Real estate · Industry brief

Q2 2026 antitrust developments show the Trump administration's FTC and DOJ are more receptive to negotiated remedies in M&A transactions, particularly structural divestitures proposed early in the process. Recent consent orders including 365 Retail Markets/Cantaloupe (horizontal divestiture plus behavioral commitments) and Taiheiyo/CalPortland/Vulcan (ready-mix concrete plant divestitures in San Diego County) demonstrate this approach. However, federal clearance no longer guarantees deal completion—state attorneys general and private plaintiffs remain active threats, as illustrated by preliminary injunctions blocking Nexstar/TEGNA integration and delaying Paramount's Warner Brothers acquisition despite DOJ and FCC approvals. The Biden-era HSR form expansion has been vacated and agencies reverted to the legacy form; the FTC and DOJ plan to publish proposed rulemaking by year-end, creating uncertainty for deals signed in late 2026. Source: McDermott LLP Antitrust M&A Snapshot, August 20, 2026.

RSQUARE, Korea's commercial real estate data platform, announced significant investment activity and transaction advisory work in 2025-2026. The company's Investment Advisory Division recorded 2.3x year-on-year growth in assets under advisory, supported by a proprietary database covering 400,000+ buildings across South Korea, Vietnam and Singapore. Major institutional investors including Korea's National Pension Service, GIC, Blackstone, DWS and PAG now use RSQUARE's analytics platform and advisory services. Notable transactions include the KRW 432 billion sale of Centerpoint Gwanghwamun office asset in Seoul (October 2025, facilitated with Deloitte Anjin), the KRW 280 billion sale of Humax Village to a strategic corporate occupier (March 2026), and advisory on the KRW 31.5 billion sale of Sejong Telecom's Bundang data center (July 2025). The advisory model emphasizes matching buyers to specific asset types—from stable income properties with anchor tenants to conversion opportunities for corporate headquarters, senior housing and hotels—positioning RSQUARE as a differentiated competitor against global firms like CBRE and Savills in the Korean market.

European hotel transaction volume reached €9.4 billion in H1 2026, down 10% year-over-year, with 183 transactions involving 270 hotels and 48,000 rooms across 21 countries. Real Estate Investment Companies emerged as net buyers at €2.1 billion (43% of volume), reversing their position from a year prior, while Private Equity became the largest net sellers at €1.3 billion. Notable deals included Riu's €334 million acquisition of Westminster Curio London, Calena Partners' €200 million purchase of three Spanish hotels from HIP, MCR Property Group's £123 million acquisition of four London boutique hotels, and Covivio's €217 million acquisition of four Milan hotels from Invest Hospitality. The UK accounted for 32% of European volume with London representing 22% alone, followed by Spain (16%) and France (14%), while upscale hotels dominated at €4.3 billion (46% of volume). Source: HVS – London Office

Eight states have enacted or significantly expanded health care transaction notice and approval laws since January 2026, creating new compliance obligations for real estate investment transactions involving private equity, hedge funds, REITs, and management services organizations. California's Assembly Bill 1415 (effective January 1, 2026) requires noticing entities to provide 90-day notice to the Office of Health Care Affordability before asset sales or control transfers, while Senate Bill 25 (effective January 1, 2027) mandates HSR filers submit copies to the California Attorney General with potential $25,000 daily penalties for noncompliance. Connecticut's Senate Bill 196 restricts hospital sale-leaseback transactions of main campuses starting July 1, 2027, unless in financial distress, and requires annual private equity attestations; Senate Bill 125 imposes annual ownership disclosure requirements for nursing homes with private equity or REIT involvement holding 5%+ interests, including audited financials and surety bond requirements by July 1, 2028. Illinois House Bill 5000 (effective January 1, 2027) expanded the state's Antitrust Act to permanently require transaction notification and now covers private equity acquisitions generating $10 million or more in annual Illinois revenue. Maine's H.P. 1480 implements a 180-day notice requirement for material change transactions involving private equity, hedge funds, or MSOs acquiring majority interest in health care entities, with comprehensive reviews required for transactions exceeding $100 million; H.P. 1481 requires simultaneous filing with the Maine Attorney General for HSR-reportable health care mergers. Massachusetts amended regulations (effective April 16, 2026) now classify real property sale-leaseback arrangements and transactions involving significant equity investors as material changes triggering 60-day notification to the Health Policy Commission. Rhode Island, Vermont, and Washington have similarly enacted or expanded transaction notice requirements targeting private equity involvement, with penalties ranging from $10,000 to $200 daily for noncompliance and post-closing reporting obligations in multiple jurisdictions (Bass, Berry & Sims; State Legislative Sources; State Attorney General Offices).