REAL ESTATE INVESTMENT
JLL Income Property Trust, Inc. and LaSalle Investment Management | August 10, 2022
JLL Income Property Trust, an institutionally managed daily NAV REIT with approximately $6.8 billion in portfolio assets announced today the acquisition of Silverado Square, a 48,000-square-foot retail center in Las Vegas, Nevada. The retail property is anchored by Sprouts Farmers Market, shadow anchored by CVS, and includes a parcel that is fully entitled for nearly 5,000 square feet of rentable retail space. Silverado Square was acquired for $24.4 million.
"Silverado Square is a well-located property that fits within our thesis of acquiring high-quality, grocery-anchored retail centers, Its location next to two major thoroughfares and near a large master-planned community, along with its strong tenant roster and long-term lease commitments, should bode well for the center's continued success in generating stable income. As we saw throughout the pandemic, grocery-anchored retail is resilient, and can continue to provide returns for our stockholders throughout volatile market conditions."
-JLL Income Property Trust President and CEO Allan Swaringen
Constructed in 2018, Silverado Square benefits from a highly visible location on two thoroughfares in the Silverado Ranch master-planned community, which is home to more than 55,000 people. The property ranks in the top quartile of LaSalle Research & Strategy's proprietary Supermarket Trading Area Rating System (STARS), which ranks more than 40,000 grocery-anchored retail centers in the US. The high score owes to Silverado Square's proximity to population density and median income that are both above the national average. The property has a weighted average lease term of more than eight years, including a 15-year lease signed by Sprouts in 2018 that features 10 percent rent escalations every five years. Overall, the property is 98 percent leased.
The fully entitled parcel, directly to the east of the existing structures, provides JLL Income Property Trust with the opportunity to build nearly 5,000 square feet of additional retail space and drive further net operating income. The new building will be leased by three tenants and is scheduled for completion later this year.
JLL Income Property Trust's grocery-anchored retail allocation is 23 properties in 13 key markets valued at nearly $850 million and representing approximately 13 percent of its overall portfolio.
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 JLL 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. For more information, visit www.jllipt.com.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $82 billion of assets in private and public real estate property and debt investments as of Q1 2022. 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.
REAL ESTATE INVESTMENT
Invesco Real Estate Income Trust Inc. | May 24, 2022
Invesco Real Estate Income Trust Inc., an institutionally managed, public non-listed REIT, announced it acquired a majority interest in Everly Roseland, a 384,648 square foot, 360-unit garden-style multifamily community across 30 two-story buildings, following a partial sale to an affiliate. The property is located at 28 Nob Hill Road in Roseland, New Jersey and it is 95% leased. This acquisition is part of a joint venture with Skylight Real Estate Partners, a regional, privately-held real estate investment firm with a focus on multifamily investment and development.
With the future of work changing traditional office commutes, we continue to see strong demand for affordable, low-density multifamily properties proximate to the urban core. Additionally, Roseland is a desirable community with fairly high barriers to new development and it aligns with our investment strategy for multifamily."
R. Scott Dennis, President and Chief Executive Officer for INREIT
Built in 1980, Everly Roseland is one of the largest multifamily assets in West Essex County submarket. An affiliate of Skylight owned the property in a joint venture since 2017. Through the recapitalization of the asset, Invesco and Skylight will continue executing on the unit renovation program, including upgrades to the common areas and exteriors. Skylight will also serve as the property manager for Everly Roseland.
"Everly Roseland is a well-performing property with a multitude of value creation strategies to unlock," said Andrew Miller, Founding Partner at Skylight Real Estate Partners. "We started unit renovations and the construction of an amenities center, which has helped to modernize the building. We share the same vision as our partners at Invesco in continuing to transform Everly Roseland back to its premier status."
This investment expands INREIT's multifamily portfolio into the Northeastern United States. The transaction also establishes a relationship with new partner, Skylight. This transaction was advised by JLL Capital Markets debt advisory team and financed by U.S. Bank. The JLL Capital Markets debt advisory team was led by Michael Klein, Matthew Pizzolato, John Rose and Gerard Quinn.
Invesco Real Estate Income Trust Inc. (INREIT) is an institutionally managed, public non-listed monthly NAV REIT investing in a diversified portfolio of high quality, income producing properties located throughout the United States. Its thematic approach to investing focuses on where people consume, live, innovate and connect. INREIT seeks to invest in properties with resilient income and appreciation potential. INREIT expects to diversify its portfolio over time, including on a global basis. INREIT is managed by Invesco Advisers, Inc., a subsidiary of Invesco Ltd. and the registered investment adviser for Invesco Real Estate, the real estate investment center of Invesco Ltd.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $91.8 billion in real estate assets under management, 582 employees and 21 regional offices across the U.S., Europe and Asia Pacific (as of December 31, 2021). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1983. Invesco Real Estate is the real estate investment center of Invesco Ltd., an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life.
About Skylight Real Estate Partners
Skylight Real Estate Partners is a privately held real estate investment firm with deep experience acquiring, developing and managing residential and commercial assets in New York, New Jersey, Washington D.C., Central and South Florida. The team's management platform is focused on three complementary investment strategies: value-add, development and distressed opportunities. Since 1998, the founding partners have collectively invested $5.5 billion of equity in assets totaling over $16 billion of gross asset value. This experience comprises over 9,000 residential units and 20 million square feet of office and retail assets. Skylight offers its investors, tenants and partners extensive market knowledge, long-standing relationships and institutional thinking fueled by a motivated and deeply experienced leadership team with a proven record of consistent success.
JLL is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
REAL ESTATE INVESTMENT
The Ascott Limited | July 05, 2022
CapitaLand Investment Limited's (CLI) wholly owned lodging business unit, The Ascott Limited (Ascott) announced it is acquiring Oakwood Worldwide (Oakwood), a premier global serviced apartment provider, from Mapletree Investments Pte Ltd. The acquisition increases Ascott's global portfolio by 81 properties and about 15,000 units. Oakwood's approximately 8,500 operational units are expected to immediately contribute to Ascott's recurring fee income streams upon completion of the transaction slated in 3Q 2022.
Ascott's acquisition of Oakwood will leapfrog Ascott's global presence to more than 150,000 units in about 900 properties across over 200 cities in 39 countries. It will add new markets which include Cheongju in South Korea; Zhangjiakou and Qingdao in China; Dhaka in Bangladesh as well as Washington D.C. in the United States of America (USA). Recently named the 'Best Serviced Residence Brand' in DestinAsian Readers' Choice Awards 2022, Oakwood's award-winning portfolio includes flagship properties Oakwood Premier Tokyo and Oakwood Premier Coex Center Seoul which were ranked top 10 properties in their respective countries in the DestinAsian awards. New properties such as Oakwood Premier Melbourne and Oakwood Hotel Oike Kyoto, will also add to the group's destination highlights.
"This acquisition of Oakwood is part of Ascott's roadmap to playing a bigger role in the lodging market. There are significant synergies between Ascott and Oakwood, given our complementary footprint and product offerings. We intend to build on the strong reputation and heritage of the Oakwood brand, especially in markets across Southeast Asia, North Asia and North America. Oakwood will continue to grow alongside Ascott's current portfolio of global brands as we continue to build growth momentum for our lodging business. We will be able to leverage Ascott's extensive expertise as a global lodging player to deliver greater value to our expanded network of loyal customers and property owners. Besides strategic alignment, this acquisition is also notable to Ascott commercially. Ascott's acquisition of Oakwood brings about an immediate boost to our units under management and franchise contracts. The Oakwood portfolio will accelerate the growth of our asset-light business, with added recurring fee income streams, expanded lodging offerings and increased customer base. The strategic moves we have made in the last few years, such as our investments in Quest, Synergy and TAUZIA have charted an unprecedented growth path for Ascott."
-Mr Kevin Goh, CLI's Chief Executive Officer for Lodging.
Ascott's strategic investments in the past years include its acquisition of Quest Apartment Hotels (Quest), one of the largest serviced apartment operators in Australasia, in 2017 to grow its business franchise arm. In the same year, Ascott invested in Synergy Global Housing (Synergy), a leading corporate housing provider in the USA. In 2018, Ascott acquired TAUZIA Hotel Management (TAUZIA), one of the top hotel operators in Indonesia, to enter the fast-growing mid-scale business hotel segment. With Oakwood coming onboard, Ascott is confident of achieving its target of 160,000 units globally well ahead of 2023.
About The Ascott Limited-
The Ascott Limited (Ascott) is a Singapore company that has grown to be one of the leading international lodging owner-operators. Ascott's portfolio spans over 200 cities across over 30 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA. Ascott has more than 81,000 operating units and over 54,000 units under development, making a total of more than 135,000 units in over 800 properties. The company's serviced apartment, coliving and hotel brands include Ascott The Residence, The Crest Collection, Somerset, Quest, Citadines, lyf, Préférence, Vertu, Harris, Citadines Connect, Fox, Yello, Fox Lite and POP!. Ascott's loyalty programme, Ascott Star Rewards, offers exclusive benefits to its members when they book directly with Ascott for their stays at its participating properties. Ascott, a wholly owned subsidiary of CapitaLand Investment Limited, pioneered Asia Pacific's first international-class serviced apartment with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning brands that enjoy recognition worldwide.
About CapitaLand Investment Limited-
Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real estate investment manager (REIM) with a strong Asia foothold. As at 31 March 2022, CLI had about S$124 billion of real estate assets under management, and about S$86 billion of real estate funds under management (FUM) held via six listed real estate investment trusts and business trusts, and 29 private funds across the Asia-Pacific, Europe and USA. Its diversified real estate asset classes cover integrated developments, retail, office, lodging, business parks, industrial, logistics and data centres. CLI aims to scale its FUM and fee-related earnings through its full stack of investment management and operating capabilities. As the listed investment management business arm of the CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand's development arm. Being a part of the well-established CapitaLand ecosystem differentiates CLI from other REIMs. As part of the CapitaLand Group, CLI places sustainability at the core of what it does. As a responsible real estate company, CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.