The Anatomy of Public Corruption

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Showing posts sorted by relevance for query Real Estate Investment Trusts. Sort by date Show all posts

Willkie: Real Estate Department represented longtime client Colony Capital

Connecting Success Factors to Bennett

The Dubious Phone Call and Time Wasting Project
The folks at TPG will have to answer to my Whistleblower Complaints on the truly odd collection of RFPs emanating from companies connected to Richard Blum, William McGlashan, CBRE, Regency Centers, Trammel Crow, Lennar, Catellus.

My story is about witness murders, private equity, mergers and acquisitions linked back to the Matter of Bennett v. Southern Pacific lost in 1989.  It was a winnable case as long the witnesses testified.  

Colony Capital Acquires National Industrial Real Estate Portfolio For $1.16 Billion

March 7, 2019
Real Estate Department represented longtime client Colony Capital, Inc. in its acquisition of a national portfolio of 54 light and bulk industrial buildings.
On March 5, affiliates of Willkie client Colony Capital, Inc. (NYSE: CLNY), a diversified global real estate investment firm, announced the acquisition of a national portfolio of 54 light and bulk industrial buildings for $1.16 billion. 
This value-add portfolio is located across 10 U.S. markets, totals approximately 11.9 million square feet, and is 71% leased. Forty-eight of the buildings are last-mile light industrial and were acquired through Colony’s existing light industrial platform. The remaining six buildings are bulk industrial and were acquired through a newly formed joint venture in which Colony Capital has a 51% interest and a third-party institutional investor has a 49% interest.
Based in Los Angeles, Colony Capital is a leading global investment management firm with assets under management of $43 billion. The company, with over 400 employees across 17 locations in 10 countries, manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, non-traded and traded real estate investment trusts and registered investment companies. 
The Willkie deal team was led by partners Thomas Henry and Daniel Backer
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Combining the two REITs will result in an entity that will have warehouse and distribution centers valued at $21 billion.

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Catellus to Be Bought by ProLogis

Combining the two REITs will result in an entity that will have warehouse and distribution centers valued at $21 billion.

June 07, 2005|Roger Vincent | Times Staff Writer

Catellus Development Corp., one of California's largest private landowners thanks to a lineage that dates to the earliest days of railroads in the West, has agreed to be sold for $3.6 billion in cash and stock to warehouse and distribution giant ProLogis.

Both companies are real estate investment trusts that develop and operate industrial properties. Catellus also owns Union Station in Los Angeles and a portion of the residential and office development at Mission Bay in San Francisco.

ProLogis will continue to develop Catellus' properties, including Kaiser Commerce Center, a 588-acre former Kaiser steel mill in San Bernardino County near truck routes that serve the ports of Los Angeles and Long Beach. Catellus also is constructing office buildings at Los Angeles Air Force Base in El Segundo with Kearney Real Estate Co.

Under terms of the deal, ProLogis would pay $33.81 a share, a 16% premium over Catellus' closing price Friday, or 0.822 share of ProLogis for each Catellus share. The total value of the deal is $4.9 billion including debt, the companies said, and marks the biggest U.S. real estate acquisition of 2005.
The announcement drove Catellus' shares up $3.75, or 13%, on Monday to $32.99. ProLogis' shares fell $1.26 to $40.11.

The combined company would have more than 350 million square feet of warehouse and distribution centers valued at $21 billion.

"Catellus has the best industrial portfolio in the United States," said Jeffrey H. Schwartz, chief executive of ProLogis. The majority of Catellus' holdings are in California, which Schwartz called the top industrial real estate market in the country, with six times more buildable land in the state than ProLogis.
"We wanted a much larger presence in Southern California, and that was a driving reason to do this" acquisition, Schwartz said.

Catellus is "one of the most aggressive of the developers of new industrial land at the moment," Jim Ulmer, a senior vice president at Baltimore-based LaSalle Investment Management, told Bloomberg News. LaSalle owns 3.2 million shares of ProLogis and no Catellus shares.

"It's a good deal for Catellus, and it's a very good deal for ProLogis," he said.

Nelson Rising, chairman and chief executive of Catellus, said, "We believe this is an excellent way for our shareholders to realize the value of the platform we have built and to participate in the future growth of ProLogis."

Rising, 63, has been Catellus' CEO since 1994 and previously was a senior partner at Maguire Thomas Partners, where he was in charge of major Los Angeles projects including the Library Tower and Playa Vista. Rising, whose 1.4% stake in Catellus is worth about $47 million, would join ProLogis' board of directors, but he would not have a management post.

Catellus' president of commercial development, Ted Antenucci, would become president of global development for ProLogis. Schwartz declined to speculate on possible layoffs of Catellus employees.
The union of the two companies "is very complementary in terms of what they bring to the table," said John Long, chairman of the Richard S. Ziman Center for Real Estate at UCLA and a private real estate investor through Highridge Partners and Golden Boy Partners.

Catellus, based in San Francisco, has a huge inventory of land and expertise at getting government approvals for new construction, while ProLogis is a respected large-scale developer, Long said.

Aurora, Colo.-based ProLogis owns and manages 2,043 warehouse and distribution centers totaling 310.8 million square feet in North America, Europe and Asia. Its customers include FedEx Corp., Home Depot Inc., General Electric Co., Sears Holdings Corp., Unilever and Wal-Mart Stores Inc.
Catellus became a REIT at the start of last year as it shifted its focus to building and operating industrial parks instead of developing urban mixed-used projects such as Union Station and Santa Fe Place in San Diego. It has 40.6 million square feet of property, mainly distribution centers, across the U.S.
Santa Fe Pacific Corp. spun off Catellus to shareholders in 1990.

But the company's roots and gigantic land holdings date to the 1850s, when civil engineer Theodore D. Judah built a 23-mile line called the Sacramento Valley Railroad. It later became the Central Pacific Railroad, the first to conquer the Sierra Nevada. In 1869, the line linked up with the Union Pacific, coming from the East, with the driving of the famed golden spike at Promontory Point, Utah.

As part of its mandate for a transcontinental railway, the federal government gave the railroad builders vast tracts of land as an incentive to complete the historic rail linkage.
Later, with its name changed again, this time to Southern Pacific, the railroad heavily promoted its territory in the West to attract residents and businesses and became one of the most powerful players on the economic scene in 19th century California.

pcb_todo
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David R. Lukes President, CEO & Director,SITE Centers Corp.

Executive Profile*

David R. Lukes

President, CEO & Director,SITE Centers Corp.
AgeTotal Calculated CompensationThis person is connected to 19 board members in 3 different organizations across 6 different industries.

See Board Relationships
48$7,690,709
As of Fiscal Year 2017

Background*

Mr. David R. Lukes has been the Chief Executive Officer and President of SITE Centers Corp. since March 2, 2017. Mr. Lukes has been Chief Executive Officer and President of Retail Value Inc. since February 14, 2018 and its Director since April 2018. He served as the Chief Executive Officer of Equity One, Inc. at Gazit Globe Ltd. from June 02, 2014 to March 2017 and its President from December 31, 2016 to March 2017 and Executive Vice President from May 31, 2014 to June 2, 2014. He served as the President of Real Estate Development at Sears Holdings Corporation since March 2012. He served as the Chief Executive Officer and President at Olshan Properties (formerly Mall Properties, Inc.) from May 2010 to April 2012. From 2002 to 2010, he worked in various senior management positions at Kimco Realty Corporation. He served as the Chief Operating Officer at Kimco Realty Corporation from November 2008 to April 23, 2010 and served as its Executive Vice President until April 23, 2010. He served as the Chief Executive Officer and President at Seritage Realty Trust. He served as an Executive Vice President at Kimco where he held the responsibility for the financial performance of the U.S. and Puerto Rico portfolios as well as direction of the Redevelopment and Specialty Leasing Departments. Prior to joining the firm, he served as Development Director at Myers Development Company in San Francisco, where he was responsible for the entitlement, pre-development, leasing and construction of several mixed-use and high-rise properties. He has been a Director of DDR Corp. since March 2, 2017. He serves as a Director of Citycon Oyj. He served as a Director of Equity One, Inc. since June 2, 2014. Mr. Lukes holds Master of Real Estate Development from Columbia University, a Master of Architecture from the University of Pennsylvania and a Bachelor of Environmental Design from Miami University.
\

Corporate Headquarters*

3300 Enterprise Parkway
Beachwood, Ohio 44122

United States
Phone216-755-5500
Fax216-755-1500

Board Members Memberships*

2017-Present
President, CEO & Director
2017-Present
Director
2018-Present
President, CEO & Director

Education*

Master's Degree
Columbia University
Master's Degree
University of Pennsylvania
Bachelor's Degree
Miami University

Other Affiliations*

Annual Compensation*

Salary$705,064
Bonus$1,154,195
Total Annual Compensation$1,859,259

Stock Options*

Restricted Stock Awards$5,624,143
All Other Compensation$57,833

Total Compensation*

Total Annual Cash Compensation$2,066,566
Total Calculated Compensation$7,690,709
*Data is at least as current as the most recent Definitive Proxy.
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The CPP Investment Board was established by an Act of Parliament in December 1997.

Connecting Investment Funds to Private Equity to Real Estate Investment Trusts to Homelessness, Tragedies and Wall Street Landlords. 


The CIO's are so focused are return on investment they never notice that where their money goes the fires, the shootings and homeless tent cities go as they displace older but affordable housing with overpriced housing that displaces the sick, disabled and lower wage workers. 

The CPP Investment Board was established by an Act of Parliament in December 1997.
We are accountable to Parliament and to federal and provincial ministers who serve as the CPP stewards. However, we are governed and managed independently from the CPP itself, and operate at arm’s length from governments.
We take our responsibility to Canadians very seriously and operate with a clear mandate – to maximize returns without undue risk of loss.

Our detailed mandate and objectives
Our mandate is set out in legislation. It states that:
  • We invest in the best interests of CPP contributors and beneficiaries.
  • We have a singular objective: to maximize long-term investment returns without undue risk, taking into account the factors that may affect the funding of the Canada Pension Plan and its ability to meet its financial obligations.
  • We provide cash management services to the Canada Pension Plan so that they can pay benefits.

Our unique structure
The CPPIB mandate is based on a governance structure that distinguishes us from a sovereign wealth fund. We have an investment-only mandate, unencumbered by political agendas and insulated from political interference in investment decision-making. Our management reports to an independent Board of Directors.
In carrying out our mandate, we aim to continually develop, execute and enhance the investment strategy that balances prospective risk and reward in order to ensure the long-term sustainability of the CPP Fund.
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Essex Property Trust and BRE Properties / Real Estate Trusts in $4.34 Billion Merger

Connecting Essex Property Trust  Bennett

The Dubious Phone Call and Time Wasting Project



The folks at TPG will have to answer to my Whistleblower Complaints on the truly odd collection of RFPs emanating from companies connected to Richard Blum, William McGlashan, CBRE, Regency Centers, Trammel Crow, Lennar, Catellus

My story is about witness murders, private equity, mergers and acquisitions linked back to the Matter of Bennett v. Southern Pacific lost in 1989.  It was a winnable case as long the witnesses testified.  
xxxx2








Real Estate Trusts in $4.34 Billion Merger



Essex Property Trust, a residential real estate investment trust with a strong California presence, has agreed to acquire another West Coast residential REIT, BRE Properties, for $4.34 billion.
The merger would create the “only publicly traded West Coast pure play multifamily REIT,” with properties in the lucrative – thanks to the technology industry – rental markets of San Francisco and Seattle, among others.
Essex, based in Palo Alto, Calif., has ownership interests in 163 multifamily properties as well as in an additional 11 properties in various stages of development. BRE, based in San Francisco, owns 75 multifamily communities (totaling 21,396 homes) and has a joint venture interest in an additional apartment community (totaling 252 homes).
“By combining the strengths of the two platforms, which have a significant geographic overlap, we expect to realize operating efficiencies and further enhance our growth profile,” Michael Schall, Essex’s chief executive, said in a statement.
Under the terms of the deal, each common share of BRE will be converted into 0.2971 of a newly issued share of Essex common stock plus $12.33 in cash, or about $56.21 a share. The terms are the same as when the two companies disclosed on Dec. 9 that they were in merger talks.  Essex says it has obtained committed financing of $1 billion for the deal.
UBS advised Essex and provided half of the bridge financing. Goodwin Procter acted as legal adviser. Citigroup acted as financial adviser and as administrative agent of the bridge facility.
Wells Fargo and the law firm Latham & Watkins advised BRE.
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