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Date	10/07/2014
Greenwich Coverage
E-teaser Status
CA Status
IOM Status
Term Sheet Status
Categories	Term Sheets Received Executed Confidentiality Agreement Received Detailed Discussions Initial Discussions Groups that have Passed Uncategorized
Investment Criteria
Status for Deal Tracking Report (Most Recent Comment - Custom Comment )
4-Nov-13 - Passed - They are seeking programmatic joint ventures with institutionally capitalized operating partners. Strategies are best characterized as core plus to value add in the major property types. Seeking returns in the 8 – 10% unlevered range (12 – 15% with leverage). Partners need the ability to contribute 50% of the equity (possibly less if they have a very strong credit profile), and their balance sheets need to support the assumption that they could execute a buy/sell without seeking outside capital. Closed end fund format generally does not work because of the nature of the structure. Their rule of thumb for groups to invest alongside is $500 - $1 B + of net equity. This group is fairly small and generally consists of REITs, institutions with in house real estate platforms, and private REOCs that have an institutional investor in their platform.

Insert Comment

DEAL TRACKING COMMENTS
Date	Comment
10/07/2014	4-Nov-13 - Passed - They are seeking programmatic joint ventures with institutionally capitalized operating partners. Strategies are best characterized as core plus to value add in the major property types. Seeking returns in the 8 – 10% unlevered range (12 – 15% with leverage). Partners need the ability to contribute 50% of the equity (possibly less if they have a very strong credit profile), and their balance sheets need to support the assumption that they could execute a buy/sell without seeking outside capital. Closed end fund format generally does not work because of the nature of the structure. Their rule of thumb for groups to invest alongside is $500 - $1 B + of net equity. This group is fairly small and generally consists of REITs, institutions with in house real estate platforms, and private REOCs that have an institutional investor in their platform. -- duke
10/07/2014	7-Jul-14 - Allstate is now focused on entity level investments -- duke

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