Tags Commercial Real Estatedistressed debtReal Estate Investment Email Address* Cerberus Global Investments President Lee MillsteinCerberus Capital Management has raised about $2.8 billion for a new real estate fund — exceeding its target of $2 billion.The fund, known as Cerberus Institutional Real Estate Partners, will focus on investing “opportunistically,” according to a release. That means looking at direct assets as well as entities with significant real estate exposure and debt, including non-performing or defaulted loans.The company did not give much detail about how it will invest this money or which assets or debt opportunities it is targeting. But its launch comes at a time when investors have yet to see the wide-scale distress opportunities that were predicted as a consequence of the pandemic. Apocalyptic projections about fire sales, meanwhile, have yet to come true.U.S. private equity funds had more than $250 billion to spend on commercial real estate loans as of March 23, according to Preqin. About $76 billion of that was earmarked for distressed debt.“There are market dislocations and macrotrends that are driving compelling opportunities across our broad platform,” Lee Millstein, president of Cerberus Global Investments and its global head of real estate, said in a statement.Cerberus is a prolific investor in non-performing loans, or loans that are in default. Since 1998, it’s invested approximately $21.3 billion in equity into nearly 250 non-performing loan transactions, according to its website.The company is also betting on logistics and industrial investments, one of the industry’s hottest sectors during the pandemic. An affiliate of Cerberus and Stonemont Financial Group recently formed a joint venture to acquire as much as $1 billion in industrial real estate.A Cerberus entity and Highgate also recently acquired six hospitality portfolios from Colony Capital, according to a news release. In total, the firm’s real estate platform manages about $26 billion in assets.Contact Keith Larsen Share via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Full Name* Message*
Recently hearing Fred Singer from the USA lecture on what he perceives to be the uncritical ways in which global change has been attributed to anthropogenic effects reminded me of the importance we should attach to those who question our current beliefs. For Fred it was not sufficient that the IPCC had engaged many of the best scientific brains in the world to reach the existing consensus; they might all be wrong because the original question or assumption was wrong. Fred was strongly challenged by the audience of Antarctic scientists, not least because some of his quotations were selective in order to initiate discussion. And we know that there are areas of considerable weakness amongst the several proxies used to compute the rate of temperature change, that we have only poorly quantified and modelled the role of clouds, energy transfer between the oceans and atmosphere, water vapour as a greenhouse gas and that we have yet to be certain that the Global Climate Models really do have all the most significant driving variables. So the IPCC conclusions are drawn on the best available evidence with complementary patterns derived from several different approaches and constitute the best we can do at the moment.
Submarine gullies are common features of high latitude continental slopes and, over the last decade, have been shown to play a key role in continental margin evolution, submarine erosion, downslope sediment transport, slope deposits, and the architecture of petroleum reservoirs. However, the processes that form these gullies, the timescales over which they develop, and the environmental controls influencing their morphology remain poorly constrained. We present the first systematic and comparative analysis between Arctic and Antarctic gullies with the aim of identifying differences in slope character, from which we infer differences in processes operating in these environments. Quantitative analysis of multibeam echosounder data along 2469 km of the continental shelf and upper slope and morphometric signatures of over 1450 gullies show that six geomorphically distinct gully types exist on high latitude continental margins. We identify distinct differences between Arctic and Antarctic gully morphologies. In the Arctic data sets, deep relief (> 30 m gully incision depth at 50 m below the shelf edge) and shelf-incising gullies are lacking. These differences have implications for the timescales over which the gullies were formed and for the magnitude of the flows that formed them. We consider two hypotheses for these differences: (1) some Antarctic gullies developed through several glacial cycles; and (2) larger Antarctic gullies were formed since the Last Glacial Maximum as a result of erosive flows (i.e., sediment-laden subglacial meltwater) being more abundant on parts of the Antarctic margin over longer timescales. A second difference is that unique gully signatures are observed on Arctic and on Antarctic margins. Environmental controls, such as the oceanographic regime and geotechnical differences, may lead to particular styles of gully erosion observed on Arctic and Antarctic margins.
Home » News » Housing Market » Autumn Statement: Building industry response previous nextHousing MarketAutumn Statement: Building industry responseHas the Chancellor been listening to the housebuilding industry?Sheila Manchester23rd November 20160973 Views The housing industry’s response to the Autumn statement has been mixed – depending on whether your a housebuilder or in lettings, or whether you believe what he says at all! Some like him…“Philip Hammond is something of a political novelty, he is a Chancellor who listens,” says Jeremy Blackburn, RICS Head of Policy as The Chancellor, Philip Hammond finished his Autumn Statement.“Our ‘listening Chancellor’ consulted widely with industry in the build up to today’s statement, as I’m sure he will as Britain moves closer towards Brexit. We haven’t yet seen him pictured in a hard hat, but he clearly understands the housing sector better than his predecessors.“RICS warned Treasury that the UK is facing a critical rental shortfall of 1.8m homes. Our latest figures show that there has been a 15 per cent decline in house sales to first time buyers over recent months. That tells us that for all the rhetoric, David Cameron and George Osborne’s Starter Homes Strategy failed to get off the ground.”We can only hope that Jeremy is right. Other industry comments were varied in their support and/or cynicism. Martin Skinner, CEO Inspired Homes, said: “I am pleased that the Government is recognising the need housing. Real steps are needed to address the longstanding shortage of homes in the UK and the Government has now taken measures to inject some confidence into the industry in order to support the next generation of homeowners. It is vitally important that these new measures quickly filter to homebuilders so we can begin work.”Nick Leeming, Chairman at Jackson-Stops & Staff, is less impressed: “Today’s Autumn Statement announcement was good news for the new homes sector, with the Government …prioritising housing for those who need it most with huge funding boosts given to support the building of more new homes. “The statement didn’t go far enough however and it was disappointing that there was no reform to stamp duty, despite industrywide concerns, with our recent research showing a 14 per cent reduction in housing transactions year on year and a £400 million shortfall in stamp duty revenue from residential property transactions against predicted revenue this financial year.Clynton Nel, Residential Director at JOHNS&CO, said, “Housebuilders are not building enough – they never have, missing Government targets for many years – so an increased focus on reaching these goals is very encouraging.”Martin Walshe, Director, Cheffins Residential Sales commented, “It has been a shock that Hammond hasn’t tackled this ‘tax on mobility’ as a priority. For too long excessive stamp duty has stifled the property market causing a constriction on transaction levels and spiralling prices. The decision not to cut this excessive tax rate will mean that the market continues to stagnate, with prices increasing due to a lack of stock on the market.”Melanie Leech, CEO of the British Property Federation, said, “This Budget’s hidden gem is the spending on infrastructure to help bring forward housing sites. We are also looking forward to the housing white paper and the policies that Government is working on. We desperately need far more homes and the Build-to-Rent sector is there to support Government meet that objective. Most large-scale Build-to-Rent landlords do not charge tenants fees and therefore they will not be particularly perturbed by the Chancellor’s announcement, but what is banned and how it works in practice will need carefully working through.”Jeremy Blackburn RICS Melanie Leech BPF Philip Hammond Nick Leeming Autumn Statement 2016 Budget 2016 Chancellor Philip Hammond November 23, 2016Sheila ManchesterWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021
Imperatore was honored for his more than 70 years as a successful entrepreneur in the garden state, including his leadership of NY Waterway, which he founded 30 years ago.When Imperatore started NY Waterway with one ferry on Dec. 3, 1986, government leaders and others doubted the effectiveness of commuter ferries. But Imperatore built a transportation system of 31 ferries and 80 buses, carrying more than 30,000 passengers per day, the largest privately operated commuter ferry system in the U.S. “Induction into the New Jersey Hall of Fame is the highest civilian honor that our State can bestow on someone,” said John Keegan, Chairman Emeritus of the NJHOF Foundation Board. “It’s a celebration of New Jersey and its greatest achievers, and a recognition of role models for our next generation. This is New Jersey’s version of the Academy Awards, so attendees can expect some surprise celebrity appearances.”“I want to thank two women who played an important role in my life, my mother and my wife, Mei Ling,” Imperatore said in accepting the honor. He also thanked “the people who made my business a success,” his employees.For more information, call 1-800-53-FERRY or visit www.nywaterway.com, www.facebook.com/nywaterway or www.twitter.com/ridetheferry.American Dream project (formerly Xanadu) should open in 2019The Triple Five Group of Cos. Has announced it has obtained the $1.67 billion private construction financing it needs to continue construction of the American Dream mall/entertainment project on Route 3 in the Meadowlands, according to local media.“We are pleased to have worked with JP Morgan and Goldman Sachs on the financing for this transformational project,” Don Ghermezian, CEO and president of American Dream, said. “The construction loan paves the way for the completion of American Dream and allows us to aggressively move forward with the construction and opening of the project.”The firm had previously scheduled completion for fall 2018. Triple Five said American Dream is now slated to open in March 2019.Despite the stoppage of construction, American Dream continued its leasing efforts. Kidzania, DreamWorks Water Park, Nickelodeon Universe Theme Park, Cinemex and Legoland Discovery Center have already signed up to be a part of the 3 million-square-foot project.Triple Five has also owns Mall of America in Minnesota and Edmonton Mall in Canada. ×A brunch for local senior citizens sponsored by Mayor Richard Turner and the Township Council was offered at the Weehawken Elks Club on Mother’s Day, Sunday May 14. (Picture by Angela and Robert de Zeeuw) NY Waterway President Imperatore named to New Jersey Hall of FameNY Waterway President & Founder Arthur E. Imperatore was among those inducted into the New Jersey Hall of Fame Sunday, May 7 during a gala red carpet ceremony at the Asbury Park Convention Hall May 7. A brunch for local senior citizens sponsored by Mayor Richard Turner and the Township Council was offered at the Weehawken Elks Club on Mother’s Day, Sunday May 14. (Picture by Angela and Robert de Zeeuw)
News story: Army start biggest military robot exercise in British history, Defence Secretary announces
Our troops now have the chance to test out a huge range of robotic kit in what will be the biggest exercise of its kind in our history. We’re always working with the brightest minds in Britain and across the world to see how they can support our military of the future, but now the frontrunners have the chance to prove what they can really do on a battlefield. This equipment could revolutionise our Armed Forces, keeping them safe and giving them the edge in an increasingly unstable world. Army start biggest military robot exercise in British history, Defence Secretary announces. Crown copyright.The exercise aims to test technologies in surveillance, long-range and precision targeting, enhanced mobility and the re-supply of forces, urban warfare and enhanced situational awareness.The Royal Tank Regiment Battle Group from 1 Armoured Infantry Brigade are providing the bulk of exercising troops and taking responsibility of command and control. Overall there will be over 200 multi-national, cross-service personnel. The US Army, Royal Marines, RAF and the Defence Science and Technology Laboratory (Dstl) will join industry partners and academia in working alongside them, experimenting with over 70 products and systems.Autonomous Warrior will play an integral role within the £800 million Defence Innovation Fund which supports ground-breaking ideas aimed at transforming both defence and British industry.The land-based exercise follows on from the hugely successful ‘Unmanned Warrior’ which the Royal Navy demonstrated autonomous systems diving, swimming and flying together to engage in surveillance, intelligence-gathering and mine countermeasures. The game-changing Autonomous Warrior experiment will last four weeks and test a range of prototype unmanned aerial and autonomous ground vehicles which aim to reduce the danger to troops during combat. The exercise will finish with a battlegroup experiment, where the best ideas and products will be tested in the toughest of simulated operational environments.One of the key areas it is set to test is the autonomous last mile resupply. The ‘last mile’, which represents the extremely dangerous final approach to the combat zone, is crucial to ensuring soldiers have the food, fuel and ammunition to keep them alive.Defence Secretary Gavin Williamson said:
The level of own-label food and drink NPD has risen above branded for the first time, according to new research by Mintel.In 2011 the percentage of NPD across own-label increased to 54%, compared to 46% in the branded sector. Branded products held a 55% share of total food and drink NPD in 2010, and have historically driven a higher proportion of NPD. However the fraught economic climate, and the expansion in high quality own-label ranges has meant the influence of private label products has never been stronger, claimed Mintel.The research revealed that within the bakery sector, cakes and savoury biscuits featured in the top 10 best performing private label brands in 2011.Looking at the share of private label sales by category, cake and cake bars had around a 50% share, biscuits a 22% share, and bread loaves a 18% share.Mintel found that around 80% of today’s consumers buy own-label products, compared to 89% who buy branded goods. Further growth is expected in own-label purchases during 2012, with the market projected to reach £46bn by 2016 (2011: £37bn).Chris Wisson, a senior food analyst the research company, said: “While there are signs that pressure on consumer budgets is slightly easing, 2012 looks set to see the majority of adults remaining watchful and discerning when shopping. “Our research suggests that on balance, consumers expect to buy more standard and value own-label foods while cutting back on brands.”
The uprising in Tunisia has drawn the world’s attention, including words of support from President Obama in his State of the Union address. However, two Harvard experts on the region say it is still unclear whether the protests will lead to a truly democratic government or if another strongman will emerge to replace ousted president Zine el-Abidine Ben Ali.Yet for the first time, there is debate on Tunisian TV, the Internet is uncensored, and “you can criticize the interim government openly on the streets,” said Malika Zeghal, the Prince Alwaleed Bin Talal Professor in Contemporary Islamic Thought and Life, during a panel talk, “Assessing Tunisia,” Jan. 26 at the Harvard Kennedy School.Still, “It’s a little early to see if there will be a real regime change in the near future.”Zeghal does not see a rise in radical Islam that would change Tunisia’s largely secular stance in politics and social structure. The massive demonstrations, covered by social media like Twitter and Facebook, show no ideological and Islamist slogans, she said.The movement does show surprising political sophistication. “It doesn’t want to see an old regime in new clothing; it wants to see a new mode of governance,” she said.Tunisia has been perceived as a stable and prosperous, if authoritarian regime, but protests against poor working conditions, corruption, and nepotism emerged in the phosphate mining areas of Gafsa in 2008. The protests, Zeghal said, were ruthlessly suppressed, but sowed the seeds for the discontent that spread in December when a young street merchant burned himself alive after being beaten by police. Ben Ali, who had ruled the country for 23 years, fled Jan. 14.Protests were fueled by a sense of betrayal, said William Granara, Professor of the Practice of Arabic on the Gordon Gray Endowment, director of Modern Language Programs, and director of the Moroccan Studies Program.Granara, who has visited Tunisia many times since 1982, said Ben Ali enjoyed unprecedented admiration when he took power in a bloodless coup in 1987. Over the years, even as evidence of corruption and suppression piled up, Tunisians remained loyal, willing to cut him slack due to the country’s economic growth and Ben Ali’s pledge to keep Islamists at bay, he said.“Eventually he turned his country into a police state,” Granara said. Finally, the public rebelled, saying: “We don’t deserve this. Our allegiances are with you. Why all this corruption?”“The rage that you see right now is as much the sense of betrayal of a people whose beloved president has turned on them,” he said.What happens next? “Things are changing every minute, every hour,” said Zeghal. Islamists “will probably come back into the political game. I don’t think people should be afraid of that.”Even if Rachid Ghannouchi, the leader of Tunisia’s Islamic party, Ennahda, returns from exile, Zeghal does not see a shift to radical Islam. Ghannouchi, she noted, has pledged not to change the legal status quo.Harvard History Professor Mary Lewis asked the panelists why Ben Ali seemingly left power so quickly.“The question of rapidity is really fascinating,” Granara said. Both he and Zeghal speculated that external pressure from the French or American embassies or even from Ben Ali’s own party, seeking to stem the tide of protest, played a part in Ben Ali’s hasty departure.While the outcome remains uncertain, “This is an extraordinary moment in the history of the Arab Middle East, [where] for the first time, a popular revolution ousts a dictator,” Zeghal said.The discussion was sponsored by the Outreach Center at the Center for Middle Eastern Studies, the Middle East Initiative at the Harvard Kennedy School, and the Prince Alwaleed Bin Talal Islamic Studies Program.
The Colombian Coast Guard seized 956 kilos of highly pure cocaine valued at about $ 30 million, after intercepting a boat in Caribbean waters, in which four men were traveling with the drug, reported the Colombian Navy on September 11. The boat, Pez Caribe, was intercepted at four nautical miles to the east of the Colombian island of San Andrés, after a chase in which the crewmembers tried to escape and threw some packages of the alkaloid (cocaine) into the sea. The Coast Guard counted on the support of a Navy patrol plane, according to a statement from the Force. The four crew members, along with the cocaine and boat, were handed over to the authorities of San Andrés. By Dialogo September 13, 2012
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Nassau County Police investigate a shooting in East Garden City Wednesday near the Roosevelt Field Shopping Mall. (Long Island Press/Timothy Bolger)Nassau County Police confirmed Wednesday morning that two people had been shot by an unknown assailant about a mile south of the Roosevelt Field Shopping Mall.The shooting took place around 10:10 a.m. at a commercial building located at 645 South Street in East Garden City, according to police.Authorities describe the potential shooter as Asian, between 6 and 6-foot-2, wearing a red shirt and possibly a brown jacket. He fled the scene in a white SUV, possibly a Honda Pilot, say police, toward the shopping mall.Police and news helicopters circled the area Wednesday morning and several police vehicles were parked on Ring Road.Mall workers and the shopping center’s Facebook page confirmed it was in lockdown.A briefing by Nassau police is expected shortly.