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Alternative Market Briefing

EJF Capital, SkyBridge launch Opportunity Zone REIT

Wednesday, December 12, 2018

Laxman Pai, Opalesque Asia:

Hedge fund manager EJF Capital and global alternative investment firm SkyBridge Capital announced the launch of the SkyBridge-EJF Opportunity Zone REIT (SOZ REIT).

Skybridge, which manages approximately $9.4bn, says, SOZ REIT has a mandate to invest in U.S. Treasury-certified Opportunity Zones, which are low-income communities where recycled capital gains can receive favorable tax treatment.

It said that the offering is structured as a private, non-exchange-traded REIT available to accredited investors at a minimum investment of $100,000 with 1099 tax reporting and quarterly distributions.

SOZ REIT is expected to be diversified by geography, property type, and developer, focusing on both new development and redevelopment real estate projects. It began accepting investments from accredited investors as of December 1, 2018.

Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital said: "We launched the SkyBridge-EJF Opportunity Zone REIT in response to demand from investors, who correctly see the OZ program as a chance to potentially generate attractive returns while having a positive societal impact."

"Opportunity Zones were conceived during the Obama administration and passed into law with bipartisan support as part of the Tax Cuts and Jobs Act of 2017. The program allows investors to diversify their investments and reinvest in America's future while taking advantage of three powerful tax incentive struct......................

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