On its Q1 2021 earnings call, CEO Owen Thomas announced that Boston Properties is forming a JV with two unnamed sovereign wealth funds to form a $2 billion investment venture.
The investment venture will help Boston Properties better compete for opportunities in its core markets, which remain competitive, according to Thomas. Thomas said the partnership will help the REIT enhance its financial resources, execution speed and return. The company will announce the completion of the alliance and the participants once documentation is complete. That is likely to occur in the next month.
The REIT and its partners will commit up to $1 billion each and have the opportunity to invest one-third of the equity in each identified deal at their discretion. In addition to providing all real-estate services, Boston Properties will commit its acquisition deal flow to the partnership subject to a specific carve-out.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
