REAL ESTATE INVESTMENT
Juniper Square and G2 | October 19, 2022
Juniper Square, the leading provider of partnership enablement for the private funds industry, has been named an industry leader by G2, Inc. in its Fall 2022 Grid® Report for Real Estate Investment Management. The report reviews software that real estate investors and investment firms use to maintain compliance with real estate investment regulations, manage the investor relationship, and maximize property value and investment returns. Among the companies included in the ranking, Juniper Square has the highest score of 4.9 out of 5 user satisfaction rating.
“In just six years since launching Juniper Square, we’re extremely proud to rank No. 1 in user satisfaction and be named a leader in the G2 Fall 2022 Grid Report, validating our unique approach to partnership enablement across tens of thousands of private partnerships, Our industry-leading client satisfaction is reflective of the fact that we deliver expert guidance and best practices which are unique to the needs of investment managers at every stage of their partnerships.”
-Alex Robinson, CEO and co-founder of Juniper Square
According to G2, the largest and most trusted software marketplace, real estate investment management software, also known as real estate asset management software or real estate portfolio management software, aims to maximize the market value and return on investment of real estate properties, and enables strategizing for portfolio growth and development. Real estate investment management software arms asset managers, real estate investors, and stakeholders with financial and operational insights that reduce errors and mitigate potential risk, streamline asset analysis, maintain compliance with guidelines and regulations, and facilitate transparency and visibility throughout the portfolio lifecycle.
When we started looking for a new investment management and contact management platform, we considered five alternatives and Juniper Square was selected as it aligned with our core values and was client-centered, In addition to being the only solution that offered all of the very important functional aspects we were looking for, they checked off all the softer aspects, too. Plus, Juniper Square far exceeded our expectations on timely and comprehensive communication,said Tyson Hammer Strandberg, director of client relations for Bell Partners.
About Juniper Square
Juniper Square is the leader in partnership enablement for the private funds industry, offering a universal system for GPs and their LPs to seamlessly connect and communicate across every stage of their partnerships. Juniper Square empowers investment managers to accelerate fundraising, scale operations efficiently, and improve investor satisfaction. More than 1,700 GPs rely on Juniper Square to manage more than 300,000 LPs in more than 24,000 private funds.
G2 is the world's largest and most trusted software marketplace. More than 60 million people annually - including employees at all of the FORTUNE 500 - use G2 to make smarter software decisions based on authentic peer reviews. Thousands of software and services companies of all sizes partner with G2 to build their reputation, manage their software spend, and grow their business - including Salesforce, HubSpot, Zoom, and Adobe.
REAL ESTATE TECHNOLOGY
Blueground and Tabas | November 18, 2022
Blueground, a PropTech scaleup offering a turnkey, flexible housing solution for renters globally, announces today it entered into agreement to acquire Brazilian PropTech startup, Tabas. Marking the first acquisition in Blueground’s nearly 10-year history, the company will soon acquire Tabas after leading Tabas’ $14 million Series A funding round earlier this year. Tabas is the largest operator of designer-quality furnished apartments for 30 days or more in São Paulo, Rio de Janeiro, and Brazilia. The acquisition, which is expected to close in early Q1 2023, enables Blueground to enter the Latin American market, and fuel the increased demand for furnished, flexible rentals in the region. Together Blueground and Tabas will launch Mexico City in early 2023.
During the period between now and close, the two companies will continue to operate independently and will gradually integrate over the next year. The combined organization will have a presence in 29 cities across 16 countries, employing over 1,000 people. Based on current financial projections, the joint entity is projected to generate ~650M in 2023.
Blueground is the largest turnkey property rental company in the 30+ day sector. It has a network of 9,500 move-in-ready, expertly-designed homes enabling people to flexibly live wherever they choose. The company was co-founded by CEO Alex Chatzieleftheriou in 2013, who, after many years as a business consultant, had experienced first-hand the pain points of living out of hotels for work for months at a time. He aspired to create a seamless way for people to freely move between neighborhoods, cities, and countries around the world.
Blueground currently works with over 4,700 landlords globally, guaranteeing them rental income while providing expert property management and maintenance services at scale. The acquisition of Tabas will allow Blueground to grow its network faster, supporting its goals of 40,000 apartments across 50 cities by 2025, and add more location options for its client base.
“We’ve had our sights set on Latin America for quite some time, as we see huge market potential for furnished and flexible rentals, Since our first investment in Tabas last year, we’ve developed immense respect for the Tabas team and what they’ve built in Brazil. With our best-in-class technology and our expertise in scaling the business, we'll continue to expand and offer the option for a flexible lifestyle in more markets globally.”
-Alex Chatzieleftheriou, CEO and Co-founder, Blueground
Founded in May 2020, Tabas was born out of the founders’ frustration with the lack of flexible, fully furnished rentals for mid- to long-term stays. Tabas now has over 1,000 apartments in three cities in Brazil - São Paulo, Rio de Janeiro, and Brazilia, raising over $20 million in funding prior to the acquisition. As the first project post-acquisition, Tabas will offer its knowledge and understanding of the market to support the launch of Blueground in Mexico City in early 2023, marking Blueground’s 30th city, and 11th in the last 12 months.
Tabas and Blueground’s visions are fully aligned and together we can create even more value for our guests, our landlords and the Tabas team, This acquisition is yet another success story for Brazilian proptech companies. We're proud of the work we’ve done to get us this far; now it’s time to take it to the next level and continue bringing the turn-key, flexible rental living concept across Latin America,said Leonardo Morgatto, Co-founder and CEO, Tabas.
The pandemic gave rise to new work environments, enabling people to explore the world and forgo traditional long-term leases for flexible rentals. To keep up with the growing demand, Blueground has doubled its supply of apartments in the last year.
The acquisition is subject to standard closing conditions, including regulatory approvals.
Blueground is a global PropTech company that operates a curated network of thousands of quality, turnkey homes in sought-after neighborhoods around the globe, making them available for stays of a month or longer. Blueground’s tech-enabled platform provides a fully digitized experience; from viewing and booking available apartments within minutes to managing the entire stay through the Blueground Guest App. Blueground is headquartered in New York City, with a portfolio of thousands of apartments in 26 cities worldwide including in New York, Los Angeles, San Francisco, Boston, Chicago, Washington D.C., Denver, Seattle, Austin, Miami, Dubai, Istanbul, Paris, London, Vienna, Zurich, Berlin, Madrid, Barcelona, Lisbon, Basel, Luxembourg, Copenhagen, Hong Kong, Singapore, and Athens. Blueground plans to expand to 50 cities by 2025.
Tabas is a Brazilian real estate technology startup providing beautifully-designed fully-furnished apartments for flexible stay. Founded in early 2020, it already has more than 1,000 apartments in its portfolio, in the cities of São Paulo, Rio de Janeiro and Brasília, all located in upscale neighborhoods, equipped and decorated with sophistication. With unprecedented flexibility for the Brazilian market regarding rental contracts, the company works with terms starting from 30 days of rent, guaranteeing the property maintenance to the owners and uncomplicated and well assisted reservations to the tenants.
REAL ESTATE INVESTMENT
Kimco Realty | November 14, 2022
Kimco Realty® (NYSE: KIM), North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, and a growing portfolio of mixed-use assets, today announced it acquired a private, multi-generationally-owned portfolio of eight Long Island, NY shopping centers for $375.8 million. The acquisition was funded by the issuance of a combination of cash and redeemable units and the assumption of $88.8 million of 4.1% mortgage debt with a remaining term of approximately six years. As of September 30, 2022, the company had $123.5 million in cash and cash equivalents on its balance sheet and subsequently received approximately $301.1 million of proceeds from the sale of 11.5 million shares of its Albertsons common shares.
These eight high-quality centers are located in one of the most desirable markets in the United States and within a drive time of approximately 15 minutes from Kimco’s corporate headquarters in Jericho, NY. The ultra-infill markets of Long Island are high barrier to entry and offer a highly captive consumer base boasting some of the best demographic profiles in the country. The portfolio, which boasts a three-mile estimated population and average household income of 95,000 and $187,000, respectively, is 94.4% leased with significant mark-to-market and merchandising enhancement opportunities. The portfolio, which includes The Gardens at Great Neck, Woodbury Common, The Market Place, Stop & Shop Shopping Center, Southgate Shopping Center, Green Cove Plaza and Syosset Corners in Nassau County, and Sequams Shopping Center in Suffolk County, features five grocery anchored centers and a strong collection of necessity-based tenants and retailers offering everyday goods and services. Tenants include TJMaxx, GoHealth Urgent Care, Rite Aid, Starbucks, Dunkin’ Donuts, and Chipotle.
“This acquisition was a rare chance to expand our presence in one of Kimco’s most highly desired markets, with a portfolio of irreplaceable real estate located in one of the most heavily trafficked, densely populated, suburbs that offers high barriers to entry and affluent communities, The strength of our balance sheet, ample liquidity and ability to provide a tax efficient transaction for the seller put us in a prime position to be opportunistic when this multi-generational portfolio emerged. The acquisition also brings us closer to our target of 85% of the company’s annual base rent coming from grocery anchored centers.”
-Conor Flynn, Kimco’s Chief Executive Officer
At the end of September 2022, Kimco Realty owned 28 centers totaling 3.0 million square feet with an average occupancy rate of 97.8% in the dominant Long Island market. The addition of this eight-property portfolio, which comprises 540,000 square feet of retail space, will further Kimco’s position as one of Long Island’s largest owners of grocery-anchored shopping centers with 36 assets totaling over 3.5 million square feet.
About Kimco Realty®
Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, including mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco Realty is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of September 30, 2022, the company owned interests in 526 U.S. shopping centers and mixed-use assets comprising 91 million square feet of gross leasable space.