Pacific Retail Capital Partners Acquires Kings’ Shops in Waikoloa, Hawaii Alongside JV Partners Starwood Property Trust and Taconic Capital Advisors

Solidifies PRCP’s presence on The Big Island, reflecting its deep appreciation for the Hawaiian culture and the Aloha spirit

Expects to carry over the recent positive leasing momentum to 2025 and beyond to create a world-class shopping and dining destination

Pacific Retail Capital Partners (“PRCP” or the “Company”), one of the nation's premier retail operating groups, today announced that together with its joint venture partners, Starwood Property Trust (“Starwood”) and Taconic Capital Advisors LP (“Taconic”), it has acquired Kings’ Shops located in Waikoloa, Hawaii. The acquisition of the nearly 70,000 square foot luxury resort retail destination marks the second asset in PRCP’s portfolio in Hawaii. The Company also manages Queen Kaʻahumanu Center in Maui and has been actively involved in shaping the future of that property to solidify its position as one of the most vibrant and exciting family-friendly retail destinations on the island.

PRCP, Starwood and Taconic have a deep appreciation for the Hawaiian culture and the Aloha spirit that permeates throughout The Big Island and will leverage their collective expertise and relationships to further elevate the environment at Kings’ Shops to create a world-class shopping and dining experience. The companies plan to carry over the leasing momentum that has occurred at the property over the past few years into 2025 and beyond to ensure it continues to meet the evolving needs of the vibrant Waikoloa community. The partnership also expects to unveil its ‘Big Changes for the Big Island’ campaign at the asset, which will see it make a number of extensive common area capital improvements designed to boost Kings’ Shops’ appeal and build a stronger sense of connection with the people it serves.

“We are thrilled to have acquired Kings’ Shops alongside highly-respected institutional partners Starwood and Taconic,” stated Oscar Parra, an Executive on PRCP’s Capital Markets team. “We have inherent familiarity with this asset given we have managed it for the past several years and know firsthand how important of an economic engine it is for The Big Island. We truly believe that no one understands this property better than we do and are very excited to continue building upon the progress we have already made to improve the shopping experience while also overseeing its long-term success. We look forward to ensuring Kings’ Shops remains a vibrant and prideful fixture in this community for years to come.”

PRCP’s differentiated approach to property management and customer engagement were critical to attracting several of the new high-profile retailers at Kings’ Shops, including Travis Matthews, Lululemon and Kahala. The Company specializes in taking a very hands-on role in the day-to-day operations of its centers and conceiving unique and targeted events and campaigns that resonate broadly throughout each community it serves. For instance, at Kings’ Shops, PRCP organizes and hosts the highly anticipated Great Waikoloa Rubber Duckie Race in partnership with local businesses that attracts thousands of people from all over The Big Island each year.

Taconic investment team member Austin Friedman added, “Kings' Shops stands out as a cornerstone of the Waikoloa community. Our partnership with PRCP and Starwood represents an investment in both an exceptional asset and the vibrant future of The Big Island. PRCP's proven ability to weave local culture into world-class retail experiences gives us confidence that together, we'll write an exciting new chapter for Kings' Shops.”

Jason Jones, Starwood’s Chief Investment Officer, Real Estate Investing Division added that “Starwood is excited to be working with our longstanding partners on this new vision for Kings’ Shops. The reimagining of this asset will bring a tremendous energy to the neighborhood, visitors and residents of The Big Island.”

Kings’ Shops is located in the heart of the Kohala Coast and features a dynamic mix of local and national retailers, such as Tiffany & Co., Tommy Bahama and Tori Richard, and full-service restaurants, including Roy’s Waikoloa Bar & Grill by Chef Roy Yamaguchi, Foster’s Kitchen and A-Bay’s Island Grill. In addition to shopping and dining, the family-friendly destination hosts live entertainment, including music and fire dancing, weekly farmers markets and monthly night market events.

About Pacific Retail Capital Partners

Pacific Retail Capital Partners (PRCP) is one of the nation’s premier retail operating groups of large open- air and enclosed shopping centers, with more than $3.0 billion in assets under management across the United States. Based in Southern California, the company’s portfolio totals 24 properties encompassing over 20 million square feet. With a highly experienced team that has a proven track record of generating value to its stakeholders, PRCP is dedicated to evolving real estate for the next generation by working with the communities it serves to design master plans that transform its assets into high-performing mixed-use destinations. The vertically-integrated company provides end-to-end sourcing, assessment, underwriting, valuing, developing, marketing, design and asset management services. To learn more visit pacificretail.com or follow on social media at: Facebook: @PacificRetailCapitalPartners and Instagram: @PacificRetail.

About Taconic Capital Advisors LP

Taconic Capital Advisors LP (“Taconic”) is a global institutional investment firm that pursues an event-driven, multi-strategy investment approach designed to generate strong, risk-adjusted returns over multiple market cycles. Taconic was founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody. The firm has approximately $6 billion of total assets under management with offices in New York and London and more than 100 employees worldwide.

Taconic’s full-service commercial real estate platform invests in all asset classes and across the capital structure in both public and private markets. The strategy’s broad mandate offers flexibility to capitalize on shifting market opportunities, creating uncorrelated risk-adjusted return profiles for investors. Rooted in distressed and opportunistic investing, the team applies high-touch asset management capabilities to drive strong asset-level performance and capital market executions. Well-established relationships drive Taconic’s differentiated and diverse transaction sourcing channels which include local operating partners, investor partners and a broad network of lenders, CMBs special servicers, trading desks and brokerage houses.

Taconic’s series of closed-ended real estate funds are fully discretionary and have received over $1 billion in capital commitments. Investments to date across all Taconic funds total over $3 billion of gross asset value across roughly 175 distinct transactions. For more information, please visit www.taconiccapital.com.

About Starwood Property Trust, Inc.

Starwood Property Trust (NYSE: STWD) is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. An affiliate of global private investment firm, Starwood Capital Group, the Company has successfully deployed over $98 billion of capital since inception and manages a portfolio of over $26 billion across debt and equity investments. Starwood Property Trust's investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk-adjusted returning investments across its target assets. Additional information can be found at www.starwoodpropertytrust.com.

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