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'' Justice League ' dissatisfies in United States with $96 million opening

Sunday, Nov. 19, 2017|1:18 p.m.

LOS ANGELES– Just in the modern age of superhero movies could a $96 million opening weekend be thought about anything less than remarkable. However that’s the situation Warner Bros. and DC’s “Justice League” find themselves in.

The big budget superhero mashup was available in well under expectations, which had actually pegged it for a $110 million launch in North American theaters. If studio price quotes hold, it will also have the suspicious difference of being the lowest-opening film in the DC Extended Universe.

It has actually been a rollercoaster for the DC Universe because “Guy of Steel” started the comics franchise in 2013, with movies battling high expectations, critical reviews and the impossible standard of completing against the Marvel Cinematic Universe. “Batman v Superman: Dawn of Justice” might have been an important loser in early 2016, however it still opened to $166 million and went on to net $873.3 million worldwide by the end of its run.

“Justice League” begins the heels of the commonly favored “Wonder Female,” the very first DC Extended Universe movie to score with both critics and audiences. It reunites Ben Affleck’s Batman and Gal Gadot’s Marvel Lady to eliminate a new hazard dealing with earth while introducing new characters like Ezra Miller’s The Flash, Jason Momoa’s Aquaman and Ray Fisher’s Cyborg. “Justice League” didn’t impress critics, but neither did “Batman v Superman” or “Suicide Squad,” which still handled to earn $133.7 million out of the gates.

Warner Bros. is remaining optimistic about “Justice League’s” potential customers, even with the lower than expected launch against a production spending plan that’s reported to be in the $250 million to $300 million range, which doesn’t consist of marketing expenditures.

“I did have a higher expectation for the three days,” said Jeff Goldstein, who directs domestic distribution for Warner Bros. “(But) this is a huge trip week, and we have a chance to get a big audience to see us in a various pattern.”

Goldstein stated he is also encouraged by a few aspects, consisting of the overall B+ CinemaScore, that women, who accounted for 42 percent of the audience, gave it an A- in general, which Saturday incomes were up from Friday’s.

“Plainly there is interest in the movie,” Goldstein stated.

“Justice League” pulled the majority of its weight abroad, where it released to $185.5 million from 65 markets, boosting the worldwide debut to $281.5 million.

One movie that did have a heroic revealing this weekend is “Wonder,” an adjustment of R.J. Palacio’s novel about a child with a facial defect that stars Julia Roberts, Owen Wilson and Jacob Tremblay. The family-friendly drama opened in second place with $27.1 million versus a $20 million production spending plan and could be on its method to ending up being a sleeper hit. Lionsgate distributed the film, which was funded and produced by Participant Media.

“At any time you have a big superhero movie opening, a film like ‘Marvel’ might be eclipsed. But it’s one of the brightest areas of the weekend,” stated Paul Dergarabedian, a senior media analyst for comScore. “This might be a $100 million film as people get the word out.”

Disney and Marvel’s “Thor: Ragnarok” fell to third place in weekend 3 with $21.8 million, bringing its North American overall to $247.4 million. “Daddy’s House 2” took fourth with $14.8 million and “Murder on the Orient Express” landed in 5th with $13.8 million. Both remain in their second weekend in theaters.

Opening beyond the top 10, the faith-based animated movie “The Star,” from Sony’s AFFIRM label, took 6th place with $10 million. And both “Girl Bird” and “3 Billboards Outside Ebbing, Missouri” continue to grow in their expansions.

The Thanksgiving vacation must not be marked down either in its potential to enhance a film’s incomes, and the only, albeit formidable, competition will be from Disney and Pixar’s newest “Coco.”

“Thanksgiving is the best second weekend for any motion picture,” Dergarabedian stated. “Including ‘Justice League.’ “

Approximated ticket sales for Friday through Sunday at U.S. and Canadian theaters, inning accordance with comScore. Where readily available, the most recent international numbers for Friday through Sunday are also consisted of. Last domestic figures will be released Monday.

1.”Justice League,” $96 million ($185.5 million international).

2.”Marvel,” $27.1 million ($310,000 global).

3.”Thor: Ragnarok,” $21.8 million ($24.1 million international).

4.”Daddy’s House 2,” $14.8 million.

5.”Murder on the Orient Express,” $13.8 million ($20.7 million international).

6.”The Star,” $10 million.

7.”A Bad Moms Christmas,” $6.9 million ($5.1 million international).

8.”Lady Bird,’ $2.5 million.

9.”Three Billboards Outside Ebbing, Missouri,” $1.1 million.

10.”Jigsaw,” $1.1 million ($4.1 million worldwide).

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Approximated ticket sales for Friday through Sunday at international theaters (leaving out the U.S. and Canada), inning accordance with comScore:

1. “Justice League,” $185.5 million.

2. “Thor: Ragnarok,” $24.1 million,

3. “Murder on the Orient Express,” $20.7 million.

4. “Paddington 2,” $9.2 million.

5. “The Golden Monk,” $8.5 million.

6. “Pleased Death Day,” $8 million.

7. “A Bad Mothers Christmas,” $5.1 million.

8. “Draw Me Shapespeer 3,” $4.3 million.

9. “Jigsaw,” $4.1 million.

10. “Coco,” $3.6 million.

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Universal and Focus are owned by NBC Universal, an unit of Comcast Corp.; Sony, Columbia, Sony Screen Gems and Sony Pictures Classics are units of Sony Corp.; Paramount is owned by Viacom Inc.; Disney, Pixar and Marvel are owned by The Walt Disney Co.; Miramax is owned by Filmyard Holdings LLC; 20th Century Fox and Fox Searchlight are owned by 21st Century Fox; Warner Bros. and New Line are systems of Time Warner Inc.; MGM is owned by a group of previous creditors including Highland Capital, Anchorage Advisors and Carl Icahn; Lionsgate is owned by Lions Gate Home Entertainment Corp.; IFC is owned by AMC Networks Inc.; Rogue is owned by Relativity Media LLC.

UNLV Raises $2.2 Million to Fund Harry Reid Endowed Chair in History

UNLV has secured $2.2 million to fund an endowed chair in its department of history, and recruitment of a scholar to fill the role will begin right away.

Senior scholars of difference are being sought for the Harry Reid Endowed Chair for the History of the Intermountain West. The chair is named for Reid, the previous U.S. Senate Bulk Leader, to honor his interest in history and life of civil service. The position, the very first endowed chair in UNLV’s College of Liberal Arts, will help raise the history department to the leader in the research study of the Intermountain West region, which includes all or parts of Nevada, Utah, Idaho, Arizona, Colorado, and New Mexico.

“With its great basin and varieties, its peaceful deserts and pristine outdoors, Nevada is the personification of the Intermountain West,” said Sen. Reid. “I enjoy studying history and am honored that a chair at UNLV will be established in my name to focus on this location that is an understudied and underappreciated part of our nation’s history.”

A search committee will carry out interviews as early as spring 2018, with strategies to have the faculty member in location by the fall 2018 semester. Scholars are expected to apply with knowledge in Native American history, environmental history, and labor, race and gender history, to name a few subjects.

“The development of the Intermountain West– in both population and impact– is amazing, and this position uses a special chance to draw a top scholar who can add context to this growth by studying some of the numerous complex historic relationships within our region,” said Thom Reilly, chancellor of the Nevada System of College. “We’re appreciative to Sen. Reid and to everyone who has supported this effort.”

In partnership with Sen. Reid, businessman and benefactor Jon Huntsman Sr. contributed $1 million towards the creation of the chair in June. Since the initial statement this summertime, an additional $1.2 million in gifts and pledges have actually been secured from multiple sources.

“We are exceptionally grateful to all those who have supported this essential position, to Sen. Reid for his long and devoted work on behalf of our area, and this newest effort to further establish UNLV and our department of history with this transformational endowed chair,” stated Chris Heavey, dean of the College of Liberal Arts.

The history department is one of a handful nationally to offer both master’s and doctoral programs in the study of the United States West.

“Sen. Reid played an essential function in the history of the American West as the leading political figure of the area and innovator of programs and legislation of long lasting importance,” stated Andy Kirk, chair of UNLV’s history department. “This exceptional new position will generate national attention and raise the profile of our currently well-regarded graduate program in U.S. Western History.”

VEREIT Selling Cole Capital to CIM Group Affiliate for As Much As $200 Million

CEO Rufrano Says Exit from Nontraded REITs Will Enable Greater Concentrate On Net Lease Business

Cole Property Earnings Method (Daily NAV), Inc., among 5 REITs managed by Cole Capital, has obtained numerous retail portfolios and freestanding homes in 2017, including this Wal-Mart shop in Liberty Plaza in Randallstown, MD.

. In a relocate to focus on its realty portfolio, VEREIT, Inc. (NYSE: VER)has agreed to sell nonlisted REIT operator Cole Capital to an affiliate of Los Angeles-based CIM Group, Inc. in a transaction valued at approximately $200 million.

Phoenix-based Cole Capital has $7.6 billion in assets under management and sponsors five public non-traded REITs, including Cole Credit Home Trust IV, Inc., Cole Credit Property Trust V, Inc., Cole Real Estate Earnings Technique (Daily NAV), Inc., Cole Workplace & & Industrial REIT (CCIT II), Inc. and Cole Office & & Industrial REIT (CCIT III), Inc.

. VEREIT may get up to $200 million in the deal, consisted of $120 million money paid at the closing of the sale and as much as $80 million in costs to be paid under a six-year services agreement based upon Cole’s future earnings.

The services agreement needs VEREIT to supply operational realty assistance to Cole Capital, one of the leading sponsors serving independent broker-dealers and signed up investment advisors, for about a year, among other conditions. VEREIT expects the transaction to close at the end of the current quarter or during the very first quarter of 2018.

The deal makes it possible for VEREIT to simplify its company model and focus on its varied single-tenant property portfolio, stated CEO Glenn Rufrano. CIM co-founder and primary Richard Ressler said including net/finance lease offerings would match CIM’s real estate platforms and existing relationships with institutional financiers and retail investors.

CIM Group, an urban real estate and infrastructure fund manager with approximately $18.1 billion of properties under management, was founded in 1994. With headquarters in Los Angeles, CIM operates regional offices in New york city City, Oakland, CA, Bethesda, MD, and Dallas.

While VEREIT had actually not marketed Cole Capital for sale, numerous major organizations anticipating to obtain into the nontraded REIT business approached the business about Cole three months earlier.

“We chose there was a big sufficient group that we would very silently captivate offers,” Rufrano told financiers in a conference call soon after revealing the deal on Monday. “We discovered a scenario where the pricing and the chemistry in between us worked.”

Rufrano, whose previous positions consist of global CEO of Cushman & & Wakefield and president of Australian shopping center owner Centro Properties took over the helm of VEREIT leader American Real estate Capital Residence Inc. (ARCP), after discoveries of accounting improprieties required the departure of ARCP founder Nicholas Schorsch and other senior executives.

In addition to pruning VEREIT’s portfolio and enhancing its balance sheet, one of Rufrano’s primary goals has been to reconstruct the worth and investment-grade status of the Cole Capital brand name.

Rufrano acknowledged to financiers during VEREIT’s latest quarterly earnings conference that the Department of Labor’s new fiduciary guideline has actually created “hiccups” and clearly hurt capital raising for the nontraded REIT sector.

That stated, VEREIT’s success in growing the variety of offering contracts and monetary consultants marketing the nonlisted REITs has actually permitted Cole Capital to increase its sales market share from 4.3% in the very first quarter to 8.3% in the most recent quarter, with Cetera Financial Group resuming the sale of Cole items this year, Rufrano noted.

Citigroup Global Markets Inc. served as the exclusive monetary advisor to VEREIT in the transaction with CIM Group.

Ticket Office Top 20: '' Thor: Ragnarok ' commands $122.7 million

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Nov. 6, 2017|5:15 p.m.

LOS ANGELES– The God of Thunder had an even mightier opening weekend than expected. “Thor: Ragnarok,” the 3rd movie in the series, scored a franchise best with a robust $122.7 million debut, making it the fourth-biggest opening of 2017.

The Walt Disney Co. and Marvel movie easily took the top spot for the weekend. In 2nd location was “A Bad Mommies Christmas,” with $16.8 million. The sequel to last year’s sleeper struck “Bad Mothers” opened on Wednesday and has actually netted $21.3 million to this day.

Rounding out the leading five were “Jigsaw,” in third with $6.6 million, “Tyler Perry’s Boo 2! A Madea Halloween” in fourth with $4.5 million and “Geostorm” in 5th with $3.2 million.

The leading 20 movies at U.S. and Canadian theaters Friday through Sunday, followed by circulation studio, gross, variety of theater areas, average invoices per area, overall gross and number of weeks in release, as assembled Monday by comScore:

1. “Thor: Ragnarok,” Disney, $122,744,989, 4,080 locations, $30,085 average, $122,744,989, 1 Week.

2. “A Bad Mommies Christmas,” STX Entertainment, $16,759,161, 3,615 places, $4,636 average, $21,285,267, 1 Week.

3. “Jigsaw,” Lionsgate, $6,558,146, 2,941 areas, $2,230 average, $28,694,617, 2 Weeks.

4. “Tyler Perry’s Boo 2! A Madea Halloween,” Lionsgate, $4,541,190, 2,202 locations, $2,062 average, $42,849,613, 3 Weeks.

5. “Geostorm,” Warner Bros., $3,194,031, 2,666 locations, $1,198 average, $28,929,372, 3 Weeks.

6. “Happy Death Day,” Universal, $2,699,715, 2,184 places, $1,236 average, $52,853,220, 4 Weeks.

7. “Blade Runner 2049,” Warner Bros., $2,321,372, 1,464 places, $1,586 average, $85,542,502, 5 Weeks.

8. “Thank You For Your Service,” Universal, $2,207,855, 2,083 areas, $1,060 average, $7,302,585, 2 Weeks.

9. “Just The Brave,” Sony, $1,920,075, 2,073 locations, $926 average, $15,300,542, 3 Weeks.

10. “Let There Be Light,” Atlas Circulation Business, $1,697,448, 642 areas, $2,644 average, $4,089,804, 2 Weeks.

11. “The Foreigner,” STX Entertainment, $1,596,414, 1,456 areas, $1,096 average, $31,994,397, 4 Weeks.

12. “Victoria And Abdul,” Focus Characteristic, $1,206,935, 796 areas, $1,516 average, $19,861,654, 7 Weeks.

13. “Suburbicon,” Paramount, $1,185,036, 2,046 locations, $579 average, $5,081,606, 2 Weeks.

14. “LBJ,” Vertical Entertainment, $1,110,565, 659 places, $1,685 average, $1,110,565, 1 Week.

15. “It,” Warner Bros., $1,001,288, 1,081 areas, $926 average, $325,879,722, 9 Weeks.

16. “Kingsman: The Golden Circle,” 20th Century Fox, $818,414, 802 places, $1,020 average, $98,682,466, 7 Weeks.

17. “American Made,” Universal, $799,595, 663 areas, $1,206 average, $49,979,430, 6 Weeks.

18. “Lego Ninjago Motion Picture,” Warner Bros., $793,007, 835 locations, $950 average, $57,511,830, 7 Weeks.

19. “The Florida Task,” A24, $633,735, 189 places, $3,353 average, $2,996,678, 5 Weeks.

20. “My Little Pony: The Movie,” Lionsgate, $602,945, 785 areas, $768 average, $20,861,496, 5 Weeks.

Las Vegas airport records another 4-million-passenger month

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Steve Marcus An American Airlines guest jet removes from McCarran International Airport June 5, 2017.

Thursday, Oct. 26, 2017|11:57 a.m.

Las Vegas aviation authorities say the city’s airport is on track to break its year-end record as September marked the seventh consecutive month it logged more than 4 million guests.

Figures from the Clark County Department of Aviation reveal that the McCarran International Airport saw a more than 2 percent increase in guest volume last month as compared with September 2016.

More than 36 million individuals have flown in or out of the Las Vegas airport this year, putting it on speed to reach past the year-end record of nearly 48 million set in 2007.

In spite of the total boost last month, the airport’s top four scheduled carriers all skilled declines in between 2 percent and 3.5 percent as compared with the very same month last year.

Marijuana taxes generate almost $5 million in August

Tuesday, Oct. 24, 2017|9:02 a.m.

. The Nevada Department of Tax states the state hauled in almost $5 million in overall tax income from recreational marijuana sales in August.

That’s up from the $3.7 million in taxes in July, the state’s first month of recreational weed sales.

Inning accordance with figures released Monday, $3.35 million were created by the 10 percent sales tax on recreational cannabis, while $1.51 million produced by the 15 percent wholesale tax at the growing level on all marijuana (up from $974,060 in July).

CEO of The+Source dispensaries and President of the Nevada Dispensary Association Andrew Jolley states he expects the marketplace to continue to grow steadily over the next numerous months.

Nevada'' s pot tax revenue jumps to almost $5 million in August

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John Locher/ AP People wait in line at the Essence cannabis dispensary in Las Vegas, Saturday, July 1, 2017, as recreational sales of marijuana start.

Monday, Oct. 23, 2017|5:30 p.m.

Nevada tax authorities state the 2nd month of legal sales of leisure cannabis generated simply under $5 million in tax revenue, up from $3.7 million in its very first month.

Nevada Tax Department spokeswoman Stephanie Klapstein stated the numbers are on pace to meet the state’s expectation of $120 million in state taxes over the next two years.

A 15 percent tax on wholesale circulation from farmers to dispensaries and 10 percent tax on leisure cannabis sales raised $4.86 million in August, up from 3.68 million in July. That cash goes to the state’s rainy day fund.

The $120 million biennial projection projects $5 million in regular monthly tax income. Klapstein states officials projected no earnings for July since of unpredictability surrounding licensing, distribution and regional ordinances.

State Sen. Tick Segerblom, who promoted legislation establishing the structure for Nevada’s leisure marijuana market in this year’s Legislature, called Thursday’s numbers “an excellent start,” including that tax revenue surpassing state forecasts was “an advantage” for public schools.

Ruined by among the greatest deficit spending in its 60-year history, the Clark County School District– the 5th biggest in the United States– has actually revealed it will be cutting up to $80 million this school year, primarily through teacher and administrator layoffs.

Segerblom said he expects monthly tax earnings to double by the very first six months of 2019, and is thinking about pushing for an unique legal session before then to assign additional marijuana tax income to the state’s debt-ridden schools.

“The tax numbers are going to keep growing,” he said. “There’s a lot more where this came from.”

Lee Service School Gets $4 Million to Expand Center for Entrepreneurship

Las Vegas has constantly embodied an entrepreneurial spirit and now with $4 million in vowed presents UNLV’s Lee Business School will even more demonstrate that spirit through expansion of its Center for Entrepreneurship (Center).

A lead promise of $3 million from Dennis Troesh and $1 million contribution from the Charles Koch Foundation allows the school to advance its efforts to carry out, teach, and share research study on entrepreneurship and development.

“The objective of Lee Organisation School is to cultivate leaders who change service,” stated Brent Hathaway, dean of Lee Service School. “These presents will considerably expand the capability of the present center and further the vision of the school, benefiting trainees and the neighborhood for decades to come.”

The Center partners students with business owners and leaders in the business community through the Rebel Endeavor Fund to learn more about due diligence, investments, settlements and closing deals. The Center facilitates and works together on competitors that cultivate entrepreneurship and organisation activity, consisting of the Southern Nevada Company Strategy Competition and the Governor’s Cup and Tri-State Award. The Center and the UNLV College of Engineering recently were selected as a National Science Structure I-Corps site to act as an organisation incubator for tasks including undergraduate and graduate students, professors, staff and alumni.

The gifts will allow the interdisciplinary center to broaden its activities, which advances UNLV’s objective to serve a growing and varied region. Such activities include establishing and supporting human capital and financial diversification in Nevada– all key elements of UNLV’s Top Tier initiative.

During the five-year financing plan, the center will hire a director of research, tenure-track teachers, graduate research fellows and a program organizer. It also will bring new visitor speakers to campus, assistance student case competitions, host conferences, to benefit students, faculty, and neighborhood.

“As a businessman, I recognize UNLV’s Lee Company School as a substantial resource in Southern Nevada,” stated Dennis Troesh. “Services need to innovate to remain competitive, and the Center for Entrepreneurship provides the industry crucial research study and business advancement services to remain ahead of patterns, and it is training professionals who will be equipped to lead the workforce of tomorrow.”

This combined pledge assures to be one of the largest gifts to Lee Service School, second only to the $15 million contribution from the Lee household, the school’s names. In honor of Dennis Troesh’s generous present, along with his operate in industry and contributions to the community, the Center for Entrepreneurship will be sent to the Nevada System of Higher Education Board of Regents for relabeling to the Troesh Center for Entrepreneurship and Development.

Sares Regis Buys Toyota'' s Previous 2 Million-SF Campus in LA County

Sares Regis has not yet announced plans for the former Toyota property in the South Bay area of Los Angeles County.
Sares Regis has actually not yet announced plans for the former Toyota property in the South Bay area of Los Angeles County. Irvine, CA-based Sares Regis Group has actually gotten Toyota’s 110-acre previous North America head office campus in Torrance, CA, more than 3 years after the Japanese car manufacturer announced strategies to relocate to a brand-new workplace campus in Plano, TX.

JLL noted the home in February. Managing Director Jeff Adkison and Senior Vice President Brendan McArthur represented Toyota Motor North America, Inc. in the sale to Sares Regis, which prevailed over numerous bidders. The purchase rate was not divulged.

Sares Regis has not yet exposed details of a prepared repositioning of the residential or commercial property in an effort to bring new or expanding business to the city. The existing school includes a mix of 18 workplace and commercial buildings.

The property’s area near the 405 Highway, Los Angeles International Airport and the Ports of Long Beach and Los Angeles is a plus in bring in brand-new tasks to Torrance, kept in mind Peter Rooney, Sares Regis president of commercial advancement.

” A major consider our choice to pursue this job was the high quality of life enjoyed by the homeowners and the business neighborhood of Torrance,” Rooney stated.

Toyota spokesperson Aaron Fowles said the business is relocating 3,000 positions from Torrance to the brand-new headquarters campus in Plano, and another 1,000 tasks from Kentucky and New York.

Karen Jordan, Los Angeles Market Reporter CoStar Group.

Keppel, KBS Forming New REIT to Acquire $800 Million U.S. Office Portfolio

Singapore-based Keppel Corp. has actually received approval to launch a brand-new REIT on the Singapore Exchange and has reached an offer for that REIT to get 11 U.S. office properties from Newport Beach, CA-based KBS Strategic Opportunity REIT, a nontraded REIT.

The homes have actually not been specifically identified nor has a last purchase price been set. However, KBS presently values the portfolio at $800 million with $400 million in arrearage, inning accordance with a KBS bondholder filing in Israel.

The preliminary portfolio will include workplace residential or commercial properties in markets consisting of Seattle, Houston and Denver, according to a Singapore filing by Keppel.

In those markets, KBS Strategic Opportunity REIT currently owns:

Bellevue Innovation Center– Bellevue, WA– 330,508 square feet– valued at $85.9 million;
1800 West Loop– Houston– 400,101– $73.6 million;
West Loop I & & II– Houston– 313,873– $41.4 million;
Westmoor Center– Westminster, CO– 612,890– $82.4 million;
Central Building– Seattle– 191,705– $35.4 million;
Westpark Portfolio– Redmond, WA– 778,472– $129.9 million; and
Plaza Structures– Bellevue– 490,994– $199.2 million.

KBS Strategic Chance REIT also owns workplace properties in Atlanta, Austin, Dallas, Folsom, CA, and Orlando.

After the Singapore deal, KBS Strategic Chance REIT expects to maintain a 9.5% ownership interest in the SREIT.

The SREIT will be externally handled by a joint venture in between KBS Capital co-founders Keith D. Hall and Peter McMillan III and Keppel Capital Holding. Keppel Capital has actually agreed to pay $27.5 million for its 50% share in Keppel-KBS US REIT Management Pte. Ltd., which will manage the new SREIT to be called Keppel-KBS United States REIT.

Keppel-KBS US REIT will have a financial investment technique of investing, directly or indirectly, in additional commercial residential or commercial properties in crucial growth markets of the United States

“With growing need by global financiers for U.S. realty financial investments in view of the continued steady and sustainable growth of the United States economy, this joint endeavor will offer Keppel with a tactical platform to broaden its geographical footprint in the United States market,” Keppel stated in its Singapore filing.

KBS Strategic Opportunity REIT expects to use most of the earnings from the transaction to acquire new residential or commercial properties. Last month, KBS Strategic Chance REIT acquired 125 John Carpenter Freeway, an office residential or commercial property including two office complex totaling 442,039 rentable square feet in Irving, TX for $83.4 million plus closing expenses.

The Singapore transaction undergoes a number of conditions, including the SREIT getting the essential capital, which might not be raised from U.S. financiers, to obtain the homes. Nevertheless, Keppel said the sale transaction is expected to be completed no later than Dec. 31, 2017.