בעמוד זה ריכוז הודעות ועדכוני Profimex ושותפיה האסטרטגיים בנושא משבר הקורונה והשפעתו על השקעות נדל”ן בכלל והשקעות Profimex בפרט – חודש אפריל 2020.
As we have previously explained, amid the COVID-19 global pandemic, our immediate goal is to continue to work with our strategic partners in monitoring our existing assets to protect our investors invested capital
Since our last communication relating to coronavirus (COVID-19) pandemic, the situation and its impact on our country and world and of course our portfolio has evolved dramatically. Like many other businesses, we have experienced a dislocation in the operation of our leasing and management operations, but have been most negatively impacted by the closure or workforce reductions of the businesses that employ our residents
According to CoStar, over 17% of deals scheduled to take place in April were called off. For comparison’s sake, the amount more than triples the previous full-quarter high of 5.6% in the first quarter of 2008 as the Great Recession was kicking in
Well over $500 million worth of deals fell through, which was largely driven by individual property owners and regional developers. Additionally, the hotel sector had experienced the largest decline, with 32% of scheduled hotel sales being called off. The dropped hotel deals are just another sign of that sector being in the bull’s-eye of the impact from the spread of the pandemic, said Jan Freitag, senior vice president of lodging insights for STR, a CoStar Group company that tracks hotel data around the world. CoStar is the publisher of CoStar News
Governor of CT executive orders made regarding the Covid-19 pandemic and specific executive order 7x that allows tenants the ability to delay the payment of their rent for the months of April and May for up to 60 days
As we continue to work with our partners and stay up to date on the current COVID-19 crisis, we are noticing that many companies are beginning to invoke a little used legal provision called force majeure to get out of legal obligations. This is not limited to any particular company, we are seeing this occur across industries and countries. From large to small businesses, and from California developers to global energy firms
מגפת המוות השחור והשפעת הספרדית היו הרסניות לתושבים ולכלכלות באירופה. יחד עם זאת, שניהם אירעו לפני ההתקדמות האדירה שחלה בתחום הרפואה במאה העשרים. שני התרשימים שלהלן מראים את תוחלת החיים ושיעורי התמותה בקרב ילודים בצרפת, החל מאמצע המאה ה-17 ועד היום, ומעידים על התפתחות הרפואה במאה העשרים והכלים שיש כיום לרפואה המודרנית להתמודדות עם מגפות ומחלות קשות.
Our investment team participated in the Global Real Estate Web Meeting yesterday, hearing from prominent real estate veterans and institutional investors
On April 20, 2020, Gunner Branson, CEO of AFIRE, and Mary Ludgin,senior managing director & head of global research at Heitman, spoke at lengths about the current real estate environment and what investors might expect to see in a post-COVID-19 world. Attached is a short summary of their conversation, highlighting key points related to real estate investing
Devastatingly disruptive events such as the global virus pandemic, Covid-19, are unforeseen and difficult to plan for… The situation is of course volatile and may in the future necessitate actions including reducing or pausing investor distributions
As we navigate through this unprecedented time, we would like to share the following updates
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law, making it the largest economic bill in U.S. History. In total, the law will provide federal relief to business, organizations, governments and individuals totaling approximately $2 trillion. We reviewed the law in detail and consulted with our counsel, lenders, tax advisors and partners. In particular, the law includes $349 billion in small business loans under the Paycheck Protection Program (PPP). Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis and spend the funds on eligible costs within a certain time period. The maximum loan amount is 2.5 times the borrower’s average monthly salaries, as defined. For all impacted properties, we have applied for this loan and are awaiting lender / SBA approval
The real estate sector that will experience the biggest windfall emerging from the COVID-19 crisis is the industrial sector, more specifically warehouse property owners due to the continued rise of eCommerce, and high demand to ship goods to urban areas that are under quarantine. This can be seen due to companies, like Amazon and Walmart, that operate in distribution and logistics have begun hiring tens of thousands of additional works to fulfill an overwhelming rising in eCommerce demand
Late last week, the Federal Reserve announced an additional monetary stimulus package of $2.3 trillion. This new amount will commit hundreds of billions of dollars in loans to mid-sized business, as well as much-needed support to states and large counties. This new stimulus also includes support for CMBS, as the Term Asset-Backed Securities Loan Facility (TALF) will now include legacy CMBS as eligible collateral, according to the CRE Finance Council. This is a significant step in the recovery of the real estate debt market
,Dear Profimex Team
We hope you are all staying safe and healthy
Please see the attached note detailing the current status of the MID. In short, things are progressing well, but we are closely monitoring events. We will be sure to keep you posted
Please let us know if you would like to discuss this in more detail. We are happy to set up a time to speak
,All the best
להלן תמצית של מספר תובנות, בהסתכלות קדימה, של טארוס, אחת משותפותיה האסטרטגיות הותיקות של פרופימקס, כפי שפורסמו במכתב למשקיעים ממנכ”ל טארוס. האמור מתבסס על ניתוח התפתחות המשבר, על פי הנתונים הידועים כיום, ובהתבסס על נסיונם רב השנים בתחומי הנדל”ן ובראייה של פרוטפוליו הנכסים המגוון המנוהל על ידיהם כיום.
As our team is constantly monitoring the current market environment and working with our partners on managing our portfolio, here are some more in dept review regarding the geography of Coronavirus and metros with highest employment risk
As our team is constantly monitoring the current market environment and working with our partners on managing our portfolio, we would like to share some interesting news articles and graphs that we have seen over the past week
We hope you and your families are staying healthy and safe in these interesting times. Please find attached the recent report from JLL Research regarding global real estate implications from COVID-19, and two articles from external sources – focusing on the recent steps being enacted by U.S. Congress to combat its domestic economic impacts, and a detailed look at the effects to property values. SSI continues to adjust as new information becomes available with the changing economic landscape. Our team is meeting virtually on a regular basis to discuss risks in the market, capital, real estate in general and how it has or may impact the portfolio. Our initial focus is on the current portfolio and pipeline – where the risks are and how to prioritize our actions. We are actively evaluating and assessing opportunities that may present during this transformative period, in addition to remaining engaged in three prospective investment opportunities identified earlier in the year. We expect to have more clarity on these pursuits and an updated timeline in late April
,Dear HQCRE Investors
As HQCRE enters its third week of working remotely, we would like to start by expressing our gratitude to all our investors who have been extremely supportive during these times. The health and safety of our team, investors and our surrounding communities remain a priority for us
Over HQCRE’s 30-year history, we have made it through multiple crises. Open communication with our investors has always been of great importance to us, and this is even more true during these difficult times. For those investors who would like more detail or have questions, we invite you to reach out to us with your concerns. We are also happy to set up one-on-one calls to address any questions you might have
בימים אלו (גם אם בכפכפים ומהבית), אנו ממשיכים לעקוב אחר הנעשה בשווקים, לבחון פרסומים מקצועיים, להשתתף בוובינרים ולהתעדכן מול שותפינו האסטרטגיים; להלן תמצית קצרה לגבי ההתפתחויות משמעותיות בשווקי הנדל”ן בעקבות משבר נגיף הקורונה כפי שידוע לנו בעת משלוח הודעה זו.
אנו ממשיכים לעקוב אחרי ההתפתחויות בשווקים ונעדכן ככל שיידרש.
בברכת בריאות איתנה,