CBRE will buy a 60% stake in Turner & Townsend for $1.3 Billion. The deal between world’s largest commercial real estate services firm and London-based project manager targets alternative energy efforts.
Fifty-four U.S. hotel markets (33%) entered the “recovery” category, up from 30% the prior week, but 20 markets remained in the “recession” category, with RevPAR between 50% and 80% of 2019 levels.
The vast majority of the 1.55 million homeowners who are seriously delinquent—meaning they haven’t made mortgage payments in at least 90 days—are in active forbearance. That represents about 2.9% of the 53 million active mortgages, down from a high of about 4.4% in August and September 2020.
The pandemic triggered a two-month recession last year that began in February 2020 and ended in April, making it the shortest on record.
Nasdaq Inc. is teaming up with a group of banks including Goldman Sachs Group Inc. and Morgan Stanley to spin out its marketplace for shares of private companies. Under current regulations, such deals are typically limited to accredited investors.
Athene Holding Ltd., the insurer and annuity seller backed by Apollo Global Management Inc., agreed to acquire a mortgage lender from Fortress Investment Group as it seeks to pick up assets in the U.K. With the purchase of Foundation Home Loans, Athene will pick up a 3 billion-pound ($4.2 billion) portfolio of mortgages to be managed by Apollo.
In June, the average transaction price for a new vehicle was $39,942, an increase of 14% from June 2020. The average transaction price for a used vehicle was $27,984, up 24% from June 2020.
Blackstone will enter into a long-term agreement with AIG Life to manage an initial $50 billion in assets, with the amount increasing to nearly $100 billion over the next six years. The private-equity firm would also pay $2.2 billion for a 9.9% stake in AIG’s life-insurance and retirement-services unit.
U.S. consumer prices continued to accelerate in June at the fastest pace in 13 years as the recovery from the pandemic gained steam. The consumer-price index increased 5.4% in June from a year earlier. Excluding volatile food and energy categories, prices rose 4.5% from a year earlier, the most in 30 years.
