Week in Review for April 14 – 20:
– M&L Hospitality Trusts is preparing for its REIT debut on the Singapore Stock Exchange. M & L will be Singapore’s first REIT in 2012. Another firm is preparing to launch a REIT in the UK, thanks to relaxed financial regulations governing REITs. Single Access Funding, which invests in the UK’s affordable-housing sector, plans to debut its REIT in September.
– Arrow Investments files to launch a new ETF that focuses on high-yield assets around the world, in both established and emerging markets. The Arrow Dow Jones Global Yield ETF will include, among other things, shares in REITs.
– Hospitality REIT FelCor Lodging Trust (FCH) sells six non-core assets for $103 million. The portfolio of hotels in the South and Midwest contains 1,527 rooms in total. The deal reflects FelCor’s shift in focus to high-end hotels and resorts in key markets.
– Boston‘s office sector enjoys continued growth, thanks to development of South Boston’s waterfront and the city’s attraction of biotechnology companies.
– In Detroit, several private equity real estate managers are among those caught in a major political scandal, with prosecutors claiming their involvement in a city government corruption case.
– The investment-grade bond market slows down after a brisk first quarter, in response to concerns over Europe and price sensitivity for investors. Supermarket owner Kroger Co. (KR) is among those impacted by the decline.
– REITs in the entertainment niche–which includes movie studios, offices and theaters–show steady revenue, despite their relative obscurity in the overall REIT market.
– In its upcoming IPO, insiders report, D.C.-based Carlyle Group will price its shares between $23-25. When it goes public, Carlyle is expected to become the world’s second-largest asset manager.
– Despite high gas prices, consumer spending helps the retail sector post strong gains for the month of March, surprising some.