Reali Enhanced Real Estate Platform with Rate Lock Feature

Reali | July 30, 2020

Reali, the real estate technology company transforming home buying and selling, today announced Reali Rate Lock, a simple and hassle-free way for eligible customers to lock in their home loan interest rate and safeguard from future rising rates. For homeowners and homeowners-to-be who are seeking a new home purchase mortgage or to refinance an existing home mortgage, Reali Rate Lock accelerates and streamlines the mortgage process for qualified borrowers by eliminating additional documentation, stress and frustration often associated with securing a home loan.

Spotlight

Investors are pushing commercial real-estate prices to record levels in cities around the world, fueling concerns that the global property market is overheating.

Spotlight

Investors are pushing commercial real-estate prices to record levels in cities around the world, fueling concerns that the global property market is overheating.

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REAL ESTATE INVESTMENT

Smart Building Pioneer Brivo to Become Publicly Traded Company Through Merger With Crown PropTech Acquisitions

RentPath | November 10, 2021

Brivo, Inc., the global leader in cloud-based access control and smart building technologies, and Crown PropTech Acquisitions (NYSE:CPTK) (“Crown”), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive merger agreement that will result in Brivo becoming a publicly listed company. The transaction values the company at a pro forma enterprise value of $808 million. Upon closing, the combined company will operate as Brivo, and its Class A common stock is expected to be listed under the ticker symbol “BRVS.” This strategic business combination will enable Brivo to leverage Crown’s experience and relationships as an owner and operator of commercial real estate to accelerate market expansion. Since its founding in 1999, Brivo has pioneered and defined the cloud-based access control category. Brivo’s leadership was instrumental in transforming the security industry, which at the time was dominated by on-premise client-server technology, and has achieved remarkable growth with the innovative cloud-based hardware and software solutions it began rolling out in 2002. Today, Brivo builds and sells Software-as-a-Service-based (SaaS) building access management services and innovative connected devices to enterprises and property owners through over 1,500 channel partners. These partners provide local sales, service and installation across all classes of commercial real estate including office, industrial, multifamily and retail properties. As it continues to scale, Brivo expects to benefit from the dramatic increase in smart space adoption driven by the PropTech boom, the growing customer preference for cloud-based services, the new normal in safety and health, and a shift in security integrator channel sentiment – which has swung from 20% to 75% in favor of the cloud over the last five years. Brivo has become the single largest access control system in the world, serving a large, diversified global customer base of more than 44,500 customer accounts comprising over 300 million square feet of commercial property, 330,000 doors and 23 million credentialed Brivo users across 42 countries, all 50 states and Puerto Rico. Corporations and owners and operators of commercial real estate that use Brivo’s technology and services include Greystar, Whole Foods, NTT, DocuSign and Realogy. Brivo’s foundational platform for smart spaces includes access management, sensor monitoring, visual awareness, visitor and delivery management, and AI-driven data analytics, providing customers with all the core functionality required to operate, glean valuable insights, and optimize the performance of their buildings. Brivo’s sustained double-digit annual growth has been driven by constant innovation coupled with a focused land and expand strategy that has successfully increased annual recurring revenue over time by scaling customer adoption of products and services. The company’s extensive channel partner ecosystem is a key differentiator that allows Brivo to achieve attractive unit economics that drive highly productive and profitable customer relationships, with a compelling lifetime value (LTV) to customer acquisition cost (CAC) ratio of 6.1x. The company has significant organic growth opportunities with strong visibility into future financial performance from its high-retention SaaS-based model. “As an owner and operator of a sizable portfolio of commercial properties, we recognize the significant value Brivo brings to the ecosystem, and we believe there is a compelling opportunity to leverage our experience and relationships to further establish the company as the pre-eminent provider of cloud-based access control and smart building technology. Brivo has demonstrated its value through its strong subscription revenues, retention rates, network of channel partners, and successful land and expand strategy, creating a highly loyal customer base. We look forward to supporting Steve and the team as they advance their strategic priorities.” - Richard Chera, Chairman and CEO of Crown PropTech Acquisitions Transaction Overview Golub Capital Credit Opportunities has agreed to lead a $75 million convertible note PIPE in the combined company that will close concurrently with the business combination subject to satisfaction of related conditions. Eagle Eye Networks is also a strategic investor in the PIPE. There is approximately $276 million currently held in Crown’s trust account, subject to any redemptions by Crown shareholders. Existing Brivo shareholders will roll over 100 percent of their equity, retaining 69 percent ownership in the pro forma company. Assuming no redemptions, Crown shareholders will own approximately 31 percent of the combined company. “We are excited to provide a highly structured and flexible financing solution to support Brivo, the market-leading provider of cloud-based access control solutions in the enterprise and commercial segments. We think Brivo’s strong management team, coupled with Crown’s deep experience in real estate and the leadership of a proven serial technology entrepreneur like Dean Drako make for a world-class combination.” - Marko Soldo, Head of Golub Capital Credit Opportunities. The business combination will provide Brivo with up to $304 million of capital to advance its mission of delivering the highest quality products and services to protect its customers and to fuel growth via the expansion of sales and marketing, customer acquisition, SaaS service expansion and product development, with the actual amount of capital provided depending on the level of redemptions by Crown shareholders. The company has substantial runway within its current user base and a focused commercial strategy to drive market penetration and upselling. Brivo expects to generate $417 million in revenue and an annualized $290 million in annual recurring revenue in 2025, representing 2021E to 2025E CAGRs of 55% and 70%, respectively. Brivo's proven management team – including Van Till, COO John Szczygiel, CFO Mike Voslow and CTO Jeff Nielsen – will continue to operate and manage the combined company following the transaction. Dean Drako, founding CEO of Barracuda Networks, will continue to serve as Brivo’s chairman of the board. The boards of directors of Brivo and Crown have unanimously approved the business combination. The transaction will require the approval of the stockholders of Crown, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. The transaction is expected to close in the first half of 2022. Imperial Capital is acting as financial advisor, and Latham & Watkins LLP is acting as legal advisor to Brivo. RBC Capital Markets, LLC is acting as financial advisor and capital markets advisor to Crown, and as exclusive placement agent on the private placement. Davis Polk & Wardwell LLP is acting as legal advisor to Crown. Shearman & Sterling LLP is acting as legal advisor to RBC Capital Markets, LLC. Simpson Thacher & Bartlett LLP is acting as legal advisor to Golub Capital Credit Opportunities. About Brivo Brivo is the global leader in mobile, cloud-based access control for commercial real estate, large distributed enterprises, and multifamily residential. Our comprehensive product ecosystem and open API provide businesses with powerful digital tools to increase security automation, elevate employee and tenant experience, and improve the safety of all people and assets in the built environment. Having created the category over twenty years ago, our building access platform is now the digital foundation for the largest collection of customer facilities in the world, trusted by more than 23 million users occupying over 300 million square feet of secured space in 42 countries. Our dedication to simply better security means providing the best technology and support to property owners, managers, and tenants as they look for more from buildings where they live, work, and play. Our comprehensive product suite includes access control, smart readers, touchless mobile credentials, visitor management, occupancy monitoring, health and safety features, and integrated video surveillance, smart locks, and intercoms. Valued for its simple installation, high-reliability backbone, and rich API partner network, Brivo also has the longest track record of cybersecurity audits and privacy protections in the industry. About Crown PropTech Acquisitions Crown PropTech Acquisitions (NYSE:CPTK) is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition or other similar business combination with one or more businesses or entities, with a focus on businesses that provide technological innovation to the broader real estate ecosystem. The management team is led by Richard Chera, the company’s Chief Executive Officer and director, who also serves as co-founder and Senior Managing Director of Crown Acquisitions Inc. and co-founder and Chief Executive Officer of ReWyre®; and Dr. Pius Sprenger, the company’s Chief Financial Officer and director, who was formerly an executive of Cantor Fitzgerald and Deutsche Bank. Rasheq Zarif serves as lead strategic advisor to the company.

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REAL ESTATE INVESTMENT

Barterlet Announces Securing of 50,000 Sq Ft of Commercial Real Estate

Barterlet | March 14, 2022

Leading commercial real estate platform, Barterlet announced on March 11th, that it has signed an agreement to secure a 50,000 sq ft office building in Parma Heights, Ohio. The property will be available for barter. With the agreement, Barterlet aims to connect landlords directly with businesses. Barterlet serves landlords and business owners with the opportunity to work on a percentage rental basis. This gives the landlord a chance to earn from their tenant’s operations. The service delivers an unprecedented opportunity in the commercial real estate space. We are ecstatic to makeBarterleta market shaker and mover in the commercial real estate space. It's been long overdue for a change. You would think this would have been done sooner since the industry has been clobbered by the move to online and a host of other factors, but nothing happens before its time, I guess. It's rewarding to see how excited property and business owners are about this. Our model is a great supplement for filling vacancies and bringing back the experience of having a community that's flourishing." Garland Shields, founder and CEO of Barterlet

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REAL ESTATE TECHNOLOGY

RENOSY is launching a one-stop loan service for renovation costs from Real Estate Investment Asset.

prnewswire | January 28, 2021

Real estate tech company GA technologies Co., Ltd. (Head Office: Minato-ku, Tokyo, President & CEO: Ryu Higuchi, Securities Code: 3491; "the Company") announces that its group company RENOSY FINANCE Inc. (Head Office: Minato-ku, Tokyo, President & CEO: Ryu Higuchi; "RENOSY FINANCE") has launched a new loan service for RENOSY real estate investment owners ("the Owner") to cover their renovation (repair) costs for existing apartments. This will reduce the Owner's burden of temporary self-funding for their renovation costs that may occur during long-term ownership of commercial property. In addition, reducing the Owner's burden of renovation costs will revitalize the existing apartment market by increasing the value of existing apartments. In addition, by connecting the RENOSY brand's renovation services and apartment management services*5, RENOSY FINANCE will provide a one-stop customer experience by minimizing procedures, including filling out application information and preparing necessary documents, and by achieving smoother loan screening. RENOSY FINANCE plans to implement an application system from My Page for RENOSY owners and within the app, as well as loan screening and progress management for renovation work. Our group aims to contribute to the realization of a sustainable society by enhancing our services that can contribute to increasing the value of existing apartments, thereby enhancing customer experience and revitalizing the existing real estate market.

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