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(Reuters) - A consortium led by private-equity firm KKR and investment firm TIGA Investments will buy office space provider The Executive Centre (TEC), the companies said in a statement on Tuesday.
FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid
“As part of the transaction, funds advised by HPEF Capital Partners and CVC Capital Partners will exit their investments in the company (TEC). Members of TEC’s management team will continue to own shares in the company,” they added.
By Reuters Staff
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JOHANNESBURG (Reuters) - South Africa’s Redefine Properties reported a 62.7% decline in half-year headline earnings on Monday, due to asset sales and further rental relief to financially distressed tenants and said that it may pay a dividend.
The owner of retail, office and industrial properties said headline earnings per share, the main profit measure in South Africa, fell to 8.45 cents in the six-months that ended Feb 28, from 22.63 cents a year earlier.
During the period, total relief granted to its tenants amounted to 107.3 million rand ($7.58 million), made up of rental discounts of 81.5 million rand and deferred rental payments of 25.8 million rand, Redefine said.
By Reuters Staff
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NEW YORK (Reuters) - The amount of workspace available to lease in Manhattan rose to an all-time high in April as demand in the premier U.S. office market was 27% lower than a year ago even as rental prices continued to fall, brokerage data showed on Monday.
The availability rate for office space in Manhattan rose for the 11th consecutive month in April to a record 16.5%, according to Colliers International. Availability above 10% on the island is considered a renter’s market.
Leasing activity in Manhattan decreased 46% from March and was 75% lower from the monthly average in the banner year of 2019, suggesting the market still has a long way to recover.
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LONDON (Reuters) - With its striking facade, Palazzo delle Poste in the heart of Milan is one of the more elegant office spaces in Europe, hosting the likes of JPMorgan and Italy’s first ever Starbucks outlet.
FILE PHOTO: Palazzo Broggi, also known as Palazzo delle Poste, is seen in Milan, Italy, February 24, 2021. REUTERS/Flavio Lo Scalzo
Having lain empty for part of 2020 as the COVID-19 pandemic sent office workers home, the early 20th-century building was sold this month to a group of private investors coordinated by Italy’s Mediobanca for 246.7 million euros ($293.3 million), 27 million euros above the original asking price.
JPMorgan Chase & Co is looking to sublet big blocks of office space in Manhattan, Bloomberg News reported on Tuesday, citing people with knowledge of the matter.