IMK is always looking for attractive opportunities. While the below asset classes are what we currently are reviewing, we are are open to other situations and properties that may arise. We also are always ready to look at opportunistic transactions.
Our first priority is multifamily residential buildings. We feel strongly that this market has the best use case. These can be condominium units for sale, or rentals. This can also include office to residential conversions.
As the markets that we prefer are gateway cities, these tend to be mid to high rise buildings. Single family or town homes as part of master planned communities do not fit our criteria.
While residential is our preferred asset class, for larger projects, we will also consider mixed use. This can include residential, office, and retail. There should be a good concept as we do not like just ordinary "cookie cutter" type of projects. If there is an office portion, it should stand out in some fashion. Pre-leases on a reasonable portion would also be helpful. Good entertainment and amenities would also be looked at favourably.
We will look at office in limited situations. This should include an office project with some outstanding attributes. Only high quality Class-A will be considered. There could also be a prime property or a niche offering that makes good sense. As with mixed-use, the office should also have strong pre-leases in place with grade A tenants. We will not do any office speculation.
In general, multi-residential and mixed use is the preferred asset class. Hospitality is not a large segment. However, we are willing to consider projects that have strong potential. Resort development in a prime location and favorable terms can be more attractive than a one off hotel. These should also all be A quality resorts.
We do not want to get involved with the entitlement process. If we are to consider, the property should be fully entitled.
We are always looking for good opportunities. If there are good opportunistic properties, we will look at those very seriously. These should be A quality properties and have some value-add that we can improve upon. We can look at how best to improve the financial structure as well.
Depending on the situation, we might be able to continue to work with the current owner so they have an opportunity to continue to participate. This will clearly depend on the situation and building.
Even a modest energy savings can be meaningful to the overall project value. The energy aspect of ESG typically calculates the energy savings. Any reduction in energy cost improves the NOI. This in turn improves the project value when calculating the Cap Rate.
The energy generating glass facades both reduces the energy cost just like with other more energy efficient glass, but also generates additional energy. This additional energy is not just cost savings, but additional revenue. Energy cost is often the largest part of the overall OpEx. This improves the asset value significantly. This goes straight to the bottom line and improves the NOI.
Example: Just a $40,000 energy savings/energy generation, based on a 5 cap, increases the property value by $800,000.
IMK is headquartered in Singapore. We are interested in the US and some International markets. This includes the more advanced and developed countries. IMK Development Group US is responsible for US based assets. Within the US, we concentrate on the gateway cities. These include larger MSA's including New York/New Jersey, Los Angeles, and key cities in Florida. While these are the cities that we are currently interested in, we will look at other key gateway cities in the US that meet our criteria. In Asia, we are in a couple of markets, including South Korea.
While we have not looked at many EU buildings, if a strong opportunity comes to our attention, we will consider.
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