Here’s our latest weekly roundup of top national commercial real estate stories, as reported by our plugged-in and in-the-know CoStar News team.
Starwood Adding 24,000 Apts. with $2.9 Billion Deal to Buy Milestone REIT
An affiliate of Starwood Capital Group has agreed to buy Milestone Apartments Real Estate Investment Trust and its more than 24,000 US apartment units in a cash-for-stock transaction valued at approximately $2.85 billion. The sale is expected to be completed early in the second quarter of 2017.
Wells Fargo Closing More Than 400 Bank Branches
Wells Fargo & Co. (NYSE:WFC) said it plans to close more bank branches as more of its customers use their phones and computers to make deposits, transfer funds and pay bills online. The bank, the second largest in the country with total assets of $1.74 trillion, announced plans to close more than 400 branches in the next two years.
Avison Young Launches US Hotel Service Line with Acquisition of Atlanta-Based Brokerage
Toronto-based Avison Young has acquired Atlanta-based brokerage Hotel Assets Group LLC to kick off its newly launched U.S. hospitality practice. The acquisition of 25-person Hotel AG, including 20 brokers, will form the basis of the firm's new hospitality group branded under Avison Young.
Equity Funds Enter 2017 with More Money Than Ever but Fewer Low-Risk Investment Options
Private equity funds have entered the new year with record amounts of dry powder to deploy into commercial real estate. The total level of capital available to fund managers has been climbing over recent years, from a low of $136 billion at the end of 2012 to $237 billion at the start of this year, according to Preqin.