REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
PRnewswire | May 05, 2023
On April 19, 2023,a successful acquisition by Millennium Trust Company, a leading provider of health, wealth, retirement, and benefits solutions. In this strategic move, Accruit is excited to bring real estate 1031 exchange service solutions to over 5 million Millennium Trust clients holding over $55 billion in assets under custody.
After an extensive process and in-depth evaluation of numerous companies, Accruit found the right match in Millennium Trust. For over 20 years, Millennium Trust has provided access to and custody solutions for alternative asset investments, including real estate, making the company and its existing clients a great fit for Accruit's real estate 1031 exchange services.
"As we looked at how to best serve our current clients and grow our business, finding a company with strategic, like-minded values and service, which we found in Millennium Trust, was the right move," said Brent Abrahm, CEO and Founder of Accruit. "This acquisition isn't about slowing down, it's about accelerating our growth and opportunities, and extending our reach to over 5 million potential clients."
As a 1031 exchange Qualified Intermediary and a technology solution provider, Accruit holds a unique position in the marketplace, making it an attractive extension of the solutions Millennium Trust currently offers clients. Accruit's patented 1031 exchange workflow technology, Exchange Manager ProSM, streamlines the 1031 exchange process through embedded controls, automated notifications, custom exchange agreement and document creation, and digital execution via electronic signatures, making it simple and efficient.
"Being part of Millennium Trust allows Accruit to exponentially expand our footprint and provide exceptional service to more people looking to maximize their financial wellbeing," said Steven Holtkamp, Managing Director, and CFO of Accruit.
About Accruit Holdings
Accruit Holdings boasts over 20 years in the 1031 exchange industry. Through our leading independent, national Qualified Intermediary, we provide 1031 exchange services across the U.S. and specialize in all types of exchanges from forward, reverse, and build-to-suit/improvement, to specialty "non-safe harbor" reverse exchanges. We revolutionize the industry through our patented 1031 exchange workflow software by offering both SaaS and back-office solutions to the real estate marketplace. Learn more at www.accruitholdings.com
About Millennium Trust Company
Millennium Trust Company solves important business challenges through innovative financial wellness solutions that help people plan, save and invest. With clients holding more than $55 billion in assets under custody, we are committed to using our decades of expertise and strong partnership with the financial community to empower employers, advisors and institutions to help people achieve short-term and long-term financial security. Learn more about Millennium Trust at www.mtrustcompany.com.
REAL ESTATE TECHNOLOGY, MORTGAGE AND LENDING
Businesswire | May 12, 2023
VTS, the commercial real estate industry’s only technology platform that unifies owners, operators, brokers, and tenants to capitalize on opportunities revealed in every square foot of their properties, today announced that it has launched a revolutionary new tenant experience technology offering, VTS Activate, which builds upon the proptech leader’s existing history in the TenEx space. VTS Activate goes beyond the strengths of both VTS Rise and Lane to deliver owners and operators with the unparalleled technology and insights – not just within a building, but across an entire portfolio, creating the ultimate experience for tenants and delivering value like never before.
VTS entered the tenant experience space in March of 2021 with the acquisition of Rise Buildings, and continued its significant investment in the space with the acquisition of Lane in October of 2021. By bringing the best of both softwares together and executing on VTS’ ultimate vision, the team has engineered a transformative technology for its customers to solve today’s unique challenges, including low tenant demand, evolving tenant expectations, and the persistence of hybrid work policies.
VTS Activate is a new solution that enables CRE owners and operators to create a fully integrated office experience. Built with critical technology to retain tenants while differentiating their assets and portfolio, with data and connectivity powered by the VTS Platform. VTS Activate provides tenants with a seamless on-site experience, and the capability to manage their day-to-day needs and activity within a building on one centralized app. VTS Activate is also the only TenEx solution to provide ‘one-app, access anywhere’ functionality – opening a landlord’s entire portfolio to tenants by providing them the capability to choose where they want to work, giving the workers of today the flexibility they demand and delivering a higher level of value. VTS Activate allows owners to turn their portfolio into an interconnected branded ecosystem – they can now deliver their tenants with offerings and experiences across the many places they choose to work.
“Given the challenges of today’s commercial real estate market, retention is of the utmost importance for landlords, and they need to be armed with a solution that activates every tenant, space, and team within a building – deepening relationships with occupants and their talent, while gaining insights that help teams understand their tenants, how they’re using space, and the value they get from it,” said Nick Romito, CEO of VTS. “The launch of VTS Activate brings this all together in one app for owners and operators, and is the result of our considerable investment and commitment to providing the industry with the ultimate tenant experience solution – one that puts the tenant at the forefront.”
With native operations features and sophisticated tools to deliver the right communications, content, and experiences to the right audience, VTS Activate delivers a seamless and personal end-to-end experience at scale, driving engagement and increasing sentiment. Through insights that measure sentiment health and activity, landlords can best anticipate tenant needs, navigate renewals, and expand relationships.
“Emerging on the other side of the pandemic, the notion of where we work has significantly expanded, and a ‘workplace’ is no longer solely a tenant suite – it's a home office, flex space, breakout rooms, and more. VTS Activate provides landlords with the digital infrastructure to accommodate the mobility of today’s tenants, as they look to their landlords and building operators to connect spaces in a way like never before,” said Gijo Mathew, Chief Product Officer of VTS. “Additionally, owners continue to struggle with uncertainty about tenants, their likelihood to renew, and how they’re using space. The data and insights that VTS Activate yields allow for a greater level of clarity on tenant behavior to dictate improved operations, the health of tenant relationships, and ultimately, the best portfolio strategy.”
Beyond insights, access control, and operations management, VTS Activate is a direct, branded channel between the landlord, building manager, tenant companies, and their talent, so the right message can be delivered to the right audience. VTS Activate delivers sophisticated marketing capabilities that allow community managers to create highly configurable, branded programming across their spaces and tenant network. With the tools to create and deliver compelling experiences and offerings – from events and perks, to flex and retail offerings, and more to keep tenants engaged and coming into the office.
“At Tishman Speyer, we are constantly considering what’s next for the industry and appreciate that VTS seeks to do the same,” said Joe Doran, Chief Financial Officer at Tishman Speyer. "We are committed to building community and connection, and products like VTS Activate are all about bringing people together – bridging the physical experience to a digital platform.”
VTS is the commercial real estate industry’s only technology company that unifies owners, operators, brokers, and tenants in a single platform to capitalize on opportunities revealed in every square foot of their properties. In 2013, VTS revolutionized the commercial real estate industry’s leasing operations with what is now VTS Lease. Today, the VTS Platform is the largest first-party data source in the industry, transforming how strategic decisions are made and executed by CRE professionals across the globe.
With the VTS Platform, consisting of VTS Lease, VTS Market, VTS Activate, and VTS Data, every business stakeholder in commercial real estate is given real-time market information and workflow tools to do their job with unparalleled speed and intelligence. VTS is the global leader, with more than 60% of Class A office space in the U.S., and 12 billion square feet of office, retail, and industrial space is managed through our platform worldwide. VTS’ user base includes over 45,000 CRE professionals and industry-leading customers such as Blackstone, Brookfield Properties, LaSalle Investment Management, Hines, BXP, Oxford Properties, JLL, and CBRE. To learn more about VTS, and to see our open roles, visit www.vts.com.
REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
Businesswire | April 12, 2023
Sound Point Capital Management, LP, a credit-oriented investment manager overseeing approximately $32 billion in total assets, is pleased to announce that it has entered into an agreement to acquire Assured Investment Management LLC and certain of its related asset management entities (“Assured-IM”), which conducts the institutional asset management business of Assured Guaranty Ltd. (together with its affiliates, “Assured Guaranty”). In connection with the strategic partnership, Assured Guaranty will become a significant equityholder of Sound Point and certain of Assured Guaranty’s U.S. insurance subsidiaries will commit to invest $1 billion over time in Sound Point managed vehicles and separately managed accounts. Sound Point will become the sole alternative credit manager for the Assured Guaranty U.S. insurance subsidiaries.
Sound Point will assume the management of 32 active Assured IM CLOs, comprising 25 US CLOs and seven European CLOs, making Sound Point the fifth largest broadly syndicated loan CLO manager globally on a pro forma basis. New York-based Sound Point is currently managing 39 CLOs of its own and also manages over $10 billion of assets in other areas of credit investing, including direct loans, capital solutions, distressed, structured products, commercial real estate lending, and specialty finance.
“This is a watershed event in Sound Point’s growth story, and it positions us for continued success in a business where scale has become increasingly important,” said Stephen Ketchum, Sound Point’s founder and Managing Partner. “It’s our largest transaction to date, and we’re extremely proud to be receiving a one-billion-dollar investment commitment over time from Assured Guaranty. We’re thrilled to be expanding our diversified platform through a powerful new partnership that will create immediate impact.”
The transaction is expected to be completed in the beginning of Q3 2023. As part of the acquisition, a significant number of employees from Assured-IM are expected to join Sound Point, both in New York and London.
Following this acquisition, Sound Point will take over the management of approximately $15.2 billion (as of December 31, 2022) in Assured-IM assets, predominantly across CLOs but also including structured asset-backed investments. Sound Point’s pro forma assets under management (AUM) are anticipated to total approximately $47 billion after consummation of the transaction.
“This acquisition further strengthens our platform and will allow Sound Point to leverage its already comprehensive firmwide infrastructure and investment teams,” said David Grill, Head of Strategy at Sound Point. “Assured Guaranty’s investment commitment will be allocated to Sound Point managed CLOs as well as a range of other credit strategies”.
The combination of Sound Point and Assured-IM’s technology and systems will further improve reporting capabilities and speed. The combined team will focus on continued excellence and tight operational controls, benefiting from each other’s existing processes and previous experience.
Sound Point will remain a privately held company, with Stephen Ketchum as Managing Partner and Chief Investment Officer and the firm’s controlling equityholder. Principals of Stone Point Capital LLC and Dyal Capital Partners will continue to be important members of Sound Point’s ownership group.
Assured-IM was formerly known as BlueMountain Capital Management, LLC. BlueMountain was acquired by Assured Guaranty on October 1, 2019, and subsequently rebranded as Assured Investment Management.
BofA Securities acted as financial advisor, and Pryor Cashman LLP and DLA Piper LLP acted as legal advisors, to Sound Point. Goldman Sachs & Co. LLC and Insurance Advisory Partners LLC served as financial advisors to Assured Guaranty and Mayer Brown LLP served as Assured Guaranty’s legal advisor.
About Sound Point Capital Management, LP
Sound Point is an alternative asset management firm founded in 2008 with particular expertise in credit strategies. Based in New York, with offices in London, Florida and Connecticut, the firm manages money on behalf of institutional investors including top-tier pensions, foundations, insurance companies, wealth management firms and family offices. Sound Point's strategies span the spectrum of liquid and illiquid credit alternatives and include funds and managed accounts focused on leveraged loans, special situations, distressed debt, structured credit, direct lending and commercial real estate. Sound Point currently manages approximately $32 billion of assets. Five principals of Stone Point Capital LLC, as well as Dyal Capital Partners, a division of Blue Owl Capital Inc. [NYSE: OWL], are also strategic investors in our business. For more information, please visit Sound Point's website at www.soundpointcap.com.
About Assured Guaranty Ltd.
Assured Guaranty Ltd. is a publicly traded [NYSE: AGO], Bermuda-based holding company. Through its subsidiaries, Assured Guaranty provides credit enhancement products to the U.S. and international public finance, infrastructure and structured finance markets and also provides asset management services. More information on Assured Guaranty Ltd. and its subsidiaries can be found at AssuredGuaranty.com.