Large Platform Events | Issue 22.48

 

Summary of Transaction Headlines

Forbes Middle East | “Turkish Developer Nef in Tie Up to Invest $2.2 Billion in US Housing”

Turkish real estate developer Nef will reportedly invest $2.2 Billion to build affordable housing across the US in a joint venture with Miami-based Workforce Housing Partners. Nef will develop about 10,000 condos, dormitories, and rental units over five years in areas where the COVID-19 pandemic increased housing prices, Bloomberg reported, citing Nef Chairman Erden Timur. The partnership will initially develop 2,200 units in Miami, including apartments and 800 student dormitories. It also plans to build a further 3,800 units across the US next year. The partnership also plans to invest in New York’s Brooklyn and downtown Los Angeles. Nef holds 90% of the joint venture.

Globe St. | “NYC Approves $2 Billion Mega Development in Queens”

New York’s City Council has approved a $2 Billion development in Queens that will produce 3,200 apartments, nearly half of which will be designated “permanently affordable.” A trio of developers behind Innovation QNS in Astoria—Silverstein Properties, BedRock Real Estate Partners and Kaufman Astoria Studios—agreed to include a level of affordability that exceeds the city’s minimums for apartment units on rezoned land.

Reuters | “Link REIT is Frontrunner to Buy S$2.5 Billion ($1.8 Billion USD) of Singapore Shopping Malls from NTUC Enterprise”

Link Real Estate Investment Trust (0823.HK), Asia’s biggest REIT, has emerged as the frontrunner to buy a portfolio of assets from Singapore shopping mall owner NTUC Enterprise Co-operative Ltd, multiple sources told Reuters on Monday. Acquisition of the assets in what would be Southeast Asia’s biggest real estate transaction of 2022 could boost Link REIT’s valuations, analysts have said. The deal value has been trimmed to about S$2.5 Billion ($1.8 Billion USD) from roughly S$3 Billion ($2.2 Billion USD) after one more of the Singapore assets was removed from the proposed sale, said two of the sources, who did not wish to be identified due to the confidentiality of the matter.

Bisnow | “Schroders Launches £1 Billion ($1.2 Billion USD) Real Estate Fund Targeting UK’s Most Deprived Towns”

Schroders Capital has launched a new real estate impact investment fund that aims to deliver positive social impact outcomes across the UK. The UK Real Estate Impact Fund will mainly invest to bring forward affordable homes, workplaces and mixed-use town centre repurposing projects, the company revealed at Bisnow’s 2021 Women Leading Real Estate event.

Commerical Property Executive | “Indus Realty Trust Receives Acquisition Proposal”

Indus Realty Trust Inc. has received an unsolicited, non-binding proposal from Centerbridge Partners L.P., which currently owns about
14.8 percent of Indus common stock, and GIC Real Estate, the CRE arm of Singapore’s sovereign wealth fund, to acquire 100 percent of the outstanding shares of Indus common stock for cash consideration of $65.00 per share, the industrial/logistics REIT. In a prepared statement, Indus stated that its board will review the proposal to determine the best path forward that maximizes value for the company’s shareholders.

PR Newswire | “JLL’s Strategic Technology Services Enable Future of Work and Sustainability”

JLL Technologies (JLLT), the technology division of JLL, today announced the launch of the Strategic Technology Program, which provides assessment, strategic planning, goal setting and performance measurement services for real estate technologies.  The launch of the program is in response to increasing demand for technology solutions to help commercial real estate (CRE) managers adhere to sustainable business objectives. These services are particularly relevant now as businesses implement long-term hybrid work models and ambitious sustainability targets stemming from the pandemic.