Along Lisbon’s Avenida da Liberdade, a half-dozen vacant buildings mar a boulevard lined with gardens, ornately tiled sidewalks and luxury shops that’s considered the Champs-Elysees of the Portuguese capital.
Billionaire Nicolas Berggruen and two Portuguese partners plan to spend as much as 300 million euros ($413 million) this year on rundown buildings in Portugal as the country’s real estate market rebounds.
German billionaire Nicolas Berggruen beat two other bidders for Karstadt this week with a promise to maintain the German department stores and jobs. He may have to ditch many of its products to make a revival work.
Berggruen Holdings Ltd., the investment company that’s bidding for Germany’s Karstadt, wants the landlords of the insolvent department store chain to cut rents to aid the retailer’s long-term survival.
Cory Booker strides to the lectern at a June reception honoring hedge-fund founder Bill Ackman. Pershing Square Foundation, Ackman’s philanthropic organization, had pledged more than $25 million since 2007 to help Booker’s poverty-wracked Newark, New Jersey, improve schooling, enhance parks and find jobs for ex-convicts.
Newark, New Jersey, is home to one of the poorest downtowns in the U.S., a once-exuberant commercial retail corridor where many old movie palaces, ornate department stores and grimy storefronts stand empty.