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Tuesday, 23 May 2017

China Life Takes Big Stake in Net-Leased Property Portfolio

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China Life Insurance Group, the largest insurer in China, has acquired a 95 percent stake in a portfolio of 48 properties with 5.5 million square feet owned by ElmTree Funds, a St. Louis investment manager that specializes in the net-leased property business.

The transaction values the portfolio of industrial, medical-office and healthcare properties at some $950 million and gives China Life "immediate scale and diversification in the U.S. market," according to Jim Koman, managing principal and founder of ElmTree, which sponsors a series of funds and separate accounts. Among its big investors is the Michigan Municipal Employees' Retirement System.

The transaction is effectively a recapitalization of the 48 properties, all of which are owned by ElmTree Net Lease Fund II, which had raised $325 million of investor commitments in capital-raising that was completed in 2014.

ElmTree's venture with China Life also has an option under...





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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Industrial, Office
  • Subject: Property Acquisitions (ACQ)
  • Private: Yes
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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