Curated daily by our industry experts. Stay informed on how tech is shaping the real estate industry with these important headlines.
Fitch Ratings
Fitch Ratings – New York – 22 Oct 2020: Fitch Ratings has downgraded WeWork Companies LLC and The We Company’s Long Term Issuer Default Ratings (LT IDR) by one notch to ‘CCC’ from ‘CCC+’. Fitch has also downgraded WeWork LLC’s Senior Unsecured Notes issue rating two notches to ‘CC’/’RR6’ from ‘CCC’/’RR5’, resolving the issue-level Rating Watch Negative.
ABC News
The San Francisco-based retailer, which was for decades a fixture at shopping malls around the country, said Thursday that it will be closing 220 of its namesake Gap stores — or one-third of its store base — by early 2024. That will result in 80% of its remaining Gap stores being in off-mall locations.
AXIOS
Private equity is watching the consolidation of the North American oil and gas sector from the sidelines, instead focusing its energy efforts on renewables. Driving the news: Cenovus Energy (TSX: CVE) on Sunday agreed to buy Husky Energy (TSX: HSX) for C$3.8 billion in stock, in a deal that would create Canada’s third-largest oil and gas producer….
The New York Times
The announcement, coming weeks after a similar pledge by China, will require a major overhaul of the infrastructure in Japan, which remains heavily dependent on fossil fuels.
The New York Times
George and Pat Ritzinger moved five years ago to a community that few would initially consider a retirement mecca: a former shopping center site in Wayzata, Minn. They had spent the previous 15 years in a townhouse development in the Minneapolis-St. Paul area, yet found the atmosphere chilly.
Bisnow
In the wake of COVID-19, architects and their clients have all understandably been focused on air quality and cleanliness. But as massive as the pandemic has been in both scope and scale, it barely registers as a crisis when contrasted with climate change, experts say.
CREtech
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The New York Times
It took reading 50 pages of “Billion Dollar Loser,” Reeves Wiedeman’s new book about WeWork and its co-founder Adam Neumann, before I wrote my first “insufferable” in the margin alongside an especially galling anecdote — a testament to how steady and restrained Wiedeman’s book is. He could have easily let loose from the beginning with a sensationalist narrative of exploitation and degradation, but he bides his time, allowing his evidence to accrue.
Construction Dive
The announcement comes as construction’s tech stack continues to grow, with onsite tools from reality capture and real-time BIM increasingly leveraged in the palm of contractors’ hands. That use on the jobsite has increased the need to easily integrate and feed the data they collect into larger solutions.
Built In NYC
Welcome Homes, an NYC startup that claims to offer the first fully online home building, customization and purchasing experience, announced Tuesday it has officially launched thanks to a $5.35 million seed round led by Global Founders Capital.
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