Real Estate Technology
PRnewswire | August 18, 2023
Mohr Partners, Inc., a top-three global corporate real estate advisory & outsourcing services firm, is continuing its United States expansion with the recruitment of Jean Jensen and Emily Carden to open a new office in Phoenix, Arizona.
Jensen will serve as Mohr Partners' market leader and broker of record for Arizona, while Carden will continue her partnership with Jensen as a Senior Associate. Both previously worked with Coldwell Banker Commercial.
"Mohr Partners has built a best-in-class corporate real estate advisory platform," Jensen said. "That will allow my occupier clients to make better strategic decisions around site selection by incorporating labor, logistics, incentives in addition to real estate to optimize their owned and leased real estate portfolios."
"Many of our national global corporate services clients have existing operations in the Greater Phoenix area or are looking at relocating their businesses to Arizona," Robert Shibuya, Mohr Partners Chairman & CEO said. "Consequently, we decided it was important to recruit a top local team and establish a corporately owned office to meet this demand."
Earlier this year, Mohr Partners announced new offices in Reno, Nevada, and Raleigh-Durham, North Carolina. Those expansions, together with Phoenix, are part of a planned U.S. expansion plan that will continue in 2023 and beyond.
About Mohr Partners, Inc.:
Mohr Partners, Inc. is a global corporate real estate advisory & outsourcing company, providing corporate occupiers with an integrated set of portfolio services including strategic planning, business intelligence, lease administration & accounting, research and site selection, labor analytics, project and construction management, comprehensive demographics analysis, economic incentives negotiations, transaction management and facility services. Since 1986, Mohr Partners has been managing real estate portfolios for corporations, and each year completes transactions for its clients in all 50 U.S. states, all provinces of Canada and locations around the world. Mohr Partners seamlessly provides corporate real estate services globally through its strategic alliance partners in Canada, Mexico/Latin America, EMEA and Asia Pacific.
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Real Estate Investment, Asset Management
Businesswire | July 18, 2023
Ares Management Corporation (NYSE: ARES) (“Ares”) announced today that Ares has entered into a definitive agreement to acquire 100% of Crescent Point Capital (“CPC”), a leading Asia-focused private equity firm with approximately $3.8 billion of assets under management, as of March 31, 2023.
Founded in 2003, CPC has approximately 50 professionals. The team is headquartered in Singapore and has a presence in China, Indonesia, the Philippines and Vietnam. CPC pursues a private equity strategy focused on investing in industry-leading consumer companies across the larger Southeast Asia markets and China. Supported by a loyal and growing investor base over its nearly 20-year history, CPC has established a strong reputation and delivered attractive results investing through market cycles in its target sectors and geographies.
Ares has established direct sourcing and investment capabilities in the Asia Pacific region across the credit, private equity, real estate and infrastructure asset classes through Ares Asia, previously known as Ares SSG. Ares Asia operates with approximately 165 professionals across a local footprint of nine offices in key Asia Pacific markets, as of March 31, 2023. This transaction highlights a continuation of Ares’ global expansion and creates a compelling opportunity for Ares to capitalize on the strong growth prospects for dedicated Asia Pacific private equity strategies.
“We are proud of the significant Asia Pacific presence that we have established over the years, and we believe that CPC is an excellent platform that will further enhance our footprint and capabilities in the region,” said Michael Arougheti, Chief Executive Officer and President of Ares. “We have enjoyed the opportunity to develop a great relationship with the Crescent Point team. They are experienced investors who we believe will bring impactful synergies to our existing Asia team.”
“Similar to Ares, we believe CPC possesses a highly collaborative culture. We believe that they will bring deep private equity experience, relationships and a demonstrated track record of investing in markets that will greatly complement our efforts and footprint in the region,” said Edwin Wong, Head of Ares Asia. “The expansion of our local capabilities will also strengthen our position as a creative solutions provider to management teams and sponsors in the market.”
As part of Ares, CPC is expected to benefit from the advantages of Ares’ scaled global platform and network, including Ares’ local market presence across the Asia Pacific region. The transaction provides opportunities to enhance CPC’s growth through greater access to capital, market intelligence, transaction opportunities and expanded investor relationships.
“We look forward to joining Ares and we firmly believe that this combination will help further catalyze the growth of our business,” said David Hand, Managing Partner of CPC. “As part of a leading global brand and scaled platform, we expect to realize several shared benefits that will support our ability to deliver attractive investment returns for our investors, including greater market intelligence and a broader set of local sponsor relationships.”
The transaction is expected to be immediately accretive to Ares’ after-tax realized income per share of Class A and non-voting common stock. The transaction consideration will be primarily comprised of Ares Class A common shares subject to a multi-year lock-up. The transaction is expected to close in the third quarter of 2023 and is subject to customary closing conditions, including regulatory approvals.
Latham & Watkins served as legal counsel to Ares and Kirkland & Ellis and Milbank LLP acted as legal counsel to CPC.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2023, Ares Management Corporation's global platform had approximately $360 billion of assets under management, with more than 2,600 employees operating across North America, Europe, Asia Pacific and the Middle East.
About Crescent Point Capital
Crescent Point Capital pursues a private equity strategy focused on investing in category-leading companies in Southeast Asia and China. We focus on forming close partnerships with our portfolio companies by providing hands-on operational, financial and strategic value-add from the inception of an investment through to its exit. Since inception, we have completed investments in more than 50 transactions in our target markets, with 31 partial or complete monetization events accomplished as of March 31, 2023.
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Real Estate Technology
Globenewswire | August 14, 2023
Tango, a leading provider of cloud-based real estate and facilities management software, today announced it has acquired WatchWire, an industry leader in data and analytics that helps companies reduce emissions and energy expenses while simplifying sustainability and carbon reporting. The transaction further extends Tango’s position as a global leader in the real estate and facilities management space, enabling companies to meet their energy management and sustainability goals. WatchWire’s leadership team will join Tango to continue developing and progressing these key capabilities. Financial terms of the private transaction were not disclosed.
“Faced with a rapidly changing macro and regulatory environment, active sustainability and energy management has become essential to long-term organizational success,” said Pranav Tyagi, President and Chief Executive Officer of Tango. “Tango has a longstanding reputation for solving the complex, location-based compliance and reporting needs of our customers, as well as helping companies effectively manage and control occupancy costs. With the addition of WatchWire, we will provide customers information that arms them to understand their environmental impact and deliver on energy and sustainability management initiatives.”
Founded in 2000 and based in New York City, WatchWire provides the deepest and most comprehensive integrated energy management and sustainability platform in the industry, enabling companies to automate the collection and validation of sustainability and energy related data. Its solutions then operationalize the data for reporting, compliance and identifying additional opportunities to meet environmental, energy and climate targets. The combined business will serve over 500 customers in more than 140 countries from its primary offices in Dallas and New York.
A strong relationship between owners and the users of real estate is critical to ensuring accurate, active tracking and reporting on energy and sustainability. Tango brings considerable experience to the establishment and management of that relationship through its work in transaction management, lease management and facilities maintenance, and will help bridge the communication gap between owners and operators to address their joint energy and sustainability management requirements and deliver on decarbonization objectives.
“We are excited to be joining the preeminent real estate and facilities management solution in the industry,” said Andy Anderson, CEO of WatchWire. “Combining the vast amount of validated energy data available in the WatchWire platform with Tango’s real estate and facilities management capabilities will enable companies to support the accurate tracking and reporting that customers require, and operationalize insights about how to lower costs and improve sustainability. WatchWire customers will also benefit from the end-to-end real estate and facilities solution that Tango offers.”
“Since our initial investment in Tango, we have been focused on adding a sustainability and energy reporting capability, as these offerings will help Tango extend its leadership position in the real estate management software market,” said Jon Nuger, a Managing Director at Berkshire Partners, which made a growth investment in Tango in 2021. “We are excited to partner with Pranav and the management team as they harness Tango’s and WatchWire’s combined capabilities to empower organizations to improve energy efficiency, enhance sustainability and reduce cost.”
Harris Williams acted as exclusive financial advisor to Tango and Berkshire Partners on the acquisition of WatchWire. GrowthPoint Technology Partners, a San Francisco-based technology investment bank, acted as exclusive financial advisor to WatchWire.
About Tango
With hundreds of customers across more than 140 countries, Tango is the leader in Store Lifecycle Management and Integrated Workplace Management System software, delivering a single solution spanning real estate, design & construction, lease administration & accounting, facilities, desk booking, visitor and space management.
About WatchWire
WatchWire is a sustainability and energy management software-as-a-service provider. Across the globe, WatchWire helps commercial and corporate real estate portfolios, Fortune 500 industrial/manufacturing and big-box retail companies and government, healthcare, and educational facilities reduce emissions and expenses while simplifying sustainability and carbon reporting.
About Berkshire Partners
Berkshire Partners is a 100% employee-owned, multi-sector specialist investor in private and public equity. The firm’s private equity team invests in well-positioned, growing companies across technology & communications, consumer, healthcare, and services & industrials. Since inception, Berkshire Partners has made more than 150 private equity investments and has a strong history of collaborating with management teams to grow the companies in which it invests. The firm's public equity group, Stockbridge, founded in 2007, manages a concentrated portfolio seeking attractive long-term investments. The firm’s Stockbridge and Private Equity teams frequently collaborate and leverage their collective industry expertise across sectors.
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