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Real Estate Magnate Considers Competing Offer for Tribune – BNN

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(Bloomberg) — A real estate magnate is considering a competing bid for Tribune Publishing Co., potentially derailing a hedge fund’s takeover of the newspaper company that owns the Chicago Tribune and the New York Daily News.

Stewart Bainum Jr., who had already agreed to buy Tribune’s Baltimore Sun and smaller Maryland newspapers in a deal with hedge fund Alden Global Capital LLC, is now interested in bidding for all of the newspaper publisher, according to people familiar with his thinking.

Alden, which already owned 32% of Tribune, had announced plans to buy the rest of the company for about $430 million in February. As part of that deal, Alden agreed to sell the Sun to the Sunlight for All Institute, a public charity formed by Bainum, who is chairman of Choice Hotels International.

But in recent weeks, Bainum and Alden have disagreed over how they’d share services until those newspapers are fully independent of Tribune, and Bainum has grown skeptical of Alden’s intentions of selling, according to the people, who asked not to be identified because the discussions are private.

Bainum had previously expressed interest in buying the entire company — and not just the Sun — and is now revisiting the idea, said the people. But at this stage, there’s no certainty the talks will lead to a bid.

He has asked a special committee of Tribune’s board to release him from a nondisclosure agreement so he can speak with interested parties, the person said. Bainum’s plans were first reported by the New York Times.

Bainum’s idea, the person said, is to find philanthropists who want to support local journalism to help finance a bid that tops Alden’s offer, one person said. Bainum is willing to put in $100 million of his own money as part of the bid, the person said, and he’s being advised by the investment bank Allen & Co.

Representatives for Tribune’s special committee and Alden declined to comment.

If Bainum is successful, it could be a relief for Tribune journalists who have worried about being owned by a hedge fund with a reputation for cutting newsrooms.

In January 2020, two Chicago Tribune reporters wrote an op-ed in the New York Times calling for “a civic-minded local owner or group of owners” and saying Alden’s cost cutting could lead to “a ghost version of the Chicago Tribune.” Tribune also owns newspapers such as the Hartford Courant, Orlando Sentinel and the Morning Call in Pennsylvania.

©2021 Bloomberg L.P.

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PGIM Real Estate, Revera Affiliate Target UK Market in Newly Formed JV

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Real Estate Sales In September

PGIM Real Estate has been active in recent months providing capital to facilitate blockbuster senior housing acquisitions. Now the firm is looking to capitalize on demand for senior housing in the United Kingdom.

The Madison, New Jersey-based real estate investor and lender announced this week it is entering into a joint venture with Signature Senior Lifestyle, an affiliate of Revera, to develop and operate senior housing communities around greater London

Mississauga, Ontario-based Revera serves 20,000 older adults in long-term care homes and retirement residences in Canada. It is also the majority shareholder of Sunrise Senior Living, one of the largest senior housing providers in the U.S. The company operates a portfolio of 12 communities in the U.K. under the Signature Senior Lifestyle brand, with one community in development that is slated to open in autumn 2021.

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The JV has one development underway — a senior housing community, or “prime care” home, in southwest London. PGIM worked with Elevation Partners, a London-based investor and asset manager in U.K. health care real estate, in sourcing, structuring and executing the venture. Additionally, PGIM will retain the firm to leverage its expertise.

PGIM and Revera did not respond to requests for comment from Senior Housing News regarding details about its development pipeline.

London is emerging as a future hotbed of senior housing development, spurred by favorable demographic growth trends and a lack of available supply, and the PGIM-Revera venture will find competition.

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Maplewood Senior Living CEO Gregory Smith told SHN last month that demand for U.K. senior housing is comparable to major U.S. markets such as New York and San Francisco, where supply has historically been constrained.

Maplewood and its investment partner, Omega Healthcare Investors (NYSE: OHI) are looking to expand its luxury Inspir brand to the U.K., and identified five suburban markets around London with high barriers to entry that are favorable for the brand’s growth.

Revera CEO Tom Wellner sees similar untapped upside potential for senior housing in the U.K.

Source: – Senior Housing News

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Where in Canada are house prices increasing the most? Maybe not where you think – CTV News

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TORONTO —
Canada saw a surge in housing prices over the past year due to COVID-19, a market trend experts say is caused by people working from home more often and moving to rural and suburban areas.

Data released by the Canadian Real Estate Association (CREA) shows that when comparing the average market prices from February 2020 to February 2021, Canada had a 25 per cent year-over-year increase. The average price rose from $542,484 to $678,091.

“One factor is that with work-from-home even more generalized, many people don’t have to live within commuting distance from their jobs,” Shaun Cathcart, senior economist at CREA, told CTVNews.ca. “That means that folks who own condos and smaller homes can take out built-up equity and move to a property that better meets their needs – as over the past year, home is not only where you eat a few meals and sleep, but also the office, your kids’ school, playground, gym, etc.”

The largest year-over-year percentage changes came from the Northwest Territories (48.1%), Nova Scotia (30.4%), Ontario (24.5%), Quebec (22.5%), and New Brunswick (20.9%).

Cathcart noted that the higher percentage change in Northwest Territories is likely due to the fact that in both February 2020 and February 2021, six homes were sold throughout the entire territory and the ones that were sold in 2021 were marked at a higher price.

When looking at the provinces and territories that had the largest upsurge in terms of price difference, Ontario sits at the top of the list with an increase of over $170,000. Northwest Territories came next, followed by British Columbia, Nova Scotia, and Quebec.

The data also shows that prices in suburban and rural areas were impacted the most and saw the biggest changes, with regions like Rideau-St. Lawrence and Sarnia-Lambton in Ontario averaging about a 50 per cent increase from the previous year.

“With people no longer having to live within commuting distance to their jobs, as long as suburban and rural areas have decent internet, they become even more attractive to families looking for more space,” said Cathcart.

Find your region and the year-over-year price and percentage change below.

Cathcart says that Canadians can expect to see sales and prices increase this year, but forecasts sales to slow down in 2022 while prices remain high.

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