Rocket Mortgage Introduces New Tech Platform to Empower Real Estate Agents

prnewswire | October 12, 2020

Rocket Companies today launched "Rocket Pro Insight", a new technology platform providing real estate agents real-time updates on the status of their clients' mortgages. Through both a website and mobile app, real estate professionals will have transparency into the loan experience. They are now able to see where each loan is in the process, the terms of their clients' loans, if additional documentation is needed and when it will close.

Spotlight

Challenging economic conditions, unprecedented capital markets fundamentals, high leverage and the inability to
refinance maturing debt led General Growth Properties ("GGP" or the "Company") and certain subsidiaries to
seek voluntary protection under Chapter 11 of the U.S. Bankruptcy Code in April 2009

Spotlight

Challenging economic conditions, unprecedented capital markets fundamentals, high leverage and the inability to
refinance maturing debt led General Growth Properties ("GGP" or the "Company") and certain subsidiaries to
seek voluntary protection under Chapter 11 of the U.S. Bankruptcy Code in April 2009

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INVESTMENTS

Columbia Property Trust to Be Acquired by Funds Managed by Pacific Investment Management Company LLC in a $3.9 Billion Transaction

Columbia Property Trust, Inc. | September 07, 2021

Columbia Property Trust, Inc.announced that it has entered into a definitive agreement to be acquired by funds managed by Pacific Investment Management Company LLC, one of the world’s premier global investment management firms, for $3.9 billion including Columbia’s proportionate share of consolidated and unconsolidated debt. Under the terms of the agreement, which has been unanimously approved by Columbia’s Board of Directors, PIMCO will acquire all of the outstanding shares of Columbia common stock for $19.30 per share in cash. This represents a premium of approximately 27% over Columbia’s unaffected closing share price on Friday, March 12, 2021. During this time period the high barrier office sector has traded down 5%. This transaction with PIMCO is the culmination of a comprehensive strategic review process undertaken by Columbia’s Board of Directors which was publicly announced in the spring of this year. As part of this process, Columbia’s Board and advisors invited nearly 90 potential counterparties to participate, including strategic acquirers, private equity firms and other investment management firms. Constance Moore, Chair of the Columbia Board of Directors, said, “The Board of Directors is pleased to have reached this definitive agreement with PIMCO. This transaction provides Columbia shareholders with immediate and certain cash value at a significant premium to the Company’s public market valuation, and we are confident it represents the best outcome for all Columbia shareholders.” “We continue to believe that high-quality office buildings in major U.S. cities offer long-term value for our clients and Columbia has assembled a modernized, well-located portfolio of assets that we expect will perform well in the years ahead,” said John Murray, PIMCO Global Head of Private Commercial Real Estate. Francois Trausch, PIMCO Managing Director and Chief Executive Officer of Allianz Real Estate, added, “This is an exciting transaction and a great example of the strength of relationships within PIMCO’s global real estate platform.” The transaction is expected to close as early as year-end, subject to approval by Columbia’s shareholders and the satisfaction of other customary closing conditions. Upon completion of the transaction, Columbia’s common stock will no longer be listed on the New York Stock Exchange. Columbia shareholders will be entitled to receive the previously announced third quarter dividend of $0.21 per share payable on September 15, 2021. Thereafter, Columbia will not pay additional quarterly dividends during the pendency of the transaction. Due to the pending acquisition, Columbia will not be holding a conference call for its third quarter 2021 business results after it releases earnings information. Morgan Stanley & Co. LLC is serving as lead financial advisor to Columbia and Wachtell, Lipton, Rosen & Katz is serving as legal advisor. Eastdil Secured LLC and J.P. Morgan are also acting as financial advisors to Columbia. Goldman Sachs & Co. LLC is serving as lead financial advisor to PIMCO and Latham & Watkins LLP and Milbank LLP are serving as legal advisors. Deutsche Bank Securities Inc. is also acting as a financial advisor to PIMCO. Cushman & Wakefield is acting as a real estate consultant to PIMCO. About Columbia Columbia creates value through owning, operating, and developing storied properties for legendary companies in New York, San Francisco, Washington D.C., and Boston. The Columbia team is deeply experienced in transactions, asset management and repositioning, leasing, development, and property management. It employs these competencies to grow value across its high-quality, well-leased office portfolio of 15 properties that contain more than six million rentable square feet, as well as four properties under development, and also has more than eight million square feet under management for private investors and third parties. Columbia has investment-grade ratings from both Moody’s and S&P Global Ratings. About PIMCO PIMCO is one of the world’s premier fixed income investment managers. With its launch in 1971 in Newport Beach, California, PIMCO introduced investors to a total return approach to fixed income investing. In the 50 years since, it has continued to bring innovation and expertise to its partnership with clients seeking the best investment solutions. Since launching its first opportunistic credit vehicles over 15 years ago, PIMCO has significantly expanded in alternative credit and private markets. The firm invests globally across commercial and residential real estate equity and credit, performing and distressed corporate credit, and specialty finance markets – actively managing investments across the capital structure. In 2020, PIMCO and Allianz Real Estate combined their commercial real estate platforms, making it one of the largest in the world. On a combined basis, PIMCO manages over $180 billion in commercial real estate assets globally. Today PIMCO has offices across the globe and professionals united by a single purpose: creating opportunities for investors in every environment. PIMCO is owned by Allianz S.E., a leading global diversified financial services provider.

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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

Investing $250 million in the United States, Varde Partners Real Estate Residential Developments

businesswire | February 10, 2021

Varde Partners, a leading global alternative investment firm, today announced it has provided more than $250 million of capital to purchase and fund the development of single family residential projects across three transactions in the U.S. “The U.S. housing market represents a significant investment opportunity for Värde, with compelling supply demand dynamics driven by low interest rates, demographic trends and secular shifts accelerated by Covid-19,” said Brian Schmidt, Partner at Värde. “These deals demonstrate the speed, scale and flexibility with which our platform can invest across the capital structure to provide appropriate financing solutions while traditional lenders continue to retrench.”

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