CBRE C A P I TA L A DV I S O R S ASIA
@ 2017 CBRE Inc.
CBRE OVERVIEW
THE GLOBAL MARKET LEADER • CBRE is the world’s largest commercial real estate and investment advisory firm. • We advise property owners, investors and occupiers on every aspect of their real assets strategies and assist them in the development, buying, selling, financing, leasing, valuing and management of their assets. • Fortune 500 and S&P 500 company headquartered in Los Angeles, California. • More than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. • Optimal balance of local market expertise and global reach. • Market knowledge complemented by proprietary in-house research databases. • Comprehensive service offerings and a proven track record of meeting diverse client needs.
US$23.9 BILLION
GLOBAL REVENUE
US$11.9 BILLION
530+
OFFICES WORLDWIDE
90+
OFFICES IN APAC
FEE REVENUE
#146 RANK IN FORTUNE 500 (2019)
NET INCOME
28,000
APAC STAFF © 2020 CBRE Inc.
US$2.1 BILLION
100+
COUNTRIES
CBRE CAPITAL ADVISORS OVERVIEW
22
CBRE Capital Advisors is the capital raising and investment banking business of CBRE with deep insight into the equity/debt markets
920+
offices
people
O UR SE R VIC E S
CORPORATE FINANCE
INVESTMENT ADVISORY
LOAN SERVICES
Strategic Advisory
Direct Asset Advice
Loan Servicing
Equity Placement
Indirect Investment Advice
Loan Advisory
Debt Advisory
Debt Investment Advice
Loan Recovery
Complex Financial Modelling
Infrastructure
Corporate Capital Markets
THE TE AM A mix o f fin a n cial a nd r e a l e s ta te p r of e s s i ona l s
Bankers
© 2020 CBRE Inc.
Fund Managers
Restructuring Advisors
Property Professionals
Financial Analysts
GLOBAL CAPITAL ADVISORS
2
EMEA
Paris New York Washington DC
Los Angeles San Diego
© 2020 CBRE Inc.
Lisbon
Madrid
Helsin Stockholm Amsterdam Frankfurt Bratislava Milan
Miami
1
EMEA MARK EVANS Head of Equity Placement EMEA +44 (0)7747 627 777 mark.evans@cbre.com
RICHARD DAKIN Head of Capital Advisors Global + 44 (0)7736 360 203 richard.dakin@cbre.com
London
Dublin
AMERICAS
GLOBAL
1
2
3
HONG KON
GRETCHE Executive Capital Ad +852 650 gretchen.y
AMERICAS JAMES SCOTT Head of Capital Advisors Americas +1 212 656 0556 james.scott@cbre.com
SUE YU Associate Capital Ad +852 282 sue.yu@c
S TEAM
6
nki m
a
NG
4 3
CHINA HONG KONG
Seoul Shanghai
JAPAN Tokyo
Hong Kong
Singapore
5 AUSTRALIA
4
EN YUAN Director dvisors Asia 06 9169 yuan@cbre.com
JAPAN JUN MUTO Head of Capital Advisors Japan +81 80 6654 4351 junichiro.muto@cbre.co.jp
5
dvisors Asia 20 2875 © 2 0 2 0 C B R E I n c . cbre.com
PACIFIC ANDREW MCCASKER Head of Debt and Structured Finance Pacific +61 438 947 780 andrew.mccasker@cbre.com.au
6
Sydney
CHINA JOE ZHOU Executive Director China Capital Advisors Group +86 136 3662 9798 joe.zhou@cbre.com
G LO B A L E Q U I T Y PLACEMENT OFFERING Intelligence and expertise to fully map the indirect capital markets
JOINT VENTURES
FUNDS
PRIMARY
CLUBS
C O R P O R AT E DEALS
SECONDARY
© 2020 CBRE Inc.
US$40BN
CBRE Equity Placement has transacted US$40 bn* of unlisted real estate equity since 2010 across Primary and Secondary markets
Capital raising
PRIMARY EQUITY PLACEMENT
Private placements Strategic acquisitions Development, corporate and convertible equity
Vehicle (re)structuring
S T R AT E G I C ADVISORY
Capital (re)structuring Manager advisory and business planning Business repositioning
EXECUTION O N LY BROKERAGE
PropertyMatch and InfraMatch ® Online trading platform Price matching Trade execution
Portfolios
TA I LO R E D SOLUTIONS
Large/illiquid positions Tail investment(s) Fair value fund valuations Hold sell analysis and advisory
* Figure as of Q1 2020
© 2020 CBRE Inc.
G LO B A L I N V E S T M E N T ADVISORY OFFERING A trusted adviser to corporates and institutions across all real estate sectors
O U R VI S I ON We help our clients reach their investment goals by putting their interests first and developing solutions that satisfy their risk-return criteria. Investment Advisory’s goal is to solve our clients’ investment challenges. Our team operates across all investment channels; direct property, unlisted securities and lending. Our experienced leadership team comes from investment, real estate finance and fund management backgrounds.
US$480M DEPLOYED
DEPLOYED US$1.2BN
through integrator model across Europe
of capital into real estate debt over the last 3 years
ADVISED ON £7BN investments in unlisted securities over 7 years
© 2020 CBRE Inc.
RETAINED 14+ DEBT AND EQUITY MANDATES with US$2.8bn AUM for global clients since 2010
TEAM OF 35+
INVESTED £3BN
diverse and experienced professionals
into direct real assets since 2010
G LO B A L LO A N SERVICES OFFERING CBRE’s global loan services platform with hubs in Dublin, Frankfurt, London, Paris, Madrid, Milan, Houston and Sydney manages over US$204bn in commercial real estate loans for third party clients.
Loan Service team provides the full suite of services required to achieve superior loan servicing and asset management solutions
S TR ON G RAT I N G
© 2020 CBRE Inc.
>US$204BN in commercial real estate loans for third party clients
SPECIAL SERVICER S&P ABOVE AVERAGE FITCH CSS2
TRACK RECORD
ASIA JV/CO-INVESTMENT ASSIGNMENT CHINA RENTAL HOUSING
2018 Equity raised from c.RMB 200 million Asset management arm of American life insurance company
COLLAB & CONFIDENTIAL
US RESIDENTIAL DEVELOPMENT
Total Project Size
c. RMB 400 million
Strategy
Value Add
Asset Type
Rental Housing
Region
Shanghai, China
Total Floor Area
8,600 sqm
Detail • CBRE identified a US equity partner for a 8,600 sqm 4-story residential podium re-development in Shanghai, China undertaken by Collab, a Warburg Pincus backed urban redevelopment platform in China.
2018 Equity raised from US$120 million Japanese developer
Strategy
20billion JPY ≒ US$175 million
Asset Type
Residential, Retail
Region
Dallas, USA
Total Floor Area
69,152 sqm
Total Project Size
ITOCHU, ZOM & DAIWA HOUSE
@ 2020 CBRE Inc.
Development
Detail • CBRE identified a Japanese equity partner for a 69,152 sqm mixed-use 41-story luxury high-rise development in Dallas, USA undertaken by ZOM Living
ASIA JV/CO-INVESTMENT ASSIGNMENT SOUTH ASIA INDUSTRIAL DEVELOPMENT
2019 Equity raised from Undisclosed Japanese developer Total Project Size
Undisclosed
Strategy
Development
Asset Type
Industrial (portfolio)
Region
South Asia
Total Floor Area
N/A
Detail
UNTITLED
THAI INDUSTRIAL DEVELOPMENT
• CBRE identified a JV partner for a major Japanese RE developer for their first overseas industrial investment
2016 Equity raised from US$120 million Japanese developer
WHA & DAIWA HOUSE
Total Project Size
THB 2,372 million
Strategy
Development
Asset Type
Logistics
Region
Thailand
Total Floor Area
118,971 sqm
Detail • CBRE was mandated to identify a JV partner for WHA, the largest logistics developer in Thailand • After a careful selection process, a major Japanese developer was introduced and is undergoing due diligence with CBRE’s support
@ 2020 CBRE Inc.
ASIA JV/CO-INVESTMENT ASSIGNMENT US INDUSTRIAL DEVELOPMENT
2014 Equity raised from US$30 million Japanese developer
CT REALTY INVESTORS & MITSUBISHI
Total Project Size
US$500 million
Strategy
Development
Asset Type
Logistics
Region
Dallas, USA
Total Floor Area
107,000 sqm
Detail • CBRE identified a Japanese equity partner for a 107,000 sqm logistics warehouse development in Dallas, USA undertaken by US developer CT Realty • CBRE Japan’s assignment included market analysis and due diligence support on the part of Mitsubishi Corp
@ 2020 CBRE Inc.
ASIA CAPITAL RAISING ASSIGNMENT PARAMOUNT MEZZANINE DEBT FUND
2019 Equity Capital Raised USD20 million from Japan (for the Fund’s second closing)
PARAMOUNT GROUP. INC.
OPUS ARISUGAWA BUILDING
Total Fund Size
USD700 million (USD 200 million raised by Q1 2020)
Strategy
Mezzanine Debt
Asset Type
Core Office
Region
NY, Wash DC, SF
Expected Return
7 year
Total Return
7-10% gross
Detail •
The fund invests in Mezzanine debt of core prime offices in NY, SF and DC
•
The fund is managed by Paramount Group, one of the largest US public real estate companies focused almost exclusively on high-quality, Class A office properties
2018 XXX
Sell Side Advisor
Total Equity Size
Approx. USD150 million
Strategy
Core / Value Add
Asset Type
High end Residential
Region
Tokyo Japan
Detail
GROSVENOR
@ 2020 CBRE Inc.
•
Capital Advisors Japan was mandated to lead and run the disposition process of Grosvenor Japan’s key asset.
•
CBRE CA managed 6 brokers and over 200 investors globally to market the asset
•
Grosvenor was able to successfully acheive a sale price well above their expectations
ASIA CAPITAL RAISING ASSIGNMENT L&G PROPERTY INCOME FUND (PIF) II
2015 Equity Capital £50 million Raised from Japan Total Fund Size
£440 million
Strategy
Core
Asset Type
Diversified
Region
United Kingdom
Expected Return
LEGAL & GENERAL
[Gearing Level]
[50%]
Distribution Yield
7-8%
Net IRR
12-14%
Detail • PIF II is a diversified income-based fund that invests in commercial properties throughout the UK.The fund is managed by Legal & General (L&G) Property Partners, the real estate arm of one of the largest investment managers in Europe. • CA Japan mandate – successfully raised STG50mio in 4mos
ASR DUTCH PRIME RETAIL FUND
2014 Equity Capital Raised 250 million from Japan Total Fund Size
750 million
Strategy
Core
Asset Type
High Street Retail
Region
Netherlands
Expected Return
10 year
Distribution Yield
6.7%
Total Return
10.8%
Detail
ASR REAL ESTATE
• This fund is a collection of 210 prime high street retail facilities located predominantly in the Netherlands • The fund is managed by ASR Real Estate, the fourth largest Dutch insurance company’s asset management subsidiary • This investment marked the single largest recorded fund investment from a Japanese Investor
@ 2020 CBRE Inc.
EMEA JV/CO-INVESTMENT ASSIGNMENT
LONG HARBOUR
GREEN REIT PLC
Total Project Size
£500 million
Total Project Size
1,340 million
Name
Long Harbour Multifamily UK
Name
Green REIT PLC Ireland
Period
2019
Period
2019
Type
Co-investment/JV(sell side)
Type
Co-investment/JV(sell side)
AVESTUS
GRIFFEN
Total Project Size
162.5 million
Total Project Size
258 million
Name
Avestus Irish residential fund Dublin, Ireland
Name
Griffen UK logistics portfolio UK
Period
2019
Period
2018
Type
Co-investment/JV(Sell Side)
Type
Co-investment/JV(sell side)
@ 2020 CBRE Inc.
EMEA JV/CO-INVESTMENT ASSIGNMENT
LENDINVEST
EXPLORER INVESTMENT
Total Project Size
150 million
Total Project Size
78 million
Name
RDL Programme UK
Name
Office-led Portfolio Lisbon, Portugal
Period
2018
Period
2017
Type
Co-investment/JV (Sell Side)
Type
Co-investment/JV (Sell Side)
MOMENTUM REAL ESTATE INVESTMENT MANAGERS
DANICA PENSION
Total Project Size
60 million
Total Project Size
925 million
Name
Residential Development Partnership Spain
Name
Shopping centres Denmark
Period
2017
Period
2017
Type
Co-investment/JV(sell side)
Type
Co-investment/JV(sell side)
@ 2020 CBRE Inc.
EMEA CAPITAL RAISING ASSIGNMENT
KRONOS HOMES
NEW CORE CAPITAL MANAGEMENT
Total Project Size
37 million
Total Project Size
£53 million
Name
Kronos Residential Fund III Spain
Name
Newcore Strategic Situations IV UK
Period
2019
Period
2019
Type
Primary Raise
Type
Primary Raise
OCTOPUS HEALTHCARE
ALTER A
Total Project Size
£43.8 million
Total Project Size
291 million
Name
Octopus Healthcare Fund UK
Name
Altera core retail fund Netherlands
Period
2019
Period
2019
Type
Primary Raise
Type
Primary Raise
@ 2020 CBRE Inc.
EMEA CAPITAL RAISING ASSIGNMENT
CATELLA
NN GROUP
Total Project Size
140 million
Total Project Size
1.5 billion
Name
Catella European Residential Fund III Pan-euro
Name
Former Delta Lloyd portfolio Netherlands
Period
2019
Period
2019
Type
Primary Raise
Type
Primary Raise
ELIX
ASR DUTCH
Total Project Size
100 million
Total Project Size
150 million
Name
Vintage Residencial Socimi SPAIN
Name
ASR DUTCH Mobility office fund Netherlands
Period
2018
Period
2017
Type
Primary Raise
Type
Primary Raise
@ 2020 CBRE Inc.
US JV/CO-INVESTMENT ASSIGNMENT
CONFIDENTIAL
CONFIDENTIAL
Total Project Size
$85 million
Total Project Size
$150 million
Period
June 2019
Period
June 2019
Type
Exclusive Financial Advisor
Type
Financial Advisor
Detail
Exclusive Financial Advisor on the formation of an Opportunity Zone joint venture to capitalize the development of a 486-unit multifamily asset in Jacksonville, Florida
Detail
Financial Advisor on the formation of an Opportunity Zone joint venture to capitalize the development of a multifamily asset in New York City
RH
CONFIDENTIAL
Total Project Size
$40 million
Total Project Size
$129 million
Period
April 2019
Period
March 2019
Type
Financial Advisor
Type
Financial Advisor
Detail
Financial Advisor on the formation of a Opportunity Zone joint venture to develop a 142unit workforce housing asset in Fort Lauderdale, Florida
Detail
Financial Advisor on the formation of a Opportunity Zone joint venture to capitalize the development of a 345-unit multifamily asset in Downtown Atlanta
@ 2020 CBRE Inc.
US JV/CO-INVESTMENT ASSIGNMENT
HHM
CARBON CORNERSTONE
Total Project Size
$20 million
Total Project Size
$45 million
Period
February 2019
Period
November 2018
Type
Exclusive Financial Advisor
Type
Exclusive Financial Advisor
Detail
Exclusive Financial Advisor on the formation of a joint venture between HHM Hospitality and a Dubai-based family office investor for the acquisition of a 112-key HGI hotel
Detail
Exclusive Financial Advisor on the formation of a programmatic GP joint venture to pursue valueadd multifamily acquisitions
AION
ALAMO MANHATTAN
Total Project Size
$19 million
Total Project Size
$61 million
Period
October 2018
Period
July 2018
Type
Exclusive Financial Advisor
Type
Exclusive Financial Advisor
Detail
Exclusive Financial Advisor on the formation of a joint venture between Aion Partners and a Dubaibased family office investor for the acquisition of a 434-unit multifamily asset in New Jersey
Detail
Exclusive Financial Advisor on the formation of a equity joint venture between Alamo Manhattan and an LP investor for the development of a Marriot hotel in Dallas
@ 2020 CBRE Inc.
US CAPITAL RAISING ASSIGNMENT
TRANSWESTERN
CCG
Total Project Size
$200 million
Total Project Size
$100 million
Period
May 2019
Period
January 2019
Type
Exclusive Financial Advisor
Type
Exclusive Financial Advisor
Detail
Exclusive Financial Advisor on the formation of a fully discretionary closed-end industrial fund
Detail
Exclusive Financial Advisor on the formation of a $100 million investment vehicle in partnership with a family office investor to pursue GP positions in direct joint ventures
AMHERST
LCS
Total Project Size
$300 million
Total Project Size
$300 million
Period
June 2018
Period
June 2018
Type
Placement Agent
Type
Exclusive Financial Advisor
Detail
Placement Agent to Amherst Capital on the commitment of $50 million from a multi-family office investor to Amherst’s open-end commercial real estate senior loan fund
Detail
Exclusive Financial Advisor on the formation of a fully discretionary joint venture for senior housing opportunities across the risk spectrum and including developments
@ 2020 CBRE Inc.
US CAPITAL RAISING ASSIGNMENT
LAKEMORE
BELL PARTNERS
Total Project Size
$210 million
Total Project Size
$1.025 billion
Period
December 2017
Period
June 2015 - June 2017
Type
Exclusive Financial Advisor
Type
Placement Agent
Detail
Exclusive Financial Advisor to Lakemore on the formation of a senior housing joint venture with LCS on a portfolio of six communities in the Dallas-Fort Worth metro area
Detail
Placement Agent to Bell Partners on the formation of Bell Apartment Fund V and Apartment Fund VI, both fully discretionary closed-end multifamily investment funds
RELATED
PROVIDENCE
Total Project Size
$290 million
Total Project Size
$600 million
Period
December 2016
Period
December 2014
Type
Financial Advisor
Type
Exclusive Financial Advisor and Placement Agent
Detail
Financial Advisor to Related Companies on securing CCCG Overseas Real Estate Pte. Ltd. as a strategic capital partner to fund The Grand, a mixed-use development in Downtown Los Angeles
Detail
Exclusive Financial Advisor and Placement Agent to Providence Energy Corporation on the formation of a strategic oil and gas vehicle with a major U.S. private pension fund
@ 2020 CBRE Inc.
US M&A ASSIGNMENTS
ANGELO GORDON
LONE STAR FUNDS
Total Project Size
$1.5 billion
Total Project Size
$4.1 billion
Period
August 2019
Period
May 2019; December 2017
Type
Exclusive Financial Advisor
Type
Exclusive Financial Advisor
Detail
Exclusive Financial Advisor on the sale of a national office & industrial net lease portfolio totalling 13.2 million square feet
Detail
Exclusive Financial Advisor on the sale of 21 properties, 15,254 multifamily units held in a REIT structure in five separate entity transactions, and on the sale of a 28-property, 8,578-unit multifamily portfolio held in a REIT structure
SPACE CENTER
CERBERUS & LINGERFELT COMMONWEALTH
Total Project Size
$1.2 billion
Total Project Size
$93 million
Period
March 2019
Period
December 2018
Type
Financial Advisor
Type
Exclusive Financial Advisor
Detail
Financial Advisor on the sale of a real estate company with an industrial portfolio comprising approximately 19 million square feet
Detail
Exclusive Financial Advisor on the sale of a select and full-service five property hotel portfolio comprising 758 rooms
@ 2020 CBRE Inc.
US M&A ASSIGNMENTS
STARWOOD PROPERTY TRUST
GREENFIELD PARTNERS
Total Project Size
$231 million
Total Project Size
$362 million
Period
September 2018
Period
June 2018
Type
Exclusive Financial Advisor
Type
Exclusive Financial Advisor
Detail
Exclusive Financial Advisor on the sale of three properties held in a REIT structure in a broader $1.0 billion multifamily portfolio
Detail
Exclusive Financial Advisor on the sale of a 4.5 million square feet national industrial portfolio and a 915K square feet. Midwest light industrial portfolio both structured as REIT share transactions
OAK STREET
WOOD PARTNERS
Total Project Size
$1.3 billion
Total Project Size
Undisclosed
Period
August 2017
Period
August 2017
Type
Exclusive Financial Advisor
Type
Exclusive Financial Advisor
Detail
Exclusive Financial Advisor to Oak Street Real Estate Capital on the sale of a 96-property NNN leased portfolio located across 20 states
Detail
Exclusive Financial Advisor to Wood Real Estate Investors, LLC on the sale of a controlling interest in Wood Partners
@ 2020 CBRE Inc.
ASIA INVESTMENT ADVISORY ASSIGNMENT JAPAN PENSION FUND BUYSIDE ADVISORY
2015 In 2015, CBRE Capital Advisors was exclusively mandated as the advisor to GPIF, the world’s largest pension fund, on the creation of their real estate investment strategy. The mandate covers all segments of their platform and strategy, including benchmark setting, portfolio allocation, and investment strategy. 2019 In 2019, CBRE Capital Advisors was again exclusively mandated as the exclusive advisor to GPIF, on creation of their mid term real estate investment strategy and allocation. The mandate is still undergoing and is scheduled to continue until March 2020
GOVERNMENT PENSION INVESTMENT FUND
EUROPEAN INDUSTRIAL BUYSIDE ADVISORY
Total AUM
US$ 1.3 trillion
Real Estate Allocation
5% allocation to Alternative Assets, including Real Estate, Private Equity and Infrastructure
Strategy
N/A
Asset Type
N/A
Region
Global
2019
Advisory for buyside feasibility
Total project size
60 million
Strategy
Core
Asset Type
Industrial
Region
UK, Netherland, Belgium
Detail • CBRE Capital Advisors was mandated to perform feasibility study for an acquisition of 3 industrial assets in Europe • The portfolio is currently occupied by a Japanese logistics company and Daiwa was approached by the tenant to acquire on a sales & leaseback scheme
DAIWA HOUSE
US MULTIFAMILY BUYSIDE ADVISORY
• This will be the first investment into Europe by Japan’s biggest real estate conglomerate group
2019
Feasibility, underwriting advisory for US multifamily JV development project
Total Project Size
US$ 60 million
Strategy
Development
Asset Type
Multifamily
Region
Atlanta, USA
Detail • CBRE was mandated to underwrite and support the company’s first overseas real estate investment.
KYUSHU ELECTRIC POWER CO.,INC.
• CBRE Japan’s assignment included market analysis and due diligence support on both the project and the sponsor of the project. • Kyuden is expected to successfully deploy their capital this year
@ 2020 CBRE Inc.
EMEA INVESTMENT ADVISORY ASSIGNMENT
MERSEYSIDE Total Project £450 million Size
TEESIDE PENSION FUND Total Project £225 billion Size
Name
Merseyside Pension Fund UK
Name
Teesside Pension Fund UK
Period
Since 2010
Period
Since 2012
Type
Investment Advisory
Type
Investment Advisory
OCTOPUS HEALTHCARE Total Project £216 million Size Name
£134M Fund launched & £82m raised for Octopus Healthcare Fund UK
Period
2018
Type
Investment Advisory
@ 2020 CBRE Inc.
AIMCO
TRAFFORD COUNCIL Total Project £300 billion Size Name
Trafford Council UK
Period
Since 2017
Type
Investment Advisory
THE CROWN ESTATE
Total Project £300 million Size
Total Project £3.2 billion Size
Name
Alberta Investment Management Corporation, AIMCo UK
Name
The Crown Estate’s Regent Street Portfolio UK
Period
Since 2016
Period
Since 2005
Type
Investment Advisory
Type
Investment Advisory
DAIWA CAPITAL MARKETS Total Project £120 billion Size Name
Daiwa Capital Markets Limited Europe
Period
Since 2014
Type
Investment Advisory
SOUTH YORKSHIRE PENSIONS AUTHORITY Total Project £ 80 million Size Name
South Yorkshire Pension Authority UK
Period
Since 2011
Type
Investment Advisory
US INVESTMENT ADVISORY ASSIGNMENT
CONFIDENTIAL
BH EQUITIES, LLC
Total Project Size
$44 million
Total Project Size
$46 million
Period
September 2019
Period
January 2019
Type
Exclusive Financial Advisor
Type
Exclusive Financial Advisor
Detail
Exclusive Financial Advisor on the formation of a Joint Venture to acquire a multifamily property in Duluth, GA
Detail
Exclusive Financial Advisor on the formation of a multifamily GP fund between BH Equities and a Dubaibased family office
LAKEMORE
EASTERLY GOVERNMENT PROPERTIES INC.
Total Project Size
$72 million
Total Project Size
$128 million
Period
July 2018
Period
June 2017
Type
Exclusive Financial Advisor
Type
Exclusive Financial Advisor
Detail
Exclusive Financial Advisor to Lakemore on the formation of a joint venture with Real Hospitality Group to pursue a national portfolio of select-service hospitality properties
Detail
Exclusive Financial Advisor to Easterly Government Properties on the arrangement of acquisition financing for the Department of Veterans Affairs Ambulatory Care Facility in Loma Linda, California
@ 2020 CBRE Inc.
US INVESTMENT ADVISORY ASSIGNMENT
MACQUARIE
KFH CAPITAL
Total Project Size
Undisclosed
Total Project Size
Undisclosed
Period
May 2017
Period
February 2016 - August 2016
Type
Financial Advisor
Type
Exclusive Financial Advisor
Detail
Financial Advisor to Macquarie Group on the Uniform Commercial Code (UCC) Foreclosure Sale via public auction of an 11-asset Texas multifamily portfolio
Detail
Exclusive Financial Advisor to KFH Capital on the restructuring and recapitalization of the Palm Desert at University Park, and The Ritz Carlton Residences, Chicago
Domestic Family Office
DOMESTIC FAMILY OFFICE
SEERA INVESTMENT BANK
Total Project Size
$43 million
Total Project Size
$75 million
Period
May 2017
Period
July 2016
Type
Exclusive Financial Advisor
Type
Exclusive Financial Advisor
Detail
Exclusive Financial Advisor to a domestic family office on both senior debt and equity placement in a joint venture with the PPA Group to acquire a 476-unit multifamily property in Irving, TX
Detail
Exclusive Financial Advisor to Seera Investment Bank on the formation of a joint venture with the Koll Company to acquire a 1 million square feet distribution center fully leased to a Fortune 50 E-commerce company
@ 2020 CBRE Inc.
CASE STUDIES
LONG HARBOUR £500M PRS FORWARD FUNDING
DESCRIPTION CBRE Capital Advisors acted as the lead Placement Agent for the Long Harbour Multi-Family Venture. Long Harbour has raised its third Build to Rent (BtR) investment venture, enabling it to continue to grow its portfolio across the UK. Long Harbour now has an initial £500m of capital to deploy into the sector in the next 24 months. The new venture will target the development of high quality BtR schemes of over 150 units in London, the South East and selected regional cities, all of which will be managed by ‘Way of Life’, its in house PRS (Private Rented Sector) management platform
OPPORTUNITY
KEY FACTS Year
2018
Equity Raised
£500M
Investor Type
Confidential
Sources of Equity
UK
Service Lines involved
Capital Advisors Equity Placement
Investment Type
Secured Pipeline
Strategy
Forward Funded Residential Development
CBRE Equity Placement were mandated to raise equity to forward fund six high quality UK PRS pipeline assets (secured and de risked) with a GDC of c.£470m Long Harbour offered an attractive pipeline with target net returns of 11% - 14% IRR (assuming c.50% LTC) CBRE Equity Placement team was engaged in November 2018 to prepare the opportunity for presentation to an international and domestic institutional investor base. Two months after commencement a single large potential investor was identified and carried out due diligence through a six week exclusivity period. This culminated in April 2019 in the successful signing of a £500m JV funding commitment, with limited adjustment to the LH management terms as advised by CBRE. CHALLENGE CBRE advised on market facing terms and returns – including advice on the financial model CBRE created a suite of marketing documents, detailed enough for a global institutional investor base CBRE targeted investors where the ticket size and risk / return profile would fit their global allocation and requirements 2019 saw the successful signing of a £500m JV funding commitment, with limited adjustment to the LH management terms as advised by CBRE
@ 2020 CBRE Inc.
OCTOPUS HEALTHCARE UK OPEN ENDED HEALTHCARE FUND RAISES £100M
DESCRIPTION In Q4 2018 CBRE Equity Placement secured £100m capital for the Octopus Healthcare Fund (‘OHF’) from NN Group (Nationale Nederlande) - a significant endorsement from a leading Dutch institutional investor, and the 1st from a Dutch investor, opening up a new jurisdiction to OHF. The investment builds upon CBRE’s success having assisted with the initial conversion to a perpetual fund and raising £230m in the first 2 quarters of dealing (Q3 & Q4 2017)
OPPORTUNITY Specialist healthcare investment management platform Octopus Health Fund is a perpetual fund currently invested in a £167m portfolio of 22 modern, purpose built assets; alongside a visible £300m+ 12 month pipeline To invest in real estate assets let to the elderly and specialist healthcare operators backed by strong underlying socio-demographic supply/demand dynamics Long occupational income (RPI linked), typically 30+ year leases with annual RPI indexation
KEY FACTS Year
2018
Equity Raised
£100M
Access to a sector historically unavailable to investors but becoming increasingly more institutionalised
Investor Type
Insurance Fund
CHALLENGE
Sources of Equity
The Netherlands
Service Lines involved
Capital Advisors Equity Placement
Investment Type
Seeded
Continuing to evolve and scale the Octopus Group Healthcare platform from current AUM of £1bn to £2bn+ whilst seeking to firmly establish their flagship vehicle the Octopus Healthcare Fund as the category killing open-ended elderly & specialist care fund of scale in the UK.
Strategy
Core Plus
@ 2020 CBRE Inc.
Specifically target large ticket, long-term, global institutional capital at a period of peak BREXIT uncertainty in relation to UK real estate investment - many investors were taking a “wait & see” approach to UK.
NN GROUP ADVICE ON THE LARGEST DUTCH RESIDENTIAL TRANSACTION OF C. 1.5BN
DESCRIPTION CBRE Capital Advisors advised NN Group on the structuring of their direct residential portfolio (the former "Delta Lloyd" portfolio) through a bricks-for-shares transaction with Vesteda, the largest non-listed residential fund of the Netherlands.
OPPORTUNITY NN Group acquired listed insurance company Delta Lloyd in 2016. With this acquisition, NN Group became a large direct real estate owner, as Delta Lloyd invested a significant portion of its AUM in Dutch real estate. Strategically NN Group does not invest directly in real estate. CBRE structured a deal that allowed the residential element of the portfolio to be sold to a Dutch non-listed residential fund in return for shares – thus keeping exposure indirectly.
Year
2018
CBRE working as one team were able to assist NN Group across different specialist services: Capital Advisors, Investment Properties and Valuations.
Equity Raised
1.5BN
CHALLENGE
Investor Type
Insurance Fund
Sources of Equity
The Netherlands
The Dutch residential market is experiencing a strong recovery with values going up significantly.
Service Lines involved
Capital Advisors Equity Placement, Capital Markets
Investment Type
Seeded
Strategy
Core
KEY FACTS
Valuers were lagging in their appraisals of residential growth. CBRE therefore had to analyse the portfolios for both parties (NN Group as seller and Vesteda as buyer) using a detailed, bottom-up approach. During this process, CBRE noticed a significant undervaluation of NN Group's portfolio, however also to a lesser extent Vesteda's portfolio. Overall our analysis and advice led to a significantly higher transfer price. The portfolio was valued at 1,509m of which 1,295 was existing units and 214 was pipeline units.
@ 2020 CBRE Inc.
ÁRIMA REAL ESTATE CBRE CAPITAL ADVISORS ACTED AS FINANCIAL ADVISOR TO IVANHOÉ CAMBRIDGE ON THE ACQUISITION OF A 20.3% STAKE IN A MADRID LISTED OFFICE-FOCUSED REIT
KEY TRANSACTION FACTS
BEFORE
AFTER
CBRE CORPORATE FINANCE
Market Cap
146m
296m
CBRE Capital Advisors acted as sole financial advisor to Ivanhoé Cambridge.
Number of Directors
5
6
Ivanhoé Cambridge Ownership
0%
20.3%
Savills Aguirre Newman acted as real estate valuer and Clifford Chance as legal and tax advisors.
ÁRIMA CAPITAL RAISE HISTORY IPO on Madrid Stock Exchange – October 2018
100m
Follow-on – April 2019
40m
Follow-on – November 2019
150m
Total since listing
290m
The deal highlights CBRE Corporate Finance’s strong cross-border connectivity and M&A expertise in complex listed transactions. KEY INVESTMENT HIGHLIGHTS Ivanhoé Cambridge will become the largest shareholder in Árima Real Estate (“Árima”), a Spanish listed office-focused REIT (SOCIMI), by investing 60m as part of a capital increase announced on November 13, 2019. As a result, Ivanhoé Cambridge will own a 20.3% stake in Árima and will also appoint a director on the board, and be represented in various committees, including the investment committee. Árima currently owns a portfolio of 6 assets located in CBD and established business areas in Madrid with a GAV of approximately 175m (as of September 30, 2019), and follows different value-add strategies (refurbishment, lease-up and re-leasing, ownership consolidation). Árima is led by the team that previously managed Axiare Patrimonio SOCIMI. Ivanhoé Cambridge’s investment formed part of a total capital increase of 150 million. This is the second successful capital increase for Arima this year, having more than doubled in size since its IPO. Ivanhoé Cambridge’s investment will further support Árima’s growth ambitions, providing the capital for additional investments in offices in Madrid with a value creation strategy. Árima has identified a pipeline of approximately 1.3 billion in properties, under various stages of analysis.
@ 2020 CBRE Inc.
NORTHSTAR REALTY EUROPE (”NRE”) CBRE ACTED AS ADVISOR TO AXA INVESTMENT MANAGERS ON THE ACQUISITION OF NRE
TRANSACTION DESCRIPTION
HISTORICAL TRADING
On 4 July 2019, AXA Investment Managers Real assets announced it had signed an agreement to acquire the entire issued share capital of Northstar Realty Europe (NYSE: NRE)
US$ 20.00
CBRE provided real estate advisory services to AXA IM – Real Assets in connection with the transaction.
Offer Price per Share
18.00 16.00 14.00
Unaffected Share Price
12.00
The announcement is the conclusion of a comprehensive strategic review initiated by NRE Strategic Review Committee in November 2018 with the help of Goldman Sachs, during which over 100 parties were contacted
10.00
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8.00
KEY FACTS Completed
Q3 2019
Transaction Value
c. US$860
Gross Asset value of assets
c. 1.1bn equivalent
EPRA NAV (31 March 2019)
c. 1.03bn
Price
Northstar Realty Europe (NYSE:NRE) is a NYSE-listed REIT, externally managed by Colony Northstar, focused on prime office properties in key European markets. Following a series of disposals in 2017 and 2018, NRE had streamlined its portfolio to 12 prime office properties in Paris, London and key German cities as well as two hotels in Berlin.
1
c. US$17.03 per share equivalent
Share Price Premium2
15.8%
Property Type
Office (12 assets) and Hotels
Portfolio Location
Germany (Hamburg, Berlin, Dusseldorf, Cologne, Munster), Paris, London
1 NRE
shareholders will receive US$1.68 per share plus the US$ equivalent of 9.26 and £3.82 per share, corresponding to $17.03 per share based on 3month forward exchange rate 2 Based
on spot foreign exchanges as of 2 July 2019, the estimated per share consideration is $16.95 per share, representing a 15.8% premium to the unaffected closing share price of US$14.63
@ 2020 CBRE Inc.
TRANSACTION HIGHLIGHTS The transaction was a rare opportunity to secure in a single transaction a large portfolio of prime European offices (1.3 million sq ft) in core locations with an asset level NOI of US$48.2m and a WALT of 6.2 years CBRE teams from Capital Advisors and Investment Properties in France, Germany and the UK worked seamlessly alongside Deutsche Bank US team to provide comprehensive advisory services to AXA IM The consideration paid by AXA IM is a combination of US dollars, euros and pound sterling, with NRE entering into a 6-month forward contract to settle the non-US denominated portion of the purchase price into US dollar at closing. The estimated consideration reflects a gross asset value broadly in line with the most recent portfolio valuation, the 31 March 2019 EPRA NAV being reduced for a number of corporate adjustments: (i) termination payment of external management agreement, (ii) transaction cost, (iii) issuance of compensation and retention shares, (iv) performance share vesting, (v) FX movements and (vi) cash flow movements until estimated closing
PAN-EUROPEAN LOGISTICSPROJECT ROSE CBRE ADVISED ON THE RESTRUCTURING AND RECAPITALISATION OF A PAN EUROPEAN LOGISTICS PLATFORM PORTFOLIO AREA BY GEOGRAPHY
KEY INVESTMENT HIGHLIGHTS
OWNED LAND
The expansion of logistics supply chains, has driven unprecedented performance in occupational markets;
(351 HECTARES)
Attractive mix of high value income producing assets, new development and expansion opportunities;
UK Ireland
Proven track record in:
Spain
Sourcing and promoting strategically located land and delivering modern, logistics buildings;
Poland
Developing and maintaining deep relationships with key customers.
IDENTIFIED LAND
Ambition to roll-out successful business model at scale across Europe and create a + 6bn value business by unlocking new opportunities in existing and new cities;
(380 HECTARES)
UK Spain
Best in class team regionally structured across the UK, Ireland and Continental Europe, operating with a total of 18 professionals in 7 countries. TRANSACTION DESCRIPTION
KEY FACTS Q1 2019
Completed ( bn)
Enterprise Value
1.2
Ongoing Structure
75:25 partnership
Vendor
Confidential
Buyer
Confidential
PORTFOLIO Size Day 1
(sq. m.)
Year 10 (sq. m.) GDV
( bn)
Seed Assets Location
c.85,000 c.3,400,000 6.6 UK, France, Spain, Poland
CBRE was engaged to advise on the options for a logistics partnership. Option analysis: • Platform Sale • Restructuring Context and value drivers: • Market trends in Logistics; • The level of risk and opportunity associated with Optioned Land; • Platform growth potential including development pipeline; • Commercial strategy and management capabilities. Comprehensive corporate valuation: • Real Estate; • Option Land Business; • Management Company; • Platform Value (Premium). Both parties’ focus was to understand and crystallise the value of its interests fairly in the context of an ongoing partnership. CBRE advised on the quantum and allocation of value between the two parties. The price achieved represents a c. 20% premium to the day 1 NAV.
@ 2020 CBRE Inc.
DB SYMMETRY CBRE WERE THE LEAD FINANCIAL ADVISOR ON THE SALE OF ONE OF THE UK’S LARGEST STRATEGIC LOGISTICS DEVELOPMENT PLATFORMS DB SYMMETRY BIGGLESWADE
KEY INVESTMENT HIGHLIGHTS Specialist logistics development platform Strong management team with proven sourcing and promotion capabilities including: establishment of current portfolio, 11 million sqft of consents secured in last 3 years, 100% logistics planning success track record Secured development portfolio comprising in excess of 2,500 acres and capable of delivering in excess of 38 million sqft located on the M1, M40, M6 and M62 motorway arteries. Efficient capital structure through use of land options and enhanced yield-oncost in a develop-to-core strategy. Supportive market dynamics based on demand supported by technology driven tailwinds and structural undersupply of warehouse stock
KEY FACTS
Key component of a develop-to-core strategy in logistics, benefiting from a strong secular trend
Completed
Q1 2019
Enterprise Value
£370 million
Structure
Corporate sale of the business
Vendor
DV4 and Management Shareholders
Buyer
Tritax Big Box REIT
Business
Specialist logistics development business comprising 4 shareholder directors, 9 further professional staff and 11 support staff operating from offices in Northampton and Manchester
PORTFOLIO
No.
Net acres
Sqft (m)
Consented developments
7
248
3.3
- Of which under development
5
29
0.6
Strategic land
1
1,613
34.4
Non-strategic land
3
188
-
OPPORTUNITY CBRE was engaged by DV4 and Management Shareholders as lead financial advisor to secure a purchaser for this market leading logistics development and strategic land platform Significant investor education process to understand: • The underlying demand/supply imbalance in the UK logistics development and investment markets; • Planning risk, and options structures • Develop-to-core strategy and economics • Management capabilities and track record The selling Shareholders’ objectives were to optimise value and put the business on a firm footing for the next phase of its evolution as a specialist logistics developer. The proves attracted a high degree of interest from strategic investors in logistics real estate, institutional investors and private equity with strategies including securing the development portfolio for their investors and transforming the business into a full service logistics investment and development platform. The winning purchaser, Tritax Big Box REIT, is a specialist FTSE 250 investor in logistics assets that was attracted by the pipeline and its capacity to add attractive high quality assets to their portfolio overtime, the enhanced yieldon-cost relative to the investment market and attractive capital structuring through the use of options, and the development experience of the management team
@ 2020 CBRE Inc.
C O N TA C T S
GRETCHEN YUAN Executive Director Capital Advisors Asia +852 6506 9169 gretchen.yuan@cbre.com
© 2020 CBRE Inc.
@ 2017 CBRE Inc.
SUE YU Associate Capital Advisors Asia +852 2820 2875 sue.yu@cbre.com