|Bid||36.21 x 900|
|Ask||36.83 x 800|
|Day's Range||36.44 - 36.92|
|52 Week Range||15.55 - 36.92|
|Beta (5Y Monthly)||1.58|
|PE Ratio (TTM)||124.24|
|Earnings Date||Oct 27, 2020 - Nov 02, 2020|
|Forward Dividend & Yield||0.54 (1.47%)|
|Ex-Dividend Date||Aug 14, 2020|
|1y Target Est||40.61|
(Bloomberg) -- KKR & Co. is betting on Brooklyn apartments as the pandemic rattles the housing market in New York City.The New York-based alternative asset manager is in contract to purchase a portfolio of newly developed rental buildings in Brooklyn from Bruman Realty in a deal that’s worth about $860 million including debt, according to people familiar with the matter.KKR is partnering with apartment operator Dalan Management on the deal and will provide the bulk of the equity, the people said, asking not to be named because the matter is private.Representatives for KKR and Bruman declined to comment. Dalan didn’t immediately respond to a request for comment.New York, L.A. Nightlife Lockdowns Sending Renters to SuburbsThe deal would be one of the biggest commercial real estate acquisitions in New York this year. The market has largely been frozen as the pandemic roils the economy. Second-quarter apartment transactions dropped 70% in the U.S. from last year, according to Real Capital Analytics.Rental apartments have historically been considered recession-proof, performing well in times of economic turbulence as more people are priced out of owning homes. That thesis could best tested in the Covid-19 era with high unemployment and a sluggish recovery landing hard on renters.NYC Rental Market Pushed to Breaking Point by Tenant DebtsNew York’s rental market has taken a hit as younger residents, no longer tethered to offices, move back with parents and thousands of people flee the city for more space. Record low mortgage rates have fueled a surge in demand for homes, with potential buyers looking to the suburbs for properties with extra space for offices and remote learning.In June, Manhattan saw the highest apartment-vacancy rate in nearly 14 years of record, according to appraiser Miller Samuel Inc. and broker Douglas Elliman Real Estate. That helped drive rents down.Brooklyn’s rents, meanwhile, rose slightly while listings surged.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The board of MasMovil, the Spanish telecoms group, has issued a favourable opinion of a takeover bid by a trio of private equity funds and said it had looked for other potential buyers but no firm bid had emerged. MasMovil's board had agreed in June on a $3 billion offer from KKR, Providence and Cinven and described it as beneficial for the company, which has taken market share from bigger rivals in Spain's fiercely competitive telecoms market. The board also said that some shareholders had complained the consortium of KKR, Providence and Cinven were offering too little.
(Bloomberg Opinion) -- The tension between Rome and the market has gone up another level.A proposed settlement between the Italian government and the operator of the collapsed Morandi bridge, Autostrade per I’Italia SpA, is faltering. Autostrade’s majority owner, Milan-listed Atlantia SpA, is taking a tough line defending its shareholders when it comes to the details of the agreement.Meanwhile, Rome is becoming increasingly interventionist. In a separate matter on Tuesday, it sought to delay Telecom Italia SpA’s planned sale of assets to buyout firm KKR & Co.Combined, the developments suggest a decisive agreement to end the dispute over the 2018 Genoa tragedy remains highly challenging. Altantia shares were briefly halted on Wednesday in response to the fresh deterioration in relations.In the wake of the disaster, which claimed 43 lives, Italy moved quickly to impose heavy penalties on Autostrade. The fact that Atlantia’s lead shareholder is the deep-pocketed Benetton family energized the political assault. However, the official investigation into the bridge collapse has yet to conclude, and Autostrade has rejected allegations that it breached its maintenance commitments.Seeking to settle, Autostrade offered 3.4 billion euros ($4 billion) of compensation, reconstruction funds, toll cuts and additional maintenance spending. Some of the expenses are spread over time and may be tax deductible. Even allowing for that, the proposal looks to be worth at least 10% of Autostrade’s equity value – consistent with penalties laid out in its highways concession agreement (save for other damages). The unit’s valuation was estimated at 14 billion euros before the disaster and the Covid-19 pandemic.But this isn’t enough for the Italian government. It was wants to take control of Autostrade and has threatened to revoke its highways concession if the company doesn’t comply, changing the law to reduce the cancellation payment due.At issue is the price at which nationalization would occur. Rome proposes Autostrade sell a stake in itself to Italy’s postal savings bank, diluting Atlantia into a non-controlling position. If this happened cheaply, say via a discounted initial public offering, existing shareholders would lose out.In response, Atlantia says the price should be set by Autostrade’s “market value.” It’s proposing two options, both of which entail the state acting like any other investor. One would be a straightforward auction of its 88% holding to any potential acquirers. The other plan envisages listing the business. Then the state could bid in the market.The proposals echo those of Atlantia investor TCI Fund Management Ltd. To pressure the government into agreeing, the hedge fund has made a formal complaint to the European Commission, arguing that Rome has breached European laws by preempting the formal investigation and by coercing the nationalization.Clearly, it would be wrong to determine the outcome of the awful events of two years ago solely with reference to contractual claims and market forces. The question is what is the right thing to do to ensure that the families of the victims and others affected are well compensated, that suitable penalties are levied and that necessary works are carried out to prevent another tragedy.Atlantia’s proposal does, at first glance, risk being inappropriately generous to its own shareholders. It envisages them being cashed out of Autostrade at a premium in a bidding contest. That feels like an uncomfortable and insensitive conclusion here.But whether that is really the case depends largely on the penalties imposed on Autostrade before it is sold — not just the current settlement proposal, but also various other changes being made to its highways concession. A market-consistent nationalization could still be at a low valuation. Perhaps the real problem from a political perspective is that any direct sale of Atlantia’s holding means paying cash directly to the Benettons.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.