格林大街

2023年2月6日

b为什么15美元保值资本交易改变了形象奥特曼Gerd通过pixabay.com几个月可以带来多大的变化。当净租赁REIT商店的计划以140亿美元收购资本GIC和橡树街宣布在9月中旬,我们采访了一些专家观察员的净租赁市场的交易。在大多数情况下,他们表示惊讶,考虑到环境(甚至)上升的利率和增加对整体经济的担忧。不过,他们也表示,他们希望看到更多的私有化和净租赁行业的并购活动。现在,这笔交易已经完成,作为最后的星期五在大约15美元billion-we能够重新追上来两个专家从去年秋天,看看他们的观点的市场是否有改变,大约五个月后。斯宾塞Allaway商业地产分析公司高级分析师格林大街,Haendel圣的字眼是董事总经理&美国瑞穗证券分析师。开始,没有看到这笔交易是一个衡量外国投资者对美国商业地产,在很大程度上因为新加坡政府投资公司,新加坡主权财富基金,稳定投资者属性至少十年。已经是什么气候,或者食欲,这样巨大的CRE交易以及也许一个更微妙的赞赏的具体存储资本私有化。高级分析师,斯宾塞Allaway净租赁、游戏和自存,格林大街。图片由格林大街的一个关键因素底层存储资本交易,Allaway说,“新加坡政府投资公司橡树街杠杆的REIT的能力对其外部增长和价值创造最大化传播平台。“虽然成本的债务大幅增加交易宣布以来,她继续说道,“REIT的AAA级大师资助笔记应该仍然是一个的价格诱人资本基金增长来源。”然而,更广泛地说,Allaway补充说,大多数公司的债务成本”增加了物质在最近几个月,挤压潜在的投资回报。 While more deals are possible, increased costs of capital have likely reduced the attractiveness of potential M&A.” St. Juste points out that given the changes just since last fall, the STORE deal would be priced very differently now, because of the cost of debt, recession risk and other factors. He suggests that we can probably rule out another privatization in the net lease sector for now, though not necessarily a public-public deal. From a portfolio composition perspective, Allaway says, net lease companies that are more diversified, with smaller office and troubled retail holdings, such as theaters and gyms, are more likely to be M&A targets. A wider view The net lease market overall saw “a flood of investment from institutional players in 2021, namely from private equity funds,” Allaway says. And given the very low rates at the time, she says, “net lease investments were a very attractive place for yield-seeking investors. In particular, highly levered players like private equity shops were able to outbid the net lease REITs on many deals in 2021 and achieve relatively high cash-on-cash returns.” Looking ahead, Allaway foresees increasing institutional appetite for net lease, “especially as investors continue to seek a yield alternative to fixed income in recent years.” Haendel St. Juste, Managing Director & Senior Equity Research Analyst, Mizuho Securities USA. Image courtesy of Mizuho Securities USA “Buyer interest, at least on the private side, is down,” St. Juste says, noting that a lot of private equity players, such as Starwood, KKR, Blackstone and their peers, are more on the sidelines now, in part because they’re seeing redemption requests. While there’s relatively more investor interest in industrial and multifamily assets, and even in pockets of retail (such as grocery-anchored centers), large deals and M&A are more challenging because it’s harder to access capital. The timing of last September, when the STORE Capital deal was announced, was “almost ideal” in terms of pricing, he says, but now “There’s kind of a standoff going on,” because of the dislocations in values and cashflows of the past several months. “Sellers want yesterday’s price. Buyers want today’s price,” is how St. Juste puts it, adding, “It’s almost always the sellers who blink.” A private REIT, for example, might be under pressure to sell, and so too might a merchant builder.