standard & Poor’s (BBB). Citycon Oyj’s share is listed in Nasdaq Helsinki.

www.citycon.com

For further information, please contact:
Marcel Kokkeel
CEO
Tel. +358 40 154 6760
marcel.kokkeel@citycon.com

Eero Sihvonen
Executive Vice President and CFO
Tel. +358 50 557 9137
eero.sihvonen@citycon.com

Source: Citycon

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Weingarten Realty Investor declares special cash dividend of $0.75 per common share

HOUSTON, 2017-Dec-13 — /EPR Retail News/ — Weingarten Realty Investors (NYSE:WRI) announced today (12/11/2017) that its Board of Trust Managers declared a special cash dividend of $0.75 per common share payable on December 29, 2017 to shareholders of record on December 26, 2017. The Company estimates the special dividend will consist primarily of gains on dispositions of properties.

The Board of Trust Managers did not make any change in the Company’s policy with respect to regular quarterly dividends.

About Weingarten Realty Investors

Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At September 30, 2017, the Company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 210 properties which are located in 18 states spanning the country from coast to coast. These properties represent approximately 42.4 million square feet of which our interests in these properties aggregated approximately 27.2 million square feet of leasable area. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.

Forward-Looking Statements

Statements included herein that state the Company’s or Management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 which by their nature, involve known and unknown risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by such statements. Reference is made to the Company’s regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company’s performance.

Weingarten Realty Investors:
Michelle Wiggs
713-866-6050

Source: Weingarten Realty Investors

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LCP promotes Amy James to legal director

LCP promotes Amy James to legal director

 

London, 2017-Dec-12 — /EPR Retail News/ — Amy James, LCP’s head of legal, has been appointed a new director.

Amy joined the company’s London office in 2007 as a solicitor, after training, qualifying and practising at Clifford Chance LLP. She was appointed head of legal (uk) four years ago and has now been promoted to legal director.

Amy said: “LCP is an ambitious company in a thriving and dynamic sector, having undertaken strong and confident growth since I joined the business. I’m very pleased to have the opportunity to continue leading the legal team in my new role as Legal Director.”

She will continue to manage the legal teams operating from offices in London, the West Midlands, where LCP is headquartered, and Glasgow.

Nick Burgess, managing director of LCP, said: “Amy is an impressive and talented solicitor who has played a key role as we grow the business and we are keen to harness her expertise, skills and ideas in a director role. We are looking forward to working with her in this new capacity, helping us to drive the company forward.”

Media Enquiries:

If you have any media enquiries please email propertyenquiry@lcpproperties.co.uk

Source: LCP

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British Land celebrates the completion of the £60 million refurbishment of Meadowhall

British Land celebrates the completion of the £60 million refurbishment of Meadowhall

 

London, 2017-Dec-07 — /EPR Retail News/ — British Land, joint owner of Meadowhall, one of the UK’s premier shopping destinations, is today (06 DEC 2017) celebrating the completion of the £60 million refurbishment of the centre. This marks the end of a two-year programme, during which £40 million was invested in store upgrades by more than 70 brands including existing and new additions to Meadowhall’s line-up.

This combined investment of £100 million has already made a positive impact on performance, with footfall on Black Friday up 8%, making it the busiest on record. The prime Zone A rental tone has risen to over £400, reflecting very strong demand for space with 30 new retailers signing in the last 18 months.

Charles Maudsley, Head of Retail, Leisure and Residential for British Land, said: “The transformation we have achieved at Meadowhall is a great example of how we have listened to our customers and responded to their needs to create space that works for shoppers and enables retailers to thrive in an omni-channel world. It also demonstrates the value we place in working in partnership with the community to deliver significant, long-lasting benefits to the Sheffield City Region.”

Claire Barber, Head of Meadowhall for British Land, added: “Meadowhall is a very different place as a result of our investment. It is lighter and brighter; the space is more modern and the offer is significantly enhanced so it is the first choice for shoppers across the region. Together with our longer term plans for the centre, Meadowhall has a great future as one of the leading retail and leisure destinations in the UK.”

Highlights of the refurbishment include:

  • The creation of four districts each with a distinctive character and offer
  • Columns and bulkheads have been reduced or removed creating lighter, brighter malls, with new glazing, improved lighting and new customer seating added
  • Double height flagship formats introduced by brands, including All Saints and Hollister
  • New brands added including the first-ever physical store for online retailer Joe Browns, as well as Michael Kors, Flannels, Urban Decay, Skinny Dip, Tag Heuer, iSmash, Diesel, Joules, Jack Wills, Neal’s Yard, Nespresso, T2, schuh Kids, Pret a Manger, GBK, Barburrito, and Tapas Revolution
  • Upsizings or increased brand presence by Primark, River Island, Sports Direct, Build-A-Bear, JD Sports, Virgin Holidays and The Entertainer
  • Redesigns by existing occupiers including House of Fraser, M&S, Yo! Sushi, Timberland, Ted Baker, and Molton Brown.

Through the transformation, British Land has delivered a range of benefits for the Sheffield City Region:

  • Over 1,200 jobs were created to deliver the refurbishment, with 35% of the workforce living in Sheffield and 41% overall from the Sheffield City Region
  • Almost 50% of the £60 million spend has been awarded to SMEs
  • 70% of the project spend was made within 25 miles of Meadowhall, with 55% being spent in the Sheffield City Region
  • Local companies employed on the transformation include Dearneside, SCS Group, EE Ingleton Engineering, Clearline, EMR and the Ron Hull Group.

The refurbishment of Meadowhall will be followed by the development of a Leisure Hall, which was granted planning consent in a unanimous vote by Sheffield City Council’s planning committee in September. The £300 million extension will add 330,000 sq ft of new catering and leisure to Meadowhall, as well as enhanced public realm and other amenities.

About British Land

Our portfolio of high quality UK commercial property is focused on Retail around the UK and London Offices. We own or manage a portfolio valued at £18.1 billion (British Land share: £13.5 billion) as at 30 September 2017 making us one of Europe’s largest listed real estate investment companies.

Our strategy is to provide places which meet the needs of our customers and respond to changing lifestyles – Places People Prefer. We do this by creating great environments both inside and outside our buildings and use our scale and placemaking skills to enhance and enliven them. This expands their appeal to a broader range of occupiers, creating enduring demand and driving sustainable, long term performance.

Our Retail portfolio is focused on Regional and Local multi-let centres, and accounts for 49% of our portfolio. Our Offices portfolio comprises three office-led campuses in central London as well as high quality standalone buildings and accounts for 49% of our portfolio. Increasingly our focus is on providing a mix of uses and this is most evident at Canada Water, our 46 acre redevelopment opportunity where we have plans to create a new neighbourhood for London.

Sustainability is embedded throughout our business. Our places, which are designed to meet high sustainability standards, become part of local communities, provide opportunities for skills development and employment and promote wellbeing. Our industry-leading sustainability performance led to British Land being awarded a five star rating in the 2017 Global Real Estate Sustainability Benchmark for the second year running.

In April 2016 British Land received the Queen’s Award for Enterprise: Sustainable Development, the UK’s highest accolade for business success for economic, social and environmental achievements over a period of five years.

Further details can be found on the British Land website at www.britishland.co

Enquiries:
Jackie Janssen
British Land
020 7467 3449

Pip Wood
British Land
020 7467 2838

Amanda McNally
Aver
020 3514 2137

Nick Thornton
Aver
020 3514 2148

Source: British Land

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Macerich and Life Time® to build a Athletic healthy lifestyle, wellness and entertainment resort destination at Biltmore Fashion Park in Phoenix

Macerich and Life Time® to build a Athletic healthy lifestyle, wellness and entertainment resort destination at Biltmore Fashion Park in Phoenix

 

SANTA MONICA, Calif., 2017-Dec-07 — /EPR Retail News/ — Macerich (NYSE:MAC), one of the nation’s leading owners, operators and developers of retail properties in top markets, and Life Time®, the nation’s only Healthy Way of Life brand, today announced a ground-up, 80,000 square-foot, resort-like Life Time Athletic healthy lifestyle, wellness and entertainment destination to be built at Biltmore Fashion Park in Phoenix.

The luxury, high-end destination will be the first Diamond-level location for Life Time in Arizona, and the organization’s sixth club in the state. The new destination will be built in the east surface parking lot of the shopping center.

Life Time at Biltmore Fashion Park will offer a healthy living, healthy aging, healthy entertainment resort LifeSpa, a full-service salon and spa providing serene and relaxing treatment rooms for massage and facials as well as full hair and nail service; LifeCafe, a full-service, fast casual restaurant and bar; and a rooftop pool with bistro, plus a unique Kids Academy program, group fitness studios, yoga studios, a cycle studio, a Pilates studio, basketball court and much more.

“Biltmore Fashion Park is the ideal setting for our new Diamond location, which will be our most luxurious health, wellness, lifestyle and entertainment destination in the Phoenix area,” said Jeff Zwiefel, Life Time chief operating officer. “Our members already spend time in this well-placed property in the heart of the upscale Camelback Corridor, and it’s a great fit for our Life Time brand.”

Said Macerich Chairman and CEO Art Coppola: “Biltmore Fashion Park, with its park-like green lawns and outstanding collection of luxury retail and fine dining, is a favorite experience for the region’s best shoppers. The new, top-level Life Time destination adds to the powerful list of attractions for this true town square and one-of-a-kind property, and further demonstrates Macerich’s ability to elevate the experiences in our exceptional portfolio.”

The iconic, all-outdoor Biltmore Fashion Park is Arizona’s original luxury retail destination, featuring Saks Fifth Avenue, Stuart Weitzman, Jonathan Adler, lululemon and more, plus a stellar line-up of destination restaurants including The Capital Grille, The Cheesecake Factory, Christopher’s and Seasons 52, and a rich variety of dining experiences from Fox Restaurant Concepts, such as True Food Kitchen, Zinburger and BLANCO TACOS + TEQUILA.

About Life Time®—Healthy Way of Life
Life Time champions a healthy and happy life for its members across 129 destinations in 37 major markets in the U.S. and Canada. As the nation’s only Healthy Way of Life brand, Life Time delivers an unmatched athletic resort experience and provides a comprehensive healthy living, healthy aging and healthy entertainment experience that goes well beyond fitness to encompass the entire spectrum of daily life for individuals, couples and families of all ages. For more information visit www.lifetime.life.

About Macerich

Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

Macerich currently owns 53 million square feet of real estate consisting primarily of interests in 48 regional shopping centers. Macerich specializes in successful retail properties in many of the country’s most attractive, densely populated markets with significant presence in the Pacific Rim, Arizona, Chicago and the Metro New York to Washington, DC corridor.

A recognized leader in sustainability, Macerich has earned NAREIT’s prestigious “Leader in the Light” award every year from 2014-2017. For the third straight year in 2017 Macerich achieved the #1 GRESB ranking in the North American Retail Sector, among many other environmental accomplishments. Additional information about Macerich can be obtained from the Company’s website at www.macerich.com.

Contact:

Karen Maurer
Macerich
602-708-6311
karen.maurer@macerich.com

Natalie Bushaw
Life Time
952-229-2007
nbushaw@lifetimefitness.com

SOURCE: Macerich Company

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Taubman Centers declares a regular quarterly dividend of $0.625 per share of common stock

BLOOMFIELD HILLS, Mich., 2017-Dec-06 — /EPR Retail News/ — The Board of Directors of Taubman Centers, Inc. (NYSE: TCO) today (12/04/2017) declared a regular quarterly dividend of $0.625 per share of common stock. The common dividend is payable Dec. 29, 2017, to shareholders of record on Dec. 15, 2017.

The Board of Directors also declared quarterly dividends of $0.40625 on its 6.5% Series J Cumulative Preferred Shares (NYSE: TCO PR J) and $0.390625 on its 6.25% Series K Cumulative Preferred Shares (NYSE: TCO PR K). The preferred dividends will be payable Dec. 29, 2017, to shareholders of record on Dec. 15, 2017.

About Taubman

Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 27 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman’s U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Founded in 1950, Taubman is headquartered in Bloomfield Hills, Mich. Taubman Asia, founded in 2005, is headquartered in Hong Kong. www.taubman.com.

For ease of use, references in this press release to “Taubman Centers,” “company,” “Taubman” or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management’s current views with respect to future events and financial performance. Forward-looking statements can be identified by words such as “will”, “may”, “could”, “expect”, “anticipate”, “believes”, “intends”, “should”, “plans”, “estimates”, “approximate”, “guidance” and similar expressions in this press release that predict or indicate future events and trends and that do not report historical matters. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, the company assumes no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks, uncertainties and other factors. Such factors include, but are not limited to: changes in market rental rates; unscheduled closings or bankruptcies of tenants; relationships with anchor tenants; trends in the retail industry; the liquidity of real estate investments; the company’s ability to comply with debt covenants; the availability and terms of financings; changes in market rates of interest and foreign exchange rates for foreign currencies; changes in value of investments in foreign entities; the ability to hedge interest rate and currency risk; risks related to acquiring, developing, expanding, leasing and managing properties; changes in value of investments in foreign entities; risks related to joint venture properties; insurance costs and coverage; security breaches that could impact the company’s information technology, infrastructure or personal data; the loss of key management personnel; shareholder activism costs and related diversion of management time; terrorist activities; maintaining the company’s status as a real estate investment trust; changes in the laws of states, localities, and foreign jurisdictions that may increase taxes on the company’s operations; and changes in global, national, regional and/or local economic and geopolitical climates. You should review the company’s filings with the Securities and Exchange Commission, including “Risk Factors” in its most recent Annual Report on Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties.

Contact:
Ryan Hurren
Taubman, Director
Investor Relations
248-258-7232
rhurren@taubman.com

Maria Mainville
Taubman, Director
Strategic Communications
248-258-7469
mmainville@taubman.com

Source: Taubman Centers, Inc.

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Kimco Realty to host Q4 2017 earnings conference call on Thursday, February 15

NEW HYDE PARK, New York, 2017-Dec-04 — /EPR Retail News/ — Kimco Realty Corp. (NYSE: KIM) will announce its fourth quarter 2017 earnings on Thursday, February 15, 2018 before market opens. You are invited to listen to our quarterly earnings conference call, which will be broadcast live over the Internet on Thursday, February 15, 2018 at 10:00 AM EST.

Event: Kimco Realty’s Fourth Quarter Financial Results
When: 10:00 AM EST, February 15, 2018
Live Webcast: 4Q17 Kimco Earnings Conference Call under Kimco Investor Relations
Dial #: 1-888-317-6003 (Passcode: 8360092)

If you are unable to participate during the live webcast, audio replay from the conference call will be available on Kimco Realty’s website at investors.kimcorealty.com. A taped presentation of the call can also be accessed through Tuesday, May 15, 2018 by dialing 1-877-344-7529 (passcode: 10114786).

About Kimco
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North America’s largest publicly traded owners and operators of open-air shopping centers. As of September 30, 2017, the company owned interests in 507 U.S. shopping centers comprising 84 million square feet of leasable space primarily concentrated in the top major metropolitan markets. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years.

For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.

CONTACT:
David F. Bujnicki
Senior Vice President, Investor Relations and Strategy
Kimco Realty Corporation
1-866-831-4297
dbujnicki@kimcorealty.com

Source: Kimco Realty Corporation

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RioCan Real Estate Investment Trust to increase its monthly distribution starting with January 2018

TORONTO, 2017-Dec-04 — /EPR Retail News/ — RioCan Real Estate Investment Trust(“RioCan”) (TSX:REI.UN) today ( Dec. 01, 2017) is pleased to announce that it will increase its monthly distribution to unit holders to 12 cents per unit commencing with the January 2018 distribution, payable in February 2018. On an annualized basis, this will increase RioCan’s annualized distribution by 3 cents to $1.44 per unit, or approximately 2.1% per unit.

Edward Sonshine, Chief Executive Officer of RioCan, said, “We are very pleased to announce the first increase in RioCan’s distribution since 2013. This increase not only reflects the growth that we have been able to achieve but also the confidence that we have in our ability to continue to grow our funds from operations even while executing our $2 billion disposition program.  We are making great progress delivering our strategic vision for RioCan, and we remain committed to managing our payout ratio with the goal to provide continued growth in our distributions with the future growth in our cash flow.”

About RioCan
RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $13.9 billion at September 30, 2017. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. Our portfolio is comprised of 294 properties, including 16 development properties, with an aggregate net leasable area of approximately 45 million square feet. To learn more about how we deliver real vision on solid ground, visit www.riocan.com.

Forward Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian securities laws. This information includes, but is not limited to, statements concerning RioCan’s distributions, future cash flows and its disposition strategy, as well as statements with respect to management’s beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events or expectations that are not historical facts. Forward-looking information generally can be identified by the use of forward-looking terminology such as “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, or similar expressions suggesting future outcomes or events. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. All forward-looking information in this News Release is qualified by these cautionary statements.

Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan’s current estimates and assumptions, which are subject to numerous risks and uncertainties, including those described under “Risks and Uncertainties” in RioCan’s Management’s Discussion and Analysis for the period ended September 30, 2017 (“MD&A”), which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. Those risks and uncertainties include, but are not limited to, those related to: liquidity and general market conditions; tenant concentrations and related risk of bankruptcy or restructuring (and the terms of any bankruptcy or restructuring proceeding), occupancy levels and defaults, including the failure to fulfill contractual obligations by the tenant or a related party thereof; lease renewals and rental increases; the ability to re-lease and find new tenants for vacant space; retailer competition; changes in Ontario’s rent control legislation; access to debt and equity capital; interest rate and financing risk; joint ventures and partnerships; the relative illiquidity of real property, the timing and the ability of RioCan to sell certain properties; and the valuations to be realized on property sales relative to current IFRS values; unexpected costs or liabilities related to acquisitions and dispositions; development risk associated with construction commitments, project costs and related approvals; environmental matters; litigation; reliance on key personnel; unitholder liability; income, sales and land transfer taxes; and credit ratings.

Except as required by applicable law, RioCan undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Information, contact:
RioCan Real Estate Investment Trust
Qi Tang
Senior Vice President and Chief Financial Officer
416-866-3033

Source: RioCan Real Estate Investment Trust/globenewswire

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Pradera appoints Sabiha Güleç and Sevgi Ocak as Joint Heads of its Turkey office

London, UK, 2017-Dec-01 — /EPR Retail News/ — Pradera, the specialist international retail real estate fund and asset manager, has appointed Sabiha Güleç and Sevgi Ocak as Joint Heads of its Turkey office.

Their primary responsibility will be to oversee the management of Istanbul Cevahir, one of Europe’s largest shopping centres that Pradera manages on behalf of St Martins Management Company. Sabiha and Sevgi have been an integral part of the team that has successfully reconfigured and repositioned the asset in recent years.

Sevgi joined Pradera in 2010, to oversee finance, accounting and reporting. She has over 18 years of industry experience and has worked in the finance departments of multinational businesses from a variety of different sectors. Sabiha joined Pradera in 2007, and was appointed Head of Leasing & Asset Management in 2015.

Sevgi and Sabiha take over from Alison Rehill-Erguven who has been appointed Chief Executive of Pradera Retail Asia, China. However, Alison will continue to oversee Pradera’s Turkish business as Chairman of Pradera Turkey.

David Fletcher, Chief Executive of Pradera, commented: “We are delighted to appoint Sabiha and Sevgi as joint Head of Turkey. Their skills and experience in the country mean they are excellently placed to run the team and provide best in class fund and asset management services for our clients.”

This increasingly global perspective sees Pradera sharing best practice to further improve performance and returns in a €3.3 billion portfolio that now includes 58 shopping centres and retail parks worldwide.

PRESS ENQUIRIES:

James Carnegie, Good Relations Property
+44 20 7861 2573
jcarnegie@goodrelationsproperty.co.uk

Source: PRADERA

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Pradera improved its Global Real Estate Sustainability Benchmark results for 2017 across its funds

London, UK, 2017-Dec-01 — /EPR Retail News/ — Pradera, the specialist international retail real estate fund and asset manager, has again demonstrated it is setting the standard for sustainable retail real estate, having significantly improved its Global Real Estate Sustainability Benchmark (GRESB) results for 2017 across three of its funds.

The Pradera funds were analysed as part of the GRESB survey which sets the industry standard for sustainability in real estate portfolios across the world.

In the latest survey, all three Pradera funds were awarded ‘The Green Star’. This is GRESB’s highest award reserved for entities achieving especially high scores for sustainability implementation, measurement, management and policy. Pradera Central & Eastern Fund (PCEF) received The Green Star for the third year in a row largely due to the fact it is fully certified in terms of energy performance and BREEAM In-Use certificates, while Pradera European Retail Fund (PERF) and Pradera European Retail Fund 2 (PERF2) won the accolade for the first time.

PERF delivered the strongest GRESB results, with a 30 per cent increase on the previous year, while PERF2 and PCEF strengthened their environmental achievements by 29 per cent and 20 per cent, respectively.  PERF and PERF2 were recognised for their outperformance in tenant engagement programmes involving sustainability. Tenant survey results covering operational and asset management aspects from Pradera’s Parc Valles Centre on the outskirts of Barcelona also contributed to PERF winning The Green Star for the first time.

Alison Rehill-Erguven, Head of Sustainability at Pradera, said: “We are wholly committed to sustainability at Pradera and these excellent results reflect the hard work of our on the ground asset management teams. As evidenced by the awards, we have made significant progress on the Environmental Management System as well as further implemented LED lighting and water conservation programmes and recycling initiatives.

“In addition, Pradera rolled-out sustainability workshops for property managers and our local asset management teams have further strengthened links within our communities by building awareness of healthy lifestyle.  As part of our long-term strategy, we have created more bicycle stations at our assets to promote environmentally friendly transport options and helped to reduce greenhouse gas emissions and air-pollution.”

Pradera has participated in the annual GRESB survey since 2011 and on an overall historic basis it has improved its results for all funds combined by 192 per cent since 2012 demonstrating its environmental responsibility and active involvement in sustainability issues. This year over 850 entities participated in the survey. The analysis process covered approximately 77,000 real estate assets across 62 countries on six continents.

It is a busy time for fast growing Pradera, following a significant minority investment in the business by multi-family office LJ Partnership in April 2016. That deal signalled Pradera’s plans to expand and take its trusted platform into untapped segments of the retail property market and new geographies.

Pradera has since launched the Pradera European Retail Parks fund and established Pradera Retail Asia, a joint venture with Macquarie Retail Real Estate Management Limited (MIRA). It manages four retail properties in China in Shanghai, Chongqing, Qingdao, Xi’an and Shanghai, with a total gross leasable area (GLA) of 200,000 sqm. This increasingly global perspective sees Pradera sharing best practice to further improve performance and returns in a €3.3 billion portfolio that now includes 58 shopping centres and retail parks worldwide.

PRESS ENQUIRIES:

James Carnegie, Good Relations Property
+44 20 7861 2573
jcarnegie@goodrelationsproperty.co.uk

Source: PRADERA

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Macerich announces the sale of its Chicago office building for $86.4 million

SANTA MONICA, Calif., 2017-Nov-29 — /EPR Retail News/ —The Macerich Company (NYSE: MAC) today (Nov. 27, 2017) announced the sale of an office building at 500 North Michigan Avenue in Chicago for $86.4 million.  The asset was unencumbered and wholly-owned by Macerich.

500 N. Michigan Ave is a 326,000 square foot office tower located adjacent to Macerich’s The Shops at North Bridge, a 673,000 square foot shopping center anchored by Nordstrom and Eataly which, as of September 30, 2017 was 99.2% occupied and generating sales per square foot of $906.

This latest disposition is consistent with Macerich’s strategy of recycling capital out of non-core assets and into its core portfolio of irreplaceable retail destinations in hub and gateway U.S. cities.

Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

Macerich currently owns 54 million square feet of real estate consisting primarily of interests in 48 regional shopping centers. Macerich specializes in successful retail properties in many of the country’s most attractive, densely populated markets with significant presence in the Pacific Rim, Arizona, Chicago, and the New York Metro area to Washington DC corridor. Additional information about Macerich can be obtained from the Company’s website at www.macerich.com.

Contact:

Jean Wood
Vice President – Investor Relations
424-229-3366

John Perry
Senior Vice President – Investor Relations
424-229-3345

Thomas O’Hern
Senior Executive Vice President and Chief Financial Officer
310-394-6000

SOURCE: Macerich Company