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Essential IR Insights Newsletter - February 2023

Starwood/Interval Leisure delay merger closing; ARC Healthcare Trust III launches strategic review

Commercial real estate

*Iron Mountain Inc.said it completedits roughly $2 billion acquisitionof Australia's Recall Holdings Ltd. in a primarily stock transaction. However,the acquisition of Recall's U.K. business remains subject to regulatory review.

*Starwood Hotels & ResortsWorldwide Inc. and Interval Leisure Group to close their in May, subject to thesatisfaction or waiver of customary closing conditions, instead of theanticipated April 30 closing date. The deal will have a totalvalue to Starwood of about $1.5 billion, as previously reported.

*American Realty CapitalHealthcare Trust III Inc.'s board decided to conduct a strategicreview process to determine available strategic alternatives for the company tomaximize long-term shareholder value, according to a . The company's board formed aspecial committee that comprised independent directors for the initiative.

*Preferred Apartment CommunitiesInc. saidit paid about $68.7 million to acquire six grocery-anchored retail shoppingcenters in three states, namely Georgia, South Carolina and Alabama. Theproperties cover about 535,000 rentable square feet.

*Modern Land (China) Co. ramping up efforts to invest in the U.S. real estate market with theformation of anaffiliate company that will be based in Houston. AMG Capital LLC will targetclass A urban multifamily developments in high-growth cities as well as supplyconstrained markets.

According to its website,the newly established company will also focus on high-quality offices, luxuryhotels and urban in-fill lands.

*Toll Brothers Inc.unit Toll Brothers City Living is targeting a $503.5 million sellout at its133-unit condominium project at 122 E. 23rd St. in Manhattan, N.Y.'sneighborhood of Gramercy, The Real Deal reported,citing an offering plan filed with the attorney general's office.

*Law firm Milbank Tweed Hadley & McCloy intends to take 250,000 square feetof space at 55 Hudson Yards in Manhattan, the Commercial Observer reported.

The1.3 million-square-foot office tower is being developed by partners 's MitsuiFudosan America, the Related Cos. and Oxford Properties Group, and is scheduledto be completed in 2018, as reportedpreviously.

*Virtu Financial has acquired Jehovah's Witnesses' 124 Columbia Heights propertyin the Brooklyn Heights neighborhood of Brooklyn, for $105 million, The Real Deal reported,citing recently filed property records. The dormitory building contains 152,670square feet.

*Jenel Management filed plans to build a 19-story 174,000-square-foot officebuilding at 540 Fulton St. in downtown Brooklyn, according to a reportfrom The Real Deal.

After the bell

*Summit Hotel Properties Inc.hiked itsfirst-quarter cash dividend 12.8% quarter on quarter.

*AmeriCann Inc., which owns medical cannabis facilities, said that its boardunanimously approveda plan to pursue conversion to REIT status. The company said it hopes todevelop and own "a significant portion" of an estimated $27 billionin real estate that the cannabis industry will require nationwide.


*Berkshire Hathaway Inc.unit Clayton Homes Inc.saidit acquired Goodall Homes, a Gallatin, Tenn.-based homebuilder. Financialdetails of the acquisition were not disclosed. Clayton Homes previouslyacquired aGeorgia-based homebuilder called Chafin Communities in an approximately $50million deal in November 2015.


*The Associated Press reportedthat a federal jury has acquitted Charles Lightbody and two codefendants in acase related to a 33-acre land in Everett, Mass., which is the site ofWynn Resorts Ltd.'splanned casino.

Lightbodyand the codefendants, Anthony Gattineri and Dustin DeNunzio, were accused offraud and trying to hide a convicted felon's holding in the land.

The day ahead

Earlymorning futures indicators pointed to a higher opening for the U.S. market.

InAsia, the Nikkei 225 declined by 3.11% to 16,147.38.

InEurope, around midday, the Euronext 100 was higher by 0.41% to 873.42.

On the macro front  

Theconstruction spending report, the PMI manufacturing index, the ISMmanufacturing index are due out today.

Now featured

:The April 29 weekly news roundup in the North American real estate space alsofeatures a gaming REIT capping off its roughly $1.1 billion IPO, spinoff updatesby two companies and a handful of high-value deals on the property front.

:The 10 most read real estate articles for the week ending April 29.

:Our real estate editors' picks for the best stories of the week ending April 29.

:The April 29 North American property news roundup also features Ontario assetsales by InterRent for approximately C$21.2 million and the $28.3 millionacquisition of a distribution center by Jones Lang LaSalle Income PropertyTrust.

The Daily Dose is updated asof 7:30 a.m. ET. Some external links may require a subscription. Articles andlinks are correct as of publication time.