Tag Archives: international

Magic Johnson caps off the International Gaming Expo

Earvin “Magic” Johnson’s smile and energy are just as contagious now as they were when he was lighting up the NBA and leading the Lakers to champions. As the supreme keynote speaker for day four of the yearly International Video gaming Exposition at the Sands Exposition & & Convention Center recently, Magic wowed the crowd with recollections from his sports and business professions, providing valuable lessons from a life of success. He let the audience inside the thought procedure behind his investment firm’s undertakings into theater multiplexes, Starbucks and Sodexo, and also discussed why he’s so huge on pro-sports franchises; he’s part owner of the Los Angeles Dodgers and Los Angeles Sparks in addition to his relatively new gig as President of Basketball Operations for the Lakers.

Magic Johnson at G2E

Magic’s savvy isn’t really restricted to sports and company, and he likewise showed a lot of comprehending about how Vegas works. “I’m a big fight fan and also I like the shows, so I come and hang out here a lot. I enjoy it,” he said. “Today you have actually got some of the most incredible restaurants. That was the one thing that truly altered, when you brought in the restaurants, then also to make sure you consisted of the family. I believe it really turned things around. Now everyone can concern Las Vegas and having fun. You want them to bet, however even if they do not, they’re still having a good time.”

International Logistic Properties Accepts $11.6 Billion Buyout Deal

China-Based Investment Consortium to Obtain One of the Largest Industrial Residential or commercial property Owners on the planet with U.S. Holdings Amounting to 173 Million SF in 32 Markets

International Logistic Characteristics Ltd. (SGX: MC0), one of the biggest owners of commercial residential or commercial properties worldwide, has actually accepted a proposed take-private buyout deal from a group of financiers that consists of Ming Z. Mei, the CEO and an executive director of the firm.

The financial investment group purchasing GLP, Nesta Financial investment Holdings MidCo Ltd., is owned by a consortium including HOPU Financial investment Management, Hillhouse Capital Management, Bank of China Group Investment, real estate financial investment company China Vanke Co., and SMG, which is 21% owned by Mei.

The deal of S$ 3.38 in money per share surpassed GLP’s opening stock price before the announcement of S$ 2.72/ share. The value of the deal in United States dollars relates to $11.64 billion.

Singapore-based GLP owns about 562 million square feet of logistics facilities in 113 cities in China, Japan, Brazil and the U.S. Its U.S. holdings total 173 million square feet in 32 markets. The company is among the world’s biggest real estate fund supervisors, with possessions under management of $39 billion.

GLP stated the proposed acquisition will require approvals from investors and The High Court of Singapore. Nevertheless, the company stated its deal is not conditional on getting any antitrust approvals, consisting of from the Committee on Foreign Investment in the United States (CFIUS), or any third party approvals and fund management approvals.

The long-expected deals marks the conclusion of the process revealed in December 2016 after GLP essentially put itself up for sale at the request of the firm’s biggest investor, GIC Pte. Ltd., Singapore’s sovereign wealth fund.

Personal equity companies Warburg Pincus and The Blackstone Group were amongst the prospective buyers stated to be thinking about the firm.

In February, GLP revealed that its CEO had an interest in one of the parties that had submitted a non-binding proposal, as did Fang Fenglei, a non-executive and non-independent director. GLP said both executives had actually eliminated themselves from the company’s internal evaluation procedure.

GLP decided the proposed offer transcended due to its significant premium to historic costs, with fewer conditions to the quote and higher certainty that it would be finished within a specified timeframe.

Morrison & & Foerster is representing GLP in the proposed deal, with a cross-border group led by Singapore-based partners Eric J. Piesner and Shirin Tang.


Blackstone To Acquire Display room Area Owner International Market Centers

Funds handled by Blackstone Property Partners and Blackstone Tactical Opportunities agreed to obtain International Market Centers Inc., among the world’s biggest owner and operators of showroom space for the home furnishings, house design and gift industries.

Fireside Investments is likewise anticipated to partner with Blackstone in the acquisition from Bain Capital Private Equity and funds handled by Oaktree Capital Management.

Financial regards to the transaction have actually not been revealed.

International Market Centers, owns 12.2 million square feet of exhibit area across 14 buildings in High Point, NC, and three structures and 3 exhibit structures in Las Vegas.

“This marks an interesting time for International Market Centers,” stated Robert Maricich, CEO of IMC. “While Bain Capital and Oaktree have actually been excellent partners for the previous six years, we eagerly anticipate this new relationship and our next stage of growth.”

“By leveraging the scale of Blackstone’s platform and know-how in real estate investing, we anticipate partnering with IMC to help drive the business’s ongoing development in the years ahead,” stated Tyler Henritze, a senior handling director in Blackstone’s Realty group.

Last November, International Market Centers offered $610 million in commercial mortgage-backed securities to re-finance its senior protected financial obligation and revolving credit facility. The loan was secured by IMC’s fee and leasehold interests in 17 display room properties in 2 states, totaling 9.5 million square feet.

That part of the portfolio had actually an appraised value of $1.165 billion or about $123/square foot. If that assessment were applied to International Market Centers entire portfolio, the real estate value of today’s offer would equate to about $1.5 billion.

The CMBS loan was underwritten based upon $194 million in annual earnings and $97.86 million in net operating income.

IMC’s property is primarily utilized just twice a year to host furniture mart exhibition in Las Vegas in January and July, and in High Point in April and October. For the rest of the year, the homes function as warehouses for furnishings companies.

Allen & & Business LLC and Kirkland & & Ellis LLP acted as advisors to International Market Centers, Bain Capital and Oaktree. Simpson Thacher & & Bartlett LLP served as advisors to Blackstone and Fireside.

UNLV International Video gaming Institute and Core Academy Release Summer Hospitality & & Tourist Program

UNLV’s International Gaming Institute (IGI) and Core Academy, powered by The Rogers Structure, are collaborating to produce a strong pipeline of homegrown talent who will end up being the next generation of Nevada hospitality market leaders.

The Young Executive Scholars (YES) Hospitality & & Tourism Program is a first-of-its-kind summertime program for high school students, and 30 tenth-grade Core Academy Scholars have actually been chosen as the inaugural participants.

YES starts June 12 and is modeled after the IGI and University of Nevada, Reno’s first-rate Executive Advancement Program for market professionals. Throughout the five-week summertime program, scholars will find the managerial and executive-level career chances available to them in the hospitality and tourist market, gain insight into the college experience at UNLV, and establish brand-new skills to master the classroom today and the office tomorrow.

” Las Vegas is the global intellectual capital of the video gaming market. At IGI, our objective is to keep that distinction by sustaining the industry with innovation and developing a strong pipeline of future talent,” stated Bo Bernhard, UNLV IGI executive director. “Establishing these scholars in collaboration with Core Academy assists us to attain our objective.”

” The YES Hospitality & & Tourism Program will offer our scholars a whole brand-new perspective of the multibillion-dollar industry that sits right in their backyard,” said Lindsay Harper, Core Academy executive director. “The program will expose scholars to professional career opportunities within hospitality and tourist they didn’t know existed and encourage them to excel in academic areas they did not understand were applicable to the industry.”

Getting involved Core Academy Scholars were chosen based upon the strength of their essay submissions needed for program admittance. Scholars will participate in the extensive program on the UNLV school, where they will have the chance to learn from and communicate with a few of the most prominent figures in the hospitality market, including senior-level executives from across Las Vegas’ multiple Fortune 500 integrated resort companies and leading academic professionals in the field.

In addition, scholars will participate in a team competitors, forming groups to take on a tough academic project with real-world business implications. This mentor-guided, hands-on project will frame learning throughout the program by asking the next generation of leaders to picture and design their own first-rate integrated resort. Scholars will be asked to use key lessons from the course to react to a mock ask for proposal for the City of Las Vegas’ next integrated resort and explore the varied profession sectors offered in the market, consisting of financing, marketing, communication, public relations, law architecture, STEM fields, management, human resources, community relations, federal government relations, management, and a lot more.

The group competitors will be moderated by Bernhard and Harper, together with Jan Jones Blackhurst, Caesars Entertainment executive vice president, federal government relations & & business responsibility; and Shekinah Hoffman, UNLV IGI unique job coordinator. Upon conclusion, groups will receive comprehensive feedback on their projects from a panel of market and academic experts and win prizes. A $10,000 scholarship will be granted to one impressive scholar individual.

The YES Program has gotten generous assistance from Nevada’s leading industry through the donation of time, funds, and resources from throughout the gaming-hospitality community. Operators, providers, vendors, and market allies have actually all come together to support YES by contributing unique back-of-house trips, individually mentoring sessions with top executive leaders, and more. Market and community assistance comes together once more for YES, as Caesars Entertainment and The Rogers Structure are the leading program sponsors.

About Core Academy

Core Academy, powered by The Rogers Foundation, is an in- and out-of-school design that concentrates on the development and empowerment of Southern Nevada’s under-resourced youth. Our personnel invests an average of 886 hours a year per Core Academy Scholar, individualizing programming to fit their various needs. Our technique is based on the viewpoint that long-lasting, extensive support, partnered with a collective impact design, will break the cycle of poverty and allow the young people we serve to reach their complete potential.

About UNLV International Gaming Institute

The UNLV International Gaming Institute (IGI) is devoted to providing advanced insights to the international video gaming market. IGI provides research study and programs to more than 50 jurisdictions across the globe– to leaders in the general public, private, and not-for-profit sectors. In addition to research and executive education offerings, the International Video gaming Institute’s “Centers of Quality” assist IGI achieve status as the global intellectual capital of video gaming. The Center for Video gaming Innovation, International Center for Video gaming Guideline, Hospitality Lab, and eSports Laboratory were all developed to resolve a tactical program that a scholastic organization’s unique areas and structures can solve.

Lee & & Associates Makes First International Connection, Forms Alliance With U.K. Company

Lee & & Associates has actually formed its first international strategic alliance, entering into a company recommendation arrangement with U.K. realty consultancy Gerald Eve. The London-based company is the third-largest collaboration of chartered property surveyors and home specialists in the U.K., with a personnel of around 370 and a nationwide network of 9 offices.

Both firms will continue acting separately however will work together and share resources on select existing customers in addition to pursuing future international company opportunities.

In a statement revealing the contract, the companies stated the alliance “creates a platform from which customers get to finest in class services throughout Europe and North America.”

“With the volume of transatlantic market activity, it is imperative to provide existing clients access to leading flight services and suggestions,” mentioned Simon Prichard, senior partner at Gerald Eve. “In Lee & & Associates we have discovered a relied on ally that is genuinely best in class across a range of complementary services. This is an exciting alliance that will at first be led by business occupiers, but is most likely to ultimately use in equivalent measure to capital markets.”

Jeff Rinkov, CEO and chairman of Los Angeles-based Lee & & Associates, included: “Considering that this is Lee & & Associates ‘very first venture outside the United States, when the chance developed for a partnership with such an outstanding business as Gerald Eve, we were overjoyed that we had the opportunity to develop this crucial affiliation. Their performance history and reputation made in the U.K. and European business community is stellar. Our team believe this alliance will not only enable our firm to provide an important service that will benefit our customers with operations in Europe, but will boost Gerald Eve’s outreach in the united state”

Lee & & Associates is among the biggest agent-owned, independent commercial realty service providers in the united state with 54 offices throughout the country.

With eye on future international flights, Vegas airport to grow

Image

Steve Marcus

Travelers inspect in at the Allegiant Airlines counter Thursday, Oct. 30, 2014, at McCarran International Airport.

Thursday, Aug. 27, 2015|10:45 a.m.

LAS VEGAS (AP)– Airport officials state they’re doubling the number of global gates in Las Vegas with the expectation that international travel to the location will certainly climb up.

McCarran International Airport director Rosemary Vassiliadis told a governor-appointed panel taking a look at southern Nevada tourist issues Thursday that building to transform part of an existing link in between its D concourse and among its two terminals into 7 extra worldwide gates would begin later on this year.

Among the new gates will be one to accommodate a wide-body double-decker A-380 airplane.

The president and CEO of the Las Vegas Convention and Visitors Authority has actually also made it an objective to enhance global travel, including a possible program directed specifically at increasing Chinese travel. There are no direct air travels to Las Vegas from Japan and China.

International Game Technology dealing with offer to offer Las Vegas headquarters

International Game Technology is making progress on efforts to offer its Las Vegas corporate school, a huge office, production and warehouse facility in the southwest valley that the significant slot machine maker has occupied for several years.

IGT said soon after merging with the Italian lottery operator Gtech previously this year that it prepared to offer its roughly 610,000-square-foot head office at 6355 S. Buffalo Drive, which was built specifically for the company in 2008. On IGT’s quarterly earnings call today– the very first time it reported as a combined business since the $6.4 billion merger closed– CEO Marco Sala said those plans are moving on.

Sala said IGT has entered into a letter of intent to offer the headquarters, although the company will most likely set up a lease-back plan for “a part of the facility.” He stated IGT hopes to close the transaction in the fourth quarter of this year.

Sala did not specify information of the sale, consisting of a cost, a potential buyer or precisely how much of the space IGT means to lease back. An undated info memorandum from Colliers International, nevertheless, notes a sales rate of $85 million– or $139 per square foot– for the school.

Colliers broker Dan Doherty stated there has been a “substantial quantity of interest” in the building. He defined it as a distinct listing not just because of its size, but likewise because of its features.

“Anytime we have actually had structures developed this large, which there’s only been a handful, they are normally either delivered as full office structures or complete storage facility buildings– never ever a combination of the 2,” Doherty said. “I’ve never seen one offered for sale of this size. I have actually only seen truly big buildings provided through lease.”

Though the sale stands to decrease the slot and lotto business’s presence in among the world’s major gambling hubs, it’s consistent with IGT’s post-merger vision. The company, which is now baseded in the United Kingdom, stated when the merger was wrapping up that it would focus on manufacturing in Reno and concentrate on its gaming business in Las Vegas.

Sala stated that point on IGT’s first-quarter earnings call in May, when he said the company had begun a “marketing campaign” to sell the Las Vegas head office.

“While we will preserve an essential presence in Las Vegas, we are enhancing our footprint now that we are consolidating our commercial activities in Reno,” he said at the time.

With the Gtech merger total, IGT is now divided into four business segments: North American video gaming, North American lotto, Italian and worldwide. The North American gaming division is based in Las Vegas.

IGT spokesperson Phil O’Shaughnessy stated the business remains to have a “huge dedication” to Las Vegas and Nevada in basic. The sale makes good sense due to the fact that IGT wasn’t entirely using its Las Vegas facility, specifically the warehouse portion, O’Shaughnessy said.

“This is all part of our continuous efforts to increase operational effectiveness by transferring to a smaller sized center that was appropriately sized to house our Vegas labor force,” he stated.

One part of the IGT structure is used for production and warehouse area; the other part is workplaces. Greg Tassi, a broker with CBRE who is not included with the sale, stated the warehouse space would be simple for a business to move into because it’s a “extremely generic” area.

“It is an unique home with that workplace component right in the middle, however the two warehouse wings, for lack of a better term, are really functional warehouse structures,” Tassi said. “If (the combined IGT) is going to rent back those workplace buildings, I think that’s a slam dunk for any seasoned commercial investor.”

Tassi stated he might imagine an e-commerce or transportation company making the most of the IGT warehouse area, or another business could utilize it for light manufacturing.

A structure sale would not be the only modification in Nevada for the recently combined variation of IGT. Sala said on the incomes call today that the company has likewise executed a purchase and sale arrangement including 20 acres of “excess land” in Reno. And he said IGT has made “great progress” in shifting all of its North American production operations to Reno.

Competing company Scientific Games has gone in the opposite instructions as IGT in Las Vegas. After getting fruit machine maker Bally Technologies for $5.1 billion in 2013, Scientific Games announced in January that it was moving its corporate headquarters from New York to Las Vegas.

International Brokerage Shops Report Ramped-Up Leasing Activity as Market Cycle Develops

With More Companies Shifting into Expansion Mode, Leasing Starts to Overtake Capital Markets as Income Motorist for International Brokerages

Benefitting immensely from the strong capital flows into realty and an uptick in leasing activity, CRE brokers and other service providers are taking pleasure in lots of fee-based revenue, with international giants CBRE Group, Inc., JLL and Colliers International all reporting double-digit earnings boosts and solid revenue gains in the 2nd quarter of 2015.

For the 7th time in 8 quarters, Los Angeles-based CBRE posted international double-digit boosts in revenue (12 %) and earnings (17 %) during the 2nd quarter of 2015. Chicago-based JLL reported a 21 % boost in revenues and 7.5 % boost in income, with fee-based income increasing 17 % to a record $1.2 billion in the quarter. JLL’s capital markets and hotels divisions led all company lines with a 22 % rise in earnings.

Senior executives for the two business stated that while financial investment sales continue to make up the bulk of commission-based profits and total earnings, leasing activity is ramping up in the current realty cycle, driven by task growth, business growths and the widening economic recuperation.

JLL said international leasing volumes grew by 8 % in the second quarter compared with a year back, reaching the highest level in more than 3 years, matching the growth rate of financial investment sales volume for the first time in the present cycle during the second quarter, JLL CEO Colin Dyer said.

“Growth is now increasingly heading business agendas, so leasing market need principles strengthened further in the quarter, together with rental rates,” Dyer said. “Momentum and confidence are remaining to build in industrial realty markets worldwide.”

CBRE’s U.S. leasing income grew at a double-digit clip for the eighth successive quarter, showing enhanced productivity from current brokers along with contributions from brand-new producers who are migrating to CBRE at an impressive rate, CBRE CFO Jim Groch stated.

“Leasing in the Americas is still reasonably early in the recovery stage, but it remains to move strongly,” Groch said. “We have actually only recovered the jobs we lost in the last economic downturn [considering that] April of in 2013, and it is the pick-up in jobs that has actually been at a modest pace however constant, and that’s assisted gradually enhance rental rates and has actually offered some fuel behind the [renting] business.”

In its inaugural quarter as a standalone different public business after splitting off from FirstService Corp. previously this year, Colliers International Group Inc. (Nasdaq: CIGI) on Wednesday reported an 11 % year-over-year increase in second-quarter profits to $409.8 million. Colliers also reported that changed EBITDA (earnings prior to incomes before interest taxes, depreciation and amortization) increased 30 % to $44.6 million.

Colliers reported strong financial outcomes in spite of taking an outsized hit on international currency issues, as 65 % of the company’s earnings are created outside the U.S., stated Colliers Chairman and CEO Jay S. Hennick.

“Strong internal earnings growth and significant margin expansion was achieved throughout the board, specifically in our European operations. We anticipate our strong momentum in the very first half of the year to continue for the balance of the year,” Hennick stated.

The ongoing strength in capital markets was reflected in the quarterly results reported by CRE debt and equity intermediary and companies HFF, Inc., which saw profits increase about 32 % in the second quarter of 2015 year-over-year to $125 million.

Earnings jumped 68 % to $21.2 million from $12.6 million a year ago, driven in part by a 64 % spike in financial obligation positioning volume to $9.82 billion in 320 deals, up from $6 billion a year ago. HFF’s financial investment sales jumped 20 % throughout the quarter to $8.2 billion from $6.8 billion a year ago.

“The huge bulk of U.S. loan providers continue to be very determined, very thoughtful, extremely positive in how they’re underwriting the business,” HFF CEO Mark Gibson told experts. “It appears that there has been no memory loss from 2008, 2009, with the participants in the marketplace.”