Simon/GGP Win Bid to Save Aeropostale, Will Keep Stores Open in Their Malls
The joint bid by General Growth Properties and Simon Property Group to rescue teen apparel retailer Aéropostale from liquidation will prevent the loss of about 900,000 square feet of mall space currently leased by the retailer. The REITs along with several partners successfully bid $243 million for substantially all of Aéropostale's assets.
Walgreens is exploring the potential divestiture of hundreds more properties to remedy concerns arising from discussions with the Federal Trade Commission regarding the review of its pending $17.2 billion acquisition of Rite Aid. The retailer now expects that the parties will be required to shed more than 500 stores, but likely fewer than the 1,000 stores it was prepared to divest when the deal was announced a year ago.
Blackstone Real Estate has officially gone to market with shares for its newly launched and first-ever non-traded REIT. The private-equity giant is looking to raise up to $5 billion for the REIT, Blackstone Real Estate Income Trust Inc., with plans to invest the proceeds in commercial properties and securities.
The quality of commercial real estate loans on bank books continued to improve in the second quarter with the exception of the nation’s energy markets. Delinquent CRE loan volume declined about 21% - about $4.6 billion - to $17.78 billion, according to the latest numbers from the FDIC.