SCOTTSDALE, Ariz.–(BUSINESS WIRE)–Westphalia Dev. Corp. (the “Corporation”) announced today its results for the third quarter ending September 30, 2024. The Corporation was formed in March 2012, for the development of a 310-acre Westphalia property located in Prince George’s County, Maryland, United States. The Corporation is managed by Walton Global (the “Manager”).

Material Event:

• There is material going concern uncertainty as the Manager has informed the Board that it will not fund on a go forward basis, unless a plan is put in place to address the liquidity of the Corporation and to make a definitive plan to pay the outstanding debt, unsecured creditors, and the Manager.
• The Board and the Manager have made a commitment to construct and implement a plan as soon as possible to deal with these matters, which will include a restructuring of the Corporation.
• The Manager (and its affiliates) are owed ~$10,000,000+ and has not been paid a management fee since 2016.

Financial Results

• Operating expenses for this quarter remained consistent with Q2 2024.
• On August 27, 2024, the Corporation signed the First Amendment to the Amended New Loan Program which extends the maturity date of the loan to July 31, 2025.
• On August 27, 2024, The Corporation also signed the First Amendment to the WTCF Loan which provides a second advance of $6,761,678 USD, with a maturity date of June 30, 2025.
• On November 19, 2024, The Corporation exercised their option to extend the maturity date of the first WTCF Loan advance to December 31, 2025.
• The Manager and its affiliates continue to fund monetary shortfalls.

Development and Sales Activities

• The Westphalia Interchange TIF project located at the intersection of Pennsylvania Avenue (Route 4) and Woodyard Route (Route 223) is substantially complete. The General Contractor is preparing to finish the remaining State Highway Administration punch list items by Q2 2025.
• The Presidential Parkway East TIF project is substantially complete. We are in discussions with the local County for final acceptance. A contract to complete the final punch out landscaping is being finalized with anticipated completion in Q4 2024/Q1 2025.
• The Presidential Parkway West TIF project has work remaining. Management has a plan to complete all work, except utility dependent work, by the end of Q2 2025.
• The Manager has received multiple purchase offers for Parcels A & B from best-in-class retail developers to build a first-class mixed-use commercial development. Deal terms are currently being negotiated and we expect to have an agreement in place within 90 days.
• The Manager has completed Purchase and Sale Agreements for Parcels F, N, and M totaling approximately 50 acres. Settlements are anticipated to occur between Q1 and Q3 2025.
• The Manager received unanimous approval of our Detailed Site Plan (DSP Infrastructure) from The Maryland-National Capital Park and Planning Commission for Parcels A & B. This plan approval streamlines and accelerates the approval timeline for the future mixed-use development to be located on these parcels.
• The Manager has hired a best-in-class engineering and planning firm to complete the entitlements for the remaining approximately 96 acres, which includes the adjacent land to the north owned by a related party. The expectation is that this work will take 2 to 3 years to complete and receive full approval.

The Corporation’s unaudited interim consolidated financial statements and management’s discussion and analysis for the third quarter ended September 30, 2024, are available under the Corporation’s SEDAR profile at www.sedar.com.

Walton Global is a privately-owned, leading land asset management and global real estate investment company that concentrates on the research, acquisition, administration, planning, and development of land. With more than 45 years of experience, Walton has a proven track record of administering land investment projects within the fastest growing metropolitan areas in North America. The company manages and administers US$4.37 billion in assets on behalf of its global investors, builders and developer clients and industry business partners. Walton has more than 90,000 acres of land under ownership, management and administration in the United States and Canada with business lines ranging from exit-focused pre-development land investments, builder land financing and build-to-rent. For more information visit walton.com.

This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This news release contains forward looking information, and actual future results may differ from what is disclosed in this news release. Forward-looking information is based on the current expectations, estimates and projections of the Corporation at the time the statements are made. They involve a number of known and unknown risks and uncertainties which would cause actual results or events to differ materially from those presently anticipated. The risks, uncertainties and other factors that could cause the Corporation’s actual results and performance in future periods to differ materially from the forward looking information contained in this news release include, among other things, the development of Westphalia Town Center, general economic and market factors, including interest rates, a decline in the real estate market, changes in government policies and regulations or in tax laws, changes in municipal planning strategies and whether certain development approvals are obtained and changes in the Canadian/U.S. dollar exchange rate, in addition to those factors discussed or referenced in documents filed with Canadian securities regulatory authorities and available online at www.sedar.com.

Except as otherwise noted, all amounts are in Canadian dollars, and are based on unaudited condensed interim consolidated financial statements for the nine months ended September 30, 2024, and related notes, prepared in accordance with International Financial Reporting Standards.

Contacts

Allison+Partners

waltonglobal@allisonpr.com

LONDON–(BUSINESS WIRE)–Slate Asset Management (“Slate” or the “Firm”), a global investor and manager focused on essential real estate and infrastructure assets, today announced that it has entered into an agreement to acquire the Morrisons Regional Distribution Center (the “Center”) in Bridgwater, United Kingdom (“UK”) from Aviva Investors. The Center is a high-quality, 780,000 square foot distribution facility that is fully leased by Morrisons, a leading UK grocer, on an index-linked and triple-net basis.

The Center is Morrisons’ only distribution facility in the Southwest UK and is strategically located on the most important motorway axis in the region with excellent transport connections to South England and South Wales. The Center is essential to Morrisons’ supply chain, operating 24 hours a day, seven days a week to serve nearly 20% of Morrisons’ supermarket locations.

The Center benefits from strong ESG credentials, with over 4,000 rooftop solar panels, rainwater harvesting systems, and on-site recycling. Morrisons also continues to actively invest in upgrades and technologies that are further improving the sustainability and operational resiliency of the Center.

“This property meets all the key criteria we look for in income-generating essential real estate investments,” said Brady Welch, Co-Founding Partner at Slate. “It’s a modern, sustainably built facility underpinned by a leading national grocer. The property’s strategic location makes it uniquely well positioned to efficiently distribute everyday goods to millions of consumers. It’s an exciting acquisition for us in the UK, where we continue to actively evaluate opportunities across the essential real estate sector.”

Slate has been an active investor in the European real estate market since 2016. To date, the Firm has transacted on approximately 1,000 commercial properties across 7 countries in the region. Slate’s focus on European essential real estate spans the risk spectrum, with value creation and income strategies, targeting grocery, pharmacy, food logistics, and other assets that support the non-discretionary needs of day-to-day life.

Cushman & Wakefield, Gowling WLG, and KPMG advised Slate on this transaction, which is expected to close in December 2024 subject to customary closing conditions.

About Slate Asset Management

Slate Asset Management is a global investor and manager focused on essential real estate and infrastructure assets. We focus on fundamentals with the objective of creating long-term value for our investors and partners across the real assets space. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more, and follow Slate Asset Management on LinkedIn, X (Twitter), and Instagram.

Contacts

Karolina Kmiecik

Head of Communications

Karolina@slateam.com

TORONTO–(BUSINESS WIRE)–APOLLO Insurance, a Canadian digital insurance provider and leading innovator in the emerging embedded finance sector, has partnered with Zen Residential as their exclusive provider of tenant insurance.

APOLLO’s digital platform launched in 2019 and began serving Canadian consumers with fully digital insurance products. Since then, APOLLO has partnered with leading REITs, property management companies, proptechs, and other organizations to embed insurance products into their existing workflows. For property managers, the insurance purchase experience is embedded directly into the leasing and renewal workflows.

“APOLLO and Zen Residential are both committed to improving the tenant experience through technology and innovation,” said Jeff McCann, APOLLO Founder and CEO. “Zen Residential has set the standard for resident care and property management excellence, and this partnership will elevate their service even further by making tenant insurance more accessible.”

Zen Residential has established itself as a leading property and asset management company across Alberta, known for its dedication to creating exceptional living environments. By leveraging APOLLO’s cutting-edge platform, Zen Residential will provide their tenants with an easy, digital-first way to purchase tenant insurance, while also reducing administrative work for property managers and ensuring compliance.

“We’re thrilled about this exclusive partnership with APOLLO Insurance,” said AJ Slivinski, Zen Residential CEO. “Their digital-first approach aligns perfectly with our commitment to leveraging technology to enhance the resident experience. With APOLLO, we can offer our tenants a seamless and convenient insurance solution.”

In 2022, APOLLO became the only Insurance provider in Canada to integrate with Yardi Systems to enable instant insurance transactions and automate compliance, with real time tracking and alerts for property managers. Earlier this year, APOLLO launched FinShore, a wholly owned buy now, pay later (BNPL) subsidiary, to provide a fully embedded monthly payment option to their customers.

Visit https://apollocover.com/partnerships for more information.

About APOLLO Insurance

APOLLO Insurance (“Apollo Insurance Solutions Ltd. and its subsidiaries”) is Canada’s leading online insurance provider. Our proprietary platform allows insurance agents and their customers to purchase their policy immediately, from anywhere, on any device, 24/7. Unlike traditional paper-based processes, APOLLO leverages extensive data and sophisticated algorithms to quote, collect a payment, and issue policies without human intervention.

Through traditional agents and embedded finance partnerships, APOLLO is redefining the distribution of insurance. For more information visit https://apollocover.com/.

About Zen Residential Management Services

At Zen Residential, we provide unparalleled, high-grade asset and property management solutions to rental property proprietors in Edmonton, Calgary, and the neighboring regions. Our core emphasis lies in harmonizing lifestyles and dwellings, benefiting both proprietors and occupants. We are a comprehensive management company that handles every aspect, starting from the inception of a project. Our expertise encompasses early-stage consulting, marketing strategy, and asset management, offering a “cradle to grave” approach.

Contacts

For media inquiries, please contact:
David Dyck, Chief Marketing Officer

APOLLO

Email: david@apollocover.com
LinkedIn: APOLLO

MIAMI & NORTH AUGUSTA, S.C.–(BUSINESS WIRE)–Flacks Group, a Miami-based investment firm with over $4 billion in assets, is proud to announce the acquisition of the 180-room Crowne Plaza North Augusta, an IHG Hotel known for its premier hospitality offerings in the vibrant Augusta, Georgia area. Perfectly located on the scenic banks of the Savannah River, and a short distance from the iconic Augusta National Golf Club, home of The Masters Tournament, the Crowne Plaza offers a unique blend of luxury and proximity to world-class events.

Built in 2019, the Crowne Plaza North Augusta quickly established itself as a premier luxury destination in the region, catering to both business and leisure travelers, especially during key events such as The Masters Tournament and the Augusta National Women’s Amateur (ANWA). The hotel features state-of-the-art meeting spaces, perfect for corporate gatherings and special events, along with acclaimed dining options, including the renowned steakhouse Salt + Marrow and the rooftop bar Jackson’s Bluff, which boasts breathtaking views of the Savannah River and downtown Augusta.

Adjacent to the Augusta GreenJackets’ minor league baseball park and situated within the expanding Riverside Village community, the hotel provides easy access to high-end retail, luxury housing, cultural attractions, and diverse cuisine. Its unique location allows guests to experience the best of Augusta while enjoying unmatched comfort and luxury at the hotel.

“We saw a compelling opportunity with the Crowne Plaza North Augusta, a newly built, full-service luxury hotel in a prime location within one of America’s most celebrated tourist destinations,” said Michael Flacks, Chairman, CEO & Founder of Flacks Group. “The hotel’s close proximity to the Augusta National Golf Club and the unrivaled Riverside Village location makes it an ideal asset for our real estate portfolio.”

Flacks Group was represented by Hodges Ward Elliott and advised by Blue Lotus Ventures in this acquisition. Financing was provided by J.P. Morgan.

Flacks Group is searching for more hospitality properties as it continues to invest in U.S. real estate.

For more details, visit the Flacks Group website – https://flacksgroup.com/portfolio/crowne-plaza-north-augusta-ihg-hotel/

Contacts

To present properties to Flacks Group, please reach out to:

Jim Fried

Director of Real Estate and Legacy Environmental Assets

JFried@flacksgroup.com
305-773-6300

Or

Jordan Desnick

Director of US Real Estate

JDesnick@flacksgroup.com
312-618-0000