Yields from commercial real estate investments in the UK were broadly stable in the year to January 2012, with eight out of the 13 sectors surveyed by Savills recording no movement in this 12-month period. In its Market in Minutes report, the organisation noted this steady performance is set against “massive volatility in rental growth expectations”, which may lead investors to question the overall stability of the country's property sector.

However, the firm pointed to the imbalance between supply and demand as one of the key factors that will continue to support prime yields. Regional hotels sit at the top end of the scale, offering a return of 6.75 per cent at present, while leisure parks, industrial distribution units and M25 offices all provide a yield of 6.25 per cent. At the other end of the market are West End offices, which generate returns of 3.75 per cent, with the remaining asset classes delivering returns of between 4.5 and six per cent. Savills predicted yields in some sectors may harden further in 2012, which could encourage investors to seek out opportunities in the secondary sector in a bid to boost returns. 

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IPD recently published data showing the total return on property investments slipped to its lowest monthly level in January since June 2009. According to the organisation, falling capital values dented the overall amount earned on the asset class, bringing it to 0.4 per cent last month. Despite the dip, managing director of the UK and Ireland division at IPD Phil Tily stated there are reasons to be positive. “Income return remained steady, 0.5 per cent at the all property level, and it remains important to remember that in a very uncertain market, commercial property is still returning 0.4 per cent to investors,” he asserted. Savills also pointed out this sector is performing better than alternative options, such as equities and cash, which may result in more investors building real estate portfolios this year.

Read more from the original source:
Prime Commercial Property Yields 'Remain Stable'

DGAP-News: ORCO Germany S.A. / Key word(s): Miscellaneous/Real Estate
ORCO-GSG: Nearly 273,000 sqm of Berlin commercial space leased since
June 2007, highest occupancy rate ever

21.02.2012 / 09:16

Since privatization of Gewerbesiedlungs-Gesellschaft (ORCO-GSG) in June
2007, nearly 273,000 square meters of office and commercial space in the
commercial complexes and business parks of ORCO-GSG have been rented in the
capital. As a result, the occupancy rate has increased by about 7% since
summer 2007. With ca. 78% as at end of 2011 this is the highest occupancy
rate ever.

Sebastian Blecke, COO of ORCO-GSG: ´Nearly four and a half years after the
successful privatization of GSG, we can show a very successful trend. Both
the occupancy rate as well as the average rent has never been better. As
Berlin´s largest commercial space provider we recognize our responsibility
and will continue working further on the positive development of the
inventory.´

Particularly pleasing is the development of the four modern business parks
in East Berlin´s Marzahn-Hellersdorf, Pankow and Lichtenberg districts with
a volume of approximately 261,000 square meters of rentable space. In
total, approximately 88,500 square meters have been leased since
privatization. With a net take-up of about 33,300 sqm, these business parks
make a successful contribution of nearly 60% to the total net take-up. The
occupancy rate has been increased by 10% above average in comparison to
other regions.

The North West region with commercial complexes in Mitte, Charlottenburg
and Reinickendorf closed-out with a letting performance of about 85,250
sqm, a net take-up of about 15,500 square meters and an occupancy rate of
almost 87%.

The traditional commercial complexes in Kreuzberg and Tempelhof-Schöneberg
with their charming old industrial architecture continue to face strong
demand. Here leases of just over 100,000 sqm have been finalized since the
summer of 2007.

ORCO-GSG acts as a partner to businesses thus providing commercial space at
attractive prices to small and medium sized companies from all kind of
sectors. About 1,600 tenants profit from the good value for money: ORCO-GSG
is amongst the cheapest options in service charge, additional services such
as high-fibre optic network, fitting-out support, conference facilities
that all go well beyond the classical concept of tenant support complement
the quality of the buildings, services and management.

About Gewerbesiedlungs-Gesellschaft mbH

The Gewerbesiedlungs-Gesellschaft mbH, today ORCO-GSG, has been a
subsidiary of ORCO Germany since June 2007. The unique portfolio of
ORCO-GSG includes very high-quality space in all sizes with a very good
cost-effectiveness ratio compared to other European capitals. With
approximately 850,000 sqm of office and multi-functional space at 45
locations, ORCO-GSG is the leading office and commercial space provider in
Berlin. Focus is on properties located in the city centre with excellent
connections to the transport network. The portfolio includes spacious
commercial centres, as well as business complexes with an impressive
industrial architecture, located in the middle of the local neighbourhood.

ORCO Germany S.A. is a real estate company based in Luxembourg and is
listed in the Prime Standard on the Regulated Market of the Frankfurt Stock
Exchange. The ORCO Germany group, which operates under the uniform
registered trademark ORCO Germany, has been operating in Germany since 2004
and focuses on commercial real estate, asset management and project
development.

ORCO Germany SA is a subsidiary of ORCO Property Group, which is one of the
leading real estate companies in Central Europe. The company was founded in
1991 with headquarters in Luxembourg and is listed on the Prague Stock
Exchange and Euronext as well as the Warsaw Stock Exchange

Contact:

Kirchhoff Consult AG
Sebastian Bucher
Herrengraben 1
20459 Hamburg
T  +49 40 60 91 86 18
F  +49 40 60 91 86 60
E  sebastian.bucher@kirchhoff.de
http://www.kirchhoff.de

End of Corporate News

21.02.2012 Dissemination of a Corporate News, transmitted by DGAP – a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

DGAP´s Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

Language:    English                                           
Company:     ORCO Germany S.A.                                 
             40, Parc d´Activités Capellen                     
             8308 Capellen                                     
             Grand Duchy of Luxembourg                         
Phone:       +49 (0)30 390 93 116                              
Fax:         +49 (0)30 390 93 199                              
E-mail:      patricia.jaenisch@orco-gsg.de                     
Internet:    www.orcogermany.de                                
ISIN:        LU0251710041                                      
WKN:         A0JL4D                                            
Listed:      Regulierter Markt in Frankfurt (Prime Standard);  
             Freiverkehr in Düsseldorf, Stuttgart              

End of News    DGAP News-Service  

  
157481 21.02.2012                                                      

More here:
DGAP-News: ORCO-GSG: Nearly 273,000 sqm of Berlin commercial space leased since June 2007, highest occupancy rate ever

Last Updated: February 17, 2012 04:14pm ET

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(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).

LOS ANGELES- “The continued volatility of the global capital markets and the corresponding anemic returns generated by the stock and bond markets continues to drive institutional equity into commercial real estate.” So says Marc Renard, executive managing director of the capital markets group at Cushman & Wakefield of California. “On a weighted average risk adjusted basis core commercial real estate has and will outperform other asset classes.”

Renard—who will moderate an investment panel titled: “Unearthing the Investment Opportunities in 2012”—joins a host of other high-level executives at RealShare REAL ESTATE 2012 on March 22nd in Downtown Los Angeles.

Renard tells GlobeSt.com that the global search for durable yield and the aversion to risk bode well for the industry. “Limited new construction, signs of economic expansion and a low interest rate environment provide compelling justification for long-term aggressive rent growth,” he says. “As a result, 2012 should prove to be an excellent vintage year for strategic acquisitions.”

Joining Renard’s panel will be Victor Coleman, chairman & CEO of Hudson Pacific Properties Inc.; Mark Higgins, president of Cornerstone; Stanley Lezman, CEO of American Realty Advisors; Jessica Levin, director of acquisitions at Intercontinental Real Estate Corp.; and Jeffrey Quicksilver, managing principal of Walton Street Capital LLC.

The RealShare event, produced by ALM's Real Estate Media Group, is picking up steam. According to Daniel Ceniceros, VP of strategic development for ALM’s real estate media group, more than 1,000 are expected to attend, including 70 of the industry’s top executives as speakers and presenters.

The event at the Westin Bonaventure Hotel begins with breakfast/registration at 7 a.m. and continues with a full day of presentations and panel sessions until concluding with a combination cocktail reception and networking hour beginning at 4:30 p.m. As the momentum is buildings for RealShare Real Estate 2012, this year's annual conference will feature something for everyone, including an afternoon panel of industry leaders including moderator Lew Feldman, partner of Goodwin Procter; Richard Ziman, chairman of AVP Advisors and John B. Kilroy Jr., president and CEO of Kilroy Realty Corp., among others.

Renard will serve as a moderator during
the investment market update
panel at RealShare Real Estate 2012 on
March 22 in Los Angeles.

“We’re looking forward to another great Real Estate outlook event,” says Ceniceros. “Attendees will be able to choose the track that best suits them as the panels will focus on all property types.”

Tony Natsis, a partner at Allen Matkins, and moderator of the afternoon brokerage insights panel, tells GlobeSt.com that the investment opportunities in 2012 will be in key office markets, namely San Francisco, Silicon Valley, and West Los Angeles, which saw robust investment activity over the second half of 2011. “Investors will continue to focus on core and core-plus acquisitions in those areas in the next year,” he says. “While the coming wave of loan maturities and the massive amount of debt already past-due will result in some movement of property, presenting an opportunity for investors, there won’t be a wide-scale transfer of mortgaged property this year.”

Joining Natsis’ panel are Christopher Cooper, CEO of Charles Dunn; Lew Horne, executive managing director of CBRE; Martin Pupil, regional managing director of Colliers International; Joseph Vargas, EVP of Cushman & Wakefield of California; and Richard Walter, president of Faris Lee Investments.

Multifamily panel moderator Laurie Lustig-Bower, EVP of CBRE, tells GlobeSt.com that the multifamily market for 2012 is showing signs of further strengthening. “Most apartment owners in Los Angeles have reported increased net effective rents from 2010 to 2011 and we expect this trend to continue throughout 2012,” she says. “We also anticipate occupancy rates to improve and on an overall market basis, tighten to greater than 95%.”

Natsis says that the investment
opportunities in 2012 will be
in key office markets, namely
San Francisco, Silicon Valley, and
West Los Angeles.

Lustig-Bower continues that “With unbelievably low interest rates available for multihousing and a lack of apartment buildings on the market, cap rates should remain relatively low throughout 2012. We expect to see more properties transact in 2012 compared to 2011 as sellers take advantage of the low cap rate environment coupled with their improved net operating income.”

Other key speakers at the day-long event include: Scott Farb, managing principal of the Reznick Group; Chris Thornberg, principal of Beacon Economics; Michael Cohen, global strategist of Property & Portfolio Research; Alexandra Glickman, area vice chairman of Arthur Gallagher & Co.; Stephan Kachani, VP of Loan Oak Fund; Rudy Kramer, SVP of US Bank; Jess Bressi, a partner at Luce Forward; Greg Garrabrants, CEO of ApartmentBank; Jeffrey Morgan, EVP of UGL Services-Equis Operations; Frank Campbell, market managing director of Equity Office; Rich Shlemmer, principal of Shlemmer+Algaze+Associates; Hessam Nadji, managing director of Marcus & Millichap; David Wensley, partner of Cox, Castle & Nicholson LLP; Andy Cohen, executive director of Gensler; John Gabriel, SVP of real estate at LA Fitness; Markley Lumpkins, SVP of real estate and facility operations at Fox Group; Tom Porter, VP of real estate at Edwards Lifesciences; Kristina Raspe, director of real estate at University of Southern California.

Check back to GlobeSt.com on Thursday morning for a more detailed story on the investment market from RealShare moderator Tony Natsis of Allen Matkins.

Categories: West, Industrial, Multifamily, Office, Retail, Capital Markets, RealShare Coverage, Los Angeles

Read the original here:
Commercial Real Estate Has and Will Outperform Other Asset Classes

www.youtube.com/watch?v=36H8TVC-nZ8

View post:
FLORIDA REAL ESTATE: Real Estate Florida Keys –6810 Front Street #7 – Rick Lively – Video

Published: 2/20/2012 – Updated: 20 minutes ago

A BLADE SPECIAL REPORT

BY IGNAZIO MESSINA
BLADE STAFF WRITER

Those in the Chinese city of Shenzhen who know Wu Kin Hung usually say the same things about the man: that he is a giant of the real estate industry, an accomplished poet, and very good at what he does.

Last summer, Mr. Wu led Toledo Mayor Mike Bell to the top of Shenzhen’s “Empire Building,” the pale green glass skyscraper for which he is best known in the coastal city that is home to many of the factories making goods bound for the United States.

At the top of the 69-story tower, also known as “Shun Hing Square,” Mr. Bell held out his arms as if to embrace the skyline before him, with a smiling and laughing Mr. Wu joining him perilously close to the edge of the building.

With the mayor and his business partner, Yuan Xiaohong, standing at his side posing for photos, Mr. Wu boasted about the building’s construction, which he oversaw.

In fact, Mr. Wu pointed out, he was “the general manager for this whole thing,” and “the speed on construction of this building was building every story in three days.”

The result was a record, he said, in the 1990s “in terms of speed in the height a building rises.”

A MESSAGE FROM THE PUBLISHER AND EDITOR IN CHIEF

Although he also mentioned that the entire city was built in just three decades, he didn’t point out that he was a key government bureaucrat overseeing Shenzhen’s growth.

In Toledo, Mr. Wu is less well known. He is one of two Chinese investors who spent millions of dollars to buy from the city The Docks restaurant complex and more than half of the vacant Marina District, both along Toledo’s riverfront in East Toledo across from downtown.

An investigation commissioned by The Blade in China into the backgrounds of Mr. Wu and Ms. Yuan — the pair behind Dashing Pacific Group Ltd., the new owner of The Docks and the Marina District — shows that the two investors made their millions working under China’s common system of patronage, which is heavily reliant on family relations, personal connections, and favors.

READ MORE: Toledo's China Connection

Both, it appears, owe much to their connections with officials in the ruling Chinese Communist Party.

According to the Chinese investigators — whom The Blade hired but has decided not to identify because of concerns about possible Chinese government retaliation — Mr. Wu appears to have amassed a personal fortune after spending years as a Shenzhen government bureaucrat dealing with land-use management.

His years in government were followed by the establishment of several of his own companies, which included building apartment complexes and managing a water reservoir in Shenzhen.

Ms. Yuan, a sometime resident of Shenzhen born far to the north in Inner Mongolia, made her fortune not in real estate development but by running an information technology business with ties to the government.

Ms. Yuan and Mr. Wu agreed to be interviewed by The Blade through a translator via telephone from China, but on the morning of the interview, Mr. Wu declined to participate, saying through a spokesman that he was traveling on business.

He also declined to respond to written questions from The Blade.

Instead, the Wu family issued a statement:

“We are very grateful to the many Toledo residents who have welcomed us into their lives and homes,” the statement reads. “We have found the city of Toledo to be a friendly, peaceful, and beautiful place, and we want to do something positive in this community … We have complied with all laws and business standards in China and have worked diligently for many years to earn the respect of our business partners there. … We respect the mission of the media to provide information to the American public, and Dashing Pacific is committed to providing information regarding the development of the Marina District as it becomes available. However, based on our review of your questions, we have decided not to participate in this interview.”

A transformation

For Mr. Wu, 55, it seems success came as a local government planning official at the center of the transition of the city of Shenzhen, near Hong Kong, from a small fishing town of 20,000 into a metropolitan area with 17 million people. That transformation occurred in a matter of years thanks to government oversight of the Shenzhen economy that allowed and encouraged capitalism to flourish within the totalitarian state.

Ezra F. Vogel, a retired Harvard University professor and author of Deng Xiaoping and the Transformation of China, said business in China exploded in the 1980s as a special economic zone was set up in Shenzhen.

Mr. Deng, an important Chinese political figure and de facto leader of the country, is credited with reshaping China and lifting hundreds of millions of peasants out of poverty. Shenzhen was the focal point in that transformation.

“Probably no city in the world grew up like Shenzhen, from 20,000 to a place larger than New York or Los Angeles,” Mr. Vogel said from his home in Massachusetts.

Visiting Chinese investors common in city, Bell says

Mr. Deng’s vision was to truly transform China.

“Given that China is still backward, what road can we take to develop the productive forces and raise the people’s standard of living?” Mr. Deng wrote in 1984.

“Capitalism can only enrich less than 10 percent of the Chinese population; it can never enrich the remaining more than 90 percent. But if we adhere to socialism and apply the principle of distribution to each according to his work, there will not be excessive disparities in wealth. Consequently, no polarization will occur as our productive forces become developed over the next 20 to 30 years.”

Mr. Vogel, who was questioned by The Blade about how business works in China, said Shenzhen’s development was “sort of like the Wild West in the United States.”

“There were a lot of gray areas and the rules had not been really established. It was all so new [and] the officials tried to keep controls, but a lot of personal arrangements developed to make things happen,” Mr. Vogel said. “They tried to establish laws later on. Some people continued their personal relations and found ways to put stuff in their own pockets, and there is no question that there is a lot of that all along the coast near Hong Kong in the Guangdong Province.”

The review of Mr. Wu’s career by Blade investigators in China found that he was deeply involved in the development of Shenzhen as it became the incubator for capitalism in China.

“No one can know exactly how much money Wu made from these spoils of office, although he was not the only one,” the investigators wrote in their report.

During Mr. Bell’s second trip to Shenzhen last year, Ms. Yuan and Mr. Wu took the mayor on a bus tour that included a visit to a statue of Mr. Deng overlooking the city. As the vehicle pulled up, Ms. Yuan turned back to Mayor Bell and said, “You have to learn from that man, Deng Xiaoping.”

Background

Mr. Wu was born in June, 1956, as the second of four children “to a family of well-connected Chinese Communist Party” members about 170 miles north of Shenzhen in Longchuan County, Guangdong Province, according to investigators. He was admitted to South China University of Technology in 1977, a year after Mao Zedong died. There, he studied architecture, graduated three years later, and was assigned to work by the Chinese Communist Party at the Shenzhen Construction Commission.

“At the time, young graduates in China had little choice over their career and were assigned by the government to ‘work units’ thought to make the best use of their respective academic qualifications,” the report by investigators stated.

“However, it was possible for a lucky few in those days to pull strings by using a combination of private connections and family influence to land a posting in a work unit with more favorable working conditions,” the report stated. “This seems to have been the case for Wu, who was inducted into the SCC [Shenzhen Construction Commission] by its deputy head Ding Xuebao, himself rumored to be a relative of Wu’s parents.”

The University of Toledo’s Mark Schroeder, who recruits students from China to come to Toledo, said that situation is plausible.

“From what I know, that still exists. It sounds more than plausible,” Mr. Schroeder wrote in an email.

Guangzhong Chen, UT’s China recruitment adviser, who accompanied Mayor Bell’s delegation to China in May, confirmed the plausibility of those findings.

“It was normal in those years for those things to happen,” said Mr. Chen, who was born in China.

Finding success

The investigators hired by The Blade learned that Mr. Wu, after graduating from college, was assigned to the Shenzhen Property Development Corp. with central government approval at the behest of Luo Jinxing, deputy director of the Shenzhen Property Development Management Bureau.

Mr. Luo, born in nearby Hui­yang in 1935, is known in China as the “godfather” of Shenzhen real estate development. Mr. Wu stayed with the Shenzhen Property Development Corp. until 1997 and presided over its 1993 privatization into Shenzhen’s largest real estate company.

“Wu worked directly under Luo and became the latter’s political protégé,” the report stated.

The Shenzhen Property Development Corp. — a sub-bureau of the powerful Shenzhen Construction Commission — had a monopoly as Shenzhen’s only authorized real estate development office at the time Mr. Wu started working for the organization.

Also during that time, Mr. Wu was in charge of property development and rose to the rank of deputy section chief. One key project he was in charge of was the Shenzhen International Trade Building, built between 1982 and 1985, which became one of Shenzhen’s most iconic skyscrapers.

The investigators found that under Mr. Luo’s tutelage, “Mr. Wu made massive profits from his job at the Shenzhen Construction Commission.”

The report further states this would have occurred in different ways in Mr. Wu’s particular post, including deals with state-owned land buyers and through land auctions when that became authorized from 1987 onward.

“The sheer scale of profits accessible would have been unprecedented in China at the time, since Shenzhen was the first place in China where trading in real estate became legal,” the report said.

The report also states, “Between 1987 and 1988 alone, the Shenzhen government leased land worth 122 million [renminbi, China’s currency], or $19.3 million at today’s values. Wu would have made certainly millions, if not tens of millions, of dollars throughout his tenure at the Shenzhen Property Development Corporation in the 1980s. Our sources consider it very feasible that he can raise $200 million [to develop Toledo’s Marina District], especially since his political connections also ensure that he has access to easy credit from banks: In China where banks are not independent, the word of a powerful official is enough to unlock funds at will.”

Key connections

David Yen, a professor at Miami University’s Farmer school of business in Oxford, Ohio, and director of the school’s China Business Program, said party connections in China can pave the way for deals.

“In order to set up a business in China you need to pass a number of levels to get approval, so the process is quite tedious. So with connections, the approval process will be much quicker.”

The Blade’s Chinese investigators discovered that Mr. Wu developed many powerful political connections while at the Shenzhen Construction Commission.

“These were achieved both through his patron, Luo Jinxing, and because Shenzhen’s nascent real estate industry was a pilot project in the economic reforms of Chinese paramount leader Deng Xiao- ping,” the investigator’s report stated. “As a result, powerful central government leaders became intimately involved with Shenzhen, including several of Deng Xiaoping’s own relatives, who profited handsomely from the city’s development.”

Mr. Wu appears well connected to the late-generation relatives of top Chinese Communist Party members, known informally in China as red “princelings,” who inherited the influence of their famous parents or other relatives.

“As just one example, one of Wu’s notable princeling contacts includes Deng Xiao- ping’s niece, Ding Peng, who now leads Shenzhen Fountain Corporation, a lucrative property management company and one of China’s earliest and most profitable IPOs,” the report said. “Wu’s political contacts include many top-level associates of Deng Xiaoping and their family members, including former governors of Guangdong Province where Shenzhen is located, and at least two of China’s most well-known military figures, Wang Zhen and Ye Jianying. Wu’s list of political contacts, according to our sources, also extends to relatives of Wen Jiabao, China’s current prime minister, and of Xi Jinping, who is slated to take over the presidency of China from Hu Jintao.”

Mr. Xi met last week at the White House with President Obama.

The city of Toledo released a limited biography of Mr. Wu, stating that he was involved in the design and construction of the Shenzhen airport. That fact was confirmed by Blade investigators in China.

“In October, 1990, Wu became the general manager of Shenzhen Airport Construction Office-affiliate Shenzhen Airport Terminal Co. Ltd., when [that company] itself was founded, and remained at this position until February, 1992,” the report said.

“Wu does appear to have grown very wealthy,” the investigative report states. “Our sources claim that while at Shenzhen Airport Construction Office, Wu became the envy of other government bureaucrats because of the size of his fortune.”

He left his government job in 1993 to join Kumagai Gumi, a large construction company. According to both the Toledo-provided biography of Mr. Wu and the investigator’s reports, after he was hired by Kumagai Gumi he was put in charge of construction of the Shenzhen Empire Building, estimated to cost $142 million. That 69-story structure is the project that Mr. Wu to this day is most prominently associated with.

Mayor Bell and the Toledo delegation were taken to the roof of the skyscraper during their trip to China in May — Mr. Bell’s second of three trade missions to the country since taking office as mayor in January, 2010.

Wu the poet

Mr. Wu also is very active on the cultural front in China.

He is known to be a poet and once wrote and publicly recited a poem dedicated to Mr. Bell at a banquet in Shenzen after it was announced that Dashing Pacific would be buying The Docks.

Mr. Wu has published several books of poetry and is the majority shareholder in a company named Dawang Culture, which seeks to promote the arts in a scenic suburb of Shenzhen along the shore of the city’s large reservoir.

One of Mr. Wu’s books of poetry is named Longchuan Ji Sheng, which references Longchuan, a rural county where he was born. Long- chuan is known for its scenic beauty.

Mr. Wu also set up a theater company, Shenzhen Dawang Theatre Co. Ltd., in 2011, in which he holds 48 percent equity.

Mr. Wu also is chairman of the “Shenzhen Dawang Cultural Development Corporation,” according to his biography.

Several firms are associated with Mr. Wu, including a Hong Kong firm named Royal Asia that sells medical insurance to Hong Kong natives and a company named Eagle Nation. Information on both firms can be found in public domain documents in China.

According to public records in China, Mr. Wu serves as the chairman of a company named Shenzhen Yipeng Industry Co. Ltd., which does not appear in his biography released by Toledo. It is unclear what the company does. Originally, the business’ scope included sales of aluminium alloys and construction materials, which were eventually dropped in 1996.

Mr. Wu joined the company in November, 1999, taking over a 34 percent stake.

Shortly after Yipeng Industry was set up, Mr. Wu incorporated a real estate company named Shenzhen Weipeng Industry Co. Ltd., with an investment from Yipeng Industry. The capital invested was 10.71 million Chinese yuan renminbi ($1.7 million).

According to documents obtained by Blade investigators, Weipeng Industry appears to have been in the red for two consecutive years. It showed a loss of 510,000 Chinese yuan renminbi ($80,980) in 2009 and a loss of 1,240,000 Chinese yuan renminbi ($196,892) in 2010.

Weipeng Industry is a registered developer. One of its residential developments, called Weipeng Gardens, is a large 32-story property in the trendy Futian district of Shenzhen. Weipeng Gardens has 1,626 units, and 114 units were sold in 2010.

Weipeng Industry has the highest public profile of any of the companies connected to Mr. Wu. According to the Hong Kong Companies Registry, Mr. Wu also serves as a director of Golden Golf Ltd., established in 1993. The most recent incorporation documents, from June 23, 2011, show that Mr. Wu owns 40 percent of the firm. Golden Golf has the same registered Hong Kong address as Dashing Pacific.

A matter of trust

Mayor Bell says the backgrounds of Mr. Wu and Ms. Yuan, or the history of their Chinese business deals, are irrelevant to their investments in Toledo.

Still, the mayor says he knows Mr. Wu and Ms. Yuan as well as he knows Regional Growth Partnership Chief Executive Dean Monske, his former deputy mayor, or Jen Sorgenfrei, his public information officer and one of his closest aides.

“Is there something hidden? I can’t think of anything,” he said. “From what I understand, Mr. Wu is a very bright developer and … he was just very good at what he did. People liked his ability to put things together.”

Patrick M. Norton, a partner in the Washington law firm of Steptoe & Johnson LLP, who has experience in international commercial arbitration and mediation and international anti-­corruption investigations, in general agreed with Mr. Bell when told of his efforts to attract investment.

“They have no right to turn down investors just because they are Chinese investors,” said Mr. Norton, who declined to comment at length because he didn’t have details about Dashing Pacific or The Blade’s commissioned investigation. “They shouldn’t be scrutinized any more than anyone else … or than someone from Chicago.”

Mr. Monske, whose association and friendship with former Perrysburg developer Scott Prephan ultimately led to the mayor meeting Mr. Wu and Ms. Yuan, said he trusts the Dashing Pacific businessmen because neither has ever shown cause to mistrust them.

“I know them as well as anyone else we would do business with in the manner we are doing business with them,” Mr. Monske said. “Quite honestly, we know [Mr. Wu and Ms. Yuan] better than most people who would be willing to have a business relationship with us and bring a company and business opportunity to Toledo.”

Contact Ignazio Messina at: imessina@theblade.com or 419-724-6171.

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Connections in China help pave way to wealth

WEST HARTFORD, Conn., Feb. 18, 2012 /PRNewswire/ – EDENS, owner and developer of the Bishops Corner Shopping Plaza west of North Main Street and south of Albany Avenue, today announced the names of additional new tenants and provided a project update.  The West Hartford Town Council unanimously approved plans for the redevelopment and revitalization of Bishops Corner Shopping Center in the spring of 2011.

EDENS develops, owns and operates neighborhood shopping centers throughout the East Coast.  Focusing on innovative development and redevelopment in key areas, EDENS is committed to enriching the individual communities in which they do business, creating a unique sense of gathering among neighborhood residents.

Filling a void left when Adams Supermarket closed its doors nearly a decade ago, EDENS is pleased to bring a neighborhood grocery store back to the community.  Neighborhood Market by Wal-Mart will be located in the 50,000 square floor space that formerly housed Adams.  The new West Hartford Neighborhood Market will offer the same brand goods and products that are offered in West Hartford's other traditional grocery stores.  The Neighborhood Market will also feature local and organic fresh produce, groceries and household goods.  The grocery store plans on hiring over 100 new full- and part-time employees and is scheduled to open its doors at Bishops Corner in late 2012.

“We are excited about re-energizing the Bishops Corner neighborhood with the redevelopment of the center.  We will have several well designed and intimate gathering spaces for neighbors to meet and reconnect as well as hand picked best of class local and unique retailers that will be reflective of the community,” says Jodie McClean, EDENS President and Chief Investment Officer.

In addition to the new Neighborhood Market, “Sacred Movement Yoga Studio” opened in January in a newly renovated space at the west end of the plaza, next to iParty.   “We opened for business in Bishops Corner last month and have been thrilled at the response of our new clients to the convenience of this location.  We also are impressed with the improvements being done by EDENS and believe this will attract even more clients to our business,” said Elizabeth Sullivan, owner and operator of Sacred Movement.  ”Noodles & Company” family-style restaurant has also signed a lease for the space adjacent to Massage Envy and is scheduled to open later this spring.  Renovation is currently underway for the relocation of Dot Com Wine to the former Barnes and Noble space with store opening also slated for later this spring. 

New England Integrated Health, located in a newly renovated 5,000 square foot space accessed through the North Main Street office lobby, opened their business to the public in December, while Marshall's has made a new long-term lease commitment to the plaza and will be completing an interior remodel of their space this spring.  Bank of America has also signed a new long-term lease commitment to the center as a result of the redevelopment.

Facade work has been completed on the Marshalls exterior, while renovation of building facades facing North Main and Albany Avenue are ongoing and will continue through the winter.  EDENS is committed to enhancing communities through innovative, yet inviting, designs, using all locally sourced materials.

Facade renovation along west side of property, including the new Community Plaza elevator and Marshalls elevator and stair tower at the southwest end of the plaza will begin in February.

The demolition of the parking garage will begin in March and will be completed by early spring.  Site work improvements, including curbing, sidewalks, paving, lighting and landscaping are scheduled to begin this spring and will continue through late fall 2012.   Pedestrian and vehicular improvements along North Main Street and Albany Ave are also scheduled to commence this spring and continue through late fall 2012.

For further updates on the revitalization of Bishops Corner Shopping Plaza, follow along on Facebook at www.facebook.com/bishopscorner or on Twitter @BishopsCorner.

About EDENS:

EDENS develops, owns and operates neighborhood shopping centers in primary markets throughout the East Coast.  Focusing on innovative development and redevelopment together with key acquisitions in urban areas, the Company has built an institutional-quality portfolio of 124 retail centers.  EDENS has Regional Headquarters in Boston, New York, Washington D.C., Atlanta, Miami and Columbia, SC.  For additional information about the Company and its retail real estate portfolio, please visit www.edens.com.

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EDENS' Revitalization of Bishops Corner Shopping Center Continues to Move Forward

NORFOLK, NE–(Marketwire -02/17/12)- Supertel Hospitality, Inc. (NASDAQ: SPPR – News), a real estate investment trust (REIT) which owns 99 hotels in 23 states, today announced that it had regained compliance with the continued listing requirement for the NASDAQ Global Market. Supertel received a notice from The NASDAQ Stock Market stating that for the previous ten consecutive business days, the closing bid price of Supertel common stock closed at or above the minimum $1.00 per share requirement for continued inclusion on The NASDAQ Global Market.

About Supertel Hospitality, Inc.

As of February 17, 2012, Supertel Hospitality, Inc. (NASDAQ: SPPR – News) owns 99 hotels comprised of 8,685 rooms in 23 states. The company's hotel portfolio includes Baymont Inn, Comfort Inn/Comfort Suites, Days Inn, Guest House Inn, Hampton Inn, Holiday Inn Express, Key West Inns, Masters Inn, Quality Inn, Ramada Limited, Savannah Suites, Sleep Inn, Super 8 and Supertel Inn. This diversity enables the company to participate in the best practices of each of these respected hospitality partners. The company specializes in limited service hotels, which do not normally offer food and beverage service. For more information or to make a hotel reservation, visit www.supertelinc.com.

Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. These risks are discussed in the Company's filings with the Securities and Exchange Commission.

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Supertel Regains Compliance with NASDAQ Minimum Closing Bid Price Rule

TORONTO–(BUSINESS WIRE)–

Vancouver is Canada’s most expensive office market according to the Office Space Across the World 2012 report, released today by Cushman & Wakefield Commercial Real Estate (C&W). The report also indicates that Toronto and Montreal had the fastest growth in rates in Canada for 2011, with a jump in rents of 17.5 percent, and 6.1 percent, respectively. This increase put Toronto and Montreal at the number 4 and 8 spots on the top 10 list for rate growth in the Americas.

Though rents in Vancouver’s central business district only increased modestly over the previous year, they remain the highest in the country, by far, at an average of $33.87 CAD/square foot/per year.

Hendrik Zessel, Senior Managing Director, C&W Vancouver says that the high rents in Vancouver are the result of demand that simply outpaces supply. “The downtown market is very tight right now,” says Zessel. “With no new buildings coming to market until at least 2014, that isn’t expected to change any time soon. The lack of available space is largely due to continued global economic uncertainty that stemmed from the 2008 recession, which had developers being very cautious. There have been some recent new development announcements, which will help to address demand in the next few years, but until then we expect our office market will remain the most competitive, and therefore most expensive in the country.”

Though development is booming in Downtown Toronto, the rents there saw a sharp increase at 17.5 percent, putting the average price per square foot at $23.30 CAD per year. A number of factors can be attributed to the rising office rents in Toronto’s central business district according to Stuart Barron, National Director of Research, C&W Canada. “Business optimism remains strong and key decision makers continue to have an expansionary mindset,” says Barron. “In addition, a reverse migration has occurred that has seen some traditionally suburban companies relocate into the downtown Toronto markets.”

This is being fueled, in part, by a desire to tap into the thousands of young educated workers moving into the condominium developments which continue to rise in and around downtown Toronto. Barron adds: “what gives us confidence is how diverse the growth sectors have been over the past few years.”

The story in Montreal is very similar to Vancouver: while Montreal’s central area was hit harder than most Canadian markets following the 2008 recession, business confidence returned in 2011, generating respectable demand and tightening central area vacancy – where the all classes rate fell to 6.4%. Rents in the downtown jumped 6.1% in 2011, pinning the average square foot/per year price tag at $20.84 CAD.

“Lack of contiguous space will be a major concern to the user market this year,” says Louis Burgos, Senior Managing Director, C&W Montreal. “As such, the market in Montreal has very quickly gone from a tenants’ market in 2010 and early 2011, to a landlord’s market. One development, a project by Kevric, will most likely see great interest in space by businesses looking for offices in the 50,000+ sq. ft. range,” adds Burgos.

Highlights of the Report Globally

Steep increase in prime office rents in Moscow of 41% on previous year Scarcity of new offices being built in most countries resulted in a 2% rental uplift in Europe Only Western European markets recording rental declines were the so-called ‘PIIGS’ countries

Russia’s capital Moscow experienced a steep increase in prime office rents in 2011, making it the fastest-growing location in Europe, according to Cushman & Wakefield’s Office Space Across the World 2012 report. A lack of construction activity caused by economic uncertainty has seen supply levels ease in Moscow and in a growing number of markets across the globe.

“From a broad global perspective, rental rate growth has been driven primarily by modest economic improvements in an environment of limited new supply,” said Glenn Rufrano, President and Chief Executive Officer of Cushman & Wakefield.

For the fastest-growing markets, demand also improved. A rental uplift of 41% in Moscow made it the second fastest-growing city in the world – in terms of prime office rents – behind Beijing which saw a 75% jump. It also resulted in the city taking fourth position in the top 10 most expensive office locations in the world ranking, up from seventh position last year.

Mark Pollitt, Head of Moscow Office Agency at Cushman & Wakefield, said, “The outlook for 2012 remains positive, following a strong close to a number of deals in Q4 2011. Demand is driven from Russian businesses, especially from the IT and Telecoms sectors, making strategic expansion and consolidation decisions. Demand for the most expensive prime buildings could be more subdued this year with a possible delay in decision-making for international companies.”

Office markets in Europe’s principal cities held up well in 2011, with an overall increase of 2% across the continent. The Nordic countries performed particularly strongly aside from parts of Denmark. Prime office rents in Stockholm’s Birger Jarls Gatan district rose by 9.5% in 2011, making it the fourth fastest- growing location in Europe. This was followed by Gothenburg’s CBD submarkets where rents increased by 9%. In Norway, rents in Oslo were up 15% and in Helsinki, Finland there was a rental uplift of 12%.

Magnus Lange, Managing Partner – Stockholm, Cushman & Wakefield, commented, “The most important factor behind the rental growth in the Nordic markets is the strength of the general business climate. Companies in the most office-intensive sectors, such as banks, law firms and accounting companies, are profitable and expanding. In central Stockholm, a low level of new construction in recent years has limited the availability of modern space in the inner city, which has also played a key role driving rents.”

Europe’s cities with largest prime rental growth 2011

    Location   Submarket   Rental change 1 Moscow CBD 41.18% 2 Oslo CBD 15.15% 3 Helsinki CBD 12.00% 4 Stockholm Birger Jarls Gatan 9.52% 5 Gothenburg CBD 9.09% 6 Aarhus CBD 9.09% 7 London West End 7.89% 8 Brussels Quartier Leopold 7.55% 9 Antwerp Centre 7.41% 10 Warsaw CBD 6.12%

Source: Cushman & Wakefield 2012

The only Western European countries which recorded a rental fall in 2011 were the so-called “PIIGS” countries. Portugal registered a drop in prime office rents in Lisbon (-3%), while there was a rental decline of -10% in Dublin’s International Financial Services Centre. In Greece, rents in Athens dropped by -14%, and in Spain, there were rental declines in Madrid (-4%) and in Barcelona (-5%). In mild contrast, Milan in Italy fared slightly better with a -2% drop.

James Meikle, Head of Office Space Milan at Cushman & Wakefield in 2011, said, “Despite continued economic and political uncertainty in Italy, the Milan leasing market for Grade A space performed relatively well during 2011. This was mainly driven by a relatively high number of larger (>5,000 sqm) transactions, where corporations have taken new space; usually as part of a larger consolidation or rationalisation exercise. Incentive packages on offer, especially to the larger tenants, increased.

We see this trend continuing during 2012 although it should be noted that the gap between prime and secondary space is widening with poorer quality assets finding it increasingly difficult to attract the limited demand.”

Americas

Rio de Janeiro dropped in the top 10 most expensive global office locations ranking, to 8th position from 4th with a rental decline of -8%. However, despite this decline, prime rents in other parts of the city have continued to move up over the year. It falls behind New York, now the most costly city in the Americas. This is in contrast to Rio de Janeiro’s performance last year in which it saw a rise in prime CBD office rents of 47%. Overall, prime office rents in Brazil rose by 13% in 2011 and across the Americas, by 3%.

Mariana Mokayad Hanania, Manager Research Services, Cushman & Wakefield South America: “2011 marked another good year for the Brazilian real estate market. Robust and growing demand, together with insufficient supply, have driven up asking leases, which in some areas reached historical highs.”

The Americas’ cities with largest prime rental growth 2011

    Location   Submarket   Rental change 1 Sao Paulo CBD 24.39% 2 Brasilia CBD 21.33% 3 San Francisco CBD 19.66% 4 Toronto CBD 17.50% 5 Lima CBD 14.29% 6 Boston CBD 7.44% 7 Washington CBD 7.12% 8 Montreal CBD 6.16% 9 Portland CBD 5.52% 10 New York Midtown (Madison/5th Avenue) 4.35%

Source: Cushman & Wakefield 2012

Asia-Pacific

Asia-Pacific recorded the steepest regional prime office rental increases in 2011 with Beijing experiencing the highest jump in rents globally (75%). Hong Kong maintained its position as the most expensive office location in the world for the second year running, with Tokyo in third.

Asia Pacific’s cities with largest prime rental growth 2011

    Location   Submarket   Rental change 1 Beijing CBD 75.30% 2 Manila Ortigas 27.78% 3 Shanghai West Nanjing Road 27.37% 4 Singapore CBD 24.39% 5 Chengdu CBD 23.88% 6 Kolkata CBD 16.50% 7 Jakarta CBD 12.32% 8 Chennai CBD 8.33% 9 Brisbane Centre 8.28% 10 Seoul Yeouido 7.36%

Source: Cushman & Wakefield 2012

Barrie David of the European Research Group, “Recovery has stalled but not been derailed by economic turbulence. Owing to the supply situation, the second half of the year should see an increase in location decisions being made. In the short term, parts of North America may recover quickly, but the ‘Gateway Cities’ across the world will remain in an undersupplied position.”

To obtain a full copy of the report visit www.cushwake.com or to arrange to speak with a Cushman & Wakefield expert, please contact Adam Weitner, Mansfield Communications at 416.844.0191/416-599-0024 ext. 238 or adam@mcipr.com

About Cushman & Wakefield

C&W is the world's largest privately-held commercial real estate services firm. Founded in 1917, it has 234 offices in 61 countries and more than 13,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within five primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, investment banking, debt and equity financing; Corporate Occupier & Investor Services, including integrated real estate strategies for large corporations and property owners; Consulting Services, including business and real estate consulting; and Valuation & Advisory, including appraisals, highest and best use analysis, dispute resolution and litigation support, along with specialized expertise in various industry sectors. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Centre at www.cushmanwakefield.com.

For regional analysis:

Toronto

Stuart Barron

416.359.2652

Montreal

Louis Borges

514.841.3819

Vancouver

Hendrik Zessel

604.640.5803

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Cushman & Wakefield: Vancouver Office Rents Highest in Canada

Feb 15, 2012 12:18pm

(Image Credit: Pablo Martinez Monsivais/AP Photo)

President Obama heads west today for a three-day, three-state swing aimed largely at filling the coffers of his re-election campaign and honing his message to supporters in key states.

Obama will headline eight fundraisers across California and Washington through Friday night. The events are expected to net at least $8.6 million for the Obama Victory Fund – a joint fundraising account for Obama and Democrats in the 2012 election.

On the way there, the president will stop in Milwaukee for an official event at a Master Lock facility, where he will tout a resurgence in American manufacturing and his plan to keep up the momentum. He’ll reprise the message at a Boeing factory in Everette, Wash., on Friday.

But much of Obama’s focus will be on mingling with some of his wealthiest – and most famous – supporters in Los Angeles and San Francisco, who will play a key role in underwriting his bid for a second term.

Obama will appear with the Grammy Award-winning Foo Fighters at an outdoor  reception in Los Angeles this afternoon where 1,000 guests are expected. General admission tickets were $500 apiece, according to a campaign official.

Later he’ll dine with 80 donors – each forking over $35,800 – at the home of Bradley Bell, a soap opera produer-writer whose wife, Colleen, is also an Obama bundler.  Actor and comedian Will Ferrell is  expected to attend.

On Thursday, Obama will lunch in Corona del Mar, Calif., at the home of real estate developer Jeff Stack. Tickers for each of the 125 guests start at $2,500, officials said.

The president then flies north to San Francisco, where he will attend three more fundraisers. Up  first is an intimate event at the Mark Hopkins Intercontinental Hotel with 20 supporters. Each paid $35,800 – the legal maximum combined donation to both the Obama campaign and the Democratic National Committee.

Then, Obama dines with 70 supporters at the residence of novelist Robert Mailer Anderson and wife, Nicola Miner.  Tickets are again $35,800 apiece. (Singer Al Green will reportedly attend. No word on a possible Obama-Green duet.)

Obama will wrap his evening in San Francisco with a large crowd fundraiser at the Nob Hill Masonic Center with 2,500 guests who will pay $100 and up to attend. The event includes  a musical performance by Soundgarden’s Chris Cornell, a campaign official said.

From San Francisco,  Obama heads up the coast to Washington state  Friday, where 65 guests will pay $17,900 each to attend a private lunch, and later, at a hotel in Bellevue, 450 guests will each pay $1,000 for a performance by Head and the Heart.

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Obama Heads West for Fundraisers, $8 Million

Land Securities has agreed a deal with the Canada Pension Plan Investment Board to fund a £1bn redevelopment of 5.5 acres in the West End of London.

The FTSE 100 property company on Wednesday announced it had sold its Victoria Circle site for £163m to a joint venture vehicle made up of it and CPPIB.

The partners will co-fund a development of the site that includes 910,000 sq ft of residential property, offices and retail. The first stage is due for completion in 2016.

CPPIB's investment in the project highlights the continuing attraction of London to major overseas funds.

Graeme Eadie, senior vice-president of real estate investments of CPPIB, said: “We are excited to be an investor in this transformative development project in a prime area of London's West End.

“The Victoria Circle project supports CPPIB's real estate strategy to own and develop properties in key markets for the long term. We look forward to working with Land Securities, a best-in-class partner with deep knowledge of the UK real estate market.”

The project is the latest stage of Land Securities redevelopment of Victoria, which also includes the construction of 59 luxury apartments at Wellington House and two office schemes. Cardinal Place, also in Victoria and which holds the UK offices of Microsoft (NasdaqGS: MSFT – news) , is one of the company's most valuable assets.

Land Securities has sold a stake in the Victoria Circle scheme in order to de-risk its exposure to large projects.

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Land Securities finds partner for Victoria