Asia Pacific Enjoys Record $45 Billion of Commercial Property Investment in Q1

WORLD PROPERTY JOURNAL | May 30, 2019

According to global real estate consultant JLL, commercial real estate investment in Asia Pacific was up 14% in the first quarter of 2019, setting a new record of $45 billion in sales volume. Notably, Hong Kong slid from fourth to sixth place year-on-year in the world's most liquid investment markets, and from fourth to fifth place year-on-year in the world's largest recipients of cross-border investments. Given the US Federal Reserve's likely freeze on rate hikes this year, investor sentiment in Hong Kong has also rebounded, with buyers chasing retail assets located beyond traditional core districts. A recent notable deal is PAG's reported USD 1.5 billion acquisition of Mapletree Bay Point in Kwun Tong from Singapore's Mapletree Investment. Joseph Tsang, Managing Director at JLL in Hong Kong commented, "Even with the generally weaker performance from Hong Kong at the start of this year, Hong Kong's real estate market is beginning to rebound since its mild depression around the end of last year. Investor sentiment is optimistic, as the market expects that this positive trend is set to continue. In the months to follow, we believe that industrial properties will outperform in the property investment market, due to new measures in the Government's Revitalization Scheme."

Spotlight

Thailand Industrial Property Market: The Effect from AEC.

Spotlight

Thailand Industrial Property Market: The Effect from AEC.

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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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REAL ESTATE TECHNOLOGY

OrbVest Expands its Presence in the U.S with Acquisition of Talavi Spectrum in Phoenix, Arizona

OrbVest | May 22, 2021

OrbVest, a global real estate company that invests in US income-producing medical commercial real estate recently closed its purchase of Talavi Spectrum, a 75,636-square-foot office property located in Glendale, Arizona for $13,000,000. “We are actively checking out medical office buildings in Arizona to enrich our current portfolio, and therefore the Talavi building provides us with an ideal opportunity to re-establish the building as a prestigious medical office. We were particularly interested in the high-quality construction, business park location, and therefore the strong demographic trends we are seeing within the Northwest Valley,” said Martin Freeman, OrbVest CEO. Talavi Spectrum is found at 5701 West Talavi Boulevard in Phoenix, Arizona during a strong market with limited future development opportunities. it's a two-story, 74,662-square-foot, multi-tenant office block that was 88% occupied at the time of sale. Originally developed in 2002 by The OPUS Group on 5.73 acres, the category A property features high-quality construction, functional floor plates, interior improvements, and a singular campus-style setting within the 67-acre Talavi Business Park. Talavi Spectrum is well-positioned south of Bell Road – one among the foremost popular roadways in Phoenix. Talavi Spectrum is conveniently located but two miles from the Loop 101 Freeway and is adjacent to retail properties like Talavi Towne Centre (anchored by a Walmart Supercenter), Sprouts Center, and Glendale market square. Talavi Spectrum is OrbVest’s second acquisition within the greater Phoenix metropolitan area. Earlier in Q1, OrbVest closed on 555 North 18th Street, a 49,751-square-foot, multi-tenant class A medical office block. “OrbVest’s expansion into Arizona is driven by the basics that underpin value growth, most notably Phoenix is already the fifth-largest city within us and growing rapidly. Population migration and business expansion buoyed by low population density and lower cost of living position Phoenix for long-term, post-pandemic growth,” says Freeman. Talavi Spectrum is OrbVest’s fourth acquisition since the beginning of 2021, securing its third property in Princeton, New Jersey, a medical and office block comprising 40,028 square feet of rentable space; a 76,771-square-foot medical office block in Fleming Island, Florida; and an 11,852-square-foot Great Expressions Dental Centers office situated on 1.15 acres in Fayetteville, Georgia. OrbVest is actively seeking additional medical office block investments across the U.S in an attempt to scale back concentration risk and supply enhanced diversification for its investors. About OrbVest OrbVest is a global real estate company that invests in the U.S income-producing medical commercial real estate. Within seven years, OrbVest has achieved a portfolio of over a million square feet representing >$300m real estate under management (REUM) with a 65% reinvestment rate. OrbVest’s goal is to form investing in global land simple for little and enormous investors who are ready to invest from as little as $5,000. Clients use a convenient online platform to take a position directly into low-risk commercial assets, primarily within the Healthcare niche. The investments generate regular dividends (±8% per annum) that are distributed every quarter creating annuity income and long-term wealth over the amount of investment. (Targeted IRR of 11% to 17%).

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REAL ESTATE TECHNOLOGY

SkySlope Launches Breeze to Make C.A.R. Disclosures Fast and Effortless

SkySlope | November 17, 2021

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