Real Estate

  Bloomberg A real estate developer wanted to increase affordable housing in Denver, trying to make fiscal sense out of a plan to build rental apartments for people making only 30 percent of the area’s median income—the kind of housing America desperately needs. He discovered that, no matter what lever he moved or compromise he made, he was going to ...

  Bloomberg Aberdeen Asset Management Plc’s funds overseen for clients rose 2.9 percent in the fiscal third quarter as the benefits of a weak pound helped offset outflows. The shares climbed. Assets under management increased to 301.4 billion pounds ($396 billion) from 292.8 billion pounds in the three months through June, Aberdeen said in a statement on Monday. Value appreciation ...

  Bloomberg After Gary Bahre and his parents built two houses totaling 63,000 square feet on New Hampshire’s Lake Winnipesaukee, they realized they’d gone a little overboard. “The houses are more than I’d ever need as a single man,” said Bahre, a 53 year-old entrepreneur and philanthropist whose family money comes, in part, from selling the New Hampshire Speedway in ...

  Bloomberg Capital & Counties Properties Plc canceled a plan to sell the Olympia exhibition center in west London, according to two people with knowledge of the matter. The landlord decided against a sale of its venues unit, which includes the property, before the U.K. voted to leave the European Union because it wants to retain the rent generated by ...

  Bloomberg Davide Campari-Milano SpA has received interest from Middle Eastern and North American buyers for a villa on France’s Mediterranean coast that may be worth at least 300 million euros ($330 million) in a sale. Villa Les Cedres, which the Italian drinks maker gained in its acquisition of Grand Marnier Group, is being sold along with Grand Marnier’s two ...

  AFP Alfama, one of the oldest and most picturesque areas of Lisbon, is becoming a victim of its own charm. Short-term lets to tourists are driving up rents and driving out old residents. “They want to throw me out to rent my home to tourists,” complained retired salesman Antonio Melo, 70. His house has changed owners four times over ...

  Bloomberg Skanska AB, the Swedish construction company that built the City of London’s landmark Gherkin building, lowered its outlook for U.K. non-residential construction after the country voted to leave the European Union. “Ahead of the Brexit vote, private developers were in a wait-and-see mode and refrained from starting projects — that cautiousness has continued after the referendum,” Chief Executive ...

  Bloomberg Sales of London homes under construction slumped 34 percent in the second quarter as the prospect of a vote to leave the European Union damped demand already hurt by higher taxes. The number of residences sold before completion fell to about 4,600 from 6,974 a year earlier, according to data compiled by researcher Molior London . A spokesman ...

  Shanghai / AFP China’s property giant Wanda, owned by the country’s richest man Wang Jianlin, has signed an MOU to sell a historic Madrid skyscraper to a Spanish developer for €272 million, the company said. Wanda plans to sell all shares of Wanda Madrid Development, which holds the 25-storey Edificio Espana, to Spain’s property developer Baraka Global Investment, its ...

  Bloomberg A group led by US real estate investor Blackstone Group LP, the world’s largest manager of alternative assets, said second-quarter profit rose 2 percent as it earned more from real estate sales and its credit portfolio gained. Economic net income, a measure of earnings that reflects both realized and unrealized investment gains, increased to $520 million, or 44 ...