Four of the world's largest banks are teaming up to launch the first US commercial property derivatives market. The lenders, including Credit Suisse, Goldman Sachs, Merrill Lynch and Bank of America, will work together with the National Council of Real Estate Investment Fiduciaries (NCREIF) to create a trading platform with the potential to grow to $26bn, newspaper The Financial Times has reported.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
