Latest news with #Related
Yahoo
2 days ago
- Business
- Yahoo
AstraZeneca pledges $50bn investment in the US amid 200% tariff fears
AstraZeneca will invest $50 billion (€42.8 bn) in the US by 2030 in a move to expand its R&D and manufacturing there, the firm announced on Monday. This comes as the pharmaceutical giant aims to reach the target of $80 billion (€68.5 bn) in revenue by 2030, with 50% of it hoped to come from the US. The announcement also comes as the Trump administration threatens tariffs of up to 200% on drugs that are produced outside of the US. The new investment announcement is in addition to the $3.5 billion (€3 bn) pledged in November 2024. According to a statement from the company, the US plays a 'critical role' in AstraZeneca's ability 'to launch 20 new medicines by the end of the decade'. What will AstraZeneca produce in the US? As part of the investment, the British-Swedish company plans to build a new multi-billion dollar manufacturing facility in the state of Virginia. This plant will focus on the production of treatments for chronic diseases and is the largest single investment into a facility the company has ever made. '[This] announcement underpins our belief in America's innovation in biopharmaceuticals and our commitment to the millions of patients who need our medicines in America and globally,' Pascal Soriot, Chief Executive Officer at AstraZeneca said in a statement from the company. 'I look forward to partnering with Governor Youngkin and his team to work on our largest single manufacturing investment ever. It reflects the Commonwealth of Virginia's desire to create highly skilled jobs in science and technology, and will strengthen the country's domestic supply chain for medicines.' Related Revolut to create 400 new jobs as Paris HQ leads hopes towards French banking licence Universal Music Group confidentially files for US stock market listing The site in Virginia will have a particular focus on producing substances which make up AstraZeneca's weight management and metabolic treatment portfolio. As well as the site in Virginia, the investment will help expand facilities and production in Massachusetts, Maryland, California, Indiana and Texas, as well as finding new sites for clinical trials. AstraZeneca already has 19 R&D, manufacturing and commercial sites in the US, and the country is the company's largest market, representing 42% of their revenue. The firm currently employs more than 18,000 people and supports 92,000 jobs across the US. The new investment announcement is expected to create tens of thousands more jobs in the coming years. Howard Lutnick, US Secretary of Commerce, said: 'For decades Americans have been reliant on foreign supply of key pharmaceutical products. President Trump and our nation's new tariff policies are focused on ending this structural weakness. We are proud that AstraZeneca has made the decision to bring substantial pharmaceutical production to our shores. This historic investment is bringing tens of thousands of jobs to the US and will ensure medicine sold in our country is produced right here.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-07-2025
- Business
- Yahoo
Saudi Sovereign Wealth Fund Plans Majority Stake in $1 Billion NYC Skyscraper
According to the Council on Tall Buildings and Urban Habitat, there are 47 buildings taller than 150 meters, or 492 feet, in all of Saudi Arabia. New York City has 319. Now, the kingdom's Public Investment Fund (PIF) has agreed to invest in maintaining that gap with plans to take a two-thirds stake in a 1,200-foot Manhattan skyscraper development. The deal is with NYC real estate developer Related, which initially planned to build a mixed-use residential project at the site but has more recently considered an office building to capitalize on the post-pandemic return to work in America's largest economic metropolis. READ ALSO: HSBC Waves Caution Flag for Wall Street Giants and Improving S&P 500 Outlook Signals Revival of TINA Trade The pandemic turned the solid ground under many commercial real estate investments and developments into quicksand, but signs of a rebound led some to believe the alchemy would next change their foundation into gold. Last year, office building sales in the US rose 20% to $63.6 billion, according to MSCI. While well below the half-decade before the pandemic, when sales averaged $142.9 billion per year, it was the first increase since 2021. However, the boom in access to cheaper cash for major deals that many investors expected through Fed cuts has yet to materialize, as the central bank has not reduced interest rates at all since last year. Economic uncertainty hasn't helped. Last month, Spencer Levine, the president of NYC commercial real estate investor and developer RAL, told Business Insider: 'We have definitely seen a slowdown in transactions.' At the same time, Jim Costello, MSCI's director of research, flagged a handful of early warning signs for the commercial real estate sector, including a 52% year-over-year drop in deal volume for hotels in April, which he said could be seen as 'a bit of a canary in the coal mine.' Enter the Saudi PIF. One of the world's largest and most prominent investors, with roughly $925 billion in assets under management, it's one of many foreign investors that have opted to pour cash into the New York City skyline, despite the uncertainty this year: As part of the PIF's deal with Related, which was first reported by The Wall Street Journal, it has already invested some $200 million in the planned development at 625 Madison Avenue, a site just a block from Central Park that the two purchased for $600 million last year. The total cost of the development is expected to reach $1 billion. MSCI data show that foreign investors bought a total of $2.1 billion in commercial real estate in Manhattan during the fourth quarter of 2024 and the first quarter of 2025, or five times what they purchased in the same period spanning the end of 2022 and the beginning of 2023. Come From Away: The PIF made a 2020 debt investment in Related that it can convert into a 15% equity stake. The company is best known as the co-developer of Hudson Yards, located between Manhattan's Chelsea and Hell's Kitchen neighborhoods, where it has another international partner: Canadian multinational real estate firm Oxford Properties. As it happens, MSCI warned in May that Canadian firms — which it dubbed the 'most dominant' source of overseas capital in US commercial real estate with close to $200 billion in deals since 2015 — have become 'increasingly negative' in their sentiment amid tariff uncertainty. But judging by the PIF, they may have overstated the 'absence of overseas capital.' This post first appeared on The Daily Upside. To receive delivering razor sharp analysis and perspective on all things finance, economics, and markets, subscribe to our free The Daily Upside newsletter. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Times
07-07-2025
- Business
- Business Times
Saudi Arabia's PIF invests in New York City property near Central Park
[DUBAI] Saudi Arabia's Public Investment Fund (PIF) is investing in Related's site for a tower in midtown Manhattan. PIF has already invested about US$200 million and plans to take about a two-thirds stake in the site, according to sources familiar with the matter who asked not to be identified citing private information. Related has been weighing a plan to construct a 366-metre tower on the lot at 625 Madison Ave. The property, which Related bought in 2024, is located on the east side of Manhattan, just one block from Central Park. The company is known for its work at Hudson Yards on the western side of Manhattan, where it helped develop office buildings, a hotel and retail space. The developer and PIF have long had ties. In 2020, PIF agreed to make a debt investment in Related, according to news reports at the time. A representative for PIF did not immediately respond to a request for comment. The Wall Street Journal reported PIF's investment earlier. Natalie Ravitz, a Related spokesperson, said the firm does not discuss specific investor relationships. '625 Madison is a truly exceptional site with many possibilities, from mixed-use luxury residential, hotel and retail, to class AA office headquarters,' she said. 'It's the heart of the luxury corridor and will have iconic Central Park views. We are very excited about it.' BLOOMBERG
Hindustan Times
07-07-2025
- Business
- Hindustan Times
Saudi Fund Invests Hundreds of Millions in Proposed NYC Skyscraper
Saudi Arabia's government fund is taking a two-thirds stake in a site for a planned Manhattan skyscraper, the latest sign that foreign investors are flocking back to New York's rapidly recovering real-estate market . The Kingdom's Public Investment Fund is teaming with Related Cos., which has said it is planning to build a 1,200 foot tower on the site. The New York developer and the Saudis own this site one block from Central Park, which was purchased last year for more than $600 million. Related initially planned a mixed-use project there with residential, retail and a hotel. But more recently the firm said it has been considering an office building instead to take advantage of the strong demand among businesses for top-quality space in the city. The overall cost for the site and development is expected to be more than $1 billion, according to people familiar with the matter. The Saudi fund's final contribution is still being determined, but PIF has already invested about $200 million, these people said. Foreign investors this year have been returning to New York City's commercial-property market, which is the largest, most liquid and one of the top performers in the U.S. U.S. property developments and investments slowed considerably early on during the pandemic. They were hit again after interest rates soared in 2022, pushing down values. Foreign investor interest evaporated. New York City's commercial-property market is one of the top performers in the U.S. But lately investment in New York has been recovering as more workers return to the office, providing a new lift for neighboring businesses. Manhattan's office leasing during the first half of the year surpassed the same period in some years before Covid-19's outbreak, according to data firm CoStar Group. New York City apartment rents are at all-time highs—boosting the mayoral candidacy of democratic socialist Zohran Mamdani, who recently won the Democratic primary while pledging a rent freeze. The city's visitor numbers are just below record highs. Eastdil Secured has seen the increase in foreign activity first hand. The real-estate brokerage and investment bank has $12 billion worth of New York real-estate deals completed or under way in 2025, according to Chief Executive Roy March. 'Virtually every one of them has some level of foreign capital involved,' he said. Foreign investors purchased over $2.1 billion of Manhattan commercial property in the first quarter of 2025 and the last quarter of 2024 combined, according to data firm MSCI. That total was five times as much as the same six-month period two years earlier. The Saudi Public Investment Fund has assets of about $1 trillion, making it one of the world's largest investors. It is one of the major overseas funds returning to New York. The fund has a close relationship with Related, best known for its sprawling Hudson Yards development on Manhattan's west side. In 2020, the Saudi fund made a debt investment in Related that is convertible into a 15% equity stake. Since then the two have consulted closely on numerous real-estate projects. The Manhattan site, which is one block from Central Park, was purchased last year for more than $600 million. Saudi's Public Investment Fund has historically been a relatively small player in real estate outside of Saudi Arabia—instead directing its property-focused dollars toward domestic megaprojects meant to transform the country. But in the past few years, it has planted its flag on a number of high-profile global properties and brands. Last year it took a 40% stake in Selfridges, a high-end U.K. department-store group that boasts a grand flagship by London's Hyde Park. In 2022, it joined with other funds to put $900 million into the ultraluxury hotelier Aman, and in 2023 bought a 49% stake in the upmarket hotel chain Rocco Forte. Write to Peter Grant at and Eliot Brown at Saudi Fund Invests Hundreds of Millions in Proposed NYC Skyscraper
Miami Herald
04-07-2025
- Business
- Miami Herald
City buries the news as Brickell dig unearths 3,500-year-old burial and settlement site
Two years after the discovery of a major, long-buried indigenous village on a Brickell redevelopment site prompted a major preservation battle, archaeologists excavating at a separate bayfront site owned by the same developer just blocks away have uncovered yet another significant Native American settlement and cemetery that's several thousand years old. But exactly what's been going on behind the construction fence at 1809 Brickell Avenue for the past year and a half appears to have been largely kept under wraps by the city of Miami. A preliminary archaeological report from last October, which the city took two months to release in response to a records request from the Miami Herald, summarizes initial but tantalizing finds on the site, owned by developers Related Group and Integra Investments, that date as far back as 3,500 years ago Starting in December of 2023, the report says, an archaeological team found traces of fire pits and artifacts such as pottery shards, tools and spearheads, as well as bones and shells from animals hunted, fished or consumed by the indigenous people, probably Tequesta, who occupied the site. The report also details the discovery of ancient human remains, including that of an infant, that had been buried in formal fashion, suggesting the site served as an indigenous cemetery. But the full extent of the find to date, and what's being done about the artifacts, is all but impossible to publicly ascertain even as construction cranes have been erected on the site and cement mixers pour concrete for a high-end high-rise condo. Miami's preservation laws require developers building in archaeological zones that cover much of Brickell and downtown to conduct careful excavations under city supervision and submit public reports before getting clearance to build. Related and its project partners Integra Investments say they have fully complied with all legal requirements, including 'regular reporting' to regulatory agencies. A statement released by a spokesman also says excavation continues, but does not specify whether that's in a particular portion of the property. A visit to the site suggests extensive foundation work for the new tower is now underway. 'We understand the importance of carefully preserving any findings, and plan to adhere to the applicable regulations for such preservation,' the statement reads, without further elaboration. Related declined requests for an interview. In a response to a followup question, Related said 'recovered artifacts are carefully stored under the supervision and control of our archaeological team in spaces which meet specific guidelines to their interim care.' Out of the public eye City of Miami officials, however, appear to have kept the findings — important enough that the archaeologists working for the developers on the dig say the site should be partially preserved and merits listing on the National Register of Historic Sites — hidden from scrutiny by the public and preservation experts. They have not presented the discovery to the city's historic preservation board, typically a routine action, or, until the Herald engaged a First Amendment attorney at the Holland & Knight firm, failed to release archaeological reports on the prehistoric finds. Such reports, required under city preservation laws, are public records meant to be readily available to anyone who asks. The city says the October report, by noted archaeologist Bob Carr and his South Florida Archaeological and Historical Conservancy, is the only one Related has submitted. Neither city historic preservation officer Kenneth Kalmis nor city media relations officials responded to requests for interviews on the handling of the excavation. That means there has been no publicly available update since October on what's been found on the site, how it's been handled or the precise status of the excavation — typically a lengthy and exhaustive process required under city preservation laws. The apparent lapse comes two years after the city and Related came under withering criticism from the public and independent experts for the handling of the discovery of extensive remnants of a 2,000-year-old Tequesta village on the Miami River just off Brickell Avenue. The preservation board, whose members said briefings by city preservation officials had not made the site's importance clear, took action to require partial preservation and exhibition of the finds after pleas by independent archaeologists prompted worldwide attention and a public uproar. Related has since consistently denied media requests to visit the site and to this day won't provide interviews on the find or its handling of it. Even as the board and Related reached an agreement on the Miami River site, it turns out the developer's archaeological team was ready to start exploratory excavation on a second site some 15 blocks to the south on Brickell Avenue — a dig that promptly began yielding evidence of indigenous settlement much older than the river site. But no one from the city apparently bothered to tell the board, which has legal jurisdiction over archaeological sites and discoveries and has the power to order preservation measures.. Two members of the preservation board recently told the Miami Herald they were unaware of the 1809 Brickell discovery and confirmed that neither city preservation officer Kalmis nor his staff have presented it to or discussed it with the board. Given previous discoveries of ancient and extensive indigenous burial and settlement sites in the immediate vicinity of 1809 Brickell during condo construction in the 1990s, independent archaeologists say, it's long been presumed that the Related site likely contained similar remnants — a theory that appears to be confirmed by the new excavation. The entire Brickell shoreline along Biscayne Bay has long been designated an archaeological zone by the city because previous finds suggested extensive occupation by prehistoric tribes or groups. Traci Ardren, a University of Miami archaeology professor who helped publicize the Miami River discoveries, said she has no details on the 1809 excavation but that the site is believed to be one of two extensive Late Archaic cemeteries in the area. Project replacing previous building At 1809 Brickell, Related and their partners in the project, Integra, bought and demolished a 17-story residential tower, built in the 1960s as affordable housing for teachers, for construction of a luxury St. Regis Residences condo. Construction of the earlier tower had mostly destroyed traces of ancient occupation along the eastern portion of the lot, but Carr's team of archaeologists found intact remnants in solution holes in the limestone bedrock under the parking lot and in a green space adjacent to the property entrance on Brickell, the October report notes. According to Carr's October report, preliminary excavation at the 3.23-acre site uncovered 'well preserved' middens — mounds of earth that contain refuse, animal bones and artifacts such as pottery shards, tools and spear or projectile points. The materials date back to between 1,000 and 3,500 years ago, which spans a period from the Late Archaic and to more recent Glades II periods, the report says. Mixed in with the ancient finds are some later artifacts, likely from European and later U.S. settlers, that date from the 19th or early 20th centuries, including a pewter cross of unknown origins. In his report, Carr recommends that some of the better-preserved sections of the site be saved. 'It is recommended that intact portions of the site be avoided if feasible,' the report says. 'This will include the green space abutting Brickell Avenue. Any areas of intact midden that can be preserved should be identified by the developer.' The report also promises an 'archaeological management plan,' but Related said in its statement that it's not ready because the excavation continues. Related and Integra did not provide details on the status of the excavation. The city, meanwhile, took two months to comply with a public records request from the Herald and, then, in an unusual move, initially released a version of Carr's October report with passages redacted that the city attorney's office acknowledged describe finds of human remains. That's something that archaeological reports released by the city in the past have routinely included without censoring. After the Herald's attorney notified the city that Florida public records laws contain no exemptions for those descriptions, the city removed the redactions from the publicly available report. The city attorney's office said the redactions were done at the request of the state archaeology division. The state archaeologist, Kathryn Miyar, referred a request for an interview to the Florida department of state's media office. That office did not address the interview request in an emailed response that asked if a reporter wants to send a records request to the state. The fact that the site could be an ancient cemetery is key to its historic and archaeological importance, archaeologists say. Developer: 'Findings are timely reported' In their emailed statement, the 1809 Brickell developers suggest that Carr's team has been reporting in to government agencies regularly, but doesn't name the agencies or specify in what form those updates have come. 'Any and all findings are timely reported by our professional archaeological team to the appropriate governing agencies in accordance with applicable guidelines,' it says, adding that public agency representatives have conducted site visits and a 'thorough review of all activities onsite.' The statement does not specify whether that includes city and state officials, both of whom have jurisdiction over aspects of the excavation. The state, in particular, is charged with ensuring proper reburial of human remains at a confidential location in accordance with directives of officially recognized state Native American tribal groups. The previous find on the river, confirmed to be a extensive and remarkably well preserved remnants of what had been a large Tequesta town spanning both banks of the river, prompted a heated and lengthy showdown between the preservation board and Related. After the backlash, Related relented and has been working on a plan to preserve and exhibit some of the findings on the site, where two towers are now well under construction. Because Related had obtained development permits before the preservation board intervened, board members had little power to block or alter those designs. However, under an agreement with Related, the board designated as historic a third abutting site, 444 Brickell, a partially occupied office and commercial building that the developer eventually plans to demolish for a third tower. When that happens, Related must carry out another excavation that''s expected to uncover more remnants of the Tequesta village, and the preservation board could have a significant say in the design and approval of the project as well as the plan for exhibits and preservation now in the works.
