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Blackstone defaulted on a €531M (~$562M) bond backed by a portfolio of Finland-based offices and stores.
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Blackstone sought an extension from bondholders to repay the debt which they voted against.
Rising interest rates in Europe are affecting deal volumes in the continent and have led to a wide gap between bids and offers.
According to a Scope Ratings study, around 33% of commercial-mortgage-backed securities maturing this year and the next face high refinancing risk.
The bond is underwritten by Citibank and Morgan Stanley and was secured against 63 office buildings in Finland.
The Federal Reserve Bank of Dallas predicted in a report that U.S. home prices could drop around 20% amid the risk of a global housing slide.
The report said U.S. home prices need a 19.5% correction to bring the country in line with fundamentals.
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The report pointed toward exponential growth in key housing market indicators such as the home-price-to-rent ratio and real house prices.
According to the report, signs of trouble in the U.S. and German housing markets pose a vulnerability to the global outlook.
A recent Case-Shiller index report revealed that U.S. home prices declined for six straight months, and Goldman Sachs estimated prices to fall 6.1% in 2023.
According to a recent Redfin report, only 21% of the U.S. homes for sale last year were affordable.
The share of affordable homes dropped from 40% in 2021.
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Redfin considers a property affordable if the estimated monthly mortgage payment is 30% of the local county's median income.
Redin attributed the housing affordability crisis are mortgage rates almost doubling in 2022, an increase in home prices during the pandemic, and low inventory.
The Biden administration's effort to cut mortgage interest rates for Federal Housing Administration-backed loans is expected to save around 850,000 homebuyers.
The share of homes affordable for Black, Hispanic/Latino, and Asian households was 9%, 14%, and 34%, respectively.
Commercial real estate technology platform VTS released its fourth annual 2023 VTS Global Landlord Report.
The report identifies strategies followed by landlords to retain tenants through economic uncertainty.
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87% of the landlords from across the globe said they would focus on retaining and renewing current tenants this year rather than acquiring new tenants.
Landlords plan to invest in managing tenant relationships, implementing new tenant amenities and asset redevelopment, and maintaining tenant occupancy.
62% of landlords said they did not have adequate tools to understand how tenants utilize their assets.
Top marketing investments in 2023 will focus on marketing automation, followed by photo content, corporate websites, CMS, and digital advertising.
Baker Real Estate appointed Jean Marc Dieu as the company's new Chief Operating Officer.
Baker Real Estate hired for the newly created role to ensure its clients receive leadership and delivery excellence.
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He is joining Baker Real Estate from Scotiabank, where he oversaw digital initiatives and implementation.
The Toronto-based firm said Dieu has a strong management background, specializing in developing and implementing client-focused programs.
He has also worked at Boston Consulting Group, specializing in financial services projects.
Baker CEO Barbara Lawlor said the company understands it needs to prioritize customer service as its business grows.
Bloomberg reported that Peninsula Real Estate is in talks to secure funding from Yas Holding.
In May, Peninsula abandoned its plan to list a REIT in London in favor of an offering in Abu Dabi.
Sources told Bloomberg that the listing in Abu Dhabi would likely be announced in the first half of this year and could raise around $550M.
The size of the potential investment is unclear, and there is a chance the discussions might not materialize.
Peninsula also announced a partnership with the Abu Dhabi Investment Office to accelerate the advancement of its capabilities and technologies.