Markets Selection Criteria
• Sizable millennial population
• Heavily magnetized urban areas
• Highly educated workforce
• Healthy investor interest
• Historical outperformance
• Strong GP relationships in market
Target
• Class A & B Office Buildings
• Focus on urban locations
• Tenants with mid-credit risk, with or without a risk rating
• Low or intermediate vacancy
Markets & Submarkets
AUSTIN: Downtown, East, South, Congress, Lamar Ave.
BOSTON: Downtown Boston, Cambridge, Fenway, Back Bay.
CHICAGO: CBD, Fulton
DENVER: Downtown Denver, LoDo, Boulder, Cherry Creek.
DETROIT: CBD
INDIANAPOLIS: CBD
MIAMI: Brickell, South Beach.
PHOENIX: Scottsdale, Tempe
SAN FRAN. BAY AREA: Downtown SF, Downtown SJ, Oakland, Silicon Valley.
SOUTHEN CAL: LA, El Segundo, Orange County, San Diego
SEATTLE: CBD, Bellevue,
RALEIGH: Research Triangle
Strategy
Core Plus Investments
Black Salmon’s preferred investment types are Core Plus Investments, with a stable annual cash flow (coupon) to distribute to investors. These kinds of investments also feature medium annual IRR, and a leverage of 50-65 percent. The assets are usually 80-95 percent occupied and have undergone light renovations. The team implements a re-lease strategy for the stable tenants; and the average hold period is between three and seven years.
Through Euroclear, investors do not need to open a new account (no additional Know Your Client or Anti Money Laundering), assets stay with their existing custodial account. Any redemptions or distributions are delivered directly to the investor’s account. This program provides price (NAV) calculation and distribution, ISIN/- CUSIP codes, Bloomberg listing, trustee and audit services.
State of the art
participants
ISSUE AGENT & PRINCIPAL PAYING AGENT |
BNY MELLON, CITIBANK
On a deal basis, BNY Mellon or Citibank act as Issue Agent and Principal Paying Agent for the Black Salmon ETP program. As Issue Agents, the entities manage the issuance process and register the security with ISIN in Euroclear. All money movements (including subscriptions and redemptions) are executed by them.
STOCK EXCHANGE | EURONEXT
Euronext is the Netherlands-based pan European exchange group, offering a diverse range of products and services and combining transparent, efficient and regulated equity, fixed income securities and derivatives markets in Paris, Amsterdam, Brussels, Lisbon, and London.
TRUSTEE | INTERTRUST GROUP, SANNE GROUP
On a deal basis, Intertrust or Sanne Group are the Trustees for the Black Salmon program and act as administrators for the issuer’s operations. Their fiduciary duties are mainly focused on maintaining and protecting the interest of Black Salmon’s investors.
ACCOUNTANT | HLB GRAVIER
HLB Gravier is in charge of the accounting and NAV calculations at the Black Salmon program. The firm is affiliated with HLB International, one of the world’s largest networks of independent professional accounting firms and business advisors.
AUDITOR | PRICE WATERHOUSE COOPERS
PwC is the Auditor for the Black Salmon program. As Auditor, PwC reviews the entire program on an annual basis, ensuring that each Series is backed by the stated underlying assets.
LEGAL & TAX ADVISORS | GREENBERG TRAURIG
Greenberg Traurig is the leading law firm for the real estate industry. Greenberg Traurig is the chosen firm to protect each Black Salmon deal with the best-in-class legal and tax advisory team.
PRICING | BLOOMBERG
Black Salmon uses the Bloomberg platform bringing transparency of price (NAV) and terms of each ETP security readily available and listed on the global exchange market.
Disclaimer: The companies and businesses listed above participate in the emission or are service providers of Black Salmon LLC’s ETPs. They have no affiliation with Black Salmon Capital LLC. The names and logos above are owned and controlled by the respective companies and businesses and not by Black Salmon Capital LLC.
Clients &
Distribution
The Black Salmon team works directly with advisors of every type—from the large wealth management firms and private banks to independents across the globe— delivering alternatives that work for individual investors.
Our mission is to bring Black Salmon opportunities, delivered with excellent service, to a select group of clients. Our team of professionals manages the portfolio of assets to maximize the profitability of each asset and to meet the needs of each group of clients.
Client Types
– Private Bankers & Brokers
– Family Offices
– Pension Funds
– High Net Worth Individuals (HNWI)
Distribution Coverage
We have a sales and advisory team that covers all Latin American countries
Our General Partners
Our General Partners are well-recognized institutional real estate operators, with more than 20 years of combined real estate investment experience. They have a local presence in the markets where we invest, allowing us to benefit from their deep market knowledge and insight.
Main Characteristics of
General Partners
+ Multi-asset class managers.
+ Management of more than 20 million SF of assets.
+ Long lasting relationships with the best real estate brokers, lenders, and landlords of the local markets.
+ Co-design of exit strategies that maximize the return on the investment.
Acquisition Timeline
Leverage our chances through our relationships with brokers and general partners. Underwriting refinement through deep market studies and iteration.
Review leases, physical condition, environmental issues.
Abstract of in-place contracts and property title.
Selection of the best financing option in coherence with the strategy.
Coordination of funds and contract execution.