REAL ESTATE TECHNOLOGY

AllianceBernstein Announces First Closing of New Commercial Real Estate Debt Fund in the United States

AllianceBernstein | March 11, 2021

AllianceBernstein L.P. ("Stomach muscle") (NYSE: AB), has effectively finished the principal shutting of its fourth US Commercial Real Estate Debt reserve ("CRED IV"). This elective asset has so far got almost $900mm in capital responsibilities. Fair will fill in as a lead financial backer, proceeding with the solid association among AB and Equitable as AB grows its options stage.

CRED IV is a continuation of the temporary land loaning methodology effectively carried out by past AB CRED reserves. CRED IV will straightforwardly start gliding rate first home loan entire credits got by top notch, momentary US business land. Those credits are hung on an unleveraged premise.

The foundation of CRED reserves has begun more than 100 advances and brought almost $7bn up in capital responsibilities from institutional financial backers worldwide since the dispatch of the technique in 2013.

The fruitful first close of CRED IV is further exhibition of AB's capacity to raise huge capital for its quickly developing private choices stage, in spite of the difficulties presented by COVID-19. The nearby follows rapidly on AB's declaration in Q4 of a year ago of the dispatch of its new European Commercial Real Estate Debt ("ECRED") stage. ECRED, drove by industry veteran Clark Coffee, dispatched with almost €1.5bn in capital, making it one of the biggest land dispatches in Europe as of late. The ECRED stage hopes to declare its first credit beginning since joining AB in the coming weeks.

Spotlight

Today’s workplace is more than just an accumulation of cubes and offices, interrupted by a scattering of conference rooms. It is a dynamic network of places—a combination of the physical and the cultural. It is a rich stage for behaviors and connections.

Spotlight

Today’s workplace is more than just an accumulation of cubes and offices, interrupted by a scattering of conference rooms. It is a dynamic network of places—a combination of the physical and the cultural. It is a rich stage for behaviors and connections.

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MARKET OUTLOOK

Starwood Increases Offer to Acquire Monmouth Real Estate Investment Corp. to Net Consideration of $19.20 Per Share in Cash

Starwood Real Estate Income Trust, Inc | August 19, 2021

Starwood Real Estate Income Trust, Inc., an affiliate of Starwood Capital Group, a leading global private investment firm focused on real estate and energy investments, today submitted an enhanced all-cash, fully financed, fully actionable proposal to acquire Monmouth Real Estate Investment Corporation for $19.93 per Monmouth share reduced by the termination fee owed to Equity Commonwealth ("EQC") of $72 million or $0.73 per share. Starwood’s enhanced proposal would provide net consideration of $19.20 per share to Monmouth shareholders after payment of the EQC termination fee, which was increased by $10 million by the Monmouth Board on August 16, 2021. Starwood’s proposal offers Monmouth shareholders a premium to EQC’s revised offer with 100% cash-certain value (versus EQC’s offer, where approximately 35% of the aggregate consideration would be paid out in cash1), and does not subject Monmouth shareholders to the uncertain and unsubstantiated future value creation from the EQC transaction, which is already worth less to shareholders given the decline in EQC shares since its revised proposal was announced. Ethan Bing, Managing Director of Starwood, said, "Our increased all-cash offer is superior to EQC’s revised proposal given the higher certain value that is not exposed to market risk or dependent upon unproven execution. The EQC offer requires Monmouth shareholders to forego the certainty of our higher cash offer in exchange for speculative value creation from a merged entity with no synergies and no obvious competitive advantages in the highly competitive industrial sector where EQC has not actively participated.” Bing added, “The Monmouth Board, whose initial process was led by a strategic alternatives committee that ISS rightly criticized as ‘not fully independent,’ appears committed to the interests of Monmouth insiders rather than its fiduciary duty to maximize value for all Monmouth shareholders. The Monmouth Board’s decision to increase the termination fee for EQC, without having engaged in a single conversation with a committed all-cash bidder already at a significant premium to EQC, is yet another disappointing breach of faith to its shareholders – a clear effort to protect EQC from competing bidders willing to offer superior and more certain value to Monmouth shareholders. In contrast, Starwood has not raised its termination fee in connection with its revised offer.” Bing concluded, “We stand ready to sign the already-negotiated merger agreement with Monmouth. We urge the Monmouth Board to act in the best interest of all its shareholders by immediately declaring our increased offer superior, foregoing any future actions which would deprive shareholders from realizing maximum value, and proceeding quickly to finalize our proposed transaction for the benefit all Monmouth shareholders.” About Starwood Capital Group Starwood Capital Group is a private investment firm with a core focus on global real estate, energy infrastructure and oil & gas. The Firm and its affiliates maintain 16 offices in seven countries around the world, and currently have approximately 4,000 employees. Since its inception in 1991, Starwood Capital Group has raised over $60 billion of capital, and currently has approximately $90 billion of assets under management. Through a series of comingled opportunity funds and Starwood Real Estate Income Trust, Inc. a non-listed REIT, the Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving. Starwood Capital also manages Starwood Property Trust, the largest commercial mortgage real estate investment trust in the United States, which has successfully deployed over $69 billion of capital since inception and manages a portfolio of over $18 billion across debt and equity investments. Over the past 29 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises in both the private and public markets

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BUYING/SELLING

WSGF Announces Plans To Expand Short-Term Rental Property Purchase Fintech Finance Business Through Organic Growth And Acquisition

World Series of Golf, Inc. | October 13, 2021

World Series of Golf, Inc. (USOTC: WSGF) ("WSGF") confirmed the company will publish a management overview tomorrow (Wednesday, October 13th, 2021), on the initiative now underway for several months to accelerate revenue growth and add assets to the balance sheet. The initiative includes planned acquisitions, adding new lines of business to complement the current short-term rental purchase finance business, and a groundbreaking cryptocurrency strategy to be integrated into the company's coming Vaycaychella App version 2.0. WSGF operates a short-term vacation rental fintech company facilitating real estate investment and purchase financing. WSGF acquired a business called Vaycaychella last year and made Vaycaychella its primary business focus. A corresponding corporate name change is underway. Vaycaychella serves entrepreneurs looking to acquire and operate short-term vacation rental properties and businesses, and investors looking to make investments in short-term vacation rental properties and businesses. WSGF, through its operating subsidiary, Vacycaychella, earlier this year launched a Peer To Peer (P2P) Short Term Rental Property Purchase Application targeting the $87 billion vacation rental market.

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REAL ESTATE INVESTMENT

JLL Income Property Trust Acquires Suburban Chicago Distribution Center

JLL Income Property Trust | January 14, 2022

JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with $5.9 billion in portfolio assets, today announced the acquisition of Elgin Distribution Center, a Class A, two-building industrial property totaling 407,000 square feet and located in the northwest Chicago suburb of Elgin, Illinois. The purchase price was approximately $47 million. The Elgin Distribution Center fits squarely within our industrial investment thesis as a well-located, newly constructed property with strong tenant profiles, The Elgin warehouse submarket stands out for its access to a robust labor pool and close proximity to Chicago, along with O'Hare International Airport, which we believe will drive long-term value for these properties. Industrial remains an overweight target for our portfolio given our belief that it will provide strong, long-term cashflow to our diverse portfolio. Our aggregate industrial allocation is now over $1.7 billion, or approximately 30 percent of our $5.9 billion portfolio, and includes 54 properties across 13 key markets." Allan Swaringen, JLL Income Property Trust President and CEO. Recently constructed in 2020, the properties are built to state-of-the-art design specifications. The larger building, which totals over 326,000 square feet, is cross-docked with 33-foot clear heights. The smaller building, which totals more than 80,000 square feet is rear docked and has 29-foot clear heights and includes a front-office. The properties are 100 percent leased with a weighted average lease term of approximately 10 years. According to LaSalle Research & Strategy, the Chicago metro is the country's second largest industrial market, with 1.2 billion square feet of industrial space. Chicago's central location, proximity to irreplaceable transportation infrastructure and access to a large population make it a critical hub for national distributors. Over the four quarters ending in Q1 2021, Chicago's industrial market experienced 18.5 million square feet of net absorption and a steady decline in vacancy rates. Chicago also has the highest going-in yields of any gateway industrial market in the U.S. The Elgin Distribution center also benefits from access to a growing population and large labor pool, as well as excellent access to major transportation nodes including Interstate 90, Route 31, Randall Road and Route 47. JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world's leading real estate services firms. About Jones Lang LaSalle Income Property Trust, Inc. Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. About LaSalle Investment Management LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages over $76 billion of assets in private and public real estate property and debt investments as of Q3 2021. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments.

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