Forma Real Estate Funds’ Post

Lewis Ellis have been busy in the long income alternatives sector, having recently acquired two investments on behalf of institutional clients for a combined total of £72.15m. The Hub by Premier Inn, Westminster – One of The Hub's top performing hotels in the UK, acquired for CBRE Investment Management. The investment provides a 30-year unexpired term to Premier Inn Hotels Limited, guaranteed by Whitbread Group Plc. Please see the following Green Street News article for further information: https://lnkd.in/edDZVPNv VW, Brentford – VW’s UK flagship car dealership, acquired for Schroders. The investment provides a 17-year unexpired term to Volkswagen Group UK Limited and is fully underpinned by a variety of alternative uses. These investments represent minimal risk and benefit from growing, secure income streams. We continue to review further opportunities for a number of capital sources as we believe that there remains a cyclical opportunity to acquire within the sector at good value. Jamie Whitelaw James Elkington Julian Gallagher James Grasby

🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨 We want to signpost some changes being made to two elements of the Shared Ownership CFG chapter in section 5, headed Leases. These have been updated TODAY The CFG changes are summarised below: They have been agreed with Ministry of Housing, Communities and Local Government to strengthen Homes England guidance around #Sharedownership homes impacted by building safety issues to offer more flexibility and fairness to affected shared owners. This builds upon/adds further clarity to the CFG changes published on 19 December 2023. 🏠 Sub-letting – sections 5.3.21 to 5.3.23; for all sub-letting arrangements the changes made include; 1️⃣ Encouragement to offer periodic tenancies to provide greater flexibility rather than looking to establishing sub-letting arrangements for fixed periods of time. 2️⃣ Clarification on the rent that can be charged and a requirement for an annual rent review mechanism to be agreed. 3️⃣ Specifically for homes affected by building safety, the ability to charge up to a market rent (not just cover their Shared Ownership costs) to reflect that such homes may incur additional costs. 🏠Resale valuations (sections 5.3.37 to 5.3.39) 1️⃣ Clarification on the circumstances where a RICS valuation is and is not required. Guidance on the timing of the requirement for valuations to be updated once expired in order to reduce the costs for shared owners. 2️⃣ Further clarification on the options available for providers where a RICS valuation is not required (i.e., resales at the same share outside the nomination period). 3️⃣ For Shared Ownership homes affected by building safety issues there is also (i) more detailed guidance for providers where only a sale below valuation is possible to reduce the potential financial impact on the shared owner (ii) a reminder of other options for such homes if a sale is not possible. We will be discussing this in tomorrows session around Resales with the team at Homes England Kelly McCabe Amy Nettleton You can book your spot here if needed;⬇️ https://lnkd.in/e43Uz9es

***CPD EVENT NOTIFICATION*** The Tenant Representation Advisors Society invites TRADS Members to attend a CPD breakfast briefing event tomorrow (Tuesday 4th June) hosted by Forsters LLP at 22 Baker Street, W1. Time: 08:00 – 9:30 Venue: Forsters LLP, 22 Baker Street London W1U 3BW Green Leases - what is the state of play? It is a few months on from the recent launch of the Better Building Partnership updated Green Lease toolkit (January 2024). With this updated resource, Forsters LLP will host a timely presentation and discussion on the current state of play in green leasing – from an occupiers perspective – exploring questions such as: • What can occupiers expect from landlords? • What is the “market” position? • What is the position on statutory renewal? • How can representatives cut through negotiation and delay at heads of terms stage? • Where is the “market” heading? Forsters corporate occupier team will share their own experience of recent negotiations, and it is hoped that attendees will be open to share their own experiences, as well as thoughts on the way forward and reflections on the toolkit. Please RSVP by either responding to this email or registering via our new event portal: https://lnkd.in/eqXewwff Want to attend and not a TRADS Member? If you advise predominantly tenants, why not join the Society by contacting The TRADS Committee (admin@trads.uk). We look forward to seeing you there. The TRADS Committee

S-REITs Recap - Week 48 🪙Elite UK REIT Enters Into Contract To Divest Hilden House, Warrington 🪙Mapletree Logistics Trust Divests Two Properties in Japan 🪙Digital Core REIT - Responses to Unit holders on Relevant Questions raised on 4 December 2024 EGM 🪙IREIT Global Secures A 20-Year Hospitality Lease Contract With UK's Largest Hotel Chain, Premier Inn, In Berlin Campus To Operate 270 Rooms See detail announcements here: https://lnkd.in/gBfeXKyN #reitsavvy #reitnews #reit See previous week recap here: https://lnkd.in/gxmPDmZg Thomas Chai, CFP® Xavier Koh Kai Jie Loh Geoff Howie Regina Choo Hock Beng 🇸🇬

Starwood’s $10 Billion REIT turns to survival mode as real estate pain lingers. But it is betting big on hotels. In order to survive new restrictions are expected to last six months to a year and Starwood will reduce its management fees. Billionaire founder Barry Sternlicht is convinced the real estate market will rebound with just a bit more time. Many investors in his $10 billion Starwood Real Estate Income Trust aren’t so sure and want their money back now. Starwood Capital Group was co-founded by Sternlicht and Robert Faith in 1991. In 1993, Faith left Starwood to found Greystar Real Estate Partners. Starwood is nowadays a big player in the hospitality industry as owner-operator and landlord. In 1994, in partnership with Goldman Sachs, the company purchased Westin Hotels & Resorts in a $561M transaction. In January 1995, Starwood purchased Hotel Investors Trust, an almost-bankrupt real estate investment trust. . In 2005 Starwood acquired Groupe du Louvre, a French hotel group with 1.700 hotels and sold the group to Chinese JinJiang in 2015 for €1.2Bn. Starwood received a majority ownership stake in Riviera Holdings, owners of the Riviera hotel and casino in Las Vegas, Nevada and Riviera Black Hawk in Black Hawk, Colorado, after a bankruptcy reorganization. Between 2013 and 2014, Starwood also acquired three British hospitality groups: De Vere Group for £232M, Four-Pillars Hotels for £90M, and Principal Hayley Group for £360M. Recently Starwood acquired the UK portfolio of 10 privately owned Radisson Blu Hotels from Edwardian for €930M. In the Netherlands Starwood is the landlord of Yotel in Amsterdam Noord. Starwood owns 30% of the operation company of Yotel. #REIT #Starwood #starwoodcapital #Yotel #Yotelamsterdam #hotelsinamsterdam #GrouoeduLouvre #JinJiang

The socimis AC Residencial and Smart Kitchens Properties have been incorporated this Wednesday to the Portfolio Stock Exchange (Portfolio SE), which already has nine listed companies. Pérez-Llorca has advised AC Residencial Socimi and Smart Kitchen with a team formed by Josefina Garcia Pedroviejo, financial services partner; Yolanda Azanza, finance and capital markets partner; Jose Azqueta Nerecan, tax partner; Enrique Hernández González, lawyer; Jesús Almarcha Jaime, lawyer and Diego Samuel Arroyo Uribe, lawyer. Read the full article >> https://lnkd.in/dbyFApBE #IberianLawyer #legaladvisor #incorporation

Fine Grain Property are delighted to announce the acquisition of Connaught House, a Grade A office building on Dublin’s Burlington Road, located in the heart of the city’s innovation hub alongside global leaders like Amazon, LinkedIn, and Stripe.   🏢 Key Highlights: - Prime Asset: 116,000 sq. ft. across seven storeys with clients (tenants) including Alkermes Pharma Ireland Limited, Philip Lee LLP, and CBRE Ireland. - Value-Add Opportunity: 86% occupied with plans to invest €10 million to enhance sustainability and achieve a BER B1 energy rating. - This acquisition grows our Irish portfolio to 21 properties worth over €370 million, supporting workspaces for over 10,000 jobs.   "Connaught House reinforces our mission to deliver sustainable, best-in-class workspaces that meet occupier needs while driving strong returns."   https://lnkd.in/dKqQ36TB Well done to all the Fine Grain Property team in particular Darragh Lennon and Ronan Keogh, as well as our partners: A&L Goodbody LLP: Paul Diggin, Gerard Carrigg, Niamh McMahon, Maebh Doyle, Aoife Muldoon Bank of Ireland: Dave Mountjoy, Richard Morrow, Gary Brooks #RealEstate #Sustainability #FineGrainProperty #DublinInnovation #FDI

Here’s your daily round-up of the latest news and views from EG. 🤝 The day kicks off with two big M&A deals. SEGRO plc has agreed the terms of a £552m takeover of Tritax EuroBox plc. Announcing the recommended deal, the companies said it was “a compelling opportunity for shareholders in both companies, delivering a significant uplift in value for Tritax EuroBox shareholders and adding a portfolio of well-diversified and high-quality logistics assets to SEGRO’s portfolio on attractive terms”. Next, Starwood Capital Group is set to buy Balanced Commercial Property Trust LTD Trust for £673m. The deal would mark the end to a challenging period for the fund, which pushed it to put itself up for sale. But BCPT manager Columbia Threadneedle is unconvinced, saying: “We are disappointed by the board’s decision to recommend the offer, as we believe there remains considerable upside to the portfolio of assets, particularly at this point in the market cycle, which we would like all long-term shareholders to benefit from.” 🏘 London faces some tough decisions about how to tackle its housing crisis, says Peter Mason, the leader of Ealing Council (London Borough of Ealing), and that means a “bigger and bolder conversation” about demand and supply in a global city. “One of the challenges that London is going to face, particularly over the next 10 to 20 years, is making sure that the type of growth that we achieve is both sustainable and equitable,” Mason says in an interview with EG. “Part of that is about admitting that in London as a whole, some of our greatest strengths are also our greatest weaknesses. The extent of the green belt and the grey belts, the constraint of housing growth in London, means that we must have some very uncomfortable conversations about density.” 🏢 London’s office market too continues to pose problems. Workers in central London now spend more than half of the working week – an average of 2.7 days – in the office, placing the capital behind Paris, Sydney, Singapore, New York and Toronto. Andrew Carter, chief executive of Centre for Cities, the think tank that crunched those numbers, says bringing more people back to the office will boost the city’s productivity and competitiveness. “London has huge assets – world-class public transport, deep labour markets and lots of cutting-edge firms,” he says. “Encouraging more people back to the office, to be in line with other global cities, will enable the capital to continue to play the important national and international roles in the future.” 🗞 There’s also news on Legal & General’s new London HQ; a first look inside Art-Invest Real Estate’s Canada Water scheme; and Liverpool’s search for a partner for its £300m Festival Gardens masterplan. All this and much more here. https://lnkd.in/e5-We5mT

#GTLondon’s Real Estate Practice have launched their Spring 2024 newsletter, providing an update on a range of legal and practice developments affecting stakeholders across the real estate sector. This issue includes a snapshot of some trends likely to influence the real estate landscape in 2024, a look at some key financial regulatory developments on the horizon which will impact real estate funds, an overview of high street rental auctions, an analysis of a recent decision focusing on the 'redevelopment' ground under the Landlord and Tenant Act 1954, and takeaways from the High Court’s recent decision to sanction a Part 26A restructuring plan relating to Project Fürst in Berlin. Thanks to our editors Matthew Priday, Danielle Martin and Rachel Whittaker, and our numerous contributors: Ashia D. Adams, Steven Cowins, Marc Snell, Tim Dolan, Sue Wilson, Dominic Provis, Ailish Foad, Emily Chen, Kati Beckmann, Wietse de Jong, Peter Zingel, John Houghton, Rupert Cheetham, Mollie O'Connor, Florian Roesch, Dr. Sara Berendsen, and Jakob Methodius Jürgensen. #GTNews #RealEstate #Funds #Regulatory #Restructuring

"Seattle Commercial Real Estate Expert Cody Morrison Joins JLL" Read the full article below..