| IN THE
May 11,
2009 ISSUE |
German Investors Set to Take Control of Troubled Victory Park
Project in Dallas
Once touted as a landmark case study in urban
regeneration, the financially troubled Victory Park mixed-use project in
Dallas is in the final stages of reverting back to its German-based
institutional backers.
Hillwood, a Fort Worth-based development firm run by Ross Perot Jr., is
negotiating to cede control of the developed portions of the project to
US Treuhand, an organizer of German closed-end funds based in
Hamburg.
Investors, Developers Divided on Investment Outlook for
’09
Commercial real estate investors and developers appear
divided as to whether they will increase or reduce their overall
investment activity this year compared to last, according to a recent
survey by real estate services firm Jones Lang LaSalle. While slightly
less than a third (30%) of those surveyed predict a drop of zero to 30%
in their investment spending, more than a third (37%) of respondents say
their investment activity will increase by 30% over last year.
The Chicago-based company, which conducts cross-sector surveys each
spring and fall, questioned property owners and representatives of
development and professional services firms and consultants who attended
the Urban Land Institute’s Spring Council Forum in
Atlanta.
CalPERS Seeks Annual Board Elections for Hospitality Properties
Trust
The California Public Employees' Retirement System
(CalPERS) is seeking shareowner support for a proposal asking that all
directors of Hospitality Properties Trust (NYSE: HPT) be elected
annually.
Proposal No. 3, a nonbinding shareowner resolution at the May 15 annual
meeting, asks HPT to eliminate its declassified board, which staggers
the election of directors who each serve three-year terms. The current
classified board structure allows shareowners to only vote on a portion
of the board at any given time, making it difficult for them to hold
directors accountable for company performance.
|
