- September strength was driven by autos, production machinery, electric/IT and tech related sectors.
- The reading continues to defy expectations of clearer increase in the wake of coronavirus shock.
The Sing Tao Daily reported GAW Capital was in talks with Swire Properties to purchase the entire block of Cityplaza One for about HK$10B ($1.29B). Following the news, shares of Swire Properties were briefly halted.
- The move gives the ECB time to develop the optimal policy mix, given that there will be more clarity regarding the UK’s Brexit negotiations and the US Presidential Election.
- Fishing quotas continued to be a strong sticking point in talks.
Global logistics REIT Prologis announced this week that it had completed the sale of a large portfolio of UK buildings this week to real estate funds managed by Blackstone for £473 mn ($618 mn). The portfolio consisted of 4.3 mn sf of buildings and 31 acres across England. The majority of the assets were acquired from Liberty Property Trust upon Prologis’ acquisition of the company in February of this year. The portfolio attracted significant investor interest and is another example of the strong investor appetite globally for logistics assets which has been one of the better performing property sectors since the outbreak of the pandemic. Prologis elected to sell the assets in order to maintain its UK focus in key distribution locations in the Midlands and Southeast portion of the UK, as well urban “Last Touch” property in and around London.
In the U.S.:
- The increasing rates of infection are raising fears that hospital system capacity may be insufficient to accommodate the influx of patients.
- The small downtick has done little to change the current theme of a slowing recovery.
- . It would seem, via most polling, that the Biden/Harris ticket is in the lead, although democratic leaders are quick to point out that this was the same scenario in 2016 and that the Trump vote is usually undercounted.
JCPenney to sell substantially all assets to Brookfield Asset Management, Simon Property Group (SPG) and a majority of the company’s DIP and first lien lenders. The company expects to exit Chapter 11 before the 2020 holiday season.
The views expressed in this update are as of the date of this blog entry. These views and any portfolio holdings discussed in the update are subject to change at any time based on market or other conditions. The adviser disclaims any duty to update these views, which may not be relied upon as investment advice. In addition, references to specific companies’ securities should not be regarded as investment recommendations or indicative of the Adelante products, strategies, or portfolios.