Buffett's bet on Store shows not all retail real estate is equal
New York
WARREN Buffett is betting that some types of brick-and-mortar real estate will hold up better than others in the age of Amazon.
His Berkshire Hathaway Inc took a 9.8 per cent stake in Store Capital Corp, sending shares of the real estate investment trust surging on Monday. Unlike other retail landlords that have come under pressure as consumers shop more online, Store focuses on service properties: preschool facilities, health clubs, dine-in movie theatres and pet-care sites. Less than a fifth of its portfolio is invested in traditional retail - and even those it calls "Internet resistant", including furniture stores, hobby and craft centres, and hunting, fishing and camping shops.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
HDB resale prices up 1.8% in Q1; rental market slows down
Singapore’s private home prices up 1.4% in Q1, rents drop by 1.9%: URA
OUE wins tender to lease, develop new ‘zero-energy’ hotel at Changi Airport’s T2
Singapore office rents in central region fall 1.7 per cent in Q1 over Q4: URA
Homebuyers shun new real estate in Vancouver, hurting builders
US pending home sales jump in March to hit highest in the year