REAL ESTATE TECHNOLOGY
PS Business Parks | May 31, 2022
PS Business Parks, Inc. announced the expiration of the “go-shop” period set forth in the previously announced definitive merger agreement with affiliates of Blackstone Real Estate, dated as of April 24, 2022 (merger agreement). Under the terms of the merger agreement, Blackstone has agreed to acquire all the outstanding shares of the Company’s common stock for $187.50 per share in an all-cash transaction valued at approximately $7.6 billion, including transaction expenses. The “go-shop” period expired at 11:59 p.m. (New York City time) on May 25, 2022.
During the “go-shop” period, at the direction of PSB’s board of directors, representatives of J.P. Morgan Securities LLC and Eastdil Secured, financial advisors to PSB, actively solicited company acquisition proposals from 43 potentially interested third parties. To date, none of the third parties contacted by PSB or its financial advisors, or any other third parties, have made competing proposals following the execution of the merger agreement.
Upon expiration of the go-shop period, PSB became subject to customary “no-shop” provisions that limit PSB and its representatives’ ability to negotiate competing proposals with, or provide non-public information to, third parties, subject to exceptions specified in the merger agreement.
The transaction is expected to close in the third quarter of 2022, subject to approval by PSB’s stockholders and other customary closing conditions.
J.P. Morgan Securities LLC is acting as lead financial advisor to PSB and provided a fairness opinion to the PSB board of directors in connection with the transaction. Eastdil Secured is acting as real estate advisor to PSB and is also acting as a co-financial advisor to PSB. Wachtell, Lipton, Rosen & Katz is serving as PSB’s legal advisor.
About PS Business Parks
PS Business Parks, Inc., an S&P MidCap 400 company, is a REIT that acquires, develops, owns, and operates commercial properties, predominantly multi-tenant industrial, industrial-flex, and low-rise suburban office space. Located primarily in major coastal markets, PS Business Parks’ 96 properties serve approximately 4,900 tenants in 27.0 million square feet of space as of March 31, 2022. The portfolio also includes 800 residential units (inclusive of units in-process).
REAL ESTATE INVESTMENT
NexPoint | May 20, 2022
NexPoint Advisors, L.P., a multibillion-dollar alternative investment platform, announced the formation of a new NexPoint advised real estate investment trust (REIT). NexPoint is partnering with HomeSource Operations, LLC to acquire, build, and operate single-family rental homes in the REIT. The new NexPoint advised REIT will target both existing SFR homes and new construction build-to-rent homes in high-growth markets.
In acquiring existing SFR homes, the new NexPoint advised REIT will focus on homes built no earlier than 2000. Through strategic developer and builder relationships, the REIT will also target new construction BTR homes. The REIT will focus primarily on high-growth secondary and tertiary markets throughout the Sunbelt and Southeastern portions of the United States.
For NexPoint, the parent of the adviser to one of the largest owners of SFR homes in the U.S., this new initiative will help NexPoint further expand its exposure to SFR. NexPoint expanded into the SFR market in 2018 and, through an affiliate, is the adviser of a REIT that now owns and operates more than 22,000 homes. This new initiative also presents NexPoint with unique opportunities to leverage its broad range of capital markets capabilities to help bring creative financing solutions to acquisitions of SFR and BTR homes.
Currently, the new REIT has an existing portfolio of more than 1,000 homes, which NexPoint expects to grow to several thousand homes by year end.
NexPoint views the SFR sector as a core part of our platform and we are pleased to announce a partnership with a quality operator like HomeSource that will allow us to broaden our exposure to this critical sector and expand our SFR platform into new segments."
Matthew McGraner, Chief Investment Officer for NexPoint
Randy Hagedorn, Chief Executive Officer of HomeSource said, "We are grateful to have a partner in NexPoint that understands the need to be entrepreneurial and flexible as we acquire SFR and BTR Homes in the REIT. We look forward to our partnership and using our collective experience and expertise to grow the REIT's portfolio."
NexPoint is a multibillion-dollar alternative investment platform comprised of a group of investment advisers and sponsors, a broker-dealer, and a suite of related investment vehicles. The firm provides differentiated access to real estate and other alternatives through public and private REITs, 1031 exchanges and other tax-advantaged real estate vehicles, closed-end funds, interval funds, and a business development company (BDC). Investment solutions draw on NexPoint's core capabilities in real estate, capital markets, and credit. Within real estate, NexPoint has expertise across multiple property types, including multifamily, single-family rental, self-storage, hospitality, industrial, office/retail, timber, and life sciences. NexPoint is based in Dallas, Texas and is part of an integrated network of investment management and financial services businesses.
REAL ESTATE TECHNOLOGY
Bright MLS | July 15, 2022
Bright MLS and California Regional MLS (CRMLS), the nation’s two largest Multiple Listing Services, announced today the launch of REdistribute, LLC, a joint venture that changes how MLS data is collected and distributed on behalf of the real estate industry for institutional use.
REdistribute will aggregate and distribute data on behalf of participating MLS organizations and brokerages, providing unbiased, up-to-date MLS data directly from the source to institutions involved with the housing industry, and puts brokers back in control of their data rights and data usage. Additionally, the revenue generated by REdistribute will be shared back with the brokers and MLS organizations who participate, ensuring that participants are compensated fairly – and at true market value – for the data they provide.
“The exchange of real estate data is currently a one-way street, Third parties are aggregating and providing MLS data to government entities and a host of other for-profit companies. What’s missing are the data rights, data management and fair market compensation provided back to the owners of the data – the brokers.”
Art Carter, CEO of CRMLS
“Today, we are rewriting the rules of engagement,” said Brian Donnellan, President & CEO of Bright MLS. “Now is the time for professional MLS organizations to invest in solutions that create additional value for brokers, while also delivering the most comprehensive, accurate and freshest data to critical participants in the housing industry. Mortgage lenders, government sponsored entities and others creating property valuations and insights and their constituents will benefit greatly from REdistribute.”
Bright and CRMLS began working collaboratively late last year on solutions that improve services for the brokerage community, including recent work on a showing services hub that supports more choice for brokers. REdistribute is the next step the two companies are taking together, and at launch aggregates the MLS data of Bright and CRMLS, with Beaches MLS in Florida also signing a letter of intent to join for the launch.
“Beaches MLS is excited to be the first ownership partner with Bright MLS and CRMLS on REdistribute to bring even more value to our brokers,” stated Dionna Hall, CEO of Beaches MLS.
In addition to distributing MLS data from the source, REdistribute will also deliver innovations that will allow licensees such as lenders, insurance companies and government-sponsored enterprises to gain real-time insights on a market-by-market basis.
About California Regional MLS
California Regional MLS is the nation's largest and most recognized subscriber-based MLS, dedicated to servicing more than 110,000 real estate professionals from 40 Associations, Boards, and MLS organizations. CRMLS provides accurate data through innovative technology solutions, empowering real estate professionals to cooperate and succeed.
About Bright MLS
Bright MLS was founded in 2016 as a collaboration between 43 visionary associations and two of the nation’s most prominent MLSs to transform what an MLS is and what it does, so real estate pros and the people they serve can thrive today and into our data-driven future through an open, clear and competitive housing market for all. Bright is proud to be the source of truth for comprehensive real estate data in the Mid-Atlantic, with market intelligence currently covering six states (Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia) and the District of Columbia. Bright MLS’s innovative tool library—both created and curated—provides services and award-winning support to well over 100k real estate professionals, enabling their delivery on the promise of home to over half a million home buyers and sellers monthly. In 2021, Bright subscribers facilitated $141B in real estate transactions through the company’s platform.