Regulatory bodies failure costing home buyers thousands

Property Wire | June 12, 2019

There needs to be a significant shake up of the UK regulatory system relating to the accurate measurement of property with data showing average houses in London being wrongly measured by an average of 92 square feet. Spec, the UK’s only fully certified, millimetre accurate property management systems is calling for change after its analysis found that buyers currently face a discrepancy in valuations estimated at £119 billion in London alone. The figures published by Spec have been by the supported by the Royal Institution of Chartered Surveyors (RICS), which recently published its own report on the importance of measurement. Under the RICS code of measuring practice, which is considered the industry benchmark, an error of around 1% in measurements is typically allowed. However, RICS has found that the error rate can be as high as 60%, indicating that this standard is being breached regularly at an alarming level.

Spotlight

In the housing White Paper, ‘Fixing our broken housing market’, we made it clear that our priority is building the new homes this country needs. We made a commitment to deliver a million homes by the end of 2020 - and half a million more by the end of 2022. We set out proposals for tackling the housing shortage in England in four chapters. In the first, Planning for the right homes in the right places, we looked at how we could achieve better, more realistic plan-making which faces up to housing need, to make sure that more homes are planned in places where people want to live.


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REAL ESTATE TECHNOLOGY

Related Companies in Conjunction with Atria Senior Living and Welltower Close on Strategic Partnership for two Silicon Valley Developments

Welltower Inc. | March 07, 2022

A joint venture between Related Companies and Atria Senior Living, in conjunction with Welltower Inc., this quarter signed a strategic partnership to develop two world class senior living communities in Silicon Valley, one in Santa Clara, CA (Santa Clara Development) and the other in Cupertino, CA (Cupertino Development), as part of a larger strategic partnership among the three companies. The Related|Atria JV was formed in 2018 to develop, own and operate modern urban communities catering to seniors living in major metropolitan areas. The Santa Clara and Cupertino Developments will be the third and fourth locations for the joint venture's new series of upscale senior living communities after the newly opened Coterie Cathedral Hill at 1001 Van Ness in San Francisco and Coterie Hudson Yards at 451 10th Avenue in New York City which will open later in 2022. The 191-unit Santa Clara Development is immediately adjacent to a larger fully entitled 9.2 million square foot urban development by Related who commenced entitlement and pre-development work on the urban plan in 2015. Related Santa Clara will create an unparalleled new mixed-use downtown for Silicon Valley, consisting of traditional office and medical office buildings, hotel rooms, multifamily housing and retail amenities. At the apex of Silicon Valley and the growing East Bay, the Santa Clara Development is conveniently located to numerous commuting options, including a wide variety of public transit and proximity to Highways 237, 101 and Interstate 880. The senior living development is expected to break ground mid- 2022 with completion projected by 2024. Pre-development of the 158-unit Cupertino Development began in 2019 with plans of construction start by the end of 2022 and completion in 2024. Situated on a well-located corner of Stevens Creek Boulevard, Cupertino's major thoroughfare and State Route 85, as well as adjacent to the Cupertino Senior Center, Cupertino Memorial Park, and De Anza College, this development will grant seniors unrivaled access to the best of Cupertino's amenities with convenient connectivity to Silicon Valley. The Cupertino Development will also include an outdoor community park. About Welltower Welltower Inc., an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people's wellness and overall health care experience. Welltower, a real estate investment trust (REIT), owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at welltower.com. We routinely post important information on our website at welltower.com in the "Investors" section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading "Investors." Accordingly, investors should monitor such portion of the company's website in addition to following our press releases, public conference calls and filings with the Securities and Exchange Commission. The information on our website is not incorporated by reference in this press release, and our web address is included as an inactive textual reference only. About Related Companies Related Companies is a global real estate and lifestyle company defined by innovation and the most prominent privately-owned real estate firm in the United States. Formed over 45 years ago, Related is the largest private owner of affordable housing and a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington, D.C., Abu Dhabi and London, and boasts a team of approximately 4,000 professionals. Related was recently named to Fast Company Magazine's list of the 50 Most Innovative Companies in the World. About Atria Atria Senior Living is a leading operator of independent living, assisted living, supportive living and memory care communities in more than 400 locations in 45 states and seven Canadian provinces. With the addition of Holiday Retirement to its portfolio in 2021, Atria is now the residence of choice for more than 43,000 older adults, and the workplace of choice for more than 17,000 employees. In 2022, J.D. Power ranked Atria #1 in customer satisfaction among assisted living and memory care communities. Atria creates vibrant communities where older adults can thrive and participate, know that their contributions are valued, and enjoy access to opportunities and support that help them keep making a positive difference in our world. Atria operates seven distinct senior living brands: Coterie a luxury brand in a joint venture with Related Companies, Atria Signature, Atria Senior Living, Atria Park, Holiday Retirement, Atria Retirement and Gladwell. Atria's subsidiary, Glennis Solutions, is the only fully integrated cloud-based software suite specifically designed to serve the senior housing industry.

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INVESTMENTS

Home Warranty of America Joins the Choice Home Warranty Family

Choice Home Warranty | February 08, 2022

Choice Home Warranty ("Choice") announced today that it has acquired certain assets of Home Warranty of America ("HWA") from Home Warranty of America, Inc. to enhance Choice's position as a leading provider of home warranty service contracts and to accelerate Choice's mission to become the US' largest and most respected home warranty provider. Financial terms of the transaction were not disclosed. Founded in 1996 and based in Illinois, HWA is recognized as a top national provider of home warranty service contracts to real estate professionals. Choice will continue to operate HWA as a stand-alone brand; but would complement HWA's strong brand and experienced employees with modern and improved customer service utilizing Choice's advanced technology. HWA's experienced team and strong reputation with real estate professionals combined with Choice's advanced technology, is an excellent fit with Choice's overall growth strategy, The combination of HWA's real estate channel experience with Choice's direct to consumer business and high-tech administration platform will be complimentary and will improve customer service, be great for our partners, and accelerate our path to attaining our goal of become the US' largest and most respected home warranty provider." Victor Hakim, Chairman, and founder of Choice. Home Warranty of America has been a trusted and recognizable brand in the home warranty space for more than 25 years, We welcome the team and are excited to bring new technology to improve and grow HWA and Choice." Hakim.

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REAL ESTATE TECHNOLOGY

BioMed Realty Acquires Premier Site in Seattle Innovation Cluster

BioMed Realty | April 18, 2022

BioMed Realty, a leading provider of real estate solutions to the life science and technology industries, announced the acquisition of Denny Park South in Seattle, Washington. Located in the highly amenitized and talent-rich South Lake Union/Denny Triangle district, the 1.6-acre property consists of two adjacent parcels in close proximity to industry-leading life science and technology companies and research institutions. The proposed 616,000-square-foot development will provide additional optionality for prospective and existing BioMed tenants as they seek purpose-built buildings to accommodate research. BioMed continues to be focused on growth and expansion in our established core markets, like Seattle, where market fundamentals remain strong and innovation ecosystems are thriving. We now have the ability to double our footprint in the Seattle market and continue investing in mission-critical lab infrastructure needed to meet strong tenant demand as life science and technology companies grow and scale in the region.” Tim Schoen, CEO of BioMed Realty The Denny Park South acquisition will allow BioMed Realty to grow its existing 1.2 million-square-foot portfolio in Seattle which includes the recently completed flagship Dexter Yard project in South Lake Union. This acquisition of Denny Park South, along with the T6 Innovation Center at 200 Taylor Avenue North, represent an additional 1.2 million square feet of development potential. The Company anticipates investing an additional $700 million to develop these new facilities over time and expects to create nearly 850 new local construction jobs. BioMed’s local network of best-in-class life science and technology properties, along with its development pipeline now represent 2.4 million square feet in the region to provide companies with the flexibility to grow or establish a presence in the Seattle community. The Company’s local tenants include blue chip companies seeking to be connected to the region’s talent, capital and research institutions. Notable tenants include the Seattle Children’s Research Institute, Novo Nordisk, Omeros Corporation, InBios International, Inc., Lyell Immunopharma, Inc., Shape Therapeutics and Tableau. “The South Lake Union/Denny Triangle cluster where Denny Park South is situated is flush with renowned research institutes like UW School of Medicine, Gates Foundation, Fred Hutch, and the Allen Institute, as well as large tech users such as Amazon, Meta and Apple,” said Jon Bergschneider, President of West Coast markets at BioMed Realty. “As demand from life science and technology companies in this neighborhood remain strong, BioMed is well-positioned to provide much-needed sustainable facilities that enable our tenants to continue their critical, and life-saving, work.” BioMed Realty will continue to prioritize its local community engagement initiatives, expanding on its ongoing efforts to create a more equitable, inclusive and climate-resilient Seattle, with organizations such as the Downtown Seattle Association, the Seattle Chamber of Commerce, the South Lake Union Chamber of Commerce and the University of Washington. About BioMed Realty BioMed Realty, a Blackstone portfolio company, is a leading provider of real estate solutions to the life science and technology industries. BioMed owns and operates high quality life science real estate comprising 14.5 million square feet concentrated in leading innovation markets throughout the United States and the United Kingdom, including Boston/Cambridge, San Francisco, San Diego, Seattle, Boulder and Cambridge, U.K. In addition, BioMed maintains a premier development platform with 3.7 million square feet of Class A properties in active construction in these core innovation markets to meet the growing demand of the life science and technology industries.

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REAL ESTATE TECHNOLOGY

Honely.com Signs Licensing Agreement for Its Property and Area Forecast APIs with Forescite, Inc.

Honely, LLC | March 29, 2022

Honely, a Boca Raton-based prop tech firm that uses proprietary AI/ML techniques to forecast the values of over 100 million properties, is pleased to announce that they have entered into a strategic relationship with Forescite, a leading New York City-based FinTech company revolutionizing the journey to a secure financial future with their AI/ML-powered mobile app, Investall. Forescite will now have the capability to help calculate a user's net worth and equip them with statistics pertinent to the real estate market through a major licensing deal with a big data player in the Prop Tech space. Forescite will be licensing Honely's Property and Metro Level Forecast APIs which will allow them to give a true assessment of their users' financial position. This major partnership will be the first of many to come. We understand how impactful our statistics can be especially on a robust real time wealth management platform such as the Investall APP. The use case of our statistics can vary over a broad spectrum of industries, however the first one the public will be able to interact with is on Forescite's Budgeting and wealth management platform." Maxwell Schwarz, President of Honely FORESCITE EXECUTIVE Bala Shagrithaya, Investall CEO commented, "After an exhaustive search of data from industry leaders such as Zillow, we're thrilled to have found a partner in Honely, that far exceeds the complexity and reliability of data available on any property, which is important when trusting an algorithm that our users can rely on." About Honely Honely is a data and analytics company which uses high-level AI and data science techniques to deliver unique statistics such as home-value forecasts up to 36 months into the future, migration trends, neighborhood growth forecasts, and more. On Honely.com, every insight is delivered in real time and can be downloaded in customizable reports. The site also has interactive features that allow users to make important calculations and estimates, serving as a fully comprehensive tool for RE investors. About Forescite Forescite Inc enables "smarter Investing powered by AI," a New York City-based FinTech company that is revolutionizing the journey to a secure financial future with its AI/ML-powered Investall mobile apps. Like a GPS for finances, Forescite allows retail investors to leverage the predictive data and analytics used by the banks and hedge funds to make more effective investment decisions. The company's investing platform offers users the most powerful risk analysis tool on the market with the technology to manage their money like a pro.

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Spotlight

In the housing White Paper, ‘Fixing our broken housing market’, we made it clear that our priority is building the new homes this country needs. We made a commitment to deliver a million homes by the end of 2020 - and half a million more by the end of 2022. We set out proposals for tackling the housing shortage in England in four chapters. In the first, Planning for the right homes in the right places, we looked at how we could achieve better, more realistic plan-making which faces up to housing need, to make sure that more homes are planned in places where people want to live.

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