InterRent REIT Acquisition, Valuation & Financials

Mirvac started off as a residential property developer and over time expanded into property investment, funds management, and commercial property development. Investment is the major earnings driver, generating about two-thirds of group earnings. The investment portfolio, by book value, is made up of 51% office, 21% retail, 20% industrial and the rest is build-to-rent and land lease assets. Longer term, Mirvac aims to increase exposure to the industrial and living sectors and own fewer offices and retail centers. Development income is volatile and was around one-third of fiscal 2026 group earnings. Besides developing apartments and houses, which Mirvac is best known for, it is also involved in commercial and mixed-use precinct developments.

KB Home is an American construction company that focuses on residential construction in the United States. The company builds single-family homes and communities across different geographical segments which include the West Coast which also derives the majority of the revenue, Southwest, Central, and Southeast. The company operates in several markets and focuses on first-time and move-up homebuyers. It also invests in land acquisition and development to support future building activities and is also engaged in financial services operations which includes providing mortgage banking services through its joint venture with a third party.

European Outlet Mall Venture focuses on developing and operating outlet shopping destinations across Europe.

Hive Box is a Shenzhen-headquartered operator of self-service smart lockers for parcel delivery and pickup across China. The network supports 24/7 access for e-commerce giants like JD.com and SF Express, integrating with over 100 logistics providers. Founded in 2015, it deploys more than 100,000 stations in cities including Beijing, Shanghai, and Guangzhou, handling millions of daily packages with features like facial recognition and real-time tracking.

Green Brick Partners Inc is a homebuilding and land development company. It acquires and develops land, as well as provides land and construction financing to its controlled builders. The company has three reportable segments: builder operations central, builder operations southeast, and land development. The majority of the company's revenue is generated from the builder operations central segment, which is entirely the operations of builders in Texas. The company is engaged in various aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, marketing, sales, and brand image creation. In addition to homebuilding, the company provides home financing services, such as mortgages and title.

Shanghai Lingang Holdings Corp Ltd is a real estate company. It provides operations and production services for industrial carriers, park development, and other integrated park services. The types of industrial carriers developed include R&D buildings, headquarters commercial buildings, and bonded logistics warehouses.

ESR is a Hong Kong-headquartered real estate firm specializing in logistics and industrial properties across Asia. The company develops, owns, and manages warehouses in China, Japan, South Korea, and Singapore for e-commerce giants, retailers, and 3PL providers. Formed in 2016 from the merger of e-Shang Redwood, ESR holds stakes in assets like Cambridge Industrial Trust in Singapore. Backed by Warburg Pincus, CPPIB, and Goldman Sachs, it focuses on metropolitan consumption hubs.

Mobimo Holding AG is a Switzerland-based company. The company's business activities consist of the long-term holding and management of commercial and residential properties, the development of commercial and residential properties for its portfolio and third-party investors, and the construction and sale of owner-occupied residential properties. The company operates in two reportable segments; Real estate and Development. The Real Estate segment, which derives key revenue, shows the profit from investment properties held on a long-term basis to generate rental income. The Development segment shows the profit from investment properties under construction for the company's portfolio, development for institutional and private investors, and the construction and sale of condominium apartments.

Greystone is a New York-headquartered commercial real estate lender approved by the Federal Housing Administration for multifamily housing finance. The firm originates FHA-insured loans for apartment developments, affordable housing projects, and healthcare facilities under HUD programs such as 223(f) and 221(d)(4). Greystone structures financing for properties nationwide, including bridge loans and tax credit equity, drawing on its status as a top-ranked FHA multifamily lender.

Royal Heijmans NV is a construction company based in the Netherlands. The company is engaged in activities related to property development, construction & technical services and infrastructure in the fields of Living, Working and Connecting. The company realises projects for home buyers, companies and government entities. The operational segments of the company are Real Estate, Construction and Technology and Infrastructure.

Bellway is one of the UK’s largest residential property developers. It typifies the business model employed by UK homebuilders, operating in the land development, construction, and sales and marketing segments of the residential property development value chain.

Gav-Yam Lands Corp Ltd is a real estate company. It specializes in the initiation, planning, development, construction, leasing, maintenance, and management of hi-tech, logistics, and industrial parks and centers nationwide, as well as in the construction of dedicated complexes planned for long-term leasing. Through a wholly owned subsidiary, Gav-Yam also provides a variety of maintenance management services to tenants throughout the leasing period.

Fibra Danhos is a real estate trust that develops, owns, leases, and operates commercial real estate assets in the metropolitan areas of Mexico. The trust's portfolio consists of commercial properties, offices, mixed-use properties, and development projects. The commercial properties, which account for the largest areas of the company's portfolio, consist of shopping centres located close to public and private transportation. The office buildings are primarily located in Mexico City with large corporate tenants. The mixed-used properties include buildings with integrated commercial, office, and hotel functions.

Greenland Holdings Group Corporation Ltd is a China-based company. The company is principally engaged in the business of industrial investment, real estate development, operation, leasing, replacement, residential and infrastructure construction, hotel management, urban rail transit projects, financial information services, greening projects, technical services in the energy field, property management.

Curbline Properties Corp is engaged in the business of owning, managing, leasing, and acquiring a portfolio of convenience shopping centers. The primary source of the company's income is generated from the rental of its convenience shopping centers to tenants. Convenience shopping centers are generally positioned on the curbline of well-trafficked intersections and vehicular corridors, offering excellent access and visibility, dedicated parking, and often include drive-thru units. Approximately half of Curbline properties have at least one drive-thru unit.

Keppel REIT is a commercial real estate investment trust with a SGD 11.7 billion portfolio of assets (as of Dec. 31, 2025) across Singapore, Australia, South Korea, and Japan. The majority of its assets are in Singapore, where it owns a 100% stake in Keppel Bay Tower, a 79.9% stake in Ocean Financial Centre, 66.7% stake in Marina Bay Financial Centre 3 and a 33.33% stake in Marina Bay Financial Centre 1 and 2 and One Raffles Quay. The trust is externally managed by Keppel REIT Management, a subsidiary of Keppel Capital. Parent Keppel Ltd. currently retains an approximate 38% stake in Keppel REIT.

Pandox AB is the owner of hotel properties. The company organizes operations into two segments, namely, Lease and Own operations. In Owns Operation Activities, Pandox both owns hotel properties and runs the hotel operations. The company is active in various countries in Northern Europe.

Dream Industrial Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust. Its portfolio comprises industrial properties located in key markets across Canada, Europe and the USA. Its objective is to build upon and grow its portfolio and to provide stable and sustainable cash distributions to its unitholders.The reportable operating segments of its investment properties and results of operations are segmented into the following components: Ontario, Quebec, Western Canada, Europe, the U.S., Dream Summit JV and Development JV.