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Underperforming real estate: Can REIT (funds) assist developers in the UAE?
Afridi & Angell, July 2020

During these unprecedented times, developers all over the world are actively looking for solutions to deal with underperforming real estate. For developers in the United Arab Emirates (UAE), real estate investment funds (otherwise known as REITs) may offer a solution to the problem. A REIT is a public or private investment fund which is established to invest a certain percentage (as stipulated by law) of its assets in real estate...

Golden Visa: The Conditions and Requirements to Obtain and Renew an Investment Residence Permit in Portugal
PLMJ, July 2020

The regulations of the legal framework for foreigners in Portugal and the procedure and rules to be followed by applicants for Investment Residence Permits (normally referred to as “Golden Visas” or “ARIs”), provide for a large number of investment models within the eight types of investment activity with the following specifics. Investment activities a) Transfer of capital of at least EUR 1,000,000...

COVID Program - RENT Before Starting (UPDATE 02)
Kocian Solc Balastik, June 2020

The state contribution for commercial leases to entrepreneurs with forcibly closed establishments will be launched on June 26, 2020 at 9 AM. If the entrepreneur has negotiated a 30% discount on the rent from his landlord, he will be able to apply for state support in the amount of 50% up to a ceiling of CZK 10 million for the period from April to June...

Protection for Commercial Tenants in Alberta Now Available in the Wake of COVID-19
Lawson Lundell LLP, June 2020

Protection for commercial tenants, similar to what was previously announced in British Columbia, is now potentially coming to Alberta. See the Alberta government’s news release, dated June 16, 2020. On June 16, 2020, the Alberta government introduced Bill 23: the Commercial Tenancies Protection Act, which is intended to protect commercial tenants from evictions and lease terminations during the COVID-19 pandemic...

Buchalter COVID-19 Client Alert: Financial Accommodations for Airport Tenants in Response to COVID-19
Buchalter, June 2020

Airport sponsors and their legal counsel have been forced by the COVID-19 pandemic to exercise judgment and make tough decisions regarding the financial accommodations they will offer their commercial aeronautical tenants to help them weather the current storm...

Can a Contractor Sue on a Quantum Meruit Basis after Terminating a Contract for Repudiation?
Deacons, June 2020

In the recent case of Peter Mann v Paterson Constructions Pty Ltd [2019] HCA 32, the High Court of Australia had to consider whether remuneration for work and labour done by the Respondent for the Appellants under a domestic building contract, before the contract was terminated by the Respondent’s acceptance of the Appellant’s repudiation, was recoverable by the Respondent under the contract, or alternatively, as restitution for unjust enrichment (on a quantum meruit basis) a

Proposed Legislation Would Create New Protections for Michigan Residential Borrowers and Tenants During States of Emergency
Dykema, June 2020

In response to the ongoing COVID-19 crisis and its resulting adverse effects on the income levels of Michigan residents, a package of bills (2020 SB 912 through 2020 SB 917) was introduced earlier this month to provide additional protections for residential tenants and owner-occupants during a declared state of emergency...

Government Releases Commercial Rent Relief Package
MinterEllisonRuddWatts, June 2020

You may well have seen announcements in the media last week around a Government ‘rent relief package’ for commercial tenancies affected by COVID-19, which involves an implied rent relief clause to be incorporated into ‘qualifying’ leases, and a compulsory arbitration scheme that will apply where parties are unable to agree a fair abatement of rent...

CEQA Reform in the COVID Era? The California Senate Housing Production Package Moves Forward
Hanson Bridgett LLP, June 2020

Key Points A five bill, California Senate housing package heads to Appropriations after unanimously passing key committee votes last week. CEQA streamlining, increasing density, and affordable housing remain top priorities, including one bill seeking to incentivize commercial use conversion to residential use...

External Circular No. 019 -2020 of the UPME
Brigard Urrutia, June 2020

Regarding its functions, the UPME has been monitoring the demand for electrical energy and natural gas on a daily basis, in order to identify the impact of the measures taken to mitigate the effects of COVID-19 on the consumption of these energies. The following conclusions have been reached from this monitoring: Energy demand fell in April by 16.92% compared to the average scenario projected by the UPME and by 11.10% so far in May...

Covid Programme - Commercial Rent Relief
Kocian Solc Balastik, June 2020

The state contribution for commercial rents to entrepreneurs with forcibly closed establishments is gaining more concrete outlines. If an entrepreneur negotiates a 30% discount on rent from his landlord, he will be able to apply for state support in the amount of 50% up to a ceiling of CZK 10 million for the period from April to June. However, the program has yet to be notified to the European Commission before it can be launched...

New York City Enacts Law Affecting Enforceability of Certain Commercial Lease Guaranties for COVID-Affected Businesses
Haynes and Boone, LLP, May 2020

On May 26, 2020, the Mayor of New York City, Bill de Blasio, signed a broad COVID-19 relief package into law, to supplement existing federal and state relief measures. The new legislation included several amendments to the Administrative Code of the City of New York (the “Code”) that affect commercial landlords and tenants, including N.Y.C. Council Int. No. 1932-A (“Local Law 1932-A”)...

COVID-19 and E-Commerce are Changing Retailers' Real Estate Footprints
Hunton Andrews Kurth LLP, May 2020

The COVID-19 pandemic has driven a large shift toward online retail transactions. In April of 2020, nonstore sales, mostly conducted through e-commerce, increased by nearly 30 percent while overall retail sales in the US are down 16 percent year over year, according to the Department of Commerce. The recent flood of e-commerce has left unprepared retailers struggling to fulfill orders, as they currently lack the requisite warehouse space and other supply chain capabilities...

The Impact of the New SEC Amendments on REITs Real Estate Operations and Triple Net Leases
Waller, May 2020

While the SEC’s amendments described in our prior blog post (locatedhere) provide relief to companies in a number of industries – including oil and gas, foreign private issuers, business development companies, and investment funds – we’re taking a closer look at the impact the amendments will have REITs and other real estate companies...

Subchapter V and the Single Asset Real Estate Debtor in a COVID-19 World
Spilman Thomas & Battle, PLLC, May 2020

Over a year ago, Congress amended the Bankruptcy Code to create Subchapter V, with the intent of encouraging small businesses (defined as those with less than $2,725,625.00 in debt) to file reorganization plans more often by saving certain costs of a routine Chapter 11. Congress then passed the CARES Act in response to the COVID-19 pandemic, raising the debt limit to $7,500,000.00...

Court Tosses Patent Attorney’s Qui Tam Based on Patent Appeal Board Decision, Calls it Quintessential ’Parasitic Lawsuit’
Dinsmore & Shohl LLP, May 2020

In Silbersher v. Valeant Pharmaceuticals International, Inc., the U.S. District Court for the Northern District of California dismissed a False Claims Act (FCA) qui tam lawsuit the court found was based largely on a Patent Trial and Appeal Board (PTAB) decision and thus violated the public disclosure bar. No. 3:18-cv-01496-JD, 2020 U.S. Dist. LEXIS 82548, at *22–27 (N.D. Cal. May 11, 2020)...

Recent Conflict of Interest Cases Reveal Pitfalls for Land Use Practitioners
Hanson Bridgett LLP, May 2020

Key Points City council and planning commission recusals can have a significant impact on the outcome of hearings involving land use and environmental issues. Recusals can lead to tie votes or the loss of a quorum, which may make it impossible for local governments to approve development projects. Failing to disclose conflicts of interests can be grounds for reversing local government approvals...

Looking Ahead: Commercial Real Estate - COVID-19's Impact on the Market in 2020 and Beyond Webinar Recording
Bradley Arant Boult Cummings LLP, May 2020

Please join Bradley, Graham & Co., and the Peoples Bank of Alabama for a live webinar addressing key questions our clients are asking about navigating the impact of the coronavirus (COVID-19) on the Commercial Real Estate and Lending market in 2020 and beyond...

COVID-19 Webinar Series: Looking Ahead - Commercial Real Estate: COVID-19’s Impact on the Market in 2020 and Beyond Webinar Recording
Bradley Arant Boult Cummings LLP, May 2020

Please join Bradley, Graham & Co., and the Peoples Bank of Alabama for a live webinar addressing key questions our clients are asking about navigating the impact of the coronavirus (COVID-19) on the Commercial Real Estate and Lending market in 2020 and beyond...

Juggling the Costs of Reopening and Litigation: Try Mediation
Verrill, May 2020

State governments are creating paths to restart their economies. Businesses desperately want to start generating income and put the COVID-19 crisis behind them...

The COVID-19 and Its Impacts on Leases in Cambodia
DFDL, May 2020

The COVID-19 global pandemic continues to rage and tenants in Cambodia are now looking carefully at whether this situation can be considered a force majeure event in order to seek a cessation or reduction of their rental payments.  On 11 March 2020, the World Health Organization (“WHO”) officially declared the outbreak of the coronavirus disease 2019 (“COVID-19”) a global pandemic...

Buchalter COVID-19 Client Alert: Extension of San Francisco Commercial Tenant Eviction Moratorium and Impact of Proposed California Senate Bill 939
Buchalter, May 2020

On May 14, 2020, San Francisco Mayor London Breed issued a second extension of the City’s commercial eviction moratorium and rent deferral program for small businesses with less than $25 Million in 2019 gross receipts. The extension grants rent relief for rent due and payable through June 16, 2020. On April 15, 2020, Mayor Breed previously extended the original order through May 17, 2020...

New York State Trial Court Holds That Moratorium on Foreclosures Does Not Bar UCC Foreclosure
Haynes and Boone, LLP, May 2020

In a decision issued on Monday, May 18, 2020, Justice Frank P. Nervo of the Supreme Court of the State of New York, New York County, held that a UCC foreclosure pursuant to Article 9 was not barred by New York State’s moratorium on foreclosures of commercial real property...

Consequences of Tenancy Law due to the Current Situation Regarding Covid-19
DORDA, May 2020

The government has introduced a comprehensive package of measures to combat Covid-19 ("corona virus") since March 13, 2020. These measures include, in particular, the ordered closure, in particular of shops and restaurants. With the Covid 19 Easing Ordinance , many measures were eased again from May. The following overview therefore deals with some essential questions that arise for tenants and landlords due to the current situation...

Czech Government Approves the Abolition of Real Estate Acquisition Tax UPDATE
Kocian Solc Balastik, May 2020

At its meeting on April 30, 2020, the government approved the abolition of the 4% real estate acquisition tax and related changes in the Income Tax Act. The content of the proposal of the Ministry of Finance is described below. However, there are likely to be some adjustments to this wording as a result of the coalition agreement. According to the media, the change should concern the maintenance of the tax deduction of interest on real estate acquired until the end of 2021...

 

 

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