In the early hours of this morning, the Japanese retailer Fast Retailing declined to match a competing bid to buy Barneys New York, paving the way for the Dubai firm of Istithmar to proceed with its purchase of the chain of fancy stores from Jones Apparel Group.
Fast Retailing Inc., the Japanese retail giant that owns the UNIQLO chain of cheap-chic clothing stores and which put together a $900 million bid to buy Barneys New York from the Jones Apparel Group, downgraded its forecast for the third time this business year.
According to Reuters:
Having built up an empire of more Read More
WWD is reporting that two investment firms from the Middle East could drive the bidding for Barneys as high as $1.8 billion. We're not so familiar with the Qatar Investment Authority, but the other, Istithmar (a royal-family owned firm from Dubai) has been all over New York lately.
In April 2006, it acquired Six Read More
The most ferocious investment firm of the last six months, Broadway Partners, is in contract to purchase 280 Park Avenue from Istithmar for a little more than $1.2 billion, a source said.
The building was purchased in a very quiet off-market transaction, and represents another gaudy move for the extremely young yet impossibly strong Broadway Read More
Good news for the folks at Billboard, Adweek and The Hollywood Reporter. There won’t be a move to Brooklyn.
Now, the bad news: Editors and reporters will have to get used to working close to one another. Very close.
The Nielsen Company (formerly VNU) has abandoned a plan to move to downtown Brooklyn, but is Read More
That whole thing about the Mandarin Oriental sale, fact or fiction? Yeah, never mind.
The deal is in contract and is expected to close in February. A 73 percent share of the Time Warner Center hotel has been sold to Istithmar. According to the release from Mandarin Oriental International Limited, Read More
Did you hear? The Mandarian Oriental in the Time Warner Center is being sold to Istithmar. Or so they say.
The Mandarian Oriental rumor has been the juiciest real estate one floating around New York for the last several weeks, but trying to parse reality from fiction has been tricky.
The execs at Istithmar are Read More