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The week in global real estate - 27 July 2020

The week in global real estate 27 July 2020  hero

A weekly update of the biggest real estate news from around the globe.

Institutional investors / REITs

  • BH Properties has launched a $200M fund to acquire and finance real estate assets that are in receivership or facing bankruptcy. The fund has been set up to help commercial borrowers and landlords once the commercial eviction moratoriums and government assistance expires later this year. More info here.
  • Cohen Brothers Realty reportedly owes $1B in commercial mortgage-based security debt. Half of the loans have had missed payments since April. More info here.


  • The Gap has been ordered to continue to pay their landlord $3M in monthly rent for their 5,575 sqm space on Broadway in New York, and provide a further $5.8M bond to secure payment of rent arrears from prior months. More info here.
  • Simon Property Group and Authentic Brands Group have partnered to acquire bankrupt retailer Brooks Brothers for $305M. A hearing for the bid has been set for 3 August 2020, alongside a deadline for competing bids of 5 August 2020. More info here.
  • Kishin RK plans to create a network of 1,000 cloud kitchens across Asia, Europe and the US. Globally cloud kitchen revenue is expected to increase to $72B by 2027. More info here.
  • 40,000 tourism-related hospitality businesses have closed in Spain due to the coronavirus pandemic. This is expected to rise to 65,000 by the end of the year. More info here.


  • WeWork is facing a vacancy crisis as its vacancy rate hits 20% in New York City. The firm has 176,516 sqm of space that is vacant or likely to become vacant in coming months. More info here.
  • Property developer V-leader is going ahead with their plans for a 40 storey ‘stacked tower’ in Melbourne. The development will include a hotel and 24,400 sqm of office space. More info here.
  • Beringea and Connect Ventures recently completed a study that found that 20% of start-up companies do not plan on returning to their offices post-coronavirus. More info here.


  • Tesla has started construction at its new 890 ha Gigafactory in Austin. A drone video of the latest progress has also been released. More info here.
  • A joint venture between Captiva Partners, Avalon Investment Company and Westbrook Partners has acquired 17,559 sqm of creative office and industrial space in Los Angeles for $38M. More info here.


  • Radisson Hotel Group has added six hotels to its African portfolio with new properties in Mali, Nigeria, Ghana, Ethiopia and two in South Africa. Radisson Hotel Group now manages approximately 100 hotels within 32 markets in Africa. More info here.


  • Agents are starting to market a new feature in houses: a 'zoom room' or area for video conferencing. More info here.
  • Ireland plans to extend their help-to-buy government subsidy for first home buyers beyond 2020. The scheme offers first home buyers a tax rebate of up to €30,000 or 10% of the value of a new property if purchased before the end of the year. More info here.

Related Experts

Chris Farhi

Director | Strategic Advisory

Auckland CBD

Chris is a Director within the Strategic Advisory team. The team helps you with your big property decisions and complex transactions.

Chris' advisory work focuses on:

  • Decision making processes (eg property strategy, business cases, feasibilities, etc)
  • Tenant representation for large lease transactions (office,  industrial and specialist-use)
  • Multi-site networks (eg consolidation strategies, optimisation, etc)

Chris’ background in brief:

  • Property strategy advisor for some of New Zealand’s most successful private sector, public sector and non-for-profit organisations.
  • Tenant representative (tenant-paid lease negotiator) for organisations ranging from small-to-medium enterprises through to major listed companies and government agencies.
  • Specialist skills in commercial leasing, financial analysis and market research.
  • Part-time lecturer at the University of Auckland Business School and commercial leasing trainer for the Royal Institution of Chartered Surveyors.

Chris’ qualifications include Honours degrees in both Civil Engineering and Property from the University of Auckland, and a Master of Philosophy from the University of Cambridge, UK. He is a Chartered Member of the Royal Institution of Chartered Surveyors.

Outside of work, Chris is a combat engineer in the NZ Army Reserve and a keen baker.

View expert

Renee Lintott


Auckland CBD

Renee joined Colliers in August 2019 as a Project Assistant for the Project Management team. Renee is now an Analyst for the Strategic Advisory team.  Renee is currently in her final semester studying towards a Bachelor of Property and Bachelor of Commerce conjoint at the University of Auckland.

View expert