REAL ESTATE INVESTMENT, REAL ESTATE ADVICE
Jamestown | October 12, 2022
Jamestown, a global real estate investment and management firm with a 39-year track record and over $13 billion in assets under management as of June 30, 2022, and Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment, and mixed-use destinations, today announced a strategic partnership, currently anticipated to close prior to the end of 2022, subject to regulatory approvals and other customary closing conditions.
Upon closing, Simon will acquire a 50 percent interest in Jamestown from founding partners Christoph and Ute Kahl, who will continue to be Jamestown shareholders. Jamestown will operate independently and continue to be led by CEO Matt Bronfman and President Michael Phillips, who will retain their existing ownership. Christoph will transition from day-to-day involvement as the company's Chairman to a member of the new Jamestown Board of Directors.
The partnership will unlock new value creation opportunities and create a platform for future growth in the investment management sector. With Simon, Jamestown will gain a partner with a deep platform of resources and operational tools that will enhance the firm's ability to scale and grow. With Jamestown, Simon will gain an opportunity to capitalize on the growing asset and investment management businesses with an experienced fund manager and mixed-use operator and developer, utilizing the Jamestown platform to accelerate Simon's future densification projects.
"At Jamestown, our goal is to be the best mixed-use investor globally, focusing on creating innovation hubs and community centers, The partnership with Simon will help us achieve that goal and position us for our next chapter as we scale our differentiated products in an increasingly global world."
-Michael Phillips, President of Jamestown
We have been impressed with Jamestown's combination of sector expertise, dedication to driving creative placemaking, and reputation in the fund management business, Their strong leadership team and track record align with our focus on investing in best-in-class partners. Jamestown is well-positioned for future growth, and we are excited about the continued expansion of Simon's investment platform, said David Simon, Chairman, CEO, and President of Simon.
For nearly four decades, Jamestown has strategically managed its portfolio, employing technology, innovation, and design-focused placemaking to create value for investors, This partnership will position Jamestown's long-standing management team to continue the firm's success story,said Matt Bronfman, CEO of Jamestown.
Jamestown is a global, design-focused real estate investment and management firm with a 39-year track record and mission to create places that inspire. Since its founding in 1983, Jamestown has executed transactions totaling $40 billion. As of June 30, 2022, Jamestown has assets under management of $13.1 billion and a portfolio spanning key markets throughout the U.S., Latin America, and Europe. Current and previous projects include One Times Square and Chelsea Market in New York, Industry City in Brooklyn, Ponce City Market in Atlanta, Ghirardelli Square in San Francisco, the Innovation and Design Buildings in Boston and Lisbon, and Groot Handelsgebouw in Rotterdam.
Simon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.
REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT
FCPT | November 24, 2022
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Chili’s property for $2.6 million from the Seritage transaction previously announced in October 2019 and expanded in August 2020. The property is located in a strong retail corridor in Florida and is under a triple net lease. The transaction was priced at a cap rate in range with previous FCPT transactions.
This is the last property to be acquired from the previously announced portfolio transactions with Seritage. Inclusive of today’s transaction, FCPT has acquired a total of 27 properties for $80.8 million from Seritage.
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.
Own Up and Realtor.com | September 01, 2022
Own Up, a digital mortgage shopping service, today announced a commercial relationship with Realtor.com, a real estate marketplace operated by News Corp’s subsidiary, Move, Inc. Own Up and Realtor.com are mission-aligned companies, both aiming to improve the home buying process for Americans looking to close on their dream homes.
Alongside this new collaboration, Own Up closed a $25M round of funding, led by Brand Foundry Ventures. Realtor.com is among the investors participating in the funding round, which also saw return participation from past investors, Link Ventures and Listen Ventures. The injection of capital will allow Own Up to continue to build out its innovative technology platform, expand its novel shopping experience and product offerings, and invest in the Company’s people and culture.
Own Up and Realtor.com’s relationship will give users direct access to Own Up’s mortgage shopping service, including personalized loan offers from its exclusive lender marketplace and real-time advice from the industry’s only mortgage shopping concierge. The integration with Realtor.com will allow homebuyers to gather detailed information about their home financing options as they search listings and find real estate agents.
The housing market has been increasingly challenging for buyers over the past 12 months, with low inventory, rising prices, higher mortgage interest rates, and high-stakes bidding wars. That has caused heightened stress and anxiety for hopeful buyers, an issue Own Up and Realtor.com hope to work together to address.
“From day one, our singular goal was to be a champion for the consumer and bring greater transparency to the home buying process. As the mortgage industry continues to see changes at a rapid clip, it’s crucial that consumers are armed with the right information to make the best financial decisions, Realtor.com plays an essential role in the home search process for so many Americans and now we’ll be able to provide mortgage education and tools to comparison shop, boosting buyer confidence as they move through the process.”
-Patrick Boyaggi, CEO and co-founder of Own Up
Own Up’s team brings deep mortgage expertise to the Realtor.com online experience, This relationship is a natural fit; together we’re able to expand upon our shared goal of helping Americans find and close on their dream homes,said Realtor.com CFO Bryan Charap.
The housing market is at an inflection point, marked by a lack of inventory and a historic rise in interest rates, and Own Up is uniquely positioned to help consumers navigate one of the most tumultuous components, This next phase of growth will further cement Own Up’s position as the mortgage shopping experts, ensuring no borrower overpays on their mortgage. At this time of inflation and a pending recession, cost-savings has never been more important,said Brian Spaly, General Partner at Brand Foundry Ventures.
About Own Up
Founded in 2016, Own Up is changing the way Americans shop for and secure mortgages, injecting transparency into an opaque process and empowering consumers to make smart financial decisions with the help of intelligent technology and real human advisors.
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp subsidiary Move, Inc.