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May 9, 2008 Sign up Forward Archive Advertise The daily source on REITs and real estate investment   Top News    Citigroup to identify $400 billion in assets it may sell Citigroup, as part of a plan to lower expenses and restore profit growth, will identify up to $400 billion in assets that it could sell, sources say. The financial giant's CEO, Vikram Pandit, will meet with Wall Street analysts today and is expected to reiterate his vow to reduce the company's cost base by roughly 20%. Pandit is also expected to use the meeting to defend the company's "universal banking model" of a combined consumer and wholesale bank. ClipSyndicate/Bloomberg (5/9), Financial Times (free content) (5/9), Forbes/Reuters (5/9), CNBC/Reuters (5/9) Citigroup personnel move follows heavy Dubai investment: Citigroup Inc. plans to relocate one of its global co-heads of investment banking to Dubai in the United Arab Emirates. Ray McGuire will remain in New York while Alberto Verme will continue to lead investment banking operations after relocating. The move follows billions of dollars in new investments in the region. Crain's New York Business/Associated Press (5/8)   Save 50 cents on every invoice you process... Why are over 30 REITs and 120+ real estate companies using AvidInvoice to lower costs and end manual tasks like data entry and paper shuffling? Hear how they've embraced electronic data; eliminated paper; and become SOX compliant. Learn More and Attend Webinar to understand how EastGroup Properties and First Potomac Realty Trust automated their AP.     Capital Markets  Bargain hunting keeps commercial real estate debt steady Commercial real estate debt has managed to stay afloat, partly because investors have been bargain hunting in the sector. But banks have remained reluctant to resume lending, meaning that the market for office buildings, shopping malls and apartments remains largely shut down. The Wall Street Journal (tiered subscription model) (5/8) Centro gets breathing room under deal Centro Properties has until December to clear the massive debts it has accumulated. Under the deal announced Thursday, Centro has to finalize a $155 million "liquidity facility" to pay for capital expenditure and meet other conditions by May 30. The Sydney Morning Herald (Australia) (5/9) Dubai considering purchase of London property developer The state of Dubai may buy London property developer Minerva. Limitless, part of the multibillion-pound Dubai World group of companies owned by the Gulf state, said Thursday it was in preliminary discussions to acquire Minerva. Minerva is currently pursuing an ambitious building agenda in London. The Times (London) (subscription required) (5/9)   Investment News  Eichner in talks to surrender casino Developer Ian Bruce Eichner is in talks to surrender Cosmopolitan Resort Casino to Deutsche Bank. The casino, which is under construction, got caught last year in the capital-markets crisis. Deutsche has invested $1 billion in the project. The Wall Street Journal (tiered subscription model) (5/9) Experts warn against relying only on mathematical models Following the subprime meltdown, industry experts now say market participants should consider social sciences that affect human behavior, such as that of homeowners, rather than relying solely on mathematical models. "It's time perhaps to put aside mathematics and somehow find the right balance between qualitative, quantitative and sensitive risk management," said Philippe Carrel, global head of business development at Thomson Reuters. "Risk management is becoming an art." Financial Week (5/8)   Real Estate Marketplace  Expert: Credit crunch has yet to hit apartment sector The apartment sector is favoring buyers over builders in the current market. Greg Willett, vice president of research & analysis for M/PF Yieldstar, said during a speech at a National Association of Real Estate Editors conference that the credit crunch has yet to hit the apartment market. Commercial Property Executive (5/8) AmREIT emboldened by strong first quarter numbers AmREIT executives expect to record at least $2 billion in acquisitions and development within two to three years. The expectations are based on strong first-quarter numbers, which bucked the trend for most other retail owners. H. Kerr Taylor, AmREIT's chairman, CEO and president, told shareholders and analysts that 2008 would be "a launching pad" for AmREIT. GlobeSt.com (5/8) Apartment investment strategy raises furor Private investment firms are basing expectations for growth of investments in New York City apartment buildings on higher-than-normal vacancy rates for rent-controlled apartments. The strategy has resulted in tenants and advocates complaining about what they see as a pattern of harassment of low-income tenants by building managers. NYTimes.com (5/9) Other News Real estate price drop a boon for conservationists The Wall Street Journal (tiered subscription model) (5/8) Grants direct $271 million toward stem cell research facilities in Calif. GlobeSt.com (5/8)   NAREIT News  Track performance of U.S. and global real estate markets Updated daily, the FTSE NAREIT U.S. Real Estate Index Returns and the FTSE EPRA/NAREIT Global Real Estate Index Returns provide index performance data, industry segment returns and comparisons against other major market benchmarks. Learn more about NAREIT ->   Join NAREIT |  Policy & Politics |  NAREIT Events |  Publications   Policy Watch  India approves creation of real estate mutual funds The Securities and Exchange Board of India approved guidelines for the creation of real estate mutual funds last month. The rules require the investment of at least 35% of a fund's assets in completed real estate assets. Rediff (5/9)   SmartQuote  It takes a great deal of history to produce a little literature." --Henry James, American writer     Subscriber Tools       Print friendly format | Web version | Search past news | Archive | Privacy policy Advertise Associate Publisher:  Susan W. 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