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PenFed Cut Ribbon for New Hatillo financial centre and Financial Education Programme

Betty Tűndik

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PenFed Credit Union leadership and local officials cut the ribbon for the new PenFed Hatillo Financial Center during a ceremony on Saturday, January 12.
Reading Time: 2 minutes

 

PenFed Credit Union hosted a ribbon-cutting ceremony for its new financial centre opening soon in Hatillo, and announced the launch of a financial education partnership for high school students in Puerto Rico.

“The best way to help Puerto Rico is by investing and creating jobs,” said James Schenck, President/CEO of PenFed Credit Union and CEO of PenFed Foundation. “After Hurricane Maria hit in September of 2017, we knew we had to do something not only to help those in need of immediate short-term assistance – but also to help contribute to a long-term brighter future for Puerto Rico. As Americans, we must stand together – and PenFed continues to stand with the resilient people of Puerto Rico.”

PenFed remains committed to supporting the restoration of Puerto Rico following the hurricane. The new financial centre will create dozens of jobs and provide the best deposit and loan rates in all of the United States.

PenFed currently serves nearly 200,000 members in Puerto Rico through two branches in San Juan and one in Fort Buchanan. The new financial centre at 801-825 Calle Jardin in Hatillo has the potential to be the largest of all. PenFed has had a presence on the island for 13 years. Puerto Ricans currently have over $400 million in deposits and nearly $200 million in loans with PenFed.

“Following Hurricane Maria, PenFed was the first credit union to step forward and make a commitment to revitalizing the island of Puerto Rico,” said Ray Martinez, President, Financial Education, EVERFI. “I am proud to now call PenFed a partner in our endeavor to bring financial education to students in communities across the island. By providing students with the critical skills and knowledge they need to achieve their most ambitious dreams for their future, PenFed Credit Union’s Tu Dinero, Tu Sueño programme is poised to make a significant impact in the lives of students in disaster-stricken communities and help empower communities across the island.”

The ribbon-cutting event was attended by community leaders including:

Carlos Johnny Mendez, President and Speaker of the Puerto Rico House of Representatives;

  • Jose Rodriguez Cruz, Mayor of Hatillo;
  • Joel Franqui Atiles, Representative, Puerto Rico House of Representatives District 15;
  • Jose Gonzalez Mercado, Representative, Puerto Rico House of Representatives District 14;
  • Major General (Retired) Felix Santoni, Civilian Aide to the Secretary of the Army Emeritus.
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Commercial Real Estate

Gateway cities continue to top global real estate investment, led by London

Vlad Poptamas

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JLL
Reading Time: 3 minutes

 

Commercial real estate remains resilient in the face of populism, protectionism and political uncertainty

London maintained its position as the top city for global real estate investment in 2018, according to research published today by JLL (NYSE: JLL). Investors continue to favor cities they are familiar with and that have well-established investment markets and high levels of transparency.

Well-known, large gateway cities with the world’s deepest concentrations of capital, companies and talent continue to dominate the top ranks. Twelve cities–London, New York, Paris, Seoul, Hong Kong, Tokyo, Shanghai, Washington DC, Sydney, Singapore, Toronto and Munich–have appeared in the top 30 ranking every year for the past decade and account for 30 percent of all real estate investment.

The data shows that total volumes in 2018 were $733 billion, up 4 percent from 2017, the best annual performance in a decade. Cross-border purchases accounted for 31 percent of activity in 2018, close to the 10-year average, suggesting investors still have appetite to buy outside their own markets.

Richard Bloxam, Global Head of Capital Markets at JLL, said: “In a year when investors have had to deal with increasing populism, protectionism and political uncertainty, the appeal of real estate as an asset class has continued to increase. Interestingly, investors remain focused on gateway cities, despite tight pricing. Many are looking at alternative or emerging locations, as well as varying real estate property types within these cities, rather than exploring other less familiar cities. A notable trend is that half of these established gateway cities are in Asia Pacific. Increasing transparency in these markets is encouraging more investment, moving these cities even higher up the rankings in 2019 and beyond.”

Expectations for 2019
JLL projects that investment activity momentum will be maintained into 2019, as real estate continues to look attractive in comparison to other asset classes. Fundamentals in real estate remain compelling, despite historic low yields, as robust corporate occupier fundamentals across most markets are leading to positive returns. As such, investment activity may slow, but only marginally from its current high, as investors look to hold their real estate exposure and become more selective in the search for assets with strong income growth.

  • The institutional real estate universe will continue to expand, driven by factors such as low volatility, diversification benefits, long-term income and an attractive pricing premium to core sectors. Asset classes such as student housing, senior living and multi-family have continued to attract more institutional money in 2018 and this is likely to continue in 2019.
  • Industrial now accounts for 17 percent of all investment, up from 10 percent in 2009. In contrast, the retail sector has seen less activity as investors adjust their investment approach to reflect changing consumer behavior. In gateway cities, the office sector tends to account for a higher proportion of investment volumes—68 percent in 2018, compared to 51 percent in global volumes.
  • The top 30 will continue to be dominated by the gateway cities in 2019. However, at the edges, investors will consider a widening range of cities in their strategies. Reflecting real estate investors’ risk appetite, secondary cities in established transparent markets, such as Osaka and Atlanta, are likely to attract more attention, as opposed to moving into entirely new countries.

Yields are now at historic lows in most markets across the globe. A sharp correction is unlikely, as there is still a significant weight of capital looking to invest in real estate, and corporate occupier market fundamentals across many markets are positive. This creates the potential for continued income growth. However, in 2019, overall investment volumes are expected to fall approximately 5 to 10 percent below the 2018 total, driven by a slightly reduced appetite from investors to sell, as well as continued selectivity in acquisitions.

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