. Swiss Re Acquires a Majority Stake in Colombia's Insurer Confianza
Swiss Re Corporate Solutions and owners of Compañía Aseguradora de Fianzas S.A. Confianza (“Confianza“) have signed an agreement under which Corporate Solutions will acquire a 51% stake in Confianza. This arrangement will provide Colombian corporate clients local access to Swiss Re’s commercial insurance products and services.
Confianza, established in 1979 and based in Bogotá, offers a broad range of surety insurance products, third-party liability and all-risk construction insurance solutions.
This transaction supports Swiss Re Corporate Solutions’ growth strategy and will enable it to expand business in Latin America through local representation. Agostino Galvagni, CEO of Swiss Re Corporate Solutions and a member of Swiss Re Group’s Executive Committee, comments: “We are very pleased to join forces with Confianza, a firm with an excellent reputation and understanding of the local market. The combination of our capabilities and expertise will create a strong commercial insurer for corporate clients in Colombia.”
For Confianza, this transaction marks an important development in their history. Through this agreement, the company will broaden its range of products with an initial emphasis on solutions for clients in the country’s growing infrastructure sector.
Luis Alejandro Rueda Rodríguez, CEO of Confianza, says: “This investment, underpinned by Swiss Re Corporate Solutions’ financial strength and innovation capabilities, will reinforce our leading position in the market. Together we will be able to offer clients large capacity and technical expertise to support Colombia’s growing economy and the new government infrastructure projects.”
The transaction is subject to approval by the relevant authorities and is expected to close in the second half of 2014.
Photo: JLPC. Private Equity and Venture Capital Investments in Latin America Exceed Previous Record by US$1b
Private equity and venture capital firms committed US$8.9b through 233 investments in Latin America in 2013, representing a six-year high and a 13% increase over 2012, according to data released by the Latin American Private Equity and Venture Capital Association (LAVCA). Activity in the last six months has been accelerated by major buyout deals in Brazil, Chile, and Colombia.
In both Mexico and the Andean countries, local GPs were able to capitalize on growing investor interest by securing new commitments from international investors and local pension funds. More than US$1b of new capital was raised in Mexico through six funds while US$1.4b was raised via Andean region funds and Peru and Colombia country-specific funds.
Overall, fundraising in 2013 was again dominated by smaller funds with 49 managers reporting 52 partial or final closings, totaling US$5.5b (versus 42 partial or final closings from 40 firms in 2012). Exits in 2013 were consistent with 2012 figures (US$3.8b), generating US$3.7b in proceeds.
“The private equity and venture capital community in Latin America has been quietly building a foundation that is capable of withstanding existing and future market complexities,” said Cate Ambrose, President and Executive Director, LAVCA. “The region continues to experience regular milestones in the face of emerging market volatility, such as this year’s record in investments, however, it will be important to see how global LPs respond once some of the billion dollar plus funds reenter the market.”
Investments in the oil & gas sector dominated in 2013, including major deals in oil & gas infrastructure. Overall oil & gas captured 18% of the US$8.9b total. It was also the sector with the highest average ticket size. Twelve deals deployed roughly US$1.6b in new capital.
Additional findings include:
Private equity managers continued to market funds that reflect the mid-market opportunity (closings below US$600m).
Brazil again dominated in fundraising and investments for the region, capturing 43% of the total amount raised during the period and 68% of the total amount invested.
Capital raised by Mexican managers will allow them to target new opportunities generated by reforms.
In Colombia, managers invested US$1.1b through 20 deals, a record figure for that market. Activity in the country was driven by four oil & gas deals that contributed 72% of the capital deployed.
Continuing a 5-year growth trend, nearly half of all deals were in IT-related sectors, supported by VC activity in the region.
Consumer/retail continued to be a relevant theme among private equity investors, both in terms of dollars and deals.
There were eight PE-backed IPOs in three key markets (Brazil, Mexico, and Chile) via four different stock exchanges.
The full report will be made available free to LAVCA Members in March.
Wikimedia CommonsJulie Neitzel, WE Family Offices. Erik Bethel (SinLatin Capital) and Julie Neitzel (WE Family Offices) Join MFF’s Board of Directors
Erik Bethel, Partner and Co-Founder of SinoLatin Capital (SLC), and Julie Neitzel, Partner at WE Family Offices, have been elected to join the Board of Directors of The Miami Finance Forum (MFF), South Florida’s leading financial services networking organization.
“Julie and Erik are top-notch business leaders with world-class experience,” said MFF Board Chairman Carlos Deupi. He added, “we are excited to welcome Erik to our Board of Directors and grateful to have Julie’s continued involvement at MFF in her new role. Erik and Julie are key additions to our team and we know that they will bring unique perspectives and significant value to our board.”
Erik Bethel brings an extensive business portfolio to MFF with 18 years worth of experience in private equity and investment banking in the natural resources and infrastructure sectors of China and Latin America. Before joining SLC, Mr. Bethel worked for ChinaVest, the oldest private equity fund in Mainland China. Previously, he worked in the Latin American private equity, mergers and acquisitions and corporate finance groups at Morgan Stanley, J.P. Morgan Partners, Emerging Markets Partnership, and Compass Point Capital Partners. His transaction experience spans the infrastructure, agribusiness and mining sectors. Mr. Bethel graduated with distinction from the United States Naval Academy, Annapolis with a B.S. in Economics and a B.S. in Political Science. He also received an MBA from The Wharton School of Business.
“I am delighted to join the Miami Finance Forum’s Board of Directors this year, and I look forward to contributing to an organization that provides unique business and networking opportunities for finance and investment professionals both locally and throughout the region,” said Erik Bethel, who also serves on the Board of Directors of Rio Cristal Resources, a Peruvian zinc mining company.
Julie Neitzel has worked extensively with entrepreneurs and high net worth families in all areas of investment capital management and multi-generational planning, helping them solve complex wealth issues for more than 25 years. Ms. Neitzel joined MFF’s Advisory Board in late 2013, and has now been elected to join the Board of Directors. Prior to her current position as Partner at WE Family Offices, Ms. Neitzel was the President of Miami for GenSpring Family Offices. She has held many leadership roles at not-for-profit organizations by supporting education, the arts and public service areas. She has been a guest lecturer and speaker on topics including women and investing, entrepreneurship, private equity investing, real estate investing and wealth challenges. Ms. Neitzel earned her MBA in Finance from American Graduate School of International Management and her Bachelor of Arts degree in International Studies from Bradley University, graduating magna cum laude.
“It was a pleasure to have participated in the Advisory Board last year, and I am now thrilled to assume a new role as part of MFF’s Board of Directors,” said Juile Neitzel. “The Miami Finance Forum has made great strides to poise itself for a successful year, and I look forward to working with a diverse and qualified team to drive this momentum forward,” she added.
. Los dividendos mundiales marcan récord al superar el billón de dólares en 2013
Dividends paid by the world’s listed companies burst through the $1 trillion mark for the first time ever in 2013, according to the Henderson Global Dividend Index, a new quarterly report analyzing equity income from around the world.
Investors harvested $1.027 trillion of dividends during the year, an increase of $310bn since 2009. In that year, which marked a post-financial crisis low point for equity income, firms delivered $717bn to their shareholders. This dramatic growth means the Henderson Global Dividend Index (HGDI) reached 143.2 by the end of 2013 (100 marks the beginning of the series at the end of 2009).
Andrew Formica, CEO of Henderson said: “We have undertaken this research because we are seeing increasing calls from our clients for our range of international equity income products. The trillion dollar dividend is a huge milestone for equity investors and illustrates that dividends are now a vital component of investors’ returns. The search for income is more than just a response to rock bottom interest rates in recent years. It marks a generational shift as ageing populations must increasingly rely less on state pensions and more on their own savings to provide for retirement. Not only that, but they will need to stay invested in equities much longer than in the past too. This demand for equity income is a trend we see continuing through 2014 and beyond.”
Different parts of the world are producing very different results. By far the fastest growth initially came from Emerging Markets. Collectively, dividends from these countries have more than doubled since 2009 (+107%), up from $60.9bn to $125.9bn, an average annual growth rate of almost 20%.
The BRIC (Brazil, Russia, India and China) countries, which between them make up 55% of all Emerging Markets dividends, have grown a third faster than their peers in the last five years. However, after 2011, growth from Emerging Markets slowed to a crawl as the commodity cycle ended and currencies fell. Asia-Pacific grew its dividends 79% over the five year period.
By contrast, dividends from Europe ex UK moved ahead 8% since 2009 reaching $199.8bn in 2013. It is still comfortably the second most important region in the world for income, after North America. Within Europe, Scandinavian countries have seen a dividend boom, while those worst hit by the euro crisis are returning far less to their shareholders than they did five years ago. France is the most significant country, contributing a quarter of the region’s dividends ($50.5bn), though in dollar terms, its total payouts are flat since 2009. Germany contributes less than its economic power would suggest, owing to a less developed equity culture, but its growth rate is double the region’s average over five years.
The US has increased its payouts 49% over five years, and is by far the largest source of dividend income ($301.9bn), accounting for one third of the global pie. The UK’s share (at 11%) is disproportionately large compared to the size of its economy. UK payouts have grown in line with the global average (+39%) since 2009. Japan is up 29%, though the devaluation of the yen has pushed the 2013 total ($46.4bn) below the 2012 level.
From an industry perspective, the fastest growth in payout has come from the technology sector, more than doubling since 2009 (+109%) thanks in particular to Apple, which paid almost one sixth of global tech dividends last year from a standing start in 2012. For dividends technology is a relatively small sector overall, however. Financials pay the most, $218bn in 2013, almost a quarter of the global pie (24%) and have risen 76% since the post-crisis nadir. The oil industry, which has grown steadily, if unspectacularly, is a global dividend stalwart, providing $1 in every $7 of dividends in 2013. The mining sector, whose dividends doubled during the commodity boom, has slipped back over the last two years as that bubble deflated.
The top ten dividend payers, dominated by oil companies, banks and telcos, accounted for $97.1bn in 2013, equivalent to $1 in every $11 (9.4%) of the global total.
Despite the total payout reaching a new record, growth slowed to a crawl in 2013. Dividends inched ahead just 2.8%. In Q4, they actually fell year on year, dragged down by Japan, but also a drop in the US, where big special dividends paid in the last quarter of 2012 were not repeated. The strong US dollar against many currencies also reduced the translated value of dividends in 2013. The Henderson Global Dividend Index peaked at 143.9 at the end of September.
For 2014, Henderson Global Investors expects dividend growth to accelerate after the slower pace of 2013, with developed markets delivering better income growth than developing ones.
Alex Crooke, head of global equity income at Henderson Global Investors said: “Over the five year period of our research, dividends provide a clear picture of the major global economic events and trends. The rise of emerging markets, and their cooling, the inflation of the commodity bubble and its subsequent deflation, the Eurozone crisis, and the US resurgence from the recession are all there to be seen. The research also shows just how divergent the fortunes of different countries and different industries are. It also shows how areas that rank low in free float terms, especially emerging markets, are actually generating large amounts of income, often because governments with big stakes mandate generous payouts. The reliance on a few big stocks, though significant, is less at a global level than it can be in some countries, especially the UK. This means that a global approach to income investing can bring real diversification benefits. A disciplined, research-driven approach to stock picking can maximize the income investors earn from their savings.”
Foto: Dalbera, Flickr, Creative Commons. Una combinación ganadora
La Française, a leading European asset manager, and TAGES Capital, an alternative multi-management solutions provider part of the TAGES Group, have announced the signing of a strategic partnership. Under the terms of the partnership, La Française will acquire a 40 per cent stake in TAGES Capital and delegate the management of its existing range of funds of hedge funds and UCITS funds with approximately $1 billion of AUM to TAGES Capital. Pascale Auclair, Chief Executive Officer of La Française des Placements, and two other La Française executives will be appointed to the management committee of TAGES Capital. The transaction is subject to the customary regulatory approval processes.
As part of the agreement, two La Française fund managers will join the investment team of TAGES Capital in London, the hub of alternative fund management. The enlarged team will manage the existing La Française fund of hedge funds product range and ensure the continuity of services for existing French investors. La Française will be the exclusive distributor of La Française and TAGES alternative multi-manager funds in France. Outside of France, the two groups will collaborate on international development opportunities.
TAGES’ unique business model, focused on the delivery of customized solutions to clients, extensive research and robust manager selection has driven significant asset growth. As of December 31, 2013, TAGES Capital had approximately $2bn of assets under management and advisory.
Xavier Lépine, founder of Alteram and Chairman of La Française said: “At La Française, we aim for excellence. This partnership means that La Française will be a benchmark shareholder in a top-tier player in the alternative asset management space in Europe. As founder, some ten years ago, of Alteram, a leading fund of hedge funds manager, I’ve always believed in the value of alternative multi-management, but to achieve excellence, you need the appropriate vehicles, substantial resources and impressive track-records. Together with TAGES, La Française will have all of the above!”
Salvatore Cordaro, founder and Chief Investment Officer of TAGES, said: “We share La Française’s enthusiasm for this alliance, which strengthens our competitive position in Europe. We are excited that such an important asset manager has decided to become our partner and we are confident that La Française’s expertise will make a tangible contribution to our business. TAGES Capital’s unique approach to multi-management investing, through our focus on providing investment solutions rather than products, helped us reach important milestones and grow the business in a challenging market environment.”
This unique partnership aligns the interests of both shareholders (La Française & TAGES) and investors. With combined assets under management and advisory in excess of $3 billion, La Française and TAGES will be well placed to further grow the multi-manager business.
Photo: Lima Andruška. Azimut Completes the Acquisition of FuturaInvest’s 50% Starting Financial Advisory Services in Brazil
Azimut, an Italian asset manager, through its Brazilian sub-holding, AZ Brasil S.A. and the partners of FuturaInvest Group, have completed the purchase of 50% FuturaInvest financial advisory company and 50% of FuturaInvest asset management company (dedicated to funds of funds and managed accounts). Moreover, subject to the satisfaction of certain conditions precedent and to the approval of the Banco Central do Brasil countersigned by the President of Brazil, the transaction will entail also the acquisition of 50% of FuturaInvest DTVM (Distribuidora de Titulos de Valores Mobiliarios). FuturaInvest DTVM is a regulated financial institution authorized to distribute financial products to local investors.
FuturaInvest, with 35 people and 9 offices around Brazil, is specialized on providing advisory and asset allocation services via funds selection, financial education, and asset management services through funds of funds and managed accounts to around 2,500 clients. As at 23rd January 2014 FuturaInvest has more than R$ 240 million of assets under advisory (equivalent to around 74 million euros).
The Brazilian investment industry has R$ 2.4 trillion in AuM as at December 2013 (730 billon euros) representing the 6th largest market in the world.
The transaction involves mainly the subscription of a capital increase (for a countervalue of around 3.9 million euros) to finance the business plan. The partnership also provide for a potential adjustment to the subscription price in connection with the growth of business over the first three years of operations.
Pietro Giuliani, Azimut’s Chairman and CEO, comments: “This is a very important day. From now on we will be able to start implementing our integrated business model in Brazil. FuturaInvest Consultoria, operating in open architecture model, will be our vector to provide high standard financial advisory services to Brazilian investors.”
Capital Strategies Partners has an agreement with AZ Fund Management to distribute its products in Latin America.
. Advertising Fuels the Trend When Investing in Mobile Technologies
The biggest trend in recent years has been the shift towards mobile, where the technology curve for smartphones has been upwards sloping for some years. But now this growth is set to slow, says Jack Neele, manager of the Robeco Global Consumer Trends Equities Strategy.
Instead, the clever money will be made in the service providers for smartphones, along with the major players in e-commerce software and services, particularly in advertising, he says. “In the first phase, the makers of phones were in the ascendancy, and this favored the big companies like Apple and Samsung,” says Neele. “Now, almost everyone has a smartphone, so what we’re seeing now is greater use of the apps and functions available on them, and this greatly benefits the companies that offer services on the platforms that the giants of Apple and Samsung have created.”
Advertising fuels the trend
He says the development of advertising technology on smartphone services is a good example. And perhaps not surprisingly, this shift is in itself being powered by social media. “Growth for Apple, Google and the big guys will slow down, and growth will be seen instead in the companies that can monetize their presence on online platforms,” says Neele.
This includes titans like Facebook, whose global reach is approaching that of US companies such as Coca-Cola which took generations to achieve the same level. The chart below shows Facebook’s penetration in the world: it is now used everywhere except in rainforests, deserts… and China (where it is banned).
“We’re already seeing this with the way that ads are being sold,” says Neele. Ads were too small to be properly read on phones, but now they’re being put into feeds on platforms like Facebook and LinkedIn. These companies have found a new way to monetize their services, and that’s where we’ll see the real growth.
“Google has always been able to know what you search for, and they sell ads on that basis. But the technology is far more advanced now in targeting advertising to an individual’s real taste, rather than just what they search for.” That can be best seen with Twitter and TripAdvisor, as they go one step further in telling advertisers what you really like, he says. Most individuals include all their friends or business contacts on Facebook or LinkedIn. As these relationships are diverse, advertisers can target the core profile, but it is more difficult to know what the user’s real beliefs are.
“Twitter knows what you’re interested in from who you follow and what you tweet. Everything you follow on Twitter can be used to target you with promotions,” he says.“TripAdvisor is another good example of the trend towards precise targeting. Advertisers who use TripAdvisor can tell where you have been, what you like, and what you didn’t like, so it is easy to target you with ads or offers.”
Smartphone ads still lag print
The market for advertising on smartphone services has plenty of growth potential, as it is still relatively underdeveloped. And surprisingly, it still massively lags print. The chart below shows the relationship between the time that US citizens spent using one type of media, and the proportion of advertising spending directed at that medium.
As one would expect, the traditional print market has declined, though it still attracts 23% of all advertising spending. The TV and internet markets are fairly evenly matched between time spent and advertising. But there is a large disparity in mobile, where US consumers now spend 12% of their time, but with only 3% of advertising directed at the medium. If the gap was closed, it would generate USD 20 billion in business, according to the research.
Source: Cisco Visual Networking Index, Morgan Stanley Research
Mobile video also underdeveloped
The increasing use of mobile video is another trend that has massive potential, says Neele. This does not just apply to advertise by companies on bespoke video channels such as YouTube, which has been owned by Google since 2006.
The development of 3G and now 4G services allowing ultra-fast data transfer means any company can now fairly cheaply offer streaming services promoting their products on websites that can be tailored to appear on smartphones. Research suggests that mobile video may generate up to 66% of all mobile data traffic by 2017, as the chart below shows.
The easy use of smartphones has itself changed the nature of e-commerce, says Neele.
“About 10 years ago, most people worked during the week and shopped only at weekends. Internet shopping made it possible to shop after work on weekday evenings. Now mobile phone technology makes it possible to shop at any time. Consumer trends have shifted to being able to shop on your phone whenever you like,” he says.
Neele reflects his belief in the greater monetization of internet-based technology by his investment choices for the Global Consumer Trends Equities strategy. He holds large positions in Google, Facebook, TripAdvisor and Amazon. And as online shopping has greatly boosted the use of credit cards for online payment, Neele also holds MasterCard and Visa.
MSCI, a provider of investment decision support tools worldwide, announced that it is significantly expanding its presence in Latin America with the opening of a new office in Santiago, Chile and the upcoming launch of a new index designed to capture the investment opportunities in the Latin America Pacific Alliance countries of Chile, Colombia, Mexico and Peru.
The firm also announced today that it has been chosen by the Santiago Stock Exchange to produce a study on the feasibility of creating an ESG index for the Chilean Stock Market.
“The decision to open an office in Chile and to expand our presence in Latin America has been driven by the growing sophistication of the local investment community as they continue to embrace indexes as integral tools within the investment process,” said Henry Fernandez, Chairman and CEO of MSCI.
The new office will support the Andean region and is the third in Latin America, alongside offices in Mexico and Brazil, expanding MSCI’s presence to 24 countries globally. The new office is located at Las Condes, Santiago, Chile.
Photo: J.Ligero & I.Barrios. Crédit Agricole CIB Appoints Head of Global Investment Banking in Americas
Crédit Agricole Corporate and Investment Bank has announced the appointment of Benoit Fosseprez as Head of Americas GIB (Global Investment Banking). This new regional position is created in a move to foster greater development of its investment banking business in the Americas.
An officer of the bank for the past 13 years, Mr. Fosseprez had since September 2012 served in New York City as Managing Director, Global Head of Telecoms and Head of TMT (Telecom-Media-Tech Investment Banking) Americas. He will continue to make his office in New York.
“The promotion of Benoit to Head of Investment Banking in the Americas underscores the commitment and determined focus Crédit Agricole CIB is making to further develop our activities and participation in North and South Americas, as well as to better service our many clients in the region,” said Jean-François Deroche, CEO of Credit Agricole CIB in the Americas. “Benoit’s deep, successful experience as an investment banker in many markets in EMEA, Asia and Americas makes him well suited to lead this effort, which will involve both domestic and cross-border capabilities.”
Among his responsibilities, Mr. Fosseprez will supervise ECM (Equity Capital Markets), M&A, SET (Strategic Equity Transactions) and SFS (Structured Financial Solutions). Christina Livas, Head of GIB for Brazil, will also report to him. Mr. Fosseprez will report locally to New York City-based Stephane Publie, Head of CIN and GIB for the Americas, and globally to Helene Combe-Guillemet, Head of GIB in Paris.
Mr. Fosseprez since joining Crédit Agricole has served in Paris as M&A banker, TMT Investment Banking Director and, later, TMT Managing Director and Global Head of Telecom. He has been in New York City in his most recent assignment since September 2012. Prior to joining Crédit Agricole, and following service as a French naval officer, he was an auditor with Price Waterhouse Coopers in Paris. Mr. Fosseprez holds a Master’s Degree with a Major in Corporate Finance from the EDHEC Business School. He also attended the International University of Business and Economics in Beijing, China.
Head of M&A
Simultaneously, Crédit Agricole CIB also reported the appointment of John Hartke, who joined Crédit Agricole in April 2012, as Head of M&A for the U.S., Canada and Mexico.
“We are pleased to welcome John to his new position,” said Mr. Deroche. “Since he joined us in April of last year from BofA Merrill Lynch, he brought us his broad M&A banking experience and contributed to our first successes in the Region in 2013. He will now supervise the origination and execution of M&A transactions, in addition to continuing to develop business in all three countries.”
Mr. Hartke was for 10 years an M&A investment banker with Merrill Lynch in New York City. He holds a BS in Mechanical Engineering from the University of Illinois at Urbana-Champaign, and an MBA from the Kellogg School of Management at Northwestern University.
. Hines Sells a Portfolio of Six Mexican Properties to Fibra Uno
The Mexico City office of Hines, the international real estate firm, has announced the sale of a portfolio of five industrial assets and one retail center to Fibra Uno, a Mexico-based real estate investment trust. Financials on the deal were not disclosed. The Mexico City office of Savills represented Hines in the transaction, while Fibra Uno was self-represented.
The 100 percent leased industrial portfolio consists of five assets with an NRA of 119,133 square meters (1.3M square feet). Two of the properties are located in Guadalajara, one in Irapuato, one in Aguascalientes and one in San Luis Potosi. Hines developed the portfolio in 2009, and the predominantly international tenant base is comprised of a mix of light manufacturing and logistics operations.
The 98 percent leased retail center, CityCenter Merida, is a thriving, 26,264-square-meter, open-air shopping/entertainment center in Merida, on the Yucatán Peninsula. The property contains more than 60 shops and restaurants, including a Walmart Supercenter, La Europea gourmet specialty store, a Cinemark XD cinema complex, in addition to a host of the city’s most popular bars and restaurants. Since Hines completed the project in 2010, CityCenter Merida has established itself as the most vibrant retail and entertainment center in the city.
“Hines is proud of the quality of the assets we have developed, and we view this sale as another example of the firm’s strength as both a developer, and a shrewd investor in institutional -grade real estate across Mexico,” stated Hines Senior Managing Director Palmer Letzerich. “We have confidence in Mexico’s growth potential, evidenced by the strong returns generated by this portfolio. We also view this transaction as a harbinger of the increasingly positive real estate investment market here as well as our team’s ability to successfully execute south of the border”.
Hines Managing Director – Investment Management, Michael Krause, added, “Over the last 10 years, Hines has invested over $850M across the major markets of Mexico. This most recent and successful monetization paves the way for Hines to execute on the subsequent five year investment strategy of placing $250M in select office and industrial acquisitions and developments.”
Hines entered the Mexico real estate market in 1992. Currently, the firm owns and manages approximately 14 million square feet of office, industrial and retail space there. Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,283 properties representing more than 516 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 378 properties totaling 151.9 million square feet, which includes 84.3 million square feet for third parties.
