REAL ESTATE TECHNOLOGY,REAL ESTATE ADVICE
McKissock Learning | November 22, 2022
McKissock Learning, the leading national provider of online education for real estate appraisers, today announced its commitment to launch a Practical Applications of Real Estate Appraiser (PAREA) Experience Program to support the diversification and growth of the appraisal profession.
“As a leading appraisal education provider, we know firsthand how difficult it can be for aspiring appraisers to find a supervisor and realize their dream, We believe this is a great opportunity to demonstrate our dedication to the profession with a critical initiative to ultimately contribute to a more diverse and expanded appraiser community.”
- Kevin Hecht, Appraisal Training and Development Manager at McKissock Learning
Slated to launch in the fall of 2023, the McKissock PAREA Experience Program combines technology-based training with real-world field experience and will allow participants to qualify for up to 100 percent of the experience hours required to sit for an appraisal exam in participating states.
McKissock’s PAREA Experience Program is made intentionally for people who complete the required education only to find they cannot move forward in their goal of becoming licensed appraisers because they can’t find a supervisor, It is a powerful instrument to diversify and expand the profession, said Alan Hummel, Principal at The Hummel Group and certified appraiser for 35 years.
Consistent with The Appraiser Qualifications Board (AQB) policies, McKissock’s PAREA program will allow participants to apply appraisal concepts and general principles to real-life situations, problems, and activities. Participants can access training modules, simulations, and assignments through McKissock’s dynamic learning platform, allowing for mentor-led and self-study activities.
In addition to simulated learning experiences, McKissock will also require students to complete real-life personal experience activities in their local markets, such as inspecting properties in their area and verifying information with local stakeholders such as realtors, contractors, and lenders. Participants will be expected to author and produce appraisal reports on various property types, each of which must pass a mentor’s review and be fully compliant with USPAP standards.
Our mission at McKissock Learning is to support the advancement, diversification, and growth of the real estate appraisal profession. We are committed to providing PAREA participants with quality training and practical experiences to enable them to become licensed and successful appraisers, said Renee Altier, President of Valuation and Property Services, Colibri Group, the parent company of McKissock Learning.
About McKissock Learning
McKissock Learning is a top national provider of education for licensed real estate property appraisers, agents, brokers, home inspectors, land surveyors, and professional engineers. For more than 30 years, McKissock has provided appraisal qualifying and continuing education, as well as professional development courses to support appraisers through all stages of their careers. McKissock Learning is part of Colibri Group, which provides learning solutions to licensed professionals who strive to be among the best in their fields.
REAL ESTATE INVESTMENT
STORE Capital, GIC and Oak Street | September 17, 2022
STORE Capital Corporation, an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, and GIC, a global institutional investor in partnership with Oak Street, a Division of Blue Owl, one of the largest net lease investors, today announced that they have entered into a definitive agreement under which GIC and funds managed by Oak Street will acquire STORE Capital in an all-cash transaction valued at approximately $14 billion.
Under the terms of the definitive merger agreement, STORE Capital stockholders will receive $32.25 per share in cash, which represents a premium of 20.4% to STORE Capital’s closing stock price as of September 14, 2022 and a premium of 17.8% to the 90-day volume weighted average stock price through that date.
“This all-cash transaction delivers a meaningful premium that provides immediate and certain value for our stockholders in a challenging market environment, while positioning the Company, its customers and its partners for continued success, I would like to extend my thanks to the entire Board and management team for their hard work during this process, and for their unwavering commitment to acting in the best interests of our stockholders.”
-Tawn Kelly, Chairman of the Board of Directors of STORE Capital
We are pleased to partner with GIC and Oak Street to deliver what we believe is an excellent outcome for our stockholders, This opportunity is an endorsement, by two leading real estate investors with significant access to capital, of the strength of our platform, our experienced leadership team and our disciplined investment approach. We look forward to continuing to grow and support our customers,said Mary Fedewa, President and Chief Executive Officer of STORE Capital.
As one of the largest dedicated U.S. net lease real estate companies in a nearly US$4 trillion-dollar market, STORE Capital is a strong addition to GIC’s diverse portfolio of U.S. real estate investments, We are confident the Company will continue its trajectory of accretive growth by meeting the demand for long-term financing solutions from middle market U.S. companies. We look forward to working closely with STORE Capital and our partners at Oak Street to grow this platform over the long term,said Adam Gallistel, Head of Americas Real Estate, GIC.
As a global long-term investor, GIC seeks to invest in best-in-class businesses with strong long-term growth potential, We are thrilled to lead this investment in STORE Capital given its impressive cash flow profile, long-weighted average lease term and highly diversified portfolio with strong rent coverage,said Lee Kok Sun, Chief Investment Officer of Real Estate, GIC.
We are extremely excited to invest together with a like-minded and thoughtful partner in GIC, We believe the STORE Capital platform complements Oak Street’s exposure to the triple-net industry and our focus on sale-leasebacks. The potential scale of this combination and partnership can deliver one of the most diversified, unique and long dated net lease platforms across the globe,said Marc Zahr, President of Oak Street.
Timing and Approvals
The transaction, which was unanimously approved by the STORE Capital Board of Directors, is expected to close in the first quarter of 2023, subject to approval by STORE Capital’s stockholders and the satisfaction of certain other customary closing conditions. The closing of the transaction is not subject to any financing conditions.
The definitive merger agreement includes a 30-day “go-shop” period that will expire on October 15, 2022, which permits STORE Capital and its representatives to actively solicit and consider alternative acquisition proposals. There can be no assurance that this process will result in a superior proposal, and the Company does not intend to disclose developments with respect to the go-shop process unless and until it determines such disclosure is appropriate or is otherwise required.
Under the terms of the definitive merger agreement, STORE Capital will declare and pay its third quarter cash dividend in the ordinary course. Thereafter, the Company has agreed to suspend payment of any further regular quarterly dividends through the closing.
Subject to and upon completion of the transaction, STORE Capital’s common stock will no longer be listed on the New York Stock Exchange.
Evercore and Goldman Sachs & Co. LLC are acting as financial advisors to STORE Capital, and DLA Piper LLP (US) is acting as its legal counsel. Eastdil Secured Advisors LLC and Citigroup Global Markets Inc. are acting as financial advisors to GIC and Oak Street. Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to GIC and Kirkland & Ellis LLP is acting as legal counsel to Oak Street.
About STORE Capital
STORE Capital is an internally managed net-lease REIT that is a leader in the acquisition, investment and management of Single Tenant Operational Real Estate, which is its target market and the inspiration for its name. STORE Capital is one of the largest and fastest growing net-lease REITs and owns a large, well-diversified portfolio that consists of investments in more than 3,000 property locations across the United States, substantially all of which are profit centers.
GIC is a leading global investment firm established in 1981 to secure Singapore's financial future. As the manager of Singapore's foreign reserves, GIC takes a long-term, disciplined approach to investing, and is uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital, and infrastructure. The firm's long-term approach, multi-asset capabilities, and global connectivity enable them to be an investor of choice. GIC seeks to add meaningful value to its investments. Headquartered in Singapore, GIC has a global talent force of over 1,900 people in 11 key financial cities and has investments in over 40 countries.
About Oak Street, a Division of Blue Owl
Oak Street, a division of Blue Owl, is a real estate investment firm focused on acquiring properties net-leased to investment grade and creditworthy tenants. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Oak Street has $16.6 billion in assets under management as of June 30, 2022. Blue Owl is a global alternative asset manager with $119 billion in assets under management as of June 30, 2022. Anchored by a strong permanent capital base, the firm deploys private capital across Direct Lending, GP Solutions and Real Estate strategies on behalf of Institutional and Private Wealth clients. Blue Owl's flexible, consultative approach helps position the firm as a partner of choice for businesses seeking capital solutions to support their sustained growth.
REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT
Ocusell | December 02, 2022
What is driving successful innovation in the real estate industry today? Hayden Rieveschl, co-founder and CEO of Ocusell, believes that the force behind cutting-edge innovation is integration with existing products and services — a big reason why the nation's nearly 600 Multiple Listing Services (MLSs), powering more than $2 trillion in annual residential real estate transactions, are being thwarted in their efforts to add new technology swiftly, according to Rieveschl, a former hedge fund professional.
Rieveschl founded Ocusell, a platform that's modernizing the listing process for real estate professionals, with Alex Taylor, a ground-floor Dotloop employee (now part of Zillow). Early on, they encountered a significant obstacle that is hamstringing MLSs of every size when attempting to deploy new technology quickly.
What is botching MLS systems nationwide, Rieveschl explains, are their "business rules." These foundational instructions provide tech firms with the guidelines to deploy their products and services inside an MLS.
Rieveschl and Chief Revenue Officer Taylor found MLS business rules documentation is often inaccurate or outdated, significantly lengthening the integration of new technology. In many cases, the MLS vendor has programmed the business rules for the MLS, but the MLS never provided any documentation.
The easier we can make it for the MLS to integrate with cutting-edge tech, the more MLS members, buyers and sellers, will benefit, Rieveschl notes.
Moreover, Rieveschl adds that proper MLSs business rules are vital in allowing MLSs to copyright their proprietary data schema (how information is organized and presented) to protect their data. MLSs certainly want to better protect their data, making updated business rules essential, he said.
"MLSs will agree to add a new tech solution for its members, not realizing their business rules are outdated because they switched vendors or changed their systems that conflict with what's in place."
-Chief Revenue Officer Taylor
He gives the example of an MLS that provided its business rules yet had no idea that the API listed in the rules no longer existed. If a tech firm's integration was reliant on the API, Taylor noted, they would have to start over.
This mistake creates a liability and possible litigation risk for the MLS and could unexpectedly increase their costs. In addition, flawed business rules certainly would extend the time to integrate, delaying market deployment, Taylor shared.
Rieveschl has empathy for MLSs, noting Business rules often are unreliable because they can be tedious and expensive to maintain. That's why he is offering a solution.
Ocusell is launching a new service that helps MLSs solve their business rules mismatches, allowing them to fast-track deployment of new tech solutions – today and tomorrow.
MLSs are accelerating the integration with technology partners, Rieveschl said, and more MLSs are merging and changing their systems provider or adding others. These trends create a vital and pressing need for accurate, complete and fully updated business rules. MLSs need to add powerful new tools for their members, and they need to do it smoothly and quickly. Ocusell will manage the heavy lifting for the MLS to ensure their rules are always current.
Ocusell is an enterprise listing solution for real estate brokers and teams built to modernize the listing workflow. Its one-stop-shop centralizes the listing process, enabling brokers to list properties to multiple MLSs through a single, easy-to-use data entry interface. Ocusell seamlessly connects brokers and their MLSs, increasing agent and staff productivity, collaboration, and visibility for the listing process. By providing continuous innovation, Ocusell is committed to creating enterprise broker solutions that are clear, meaningful, and above all else - simple for users.
REAL ESTATE INVESTMENT,REAL ESTATE ADVICE
Tishman Speyer | November 16, 2022
Tishman Speyer today announced an agreement to serve as the first-ever Global Partner with Project Destined, a social impact platform that provides students in underserved communities with training in financial literacy, entrepreneurship and real estate.
Through this innovative collaboration, Tishman Speyer will lead teams of college students in New York City, Chicago, Washington DC, Los Angeles and London through Project Destined's work-based learning approach. Tishman Speyer's leading executives in each market will offer local students the opportunity to explore the wide range of exciting careers available to them in the real estate industry.
Just as importantly, Tishman Speyer executives will actively encourage and mentor the students as they work to develop a range of core financial, technical, presentation and leadership skills designed to aid them in launching their careers in real estate via internships, certifications and full-time employment.
Students in each city will form teams and be tasked with evaluating actual commercial real estate transactions. They will then take part in a pitch competition against other teams in their local market to earn scholarships. At the conclusion of the competition, the five Tishman Speyer city-based teams will compete against each other for the opportunity to share $10,000 in scholarship money. This inaugural "Tishman Speyer Cup" will be judged by CEO Rob Speyer and other leading executives of the firm.
"The real estate industry offers a variety of fulfilling career paths, from development to finance, technology and dealmaking, Unfortunately, students in underserved communities have not historically been provided the chance to learn about the world of commercial real estate and thus don't view it as an option. We are grateful for the opportunity to collaborate with Project Destined as their first global partner. Initiatives such as these are vital to cultivating a more diverse, innovative and ultimately successful real estate industry."
-Joe Ritchie, Tishman Speyer Managing Director of Business Development and Head of Diversity, Equity and Inclusion
We are extremely proud to launch our first global partnership with Tishman Speyer, This partnership will bring together students and executives across multiple Tishman Speyer offices. It will also provide our students with a unique global network and perspective as well as the training and resources required to become leaders and owners in commercial real estate,said Cedric Bobo, Project Destined Co-Founder.
Since its founding in 2016, Project Destined has worked with more than 4,500 participants in 35 cities across the U.S., U.K., Canada and Europe.
About Tishman Speyer
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 33 key markets across the United States, Europe, Asia and Latin America. Our portfolio spans market rate and affordable residential communities, premier office properties and retail spaces, industrial facilities, and mixed-use campuses. We create state-of-the-art life science centers through our Breakthrough Properties joint venture, and foster innovation through our strategic proptech investments. 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 522 properties, totaling 218 million square feet, with a combined value of over $129 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 Project Destined
Project Destined is a leading social impact platform that provides training in financial literacy, entrepreneurship, and real estate. Project Destined partners with corporations, schools, and non-profits to deliver training using its proprietary e-learning platform and live courses. Project Destined leverages a work-based learning approach where students work with executives to evaluate live deals in their community and present them in a pitch competition to industry leaders. Scholars emerge with the skills, confidence, experiences, and networks that prepare them to secure a strong first job and become stakeholders in their community.