Blackstone Claims Extortion In Lawsuit, Defendant Claims Predatory Behaviour
Blackstone is locked in a legal battle with an Italian media magnate whose company said the U.S. firm has to give back a building it bought five years ago because it was sold at a time of distress.
Blackstone has filed a lawsuit in New York claiming that Italian media company RCS tried to block the sale of RCS' former Milan headquarters “in an effort to extort” Blackstone.
In turn, RCS has launched an arbitration claim in Milan, arguing that under Italian criminal law, Blackstone had committed usury, because it knew RCS was in financial trouble when it bought the HQ, and used this situation to make an outsized return on the deal.
Blackstone bought three interlinked buildings on Via Solferino in central Milan for €120M ($135M, £105M) in 2013 from RCS, which is one of Italy's biggest media companies, and publishes famous newspapers like Corriere della Sera and La Gazzetta dello Sport.The…
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One Of Property's Smartest Chief Executives Wants To Build 3M SF Of Low-Carbon Buildings
Canadian pension fund Ivanhoé Cambridge has teamed up with the former chief executive of Unibail Rodamco to invest €1.6B in low-carbon office buildings, in one of the biggest sustainable real estate ventures anywhere in the world to date. Ivanhoé is…
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No Room In Your Micro-Apartment? No Worries, Get Robot Furniture
Micro-unit apartments are hot, but by definition little bigger than shoeboxes. Boston-based tech company Ori is expanding its robotic furniture offerings that address space issues for micro-unit dwellers, thus potentially helping support demand for that kind of development.
Ori recently rolled out the Ori Pocket Closet, which creates an on-demand walk-in closet in any room, and the Ori Cloud Bed, a bed that lowers from the ceiling or lifts to the ceiling to reveal a sofa.
"As urban…
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AccorHotels' Pop-Up Project Can Put Hotel Rooms Just About Anywhere
After a period of testing in France, AccorHotels is rolling out its Flying Nest temporary guest room concept more widely. Flying Nest is essentially a pop-up for hotels.
Using six converted marine containers as separate rooms — five accommodation modules, one support module — Accor can assemble the Flying Nest wherever demand for hospitality space experiences a temporary surge.
When demand dies down, the concept can be disassembled just…
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