NEW YORK — As acquisition opportunities in the U.S. dry up, real estate investment trusts are looking more closely at overseas and Latin American buys. General Growth Properties Inc., for example, closed late last year on malls in Brazil and...
NEW YORK — As acquisition opportunities in the U.S. dry up, real estate investment trusts are looking more closely at overseas and Latin American buys. General Growth Properties Inc., for example, closed late last year on malls in Brazil and Costa Rica, while Westfield Group is flirting with the owners of a $1.2 billion mall outside of London. It already owns a $4 billion portfolio in the U.K.
“We have not gone international yet, but the rest of the world really has a lot of catching up to do with the U.S. in terms of shopping and the development of their retail real estate,” said Stephen Lebovitz, president of CBL & Associates Properties Inc. “There is a huge opportunity there to export our expertise and it’s something we’ll all be focusing on.”
Some REITs are using international ventures as testing grounds for new business lines. The Mills Corp. is a prime example. In the last weeks of 2004, the company joined up with a Canadian-based mall owner to buy St. Enoch Centre in Glasgow, a 715,000-square-foot mall for $524 million, with up to 50,000 square feet of expansion space.
But its major accomplishment in Europe has been pioneering the hybrid entertainment and retail facility with the 1.4-million-square-foot Madrid Xanadu, the model entertainment shopping center with several hundred thousand square feet of retail and a 20-story snow facility, which can support up to 400 skiers at a time. It plans similar projects in Rome and Barcelona.
“It’s very difficult to build retail in Europe,” said Larry Siegel, chairman and chief executive officer of The Mills. “Retail is kind of taboo, but leisure and entertainment is extremely desired, which is why we’ve been accepted there.”
Its success in Spain has inspired a North American knockoff — The Mills plans to replicate this model in the redevelopment of the New Jersey Meadowlands, where it is pairing up with a local real estate developer to build a massive $1.3 billion, 4.8-million-square-foot office, hotel, retail and entertainment complex, also dubbed Xanadu.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
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For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)