London Mayor confirms an extra 50,000 new homes to rent and buy

propertywire | July 14, 2017

London is to get an extra 50,000 affordable homes to rent and buy over the next four years in a deal announced by the Mayor of London as part of a record breaking £3.15 billion housing fund.  The £1.7 billion deal with councils and housing association will result in new homes being built across the city in all 32 boroughs delivered by 44 housing providers including nine local authorities and large and small affordable housing associations.

Spotlight

Today’s leading companies are harnessing data to transform virtually every industry, and corporate real estate is no exception. In a survey of 392 corporate real estate executives across the globe, respondents confirmed the importance data analytics will have on future corporate real estate decisions.


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REAL ESTATE ADVICE

Bowman Consulting Group Ltd. adds Gary VanAlstyne as Branch Manager, Principal of Leesburg, Virginia Office

Bowman | July 11, 2022

Bowman Consulting Group Ltd. (“Bowman”) announced that Gary VanAlstyne joined the company as branch manager and principal at its Leesburg, Virginia office. VanAlstyne has more than 30 years of experience in construction and development. As a Bowman branch manager/principal, VanAlstyne is responsible for providing consistent, effective leadership through stability, innovation, and common-sense solutions. Before joining Bowman, VanAlstyne served as vice president of Davis Utility Consulting, LLC, as director of design and construction services of the Loudoun County Public Schools, and as a member of the FSM Public Review Committee of the Loudoun County Government. He furthered his career working for Toll Brothers, Inc. as regional AVP and served as vice president of development for both Beazer Homes and Lennar. In addition, VanAlstyne owned and operated a development consulting firm in the residential, commercial, and recreational markets on the Eastern seaboard. He designed and built golf courses working with Arnold Palmer and Rees Jones as well as designing numerous master planned communities and various water parks around the country for Six Flags, Dollywood, and others. Before joining Bowman, he worked closely with the company as a client and had the opportunity to meet and collaborate with many individuals at the engineering services firm. “The industry has changed since I started working with Bowman in the early 2000s on residential subdivisions,” he said. VanAlstyne’s relationships with Bowman and the industry have allowed him to adapt and learn about different projects and clients and helping assure that Bowman is the “go-to” firm for engineering services in Loudoun County. “Thanks to his 22 years as a Bowman client, Gary VanAlstyne is a perfect addition to our team and we look forward to his continued contribution to Bowman’s success,” Bowman Chief Operating Officer Mike Bruen Bowman’s IPO and subsequent acquisitions compelled VanAlstyne to join the company and return to consulting. “I have come full circle,” he said. “I have been a Bowman client for over 20 years and having that experience as well as being a consultant and an owner’s representative helps me enhance the customer service experience,” he added. “What makes Bowman different from its competitors is its size and depth of specialized skills across the country, providing clients the ability to obtain all the services needed in one place and enhance my goal of bringing the customer experience to a new level.” VanAlstyne earned a Bachelor of Science in Civil Engineering (BSCE) and a geotechnical minor from Union College in Schenectady, NY, and is a registered professional engineer in NY, PA and VA. He is an active member of the Northern Virginia Builders Industry Association (NVBIA), the Loudoun County Chamber of Commerce and the National Association for Industrial and Office Parks (NAIOP). VanAlstyne is also a member of the Construction Owners Association of America (COAA) and the Urban Land Institute (ULI). About Bowman Consulting Group Ltd. (Bowman): Headquartered in Reston, Virginia, Bowman is an engineering services firm delivering infrastructure solutions to customers who own, develop and maintain the built environment. With over 1,400 employees and more than 60 offices throughout the United States, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN.

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REAL ESTATE INVESTMENT

STORE Capital to be Acquired by GIC and Oak Street in $14 Billion Transaction

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. Advisors 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. About GIC 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.

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REAL ESTATE TECHNOLOGY

Zentap Launches Game-Changing Marketing App for Real Estate Agents

Zentap | August 24, 2022

Zentap, a SaaS company that empowers real estate professionals with a true all-in-one marketing solution has launched a mobile app making it even easier for real estate agents to build their brand and generate new prospects. "With the market slowing down and things being even more competitive for real estate professionals, the launch of this app will make it even easier for real estate agents who are always on the go, to create and distribute branded marketing content for themselves and/or their listings by saving time and money and helping them build their brand," - Betty Gabbaie, Zentap's Chief Executive Officer Through this app, real estate professionals will have access to a powerful dashboard where they can create, post, and download different digital marketing assets in minutes and share seamlessly on multiple platforms allowing them to stand out from the competition and remain top of mind. Users will also have access to unlimited branded content including Local Market Updates, Single Data Snapshots, Comparative Market Analysis, Listing Videos & Flyers, Open House Videos, Testimonial Videos, Infomercials, and more. From professional websites and social posting to exclusive email campaigns and lead generation, Zentap helps agents scale their business and reinforce their brand through innovative marketing solutions and expertise. In addition to products and services, Zentap also provides useful resources to help educate clients about current digital marketing trends and best practices using social media through their free educational webinar series and exclusive Facebook group for clients. Zentap also offers a full team dedicated to customer success and support for clients to ensure ease of use and optimal results. If you are a real estate professional that needs help with your real estate marketing, contact us today to see how we can help you elevate your real estate marketing.

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REAL ESTATE INVESTMENT

Capital Square Launches Private Equity Group to Focus on Build-for-Rent and Other Non-Traditional Real Estate Investments

Capital Square | September 20, 2022

Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced today the launch of its Private Equity Group, a new corporate division that will focus on single-family build-for-rent homes and other non-traditional real estate investment opportunities. Industry veterans, Jon Trott and Dave Platter, have joined Capital Square as managing directors to lead the new division. "Build-for-rent homes are an increasingly popular choice among renters in the Southeast through Texas, where Capital Square actively invests in multifamily housing, Exceptionally strong demand has made build-for-rent a compelling investment strategy in response to a shortage of quality housing. With in-house development, capital markets, asset management and acquisitions, the build-for-rent space is a natural evolution for Capital Square and is another way to provide innovative and compelling options to a growing number of investors and financial advisors nationwide." -Whitson Huffman, co-chief executive officer of Capital Square Build-for-rent homes, comprised of communities of single-family homes built for renting, have become an increasingly popular investment option among institutions and individual investors. Demand for this rental option is growing exponentially among residents who seek a single-family lifestyle, the financial and leasing flexibility of a rental with the amenities and convenience of a professionally managed property. The U.S. has chronically underbuilt housing since the Great Financial Crisis and needs an additional 4.3 million housing units by 2035 to meet the demand for rental housing, according to the National Multifamily Housing Council. Demand for build-for-rent homes continues to increase with professionally managed communities offering one of the best solutions for the shortage of quality, affordable housing. Institutional ownership and build-for-rent's share of overall U.S. housing stock remains less than 5%, paving the way for long-term, sustained growth for the asset class. We are thrilled to have Jon Trott and Dave Platter launch the Private Equity Group at Capital Square and focus on build-for-rent homes and non-traditional real estate investments, Build-for-rent is the hottest segment of multifamily investing and plays into the demographic trend where younger residents along with aging baby boomers want to live in a single-family home with the freedom and flexibility of a rental. We believe build-for-rent housing will become one of the most popular strategies in Capital Square's growing investment portfolio,said Louis Rogers, founder and co-chief executive officer. Prior to joining Capital Square, Trott and Platter led the private equity team of The Amherst Group's build-for-rent division, where they were responsible for capital raising, acquisition sourcing and overall management of the division. Amherst is one of the nation's largest investors and operators of single-family rental homes, with $16 billion in assets under management in over 30 markets. Previously, Trott was an investment professional with Spear Street Capital, a San Francisco-based real estate private equity firm. He began his career with JPMorgan Chase & Co., one of the globe's leading financial services firms, where he reported to the chief executive officer of asset management and was involved in the execution of key mergers and acquisitions transactions, as well as strategic initiatives. He earned a bachelor's degree from Tufts University and a Master of Business Administration from Harvard Business School. Prior to his tenure with The Amherst Group, Platter was the co-founder of Southern Creek Capital, a boutique investment manager in the single-family rental and multifamily spaces. He previously worked at the JBG Companies (now JBG SMITH Properties; NYSE: JBGS), where he was responsible for the development of more than $500 million of multifamily and mixed-use properties. His career began in the asset management division of JPMorgan Chase & Co. Platter received a bachelor's degree from The University of Virginia and a Master of Business Administration from Duke University's Fuqua School of Business. About Capital Square Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion and a real estate investment trust (REIT). In recent years the company has become an active developer of mixed-use multifamily properties in the southeastern US, with eight current projects totaling approximately 2,000 apartment units with a total development cost in excess of $600 million. Since 2012, Capital Square has completed more than $6 billion in transaction volume. Capital Square's related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management, and disposition, for a growing number of high-net-worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for six consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense's list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their "Best Places to Work in Virginia" report in 2019 and their "Fantastic 50" reports in 2019 and 2020.

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Spotlight

Today’s leading companies are harnessing data to transform virtually every industry, and corporate real estate is no exception. In a survey of 392 corporate real estate executives across the globe, respondents confirmed the importance data analytics will have on future corporate real estate decisions.

Resources