E-commerce real estate to grow 1B square feet over the next five years

rejournals | August 03, 2020

While the COVID-19 situation has placed potholes and hairpin turns in front of some sectors like retail and hospitality, there’s nothing ahead but freshly laid asphalt for industrial real estate particularly e-commerce-related properties. New projections suggest that this segment will grow by 1 billion square feet over the next five years. JLL’s second quarter industrial outlook identified a number of trends, noting a sub-6-percent vacancy across the country with leasing velocity overwhelmingly propelled by e-commerce activity. As shelter-in-place policies constrained brick and mortar retail, more and more consumers turned to online shopping to acquire essential items.

Spotlight

This home buyer infographic compares the different demographics of the first time home buyer versus the move-up home buyer. As one might expect, there are a number of differences including household income, size of down payment and more.

Spotlight

This home buyer infographic compares the different demographics of the first time home buyer versus the move-up home buyer. As one might expect, there are a number of differences including household income, size of down payment and more.

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REAL ESTATE TECHNOLOGY

Dubai-based DAMAC Properties makes foray into US real estate market with ultra-luxurious CAVALLI branded Miami condos

DAMAC Properties | May 30, 2022

UAE-based DAMAC Properties has announced that it has won the US $120 million bid to acquire land in the upscale Miami neighbourhood of Surfside. The Dubai-based developer plans to build an ultra-luxurious, CAVALLI branded condominium project. The property, on Collins Avenue, offers residents 200 feet of direct beach frontage and access to South Beach and Bal Harbour. The land, comprising 1.8 acres, was sold to DAMAC for $120 million through the court process. DAMAC Properties has long been eyeing development opportunities in Miami. We see the city, which is known for being a luxury and fashion centre, as a natural fit for our Company, which has an established reputation for its branded luxury offerings." Hussain Sajwani,DAMAC Chairman and Founder Surfside, in recent years, has become a hotspot for ultra-luxury condominium developments, including the Four Seasons Private Residences, the Fendi Chateau Residences, and the Arte Surfside buildings. The town also has a collection of high-end hotels, including the Four Seasons, the St. Regis Bal Harbour, and the Ritz-Carlton Bal Harbour and its primary shopping area, the Bal Harbour Shops, is known throughout Miami as a luxury shopping destination. DAMAC Properties, known for its luxury real estate offerings both regionally and globally, is rapidly expanding its global footprint such as its flagship project in Europe — DAMAC Towers Nine Elms in the prestigious Zone 1 district of London with Versace interiors. The Surfside project will be DAMAC's first in the United States. The Company's consistent success over the years, and more recently on the tailwinds of Dubai's stellar economic performance and forecast, has propelled it to eye various global opportunities for development and growth. It is developing a luxury resort in the Maldives to be operated by global hotel brand Mandarin International and has already projects in Canada, the UK and across the Middle East. In 2021, DAMAC Properties launched two projects in Dubai, DAMAC Lagoons, the developer's third master community in Dubai, and Cavalli Tower, an ultra-luxurious 70-storey tower overlooking Palm Jumeirah, with Cavalli-branded interiors. Both projects have seen great customer interest and demand. "Our global expansion into the United States marks a major milestone and demonstrates that DAMAC is a force to be reckoned with. This is an exciting time, and we have a lot in store," Sajwani said. "We are rapidly growing, not only in our real estate endeavours but in various sectors such as fashion, hospitality and even emerging industries such as the Metaverse, NFTs and data centres. This enables us to stay ahead of the curve," he concluded.

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REAL ESTATE TECHNOLOGY

Matterport Acquires VHT Studios to Accelerate Adoption of Digital Twins for Real Estate

Matterport Inc | July 11, 2022

Matterport, Inc. the leading enterprise and real estate digital twin company driving the digital transformation of the built world, today announced the acquisition of VHT, Inc., known as VHT Studios, a U.S.-based real estate marketing company that offers brokerages and agents digital solutions to promote and sell properties. This transaction brings together VHT Studios’ visual media services with the immersive Matterport 3D Digital Twin platform to elevate the buying experience for home buyers while simplifying the process of creating comprehensive marketing packages for brokers and agents. With this acquisition, Matterport aims to increase adoption of digital twin technology and expand further into the real estate industry while adding marketing services for other key markets such as commercial real estate, travel and hospitality, and the retail sector. Matterport’s acquisition of VHT Studios provides real estate brokerages and their professionals access to an expanded selection of marketing services and expertise they need to effectively market and promote properties. These include high-end photography, drone imagery, floor plans, virtual tours, and other marketing services. When combined with Matterport digital twins and collaboration tools, the newly expanded solution not only helps brokerages and agents save time with an easy-to-order and comprehensive source for their digital marketing needs but also reduces their costs with comprehensive marketing packages along with flexible, optional add-ons. This all-in-one marketing solution provides one of the richest and most compelling digital experiences for property seekers and has been proven to drive increased sales for brokerages and agents. “We’re thrilled to welcome the VHT Studios team to Matterport along with the talent and industry expertise they bring,” said RJ Pittman, Chief Executive Officer at Matterport. “When we looked at VHT Studios and the work they do, it was a natural fit to unite our efforts to reimagine the fragmented process that was in place for brokers and agents to list properties, and prospective buyers to view them. We are not only excited for how we can transform the customer experience in the real estate industry, but also how we can apply VHT Studios’ expertise to our growing enterprise business as demand for digital twin technology continues to surge.” “We are excited to welcome VHT Studios, a market leader in real estate digital marketing technologies, to Matterport today. While we make strategic investments to expand our business, we remain committed to conscientiously managing our balance sheet of approximately $600 million in cash and short- and long-term investments as of March 31, 2022. Further, having integrated the Enview acquisition earlier this year, our team is looking forward to what we expect will be another successful integration,” said JD Fay, Chief Financial Officer of Matterport. “What makes this acquisition unique is how complementary our services are to one another,” said Brian Balduf, CEO of VHT Studios. “In today’s market, buyers need to move quickly on a property and often only have one opportunity, or less, to view it in person. A listing that features high-quality digital content and immersive 3D technology is a transformative experience that empowers buyers to make more confident decisions, faster. Together we believe our services can help move more purchase decisions online by combining rich property information and the ability to virtually inspect, measure, and experience a space from anywhere, anytime, as many times as needed.” The all-in-one marketing solution that brings together VHT Studios’ and Matterport’s services is expected to be available through Matterport’s Capture Services during the third quarter this year. The acquisition will enable more data to be trained on the machine learning systems acquired through Enview and whose data insights will be incorporated into Matterport’s Cortex Artificial Intelligence engine. VHT Studios has helped more than 200,000 real estate professionals sell more than $200 billion in properties since the company’s founding in 1998. Seven of the top 10 brokers1 in the United States are customers of VHT Studios, including Baird & Warner, Coldwell Banker, Compass, Corcoran Group, Douglas Elliman, and more. Terms of the transaction were not disclosed. Canaccord Genuity served as the exclusive financial advisor to VHT Studios. About Matterport Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at Matterport.com and visit our Discover page to browse a collection of digital twins captured by our customers.

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REAL ESTATE INVESTMENT

Blackstone Real Estate Income Trust Completes $5.8 Billion Acquisition of Preferred Apartment Communities, Inc.

Blackstone Real Estate Income Trust | June 24, 2022

Blackstone and Preferred Apartments Communities, Inc. announced that Blackstone Real Estate Income Trust, Inc. has completed its previously announced acquisition of PAC for $25.00 per share of common stock, without interest, in an all-cash transaction valued at approximately $5.8 billion. The holders of each series of PAC’s preferred stock will receive the $1,000 per share liquidation preference for each share of preferred stock plus accrued but unpaid dividends thereon, without interest. As a result of the transaction, PAC’s common stock will no longer be listed on any public market. Joel T. Murphy, PAC’s Chairman and Chief Executive Officer, said, “Today’s closing of BREIT’s acquisition of PAC marks the beginning of an exciting new chapter for PAC. This outcome, with over 99% of voting stockholders supporting the acquisition, reinforces the merits of this transaction and the value of the hard work our team has done leading up to and throughout this process. I would like to thank the Blackstone team for being so collaborative as we worked together to achieve this result. We look forward to the next phase for PAC.” We are pleased to complete this acquisition on behalf of our BREIT investors and welcome the talented PAC team to Blackstone. Inclusive of this transaction, approximately half of BREIT’s portfolio comprises residential properties largely located in the West and South regions of the U.S., which are seeing robust demand and stable occupancy. PAC’s portfolio of high-quality multifamily in key SunBelt markets and grocery anchored retail centers is a complementary addition to BREIT’s portfolio of stabilized, income-generating assets, and we look forward to being long-term owners of these properties.” Jacob Werner, Co-Head of Americas Acquisitions for Blackstone Real Estate Jones Lang LaSalle Limited, BofA Securities, Lazard Frères & Co. LLC and Wells Fargo Securities LLC served as BREIT’s financial advisors, and Simpson Thacher & Bartlett LLP acted as BREIT’s legal counsel. Goldman Sachs & Co. LLC served as PAC’s lead financial advisor. KeyBanc Capital Markets, Inc. and JonesTrading Institutional Services, LLC. also served as financial advisors to PAC. King & Spalding LLP and Vinson & Elkins LLP served as the Company’s legal counsel. The transaction was announced on February 16, 2022. About Preferred Apartment Communities, Inc. Preferred Apartment Communities, Inc. is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery-anchored shopping centers. Preferred Apartment Communities’ investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating real estate loans. As of March 31, 2022, the Company owned or was invested in 113 properties in 13 states, predominantly in the Southeast region of the United States. About Blackstone Real Estate Income Trust, Inc. Blackstone Real Estate Income Trust, Inc. is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors. BREIT invests primarily in stabilized, income-generating U.S. commercial real estate across key property types and to a lesser extent in real estate debt investments. BREIT is externally managed by a subsidiary of Blackstone, a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $298 billion in investor capital under management.

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