News & Events
market
intelligence
briefing
October 18, 2019
Commercial Banking
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Global bank consortium plans fintech platform for primary markets
Oct 14 -
The backers of the DirectBooks platform include Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley and Wells Fargo. DirectBooks aims to bridge the communications gap between underwriters and investors, allowing for more transparency and improved deal execution. The new utility will be led by former Nymex, CLS and Icap/NEX executive Richard Kerschner, who will act as CEO of DirectBooks' holding company Primary Markets. BlackRock engaged with the company in the development of an integrated issuance process for buyside participants via the Aladdin platform. Connections with other OMS providers and tech suppliers to the buyside will also be forthcoming.
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Citigroup names global co-heads for its equity capital markets business
Oct 11 -
Citigroup named Douglas Adams and James Fleming global co-heads of its equity capital markets business, which helps companies raise money through IPOs and private placements. Citi poached Fleming in 2018 from Bank of America to co-head its equity capital markets business in Europe, Middle East, and Africa. Citi named Suneel Hargunani to co-head the business in the region. Adams was most recently co-head of Citi's equity capital markets business in North America. Citi named Paul Abrahimzadeh and Russell Chong to co-head the business in the region. The appointments come at a time when the business could be bracing for a dry spell following failed IPOs including WeWork-owner The We Company and disappointing debuts such as U.S. fitness startup Peloton Interactive.
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Columbus Day holiday
Oct 11 -
Due to the Columbus Day holiday, LAC Group will not issue a Market Intelligence briefing on Oct. 14. Service will resume as usual on Oct. 15.
Real Estate Finance
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Bridge Investment Group buys Miami office tower
Oct 14 -
Bridge Office Fund Manager acquired Museum Tower, a 259,666-square-foot office high-rise in Miami's central business district. Located at 150 W. Flagler St. in the Legal District, the building is near Interstate 95 and several public transit systems such as MetroRail, MetroMover and the high-speed Virgin Trains USA formerly known as BrightLine. Completed in 1986, Museum Tower includes one story of retail space and 11 stories of parking, with floorplates ranging from 7,000 to 13,536 square feet. Amenities include a fitness center, on-site restaurants, travel agency and retail banking facility. The property is currently 94.2% leased to a diverse mix of tenants that includes government offices and law firms, as well as NBC Universal.
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Homewood Suites Jacksonville changes hands
Oct 14 -
A JV between Three Wall Capital and Guggenheim Investments acquired Homewood Suites by Hilton Jacksonville Deerwood Park, a 117-key extended-stay hotel in Jacksonville, Fla. The Generation Cos. sold the asset for $14.9 million. The transaction was part of a larger, 1,973-key portfolio deal which included extended-stay hotels in North Carolina, Virginia, Florida, Texas, Tennessee and Georgia. Public records show the buyer financed the 18-property acquisition with a $167.1 million loan from Guggenheim. Located on three acres at 8511 Touchton Road, the four-story hotel offers studio, one- and two-bedroom guestrooms with fully equipped kitchens. Amenities include complimentary Wi-Fi, a business center, a fitness center, an outdoor pool and two grill-equipped patio areas.
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Lincoln Property JV buys $86M Nashville portfolio
Oct 14 -
Gaedeke Group sold a Nashville, Tenn., office portfolio for $85.5 million to a JV of Lincoln Property Co. and Angelo Gordon. The assets total 460,740 square feet across two buildings. The smaller of the two assets, the 178,639-square-foot Highland Ridge III, last changed hands in late 1996 as part of a $18.6 million portfolio deal. The seller delivered the other building, the 282,101-square-foot Highland Ridge Tower, in 1998 and had owned and operated the property since. Located at 535 and 545 Marriott Drive in the Donelson-Hermitage submarket, the properties are six miles east of downtown. The 12-story Highland Ridge Tower is leased to a mix of tenants including Concord Healthcare Development and PMA Cos. The building includes an on-site café and conference facilities. Highland Ridge III is home to the U.S. Bureau of Indian Affairs, ROCIC and VF Imagewear.
Commercial Bankruptcy
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New York Helicopter Charter files for Chapter 11 bankruptcy
Oct 11 -
New York Helicopter Charter filed for Chapter 11 protection in the Southern District of New York, listing assets and liabilities of as much as $10 million. The company provides helicopter tours and charters, per its website. Its largest unsecured creditor is a settlement for a little more than $400,000 according to its petition.
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Tiger Oak Media files for Chapter 11 bankruptcy
Oct 10 -
Tiger Oak Media, the publisher of more than 30 regional and bridal magazines around the U.S., filed for Chapter 11 bankruptcy protection. The 26-year-old company, which employs 86 staffers across offices in seven states, reported less than $50,000 in assets and between $1 million and $10 million owed to more than 200 different creditors, including printers, event spaces, consultants and other vendors. A list of the 20 largest unsecured claims tops more than $3 million, though most of these are listed as disputed.
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Apollo, Elliott team up to save EP Energy stake in bankruptcy
Oct 4 -
Apollo Global Management and Elliott Management put forward a bankruptcy plan that would see Apollo hold onto its stake in EP Energy while cutting nearly two-thirds of its $4.9 billion debt load. The agreement would allow Apollo to hang onto its ownership of EP Energy, which it created in 2012 through a spin-out from El Paso, amid low commodity prices that pushed the Houston-based company to file for Chapter 11.
