Good Morning!

PPI (wholesale manufacturing index) rose by more than expected in November, the ECB cut interests rates by 25bps, PropTech startups raised half a billion in November, apartment rents trend down in November, and Albertsons is suing Kroger following the failed merger

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Capital Markets

Headlines

• Wholesale Prices Rise More Than Expected in November

  The Producer Price Index (PPI) rose by 0.4% in November, higher the Dow Jones consensus estimate of 0.2%. Core PPI, which excludes food and energy, rose 0.2%

• European Central Bank Cuts Rates by 25bps

  The ECB cut rates by 25 basis points on Thursday to 3% as expected

• PropTech Startups Raise $531mm In November

  Across 41 deals startups focused on real estate tech rose $531mm in November, with Constrafor’s $264mm venture-debt round leading the pack

• Apartment Rents Down for November, Drastic Increase Since 2020

  A report from Apartment List shows median national rents have fallen year-over-year since 2023, but have remained largely elevated since 2020/2021

• Albertsons Sues Kroger Seeking a Termination Fee and Legal Fees

  Following the failed merger between the two grocery chains Albertsons has filed a lawsuit requesting a $600mm termination fee and billions in legal fees from Kroger

Deals Deals Deals

Sales

• Industrial: Longpoint Partners acquired a 26-asset industrial portfolio across South Florida for $313mm. PGIM provided a $180mm, 5-year, interest-only loan

• Office: The City of Austin acquires a pair of office assets totaling 386K SF from Brandywine Realty Trust for $108mm

• Student Housing: Investcorp acquires 3 student housing asset totaling 1,962 beds across the Texas A&M, Texas State, and University of Oklahoma campuses

• Retail: Longpoint Partners acquires The Hills Village Center, a 110K SF retail center in Bedminster, NJ for $50mm

• Industrial: Longpoint Partners acquires a 414K SF industrial asset in Irving, TX from Brookfield Asset Management 

• Retail: Wharton Properties acquires a $34mm stake in 690 Madison Ave in New York, NY

• Retail: RCG Ventures acquires Oakland Plaza, a 167K SF shopping center in Troy, MI from Continental Realty Corp. for $26mm

• Multifamily: The Bascom Group, LLC acquires a 92-unit multifamily community in Seattle, WA

• Industrial: Alterra IOS acquires a 3 industrial outdoor storage properties outside Portland, OR

Debt

• Multifamily: Crimson Partners secures a $74mm senior loan from PGIM Real Estate to refi a 356-unit multifamily asset in Herndon, VA

• Multifamily: Integra Land Company secures a $52mm HUD construction loan for a 264-unit apartment community in Leesburg, FL from Dwight Capital

Developments

• Data Center: AVAIO Digital to build a $3bn 300MW data center outside Richmond, VA

• Multifamily: Palladium USA delivers a 90-unit $30mm multifamily community in Lewisville, KY

• Industrial: Panattoni Development completes the 182K SF Simmons Airpark in North Las Vegas, NV

Distress

• Office: Los Angeles County acquires The Gas Company Tower, a 1.3mm SF downtown LA Office Tower, for $200mm. Wilmington Trust sold the asset after foreclosing on a $350mm CMBS loan. Brookfield Properties had defaulted on the asset

Meme Summary

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