Blue Vault November “Sales Stack”
All Alternative Investment Sales
December 13, 2017 | Blue Vault
Nontraded REIT and BDC Sales for November 2017
Sales by nontraded REITs were up 8.8% in November compared to October. November sales of $317.7 million reported to Blue Vault by nontraded REIT sponsors were up from $291.9 million in October. November sales were 8% above the trailing six-month average for nontraded REIT sales of $294 million. When compared to November 2016, the November 2017 sales were down just 2% year-over-year.
BDC sales reported in November were $76.5 million, up over 73% from $44.1 million in October, and 39% above the $55 million trailing six-month average for BDCs. On a year-over-year basis, BDC sales were still down 12% in November 2017 compared to November 2016.
Blackstone REIT’s reported sales in November were $171.4 million, up 20% from the $142.9 million in October. The Blackstone REIT sales constituted 54% of reported nontraded REIT sales in November, up from the 49% share of nontraded REIT industry sales in October. Blackstone’s share of total nontraded REIT sales was 46% for the latest six month period.
Among leading sponsors in the nontraded REIT sector in November following Blackstone’s $171.4 million were:
|Carter Validus||$57.9 million|
|Griffin Capital||$22.8 million|
|Cole Capital||$19.2 million|
|Jones Lang LaSalle||$4.3 million|
Leading sponsors in the BDC sector for November sales were:
|FS Investments||$47.5 million|
|Owl Rock Capital Advisors||$16.2 million|
|CION Investments||$4.5 million|
|CNL Financial Group||$3.4 million|
|Terra Capital Partners||$2.5 million|
Sales by Nontraded Interval Funds, Nontraded Closed-End Funds and Private Placements for November 2017
November sales for IF and CEF funds that were reported to Blue Vault totaled $146.3 million, down 13.2% from the $168.6 million reported in October. The largest total sales reported by a sponsor of these products was $61.7 million by Griffin Capital Corporation in their Griffin Institutional Access Real Estate Fund. This fund’s sales were 42% of total sales reported for November in the Interval Fund and nontraded Closed-End Fund sector, down from 46% of total sales reported in October when the fund’s sales totaled $77.3 million. The fund has raised $803 million year-to-date in 2017, for an average of $73.0 million per month. Blue Rock Capital’s Total Income (plus) Real Estate Fund was next in the Interval Fund category with $36.5 million raised in November. That fund has raised $323 million so far in 2017, an average of $29.4 million per month.
Among leading sponsors in Interval Funds and nontraded Closed-End Fund sales reported to Blue Vault in November were:
|Griffin Capital Corporation||$61.7 million|
|Bluerock Capital Markets, LLC||$36.5 million|
|Resource Real Estate||$13.6 million|
|Provasi Capital Partners||$7.7 million|
Sponsors reported Private Placement and Reg A sales of $210.6 million in November, down from $300.6 million reported by the same sponsors in October. Owl Rock Capital Advisors again led the group of reporting sponsors with $60.2 million in November, down from $151.8 million in October. Inland Real Estate Investment Corporation reported sales of $40.6 million in November, down from $49.9 million in October. Large increases in Private Placement and Reg A activity were reported by Passco Companies, LLC, and Hamilton Point Investments, LLC.
Among leading sponsors in Private Placement and Reg A sales reported to Blue Vault in November were:
|Owl Rock Capital Corporation||$60.2 million|
|Inland Real Estate Investment Corp.||$40.6 million|
|Passco Companies, LLC||$34.0 million|
|Hamilton Point Investments, LLC||$22.8 million|
|SmartStop Asset Management, LLC||$18.1 million|
Blue Vault is currently producing the Industry Reviews for Q3 2017. At this time forty-eight of sixty-three Nontraded REIT and nine of twelve Nontraded BDC Individual Performance pages have been released and are available to view online.
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