REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT
Tishman Speyer and Mitsui Fudosan America | November 09, 2022
Tishman Speyer and Mitsui Fudosan America (MFA) today announced the formation of a new programmatic joint venture dedicated to the acquisition, development, redevelopment and operation of industrial properties in leading U.S. cities.
The newly-created Tishman Speyer-Mitsui Fudosan America Logistics Venture will be seeded by an initial $500 million commitment from an affiliate of MFA along with co-investment capital from Tishman Speyer. The funds will be used to pursue ground-up development projects and the major repositioning or redevelopment of existing value-add industrial acquisitions. The joint venture will prioritize ESG investments that adhere to the standards and specifications set forth by market leading environmental certifications such as LEED and GRESB.
The partnership will focus primarily on major urban centers with dynamic workforces, growing populations and high barriers to entry such as Los Angeles, the New York Metro region, the Puget Sound region, San Francisco Bay Area, Austin, San Diego, Washington D.C., Boston and Chicago. Tishman Speyer will execute its industrial strategy through its long-established in-house teams within its target markets.
Tishman Speyer will invest in a wide range of industrial assets that facilitate the movement and delivery of goods and services in those high barrier locations, including distribution, warehousing, research and development, small bay, transload and outdoor storage.
"The evolving needs of today's consumer have generated strong demand for well-located, functional industrial properties. This is especially true in the most supply-constrained urban centers. Through this new joint venture, we intend to create and operate facilities that bring companies closer to their customers, We are also excited to grow and diversify our strategic partnership with Mitsui Fudosan America - already a co-investor in a number of Tishman Speyer's life sciences, residential and office developments."
-Tishman Speyer CEO Rob Speyer
Said Sean McSweeney, Senior Vice President, Acquisitions, at Mitsui Fudosan America, This is an exciting area for the growth and expansion of our portfolio. Our partnership with Tishman Speyer has already proven its success in finding opportunity and delivering value to a wide range of urban communities throughout the U.S. This initiative extends from the decade long commitment by Mitsui Fudosan Co., Ltd., to acquiring, developing and managing industrial facilities. In Asia, under the Mitsui Fudosan Logistics Park flagship brand, there are 53 projects being developed and managed.
Tishman Speyer launched its industrial platform in December 2021 with the acquisition of two distribution centers in Pittsburgh and Colorado Springs. In 2022, the firm tapped industry veteran Andy Burke to serve as Managing Director and Head of Industrial. Burke previously held leadership roles at AMB Property Corporation (now Prologis) and most recently at Terreno Realty Corporation, where he was part of the management team that established its platform and took the company public in 2010.
Mitsui Fudosan America's commitment to this new joint venture will accelerate our industrial platform's expansion from core and core-plus assets to include value-add, development and redevelopment opportunities, said Tishman Speyer Senior Managing Director Paul Galiano, who serves as Co-Head of U.S. Acquisitions and Global Capital Markets.
Added Burke, The servicing requirements that come with an ever-expanding omnichannel experience are constantly creating dynamic demands on the supply chain. By positioning our investments in high density locations in the path of consumption, we will unlock significant value for our customers and our investment partners.
About Tishman Speyer
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 32 key markets across the United States, Europe, Asia and Latin America. We develop, build and manage premier office, residential and retail spaces for industry-leading tenants, as well as state-of-the-art life science centers through our Breakthrough Properties venture. With global vision, on-the-ground expertise and a personalized approach, we are unparalleled in our ability to foster innovation, quickly adapt to global and local trends and proactively anticipate our customers' evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO., and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 512 properties, totaling 217 million square feet, with a combined value of over $126 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.
About Mitsui Fudosan America
Mitsui Fudosan America, Inc. (MFA) is the U.S. subsidiary of Japan's largest real estate company, Mitsui Fudosan Co., Ltd., a publicly-traded company with approximately $65 billion of assets. MFA is responsible for Mitsui Fudosan's real estate investment and development activities in North America, and is headquartered in New York, with branch offices in Washington D.C., San Francisco, Los Angeles and Honolulu. MFA has been active in the United States since the 1970s, and currently owns assets in the New York, Washington D.C., Boston, Dallas, Atlanta, Denver, Seattle, San Francisco, Los Angeles, San Diego and Honolulu metropolitan areas. MFA's U.S. portfolio includes 8.6 million square feet of office space, 2.7 million square feet of office space under development, 2,000 residential apartments, 5,300 additional rental units under development, as well as 741 hotel rooms. Additionally, MFA has recently developed several condominium projects in the New York and Washington D.C. markets.
REAL ESTATE TECHNOLOGY
Hines | September 21, 2022
Hines, the global real estate investment, development, and property manager, announced today the launch of Hines Real Estate Exchange (HREX), a platform designed to serve qualified investors interested in tax-advantaged investment opportunities. The platform intends to make 1031 exchange opportunities available to investors in the form of interests in Delaware Statutory Trusts (DSTs) holding assets sourced from Hines Global Income Trust (HGIT). HGIT will have an option to acquire the properties held by the DSTs.
The HREX platform is intended to provide participants with a solution to aid in the deferment of capital gains and other taxes while providing them with the opportunity to diversify real estate holdings through the ownership of institutional-grade assets.
"Hines Real Estate Exchange is a natural progression for the firm, Given the strong market demand for 1031 exchange products and Hines' vast experience and expertise as sponsor of HGIT, we believe the time is right to launch this initiative."
-Alfonso Munk, CIO of the Americas and president of HGIT
Many exchangers are eager to capitalize on existing pricing environments. A growing number of financial professionals are requesting DSTs to offer their clients tax-advantaged solutions on their platforms, said Mark Earley, CEO of Hines Securities, Inc.
HGIT features a $3.8 billion portfolio of commercial real estate investments that is nearly two- thirds weighted toward the industrial and living sectors. HGIT is diversified by geography and real estate sectors, with a focus on stable assets with strong long-term income potential.
About Hines Global Income Trust
Hines Global Income Trust, Inc. is a public, non-listed real estate investment trust sponsored by Hines. It commenced operations in 2014 and invests in commercial real estate investments located in the United States and internationally.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management totaling approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world.
REAL ESTATE INVESTMENT
Real | November 04, 2022
The Real Brokerage Inc. (“Real” or the “Company”) (TSX: REAX) (NASDAQ: REAX), the fastest growing publicly traded real estate brokerage, today announced that it has acquired, through a wholly owned subsidiary, all of the issued and outstanding common shares of Redline Real Estate Group (BC) Inc. (“Redline BC”) pursuant to a share purchase agreement between the Company, Redline BC and Redline Realty Investments Inc. (“Redline Realty”). The acquisition, which includes Redline’s real estate license to operate in British Columbia, will fuel the Company’s expansion into Canada’s third largest province.
Founded in 2005, Redline Realty has approximately 90 agents serving clients throughout the provinces of Alberta, Ontario and British Columbia. The acquisition follows Redline’s move to The Real Brokerage network in October 2021, and underscores the success that Redline’s agents have had under the Real umbrella, which provides agents with the technology, culture and financial incentives to realize their full potential.
“Acquiring brokerage firms as a method to grow agent count is not part of our strategy. Our leading technology, competitive financial incentives and connected community are attracting agents to our platform in record numbers. However, Canada is important to our overall growth and this transaction allows us to leverage our relationship with one of Canada’s top brokerage teams to serve as the foundation for our expansion into British Columbia,”
- Real Chairman and Chief Executive Officer Tamir Poleg
When we joined Real, we were excited to align our team with a company that is bringing real estate into the digital age in a way that empowers agents to best serve clients while creating a culture of innovation, inclusion and trust, Now, one year later we are thrilled to be the catalyst for Real’s Canadian expansion into British Columbia,said Darren Langille, Co-Founder of Redline Realty.
Brett Turner, President and Co-Founder of Redline echoed this sentiment: Our agents continue to be impressed with Real Brokerage’s revolutionary approach to the brokerage industry, and we are pleased to incorporate our BC arm into their model.
Real’s anticipated expansion into British Columbia is the company’s latest milestone in 2022, which includes increasing its agent base by 82% year-to-date to more than 7,000 agents, an agreement to acquire LemonBrew Lending Corp., a tech-enabled home loan platform, and the acquisition of Expetitle, a digital title and settlement company now operating as Real Title. Each acquisition is consistent with Real’s strategy to build a seamless end-to-end home buying experience.
The Real Brokerage Inc. (NASDAQ: REAX) (TSX: REAX) is revolutionizing the residential real estate industry by pairing best-in-class technology with the trusted guidance of the agent-led experience. Real delivers a cloud-based platform to improve efficiencies and empower agents to provide a seamless end-to-end experience for homebuyers and sellers. The company was founded in 2014 and serves 44 states, D.C., and three Canadian provinces with over 7,000 agents.