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July 30, 2007

TOMORROW'S INSIGHTS TODAY

Shareholder urges Luby's to sell off real estate


FILE/DMN
FILE/DMN
The chain operates a Bob Luby's Seafood Grill in Waxahachie.
By KAREN ROBINSON-JACOBS / The Dallas Morning News

The largest independent shareholder in the Luby's Inc. cafeteria chain on Monday pushed management to sell, then lease back, a substantial portion of its real estate or pursue a sale of the company.

A subsidiary of Ramius Capital Group, LLC, which owns 6.5 percent of Luby's common stock, called the value of the underlying real estate greater than the value of operations in some cases.

If Houston-based Luby's does look to unload part of its real estate portfolio, it won't be alone. Slowing sales in some restaurant segments-particularly the cafeteria sector-have prompted many companies to look to the land for cash.

Read more in tomorrow's Dallas Morning News or online at dallasnews.com/business
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TOMORROW'S INSIGHTS TODAY: Jim Landers

Panama's real estate boom may be on shaky ground


PANAMA CITY, Panama – Cement prices have doubled, and it's hard to get a truck to come to your building site. The situation is similar for steel, glass, bricks, and all the guts of a high-rise condominium.

The real estate business is having a party in Panama.

As of last week, there were 380 tower projects underway or announced, representing more than 40,000 condos and apartments. A year ago, it was 11,000 units.

The builders say Americans looking for the urban high life in retirement will snap up these buildings in a new Miami that's half the price of the real Miami.

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