Curate Diocese of Nebraska Rector Pittsburgh, PA Featured Events Seminary of the Southwest announces appointment of two new full time faculty members Seminary of the Southwest Featured Jobs & Calls Rector Washington, DC Rector Hopkinsville, KY Rector/Priest in Charge (PT) Lisbon, ME General Convention 2021, The Church Pension Fund Invests $20 Million in Impact Investment Fund Designed to Preserve Workforce Housing Communities Nationwide Church Pension Group Inaugural Diocesan Feast Day Celebrating Juneteenth San Francisco, CA (and livestream) June 19 @ 2 p.m. PT Submit an Event Listing Rector and Chaplain Eugene, OR By David PaulsenPosted Nov 20, 2020 Submit a Job Listing Join the Episcopal Diocese of Texas in Celebrating the Pauli Murray Feast Online Worship Service June 27 Priest Associate or Director of Adult Ministries Greenville, SC Rector Bath, NC Canon for Family Ministry Jackson, MS Episcopal Migration Ministries’ Virtual Prayer Vigil for World Refugee Day Facebook Live Prayer Vigil June 20 @ 7 p.m. ET Youth Minister Lorton, VA Submit a Press Release Presiding Bishop Michael Curry Associate Rector Columbus, GA Episcopal Charities of the Diocese of New York Hires Reverend Kevin W. VanHook, II as Executive Director Episcopal Charities of the Diocese of New York Remember Holy Land Christians on Jerusalem Sunday, June 20 American Friends of the Episcopal Diocese of Jerusalem TryTank Experimental Lab and York St. John University of England Launch Survey to Study the Impact of Covid-19 on the Episcopal Church TryTank Experimental Lab Assistant/Associate Rector Washington, DC Virtual Celebration of the Jerusalem Princess Basma Center Zoom Conversation June 19 @ 12 p.m. ET The Church Investment Group Commends the Taskforce on the Theology of Money on its report, The Theology of Money and Investing as Doing Theology Church Investment Group Presiding Bishop Michael Curry opens the 79th General Convention’s first TEConversation July 6, 2018, this one on racial reconciliation. Photo: Mary Frances Schjonberg/Episcopal News Service[Episcopal News Service] Amid the continued uncertainty of an unrelenting coronavirus pandemic, the church’s presiding officers announced Nov. 20 that they had decided, with Executive Council’s unanimous backing, to postpone the 80th General Convention from July 2021 to July 2022, a move intended to ensure the large churchwide legislative gathering can be held in person in Baltimore, Maryland, as originally planned.“Like you, we have spent the last several months riding waves of pandemic news,” Presiding Bishop Michael Curry and the Rev. Gay Clark Jennings, president of the House of Deputies, said in a letter to bishops and deputies. Even with vaccines expected to be approved as soon as next month, “it is unlikely that even highly effective vaccines and robust federal intervention would permit us to gather as many as 10,000 people safely by next summer, as we had originally planned.”Instead, the 80th General Convention has been rescheduled for July 7-14, 2022, with additional preparatory meetings to be held in Baltimore in the days before the convention. That timing means General Convention will conclude just two weeks before the start of the Lambeth Conference of Anglican bishops, which was rescheduled for July 27-Aug. 8, 2022, in Canterbury, England.READ: Presiding officers’ letter to bishops and deputies on 80th General ConventionGeneral Convention is The Episcopal Church’s largest gathering of each triennium, a hub for nearly two weeks of legislative activity, networking and fellowship. As the church’s primary, bicameral governing body, General Convention splits its authority between the House of Bishops and House of Deputies. Among its responsibilities is approval of a three-year churchwide budget plan, as well as hundreds of additional resolutions covering everything from liturgical revisions to the church’s stances on a long list of public policy issues, such as food insecurity and comprehensive immigration reform.Every three years, General Convention is a big boon to the host city’s economy, generating an estimated impact of $23-25 million through hotel stays, meals, entertainment and ancillary tourism spending. That was a top consideration, the presiding officers said earlier this year, as they were deliberating whether to postpone the 80th General Convention or try moving it online.“The Diocese of Maryland is as enthusiastic about hosting the 80th General Convention in 2022 as we had been for 2021,” the Rev. Scott Slater, Maryland’s canon to the ordinary, said in a written statement for this story. The diocese, Slater added, is “grateful for an additional year to plan and prepare to welcome bishops, deputies and guests to Baltimore.”Curry and Jennings said in their announcement that postponing the in-person convention was possible “without significant contractual penalties.” Planning for General Convention starts at least seven years in advance, with review and selection of the host city finalists, making last-minute changes unrealistic. The churchwide budget includes $750,000 for holding each General Convention.Episcopal News Service was not allowed access to Executive Council’s discussion of the postponement. Its Nov. 20 online meeting was held in executive session, or closed to the public. Church officials cited contractual and financial discussions as the reason for the executive session.As outlined in a June 5 letter to the church, the presiding officers had formed a task force to review options for the 80th General Convention. That task force was to present its report to the Joint Standing Committee on Planning and Arrangements. That committee met online Nov. 18, but it, too, was in executive session and not accessible to reporters.Postponing or moving a General Convention is rare but not unprecedented. A yellow fever outbreak in 1798 forced the postponement of the Sixth General Convention to June 1799 in Philadelphia, Pennsylvania.In 1918, that year’s devastating influenza pandemic peaked in the fall and eventually would kill an estimated 675,000 Americans and millions more worldwide. The flu, though becoming less virulent, was still circulating in 1919 but did not derail the 46th General Convention, which gathered that October in Detroit, Michigan.In 1955, church leaders canceled plans to meet in Houston, Texas, because local authorities wouldn’t ensure desegregated facilities. The convention convened in Hawai’i instead.The decision to delay the 80th General Convention by a year will require some interim measures, particularly regarding the church’s budget and leadership.Executive Council, which serves as the church’s governing body between meetings of General Convention, normally would prepare a new triennial budget for review early next year. Instead, it will draft a one-year budget for 2022 that will be approved in October 2021. Then in January 2022, it will present a two-year budget proposal, for 2023-24, which will be considered by General Convention when it meets in person in Baltimore.Curry and Jennings said in their Nov. 20 announcement that an online election will be held in 2021 to form membership of the Joint Nominating Committee for the Election of the Presiding Bishop. Curry’s tenure as the church’s 27th presiding bishop will end in 2024. Jennings is in her final term as House of Deputies president; however, that term doesn’t end until her successor is elected at the next meeting of General Convention.Arrangements also are in the works to allow those serving in other elected and appointed positions to continue in those roles through 2021. The presiding officers’ letter didn’t elaborate on that process.And “an online convocation of worship and prayer” will be scheduled for summer 2021 “to help us hear what the Spirit is saying to the church as we prepare to gather at General Convention,” Curry and Jennings said.“Since March, Episcopalians across the church have responded to our pandemic-stricken communities with compassionate service and committed advocacy, bearing witness to our promise to seek and serve Christ in all persons,” they concluded. “In the coming months, our commitment to the Gospel will be even more essential to our communities and congregations.“Especially in these difficult days, may we hold fast to loving one another as Jesus commanded and take heart in the promise of a joyful reunion in 2022.”– David Paulsen is an editor and reporter for Episcopal News Service. He can be reached at [email protected] Rector (FT or PT) Indian River, MI Rector Collierville, TN Associate Priest for Pastoral Care New York, NY Press Release Service President of the House of Deputies, Bishop Diocesan Springfield, IL Curate (Associate & Priest-in-Charge) Traverse City, MI Tags Rector Knoxville, TN Director of Administration & Finance Atlanta, GA Cathedral Dean Boise, ID Director of Music Morristown, NJ Ya no son extranjeros: Un diálogo acerca de inmigración Una conversación de Zoom June 22 @ 7 p.m. ET 80th General Convention postponed to July 2022 as pandemic disrupts planning of triennial gathering Assistant/Associate Priest Scottsdale, AZ Rector Tampa, FL New Berrigan Book With Episcopal Roots Cascade Books Assistant/Associate Rector Morristown, NJ AddThis Sharing ButtonsShare to PrintFriendlyPrintFriendlyShare to FacebookFacebookShare to TwitterTwitterShare to EmailEmailShare to MoreAddThis Family Ministry Coordinator Baton Rouge, LA Rector Smithfield, NC This Summer’s Anti-Racism Training Online Course (Diocese of New Jersey) June 18-July 16 Associate Rector for Family Ministries Anchorage, AK Rector Albany, NY An Evening with Presiding Bishop Curry and Iconographer Kelly Latimore Episcopal Migration Ministries via Zoom June 23 @ 6 p.m. ET COVID-19, In-person Retreat: Thanksgiving Trinity Retreat Center (West Cornwall, CT) Nov. 24-28 General Convention, Missioner for Disaster Resilience Sacramento, CA Rector Shreveport, LA Rector Belleville, IL Priest-in-Charge Lebanon, OH Course Director Jerusalem, Israel Rector Martinsville, VA
“COPY” 2015 “COPY” Projects Save this picture!© Javier Agustín Rojas+ 17 Share Photographs: Javier Agustín Rojas Manufacturers Brands with products used in this architecture project CopyHouses•Pilar, Argentina House DV / Colle-CroceSave this projectSaveHouse DV / Colle-Croce Photographs House DV / Colle-Croce Houses CopyAbout this officeColle-CroceOfficeFollowProductsWoodConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesPilarArgentinaPublished on August 12, 2016Cite: “House DV / Colle-Croce” 12 Aug 2016. ArchDaily. Accessed 11 Jun 2021.
About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. The European Association for Planned Giving’s Winter Conference on 19 November will focus on ‘Optimising Philanthropy’. Chaired by Rupert Ticehurst, Head of Trusts at solicitors Herbert Smith LLP, the event will cover planned giving issues and strategies for donors, charities and their advisers.The conference will take place on 19 November 2007 from 09:45 – 18:00, followed by a drinks reception, at the offices of Herbert Smith LLP, Exchange House, Primrose Street, London EC2A 2HS.The day’s sessions will be: Advertisement AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis EAPG Winter conference to focus on Optimising Philanthropy * A survey of international philanthropy – Simon Weil, Bircham Dyson Bell LLP (Chair of EAPG)* Art, heritage property and philanthropy – James Carleton, Farrer & Co. LLP* Estates, charities and conflict laws – Richard Frimston, Russell-Cooke LLP* Is money good for your children: succession planning and philanthropy? – Rupert Ticehurst, Herbert Smith LLP* Middle Eastern philanthropy – Ian Edge, 3 Paper Buildings* What motivates the philanthropist? – Theresa Lloyd, Theresa Lloyd Associates* Cross-border philanthropy: the European dimension – Ludwig Forrest, King Baudouin Foundation* Cross-Atlantic giving: the UK/US dimension – Richard Cassell, Withers LLP* Philanthropy and litigation – Steven Kempster, Herbert Smith LLP* Meeting philanthropic goals through prudent investing – Frederic Bloch, Alliance Bernstein* Strategic Philanthropy: achieving impact through giving – Coco Ferguson, Institute for PhilanthropyThe one-day conference fees are £195 for EAPG (Not For Profit) Members, £245 for Non-Members (Not For Profit), £395 for EAPG (For Profit) Members, and £495 for Non-Members (For Profit) £495. The fee includes lunch, drinks reception and materials as prepared. Howard Lake | 23 October 2007 | News 25 total views, 1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis
May 16 car caravan protesting migrant family imprisonment at the Karnes County Residential Center — first immigrant detention facility in Texas to be licensed as a ‘child care provider.’By BLSOn May 16, I found the Karnes County Family Residential Center tucked away on a secluded road in Karnes City, Texas. This place is one of three family detention centers in the U.S. Another is the South Texas Family Residential Center in Dilley, and the third is Berks County Residential Center in Leesport, Pa. When I got to Karnes, I was greeted by about a dozen honking cars decorated with signs like “Keep families together” and “ICE kills!” Booming car horns flooded this quiet little town. These horns were roaring in protest of the recent dreadful ultimatum that parents inside Karnes are faced with: “Remain in detention as a family indefinitely” or “Let us separate you from your children.”It is shocking that Immigration and Customs Enforcement would force such a decision on these families after the brutality of family separation carried out in 2018. Then hundreds of children were displaced, causing lifelong trauma for them and their families. ICE’s current deplorable actions have been dubbed “Family Separation 2.0.”Many of the families detained at Karnes are asylum seekers and are fleeing violence in their home countries. There are babies in jail who are with the only caregivers they have ever known, their parents, and now ICE wants to take them away. Those of us in the caravan that day hoped that the families heard our horns on the other side of the gates and know that we stand in solidarity with all of them. We demand that ICE free families — together! FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare this
Name (required) Mail (required) (not be published) Website Your email address will not be published. Required fields are marked * HerbeautyYou’ll Want To Get Married Twice Or Even More Just To Put Them OnHerbeautyHerbeautyHerbeauty10 Of The Most Notorious Female Spies In HistoryHerbeautyHerbeautyHerbeautyWeird Types Of Massage Not Everyone Dares To TryHerbeautyHerbeautyHerbeauty11 Yummy Spices For A Flat TummyHerbeautyHerbeautyHerbeauty7 Most Startling Movie Moments We Didn’t Realize Were InsensitiveHerbeautyHerbeautyHerbeauty8 Easy Exotic Meals Anyone Can MakeHerbeautyHerbeauty CITY NEWS SERVICE/STAFF REPORT Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday STAFF REPORT First Heatwave Expected Next Week STAFF REPORT Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Business News Make a comment Education Joining School Paths with a Bridge Online summer programs for 9th grade academy enrollees help transitioning students find their way By EDDIE RIVERA, Weekendr Editor Published on Monday, July 13, 2020 | 4:23 pm Community News EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Community News 38 recommended0 commentsShareShareTweetSharePin it Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,PCC – EducationVirtual Schools PasadenaDarrell Done EducationHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes Top of the News A proper education is a long path, with lots of smaller paths along the way. Even the smartest students can sometimes find themselves lost in a maze of highway signs and construction zones.Add to that a worldwide virus and pandemic which limits your attendance and your personal interaction with teachers, all of which makes the PUSD Summer Bridge program even more important.As the district gears up to begin the new semester in mid-August, its popular Academy Summer Bridge program will be shorter and only online, but its goals remain the same. The program’s goal is to help students who are coming into high school, get acclimated not only to the campus and the site, but also to the different academies within the district, according to Beverly Rodriguez, Bridge program lead at John Muir High School.The three-day program will consist of project-based learning and team building activities. The program will be extended to four days at John Muir High School Early College Magnet to include and Early College orientation.Each Summer Bridge session will be led by teachers in partnership with returning students who take on the role of summer bridge leaders, Valdez explained.“The summer bridge leaders are essentially co-teaching with the lead bridge teacher in the sense that they take ownership of certain parts of the day. Bridge leaders can relate to incoming freshman since they are not far removed in terms of age from that middle school experience.”And as Rodriguez explained further, “One of the key components about this bridge is relationships. More so than ever, we’re definitely learning in this pandemic that relationships are really, really important.”Community and building community in the classroom have always been key to her, Rodriguez explained.“When we started this bridge program, I was really excited and immediately volunteered,” she said, “and I have been volunteering ever since.”The bridge leaders are essentially peers of the transitioning students.“The bridge leaders are our asset to this program,” said Rodriguez.Every summer, the program reaches out to former Bridge students to ask if they want to become leaders themselves.“Because you’ve been part of the bridge,” said Rodriguez, “you’ve been part of high school and middle school, and you have your experience and your knowledge is valuable and you can share that and pass that on to the next crew.”Continued Rodriguez, “That’s the piece for me that I really love, that we’re all building relationships and that our students become leaders. You connect with the students in middle school, and the middle school students get to feel like they’re not alone going into high school, if they already know people who care about them and value their work.”This summer’s PUSD bridge programs will be held beginning July 28th through the 30th. The Muir Bridge program will run through 31st. Registration for incoming 9th grade academy students and parents is available at: HTTPS://TINYURL.COM/SBPUSD Subscribe More Cool Stuff
Andrew Shurtleff-Pool/Getty Images(NEW YORK) — A year after Heather Heyer was killed at a white nationalist rally in Charlottesville, Virginia, her mother, Susan Bro, has turned to activism instead of “dwelling in hate or anger.”“I think if we don’t focus on fixing the issues that caused this in the first place, the racial divide in our country, then we’re going to be right back at Charlottesville in no time flat,” Susan Bro told ABC News’ “Start Here” podcast.Bro said she’s spoken to “hundreds of thousands of people” about how to address these issues, adding that she was surprised by the amount of people who were determined to take a stand when they heard stories about her daughter. “I’ve had conversations with many people that I’ve never met, who’ve simply listened to something that I’ve said, or read about Heather’s life, or heard about what’s going on, and they say they’re standing up and speaking out now.” On Aug. 12, 2017, Heyer, 32, was killed when a car plowed into a group of counterprotesters who were demonstrating against a Unite the Right rally spurred by Charlottesville’s plan to remove a Confederate statue from a local park.Bro told “Start Here” she often visits that area on 4th Street, now renamed “Honorary Heather Heyer Way,” where visitors leave messages like, “No Place for Hate” and “Gone, But Not Forgotten.”“I often go down there on my own in the evenings sometimes,” she said. “Or just to stop and read the messages that people have left, and kind of absorb Heather’s energy, the energy of people who have written on the walls of the street there. There’s always a box of chalk available for people to write with.” Ahead of the one-year anniversary of Heyer’s death this weekend, Virginia Gov. Ralph Northam declared a state of emergency and asked Virginians to “make alternative plans to engaging with planned demonstrations of hate.”There are small memorial events planned in Charlottesville, but police in Washington, D.C., are preparing for any fallout from a planned Unite the Right parade and rally.Bro said she believes any counterprotesters will be “a little more wary and cautious” after seeing what happened last year in Charlottesville, but she insisted that ignoring white nationalist groups is not the answer, saying they “crave silence or violence.” Instead, she’s calling for loud, non-violent resistance.“If we ignore them, they think they have won because they have had the…playing field all to themselves. If we give them violence, they believe they have won because they have pushed your buttons and maybe taken out a few.” Copyright © 2018, ABC Radio. All rights reserved.
kororokerokero/iStockBy MEREDITH DELISO, ABC News(NEW YORK) — More than 500 Asian giant hornets have been collected from the first known nest of the invasive species in the United States, officials announced Tuesday.Washington State Department of Agriculture entomologists discovered the nest of “murder hornets” last month in a tree in Blaine, north of Seattle, near the Canadian border.After eradicating the nest, during which the crew vacuumed out nearly 100 hornets, the entomologists removed the portion of the tree with the nest and opened it the following week to collect any hornets that had remained. The crew had pumped carbon dioxide into the tree during the nest removal to kill or anesthetize any remaining hornets, and many were still alive, officials said.Upon opening the tree, the team determined that the nest was about 14 inches long and up to 9 inches wide. Hornets in various life stages were collected, including approximately 200 queens, Sven Spichiger, the agency’s managing entomologist, told reporters during a virtual press briefing Tuesday.“As far as we can tell, we got there just in time,” Spichiger said. “We know from the literature that a small percentage of these will go on to form colonies next year, should they have been given the chance to escape.”In total, the nest contained 190 larvae, 112 worker (female) bees, nine drone (male) bees and six unhatched eggs, Spichiger said. There were 76 queen bees, and 108 capped cells with pupae, most of which were believed to be of new virgin queens.Spichiger said there is “no way of knowing” how many queens there were in total, and if any had escaped.“From accounts we have, we’re very close to having the majority of them,” Spichiger said of the queen bees, who typically produce most of the bees in a hive. “But I can’t give you an absolute, certainly, that we got every single one from the nest.”The findings from the Blaine nest come about a month after the first giant hornet was detected in the region. The agency placed live traps in the area in early October after a homeowner reported a specimen, Spichiger said.Four live hornets were caught in the traps, after which entomologists were able to attach radio trackers to three of them, and one led them to the nest — located in the cavity of a tree on private property — on Oct. 22.After the team observed dozens of hornets entering and leaving the tree, the property owner gave the agency permission to eradicate the nest and, if necessary, remove the tree, officials said.On Oct. 24, the agency announced that that the removal of the nest “appears to have been successful,” and that 85 specimens were vacuumed out of the nest.Despite this success, state entomologists believe there are additional nests in the state, based on additional specimens captured in different regions.Hundreds of traps have been set throughout Washington by agriculture department staff, scientists and others, in an attempt to eliminate the pest from the state. At 2 inches, the world’s largest hornet can kill an entire honey bee hive in just hours. With bee populations already in decline in the U.S. due to what’s known as “colony collapse disorder,” the killer hornets pose another threat to the ecosystem if they become established over several years.Agency officials say they’ll continue to keep their traps up through Thanksgiving, at which point it typically becomes too cold for the hornets to fly. But Spichiger said it’s possible they could find another nest before the end of the year, as the first hornets in the state were detected last Dec. 8.“The more people are outside and looking at this time of year, the more chances we have,” he said.Officials said the agency will continue to trap for at least three more years to ensure the region is hornet-free — and to prevent the insects from becoming a costly problem.“Just look at gypsy moths,” Spichiger said. “In the East, when gypsy moths get out of control, it costs millions of dollars. At least for long term, the smart path here is to eradicate it if we can.”The invasive species has been found as far away as British Columbia, though the “epicenter” appears to be in Washington, experts said.For humans, the giant hornet’s sting is more painful than that of a typical bee or wasp, and people are advised to use caution near the insects and not attempt to remove or eradicate nests themselves.It’s not known how the killer hornets, which are native to Asian countries including China and Japan, arrived in the Pacific Northwest, but a likely theory is that they came in via international cargo. Another less likely theory is that someone smuggled the hornets in to raise them as food, Spichiger said.“These are sought-after food items in their native range,” he said. But, he added, “I think most people don’t want to travel with such a thing.”Copyright © 2020, ABC Audio. All rights reserved.
Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink In April, as New York faced the darkest days of the coronavirus outbreak to date, the city’s biggest office landlord decided it needed a $1 billion cash cushion.SL Green Realty’s planned sale of the Daily News Building for $815 million had fallen through weeks prior, and the real estate investment trust sought to recapitalize other assets to shore up its balance sheet for the uncertain times ahead. That’s when an old partner stepped in to lend a helping hand from overseas, providing nearly half of the liquidity the public company was looking for. The South Korean National Pension Service joined Hines in purchasing a 49.5 percent stake in One Madison Avenue, SL Green’s 1.4 million-square-foot office development next to Madison Square Park, for $492 million.It marked one of the largest investment sales deals in the U.S. in the second quarter. It also came a few years after South Korea’s pension fund poured $500 million into one of SL Green’s other marquee projects — the 1.6 million-square-foot office tower One Vanderbilt, which opened this month.With more than $600 billion in assets under management, the National Pension Service is the world’s third-largest pension fund and one of the pioneers of a massive wave of Korean investment in global real estate over the past cycle as other funds, insurance firms, banks and credit unions are getting in on the action.“They realized that global alternative investment is a great way to have consistent returns that are relatively higher than stocks and bonds, so they added that to the playbook,” said Willow River Capital Management founder Thomas Yoo, who has helped two Korean asset management firms launch their New York offices over the past seven years.While the buying sprees of Chinese conglomerates may have dominated headlines in the mid-2010s, rising investment from South Korea has helped fill the gap in recent years, after strict capital controls and the ongoing trade war shut down outflows from its larger Asian neighbor.Asia’s fourth-largest economy was the third leading source of cross-border equity investment in U.S. commercial real estate — just behind perennial front-runners Canada and Germany and just ahead of Singapore — between July 2019 and June 2020, according to Real Capital Analytics.Overall, foreign investment in U.S. commercial real estate totaled $42.8 billion in the 12-month period RCA analyzed, down 46 percent year-over-year. The bulk of that drop was driven by a decline in Canadian investment, following Brookfield Asset Management’s big company-level acquisitions the year prior, the data shows.But the $3.6 billion in Korean investment in major U.S. cities, including New York, Dallas and Los Angeles, fueled a year-over-year increase of about 230 percent for the country. At the same time, Canadian investment dropped 70 percent to a still-massive $13 billion, while German acquisitions fell by 23 percent to $4.8 billion in that 12-month period. “South Korean players have been stalwart global investors for several years,” Tom Leahy, RCA’s senior director of EMEA (Europe, the Middle East and Africa) analytics, wrote in a report on the country’s record-breaking 2019. While the country’s public funds and large institutions paved the way in the early 2010s, Leahy said, “the investor base has since broadened markedly, reflecting the depth of capital in South Korea … and the drive to diversify.”In the first three quarters of 2019, Korean investors spent $11.5 billion on commercial real estate outside Asia — more than their peers in China, Hong Kong and Singapore combined, according to the report. The bulk of that investment was directed toward Europe rather than the U.S., due to the high cost of hedging against currency risk. But things started to change last year, as the Federal Reserve began a series of rate cuts that helped bring down those costs, and Korean investors quickly began looking for deals in America once more. As 2020 kicked off, many expected it to be a banner year for South Korean investment in U.S. real estate, Yoo said.“This was supposed to be the year of investing in the U.S. — and then the pandemic hit,” he said. “The good news is that just recently [Korean investors are] starting to come back. They’re saying, ‘Enough is enough, we need to do deals.’”Taking stockSouth Korean investments in U.S. commercial real estate had already gained momentum in the months leading up to the Covid crisis, and the One Madison deal helped solidify that after the pandemic and economic fallout began.For SL Green and other major property owners looking for equity partners in hard times, there’s an added dose of goodwill.“The National Pension Service of Korea is excited to join SL Green in another marquee project that will strengthen our already proven partnership,” Scott Kim, the pension fund’s head of real estate investment, said in a statement in May after the deal closed.SL Green did not respond to requests for comment.While the One Madison deal set a new record for South Korea in the 12-month period RCA analyzed, the second largest Korean acquisition since July 2019 was 195 Broadway, an office building in Lower Manhattan. Korea Investment & Securities and Samsung SRA Asset Management joined New York-based L&L Holding Company to buy a 95 percent stake in the tower from JPMorgan Asset Management for $475 million.The securities firm and Samsung’s real estate investment vehicle then moved to source equity from additional investors back home, a common practice with outbound real estate investment from South Korea. Samsung planned to collect about $50 million from financial institutions, while KIS set up a $200 million retail fund for mom-and-pop investors, the Korea Economic Daily reported last year.At the same time, South Korea’s appetite for U.S. real estate extends beyond New York. In September 2019, a group of companies including Hana Financial Investment and KDB Life Insurance paid about $100 million for a majority stake in AT&T’s global headquarters in Dallas. The Texas metropolis saw another big Korean deal in February as KB Asset Management paid about $370 million for the office and retail components of the Union, a 866,000-square-foot mixed-use complex completed in 2018.Meanwhile, KIS and Tiger Alternative Investors went on a student housing buying spree in California, Michigan, Texas and Florida, investing more than $700 million alongside other U.S.-based partners, according to RCA.Korean conglomerate Aju Group also expanded its U.S. footprint in late 2019, acquiring two Manhattan hotels and the Ace Hotel in downtown Los Angeles for a total of $250 million.But the most prominent Korean acquisition of all was one that failed to close. Last September, Mirae Asset Management emerged as the winning bidder for a $5.8 billion hotel portfolio owned by China’s embattled Anbang Insurance Group. In May, however, Mirae moved to terminate the deai. While Anbang argues that Mirae simply got cold feet because of the pandemic, Mirae has pointed to a convoluted deed fraud scheme. The tangle of alleged claims to ownership of the hotels has mystified court officers as well. “Those folks have vanished into the ether,” Travis Laster, vice chancellor on the Delaware Court of Chancery, said in May. “It may be because they never existed in the first place. It may be because they are fraudsters. It may be because they are somewhere in China.”A new normalHowever Mirae’s dispute with Anbang plays out, big hotel sales face major headwinds as the pandemic continues.But there are still deals to be made in other sectors.With historic levels of dry powder waiting to be deployed, investors around the world have been trying to figure out how to make deals work in the age of social distancing and quarantines.(Click to enlarge)“There’s a unique feature to this crisis in that, even for domestic investors, there have been new challenges associated with evaluating investment opportunities [on the ground],” said Sam Chandan, dean of NYU’s Schack Institute of Real Estate. “Even more so with investors from abroad, because of travel restrictions,” he added.While some of the larger asset managers in South Korea will have boots on the ground in the U.S., the syndicated nature of most Korean deals adds another wrinkle to the process. As part of the usual protocol, end investors in Korea also have to make site visits before their investment committees can sign off on deals, Yoo said.“There’s been a focus on getting creative and entrepreneurial about how to get something done,” said Maggie Coleman, JLL’s head of international capital for the Americas. “The South Korean investors we work with, across the spectrum, have remained active in reviewing deals throughout this timeframe.”Sources mentioned a wide range of ways investors have handled due diligence in recent months. Virtual tours have become more common, and some investors have delegated site visits to local partners or brokerages. Some have had New York-based employees drive long distances to examine a site, and others have simply included two-week quarantines in their travel plans.And in some cases, investors have made arrangements with securities companies where the closing of a deal is contingent on a site tour at a later date.“The idea is that within a year, hopefully, they’ll be able to come in, and if they find something in their due diligence or there are legal issues, they have the right to sell back to the securities company,” said Kwon Lee, a partner at Mayer Brown’s New York office and co-head of the law firm’s U.S. Asia Real Estate practice.“That’s been a recent innovation, to make sure end investors feel comfortable,” he added.A European tourWhen investing in commercial properties in the States, foreign buyers will often seek to hedge their exposure to currency fluctuations by buying financial instruments that can offset the impact of adverse changes in exchange rates.Given the way that currency swaps work, higher interest rates tend to make hedging more expensive. This has been a major concern for Korean institutional investors, who are by and large required to hedge currency risk on their equity investments due to the country’s regulatory environment.“The cost of hedging prior to Covid stood at over 200 basis points,” said Alex Foshay, head of Newmark Knight Frank’s international capital markets division. That made South Korea “extremely uncompetitive in the U.S. market,” he noted.“So they were directing all of their investment to the European Union, which has seen unprecedented levels of Korean investment in the past two years,” Foshay added.The Korean buying binge in Europe began in London, with massive deals like the National Pension Service’s $1.5 billion acquisition of Goldman Sachs’ new headquarters in the British capital. As Brexit worries grew and competition heated up, Korean firms moved to the continent in search of new opportunities, scooping up major properties in France, Belgium, Germany, Slovakia, Poland and elsewhere.But by late last year, this wave of demand had started to make it difficult to find good investment opportunities. “The market [in Europe] got very tight and the pricing got aggressive,” Yoo said. “The securities firms started getting stuck, and they couldn’t sell down the equity because the institutions didn’t want it anymore.”Just as the European market appeared to be near saturation, the Federal Reserve began cutting its benchmark rate, opening up a range of investment opportunities that had been largely closed off for the past several years. Further rate cuts in the wake of the pandemic mean that hedging costs for U.S. investment will likely stay low for years to come.Securities blanket Since regulatory reforms loosened capital requirements for securities firms in South Korea in 2014, these companies have played a major role in facilitating overseas real estate investment.A typical real estate acquisition involves a two-step process for these companies. First, a licensed asset manager sets up a tax-efficient, single-purpose trust for a deal and issues beneficiary certificates. Securities firms then buy up these certificates and sell them to numerous end investors.“This expedites the process because, when you have four or five investors that all have to go through their own committee process, it takes a long time,” Lee said. “So rather than doing that, one or two major securities firms come in to close the deal, and then they sell down the interest,” Lee said.Another driver of outbound investment from Korea has been the saturation of the real estate markets at home. “The country is relatively small, so the domestic market is small compared to all the capital they have to deploy,” Yoo said.Core concentrationsEven as prohibitive hedging costs had blocked Korean institutions from making equity plays in U.S. real estate, the country had emerged as a dominant source of foreign debt investment.Last year, investors in South Korea accounted for 17 percent of cross-border investment in U.S. commercial real estate on the debt side, more than any other country, according to Preqin. So far in 2020, that percentage has risen to 28, about as much as the next three countries — Canada, Japan and China — combined.Due to favorable tax treatment and higher returns on investment, Korean lenders carved out a niche in the mezzanine lending space in particular. But much of that lending was concentrated on hotels, an asset class that is now under serious pressure due to the pandemic.“Hospitality was the plurality of the types of debt deals we were seeing, from a few years ago all the way up to just before the pandemic,” said Dave Stewart, another partner in the real estate practice of Mayer Brown’s New York office.Most investors Stewart works with have yet to take losses on these positions, he said, as many have worked out temporary arrangements with their lenders to postpone debt obligations.“It was an extended bull run, and now they’re seeing what can happen when the markets go bad,” Yoo said, adding that he expects Korean investors to remain active in major U.S. real estate markets post-coronavirus. Although foreign appetites for U.S. commercial properties are still strong, the pandemic has narrowed the range of options that overseas buyers are considering.“Market uncertainty is driving them to a very narrow definition of ‘core’ — lease terms of over 10 years, highly credit-worthy tenancies, relatively modern assets in good locations,” Foshay of Newmark Knight Frank said. He added that investors from South Korea are most aggressive in this “core sector” with German funds, which had also faced hedging cost headwinds, coming in close behind. In the months since coronavirus began, Korean firms have acquired logistics facilities in Germany, Poland and Scotland and have been seeking similar opportunities in the U.S. as well. A partnership between the New York real estate investment trust VEREIT and KIS acquired a 2.3 million-square-foot distribution and warehouse facility in Dallas for $250 million last month, for example. And Foshay noted that Mirae and Hana are closing in on big hundred-million-dollar deals for Amazon-leased facilities in the States.“We sort of hit a reset button with Covid, and the economic cycle,” Foshay said, adding that he expects to see “a prolonged run” of investment from South Korean and other Asian-Pacific countries as hedging costs remain low.Trade tensionsOne big difference from the previous cycle, however, will likely be a lack of overseas investment from China, largely due to the country’s capital controls. The U.S. government’s recent moves against TikTok and WeChat haven’t helped, as Trump’s ongoing trade war raises new concerns for a wide range of Chinese companies seeking to do business in the States. For the time being, that means major sources of cross-border investment into U.S. real estate will come from countries where geopolitics are much less contentious.“These are friendly nations that are allies, and there’s a nice tax treaty between the two countries,” Yoo said in reference to the relationship between South Korea and the U.S. “It’s a very interdependent type of relationship.”That said, the Trump administration has also put relations with Canada, Germany and South Korea into question on more than one occasion — over issues including tariffs and the costs of hosting U.S. military bases. “Changes in almost any bilateral relationship are something that investors around the world are considering,” Chandan said. “Even with Canada, there have been disruptions in trade flows.”But to the extent that the worldwide geopolitical situation remains uncertain, sources say that could bolster America’s status as a safe haven for foreign investment. That’s largely due to the country’s relatively open business markets and its unique position in the world economy with the U.S. dollar serving as the world’s de facto reserve currency.“Overall, the U.S. market is still a source of transparency and capital preservation,” JLL’s Coleman said. “And as institutional groups are focusing on diversification outside of their region, it will be a recipient of capital.” Commercial Real Estate Share via Shortlink Tags
Demonstrable examples of marine interference-competition on ecological, and particularlyevolutionary, time-scales have been highly confined in space. However, studies of such competitionacross large-scale space are conversely mere ‘snapshots’ in time. The current study aimed atmeasuring interference-competition at multiple scales in space and time. Different aspects of interference-competition were measured in a model community (encrusters of boulder communities,e.g. ascidians, bryozoans, polychaetes and sponges) at 3 tropical, 3 temperate and 2 polar sites atintervals of days, weeks, months and years. The 3 aspects of competition measured—transitivity(hierarchicalness), number of clades involved, prevalence of interspecific encounters—varied nonsignificantlywith time (from days to years) but significantly in space (from the tropics to the poles).Thus the strong differences observed in space are robust along ecological time-scales; boulder communitiesmay be highly dynamic at local scales, but overall measures of interference-competitionamongst their encrusters seem to vary little within a region. Why low- and high-latitude encrustingcommunities should differ may be linked to past selection pressures—to survive spatial competitionin the more stable warm seas and to be able to recolonise from local ice-scour and regional ice sheetsin the high temperate and polar realms. The results of the current study suggest that, despite being‘snapshots’, the many point-in-time studies of competition in the literature are likely to be valid onecological time-scales and thus useful for meta-analyses.