3.10.2022 | This week we recognized 4 capital related transactions with a disclosed value of $6.8 Billion USD.
Additionally, we recognized 1 strategy move within the industry.
Strategy
Summary of Transaction Headlines
Target Corp. is sharply expanding its logistics footprint across the U.S. to build up capabilities to handle growing sales at both its physical stores and online. The big-box retailer, following earnings growth in its past fiscal year that saw annual sales surge to more than $100 Billion, said Tuesday it plans to build four regional distribution centers, adding to the two it opened last summer. The Minneapolis-based company also is adding a network of sortation sites to speed goods through its supply chains. Target plans $4 Billion to $5 Billion in capital spending every year over the next few years, which would be an increase of more than 40% from last year.
Los Angeles Business Journal | “Haven Realty Grows Build-to-Rent Portfolio to $1 Billion”
El Segundo-based Haven Realty Capital has been betting big on the build-to-rent market, now surpassing $1.1 Billion in Build-To-Rent assets. Build-to-rent homes are homes built specifically to be rented out. While the company has multifamily holdings as well, its focus in the last year and a half has been on growing its build-to-rent portfolio.
PERE News | “Chicago Based Waterton Makes $500 Million JV with Single-Family Rental Specialist Second Avenue”
Chicago-based Waterton, a US-focused multifamily senior living and hospitality manager, has formed a $500 Million joint venture with Tampa-based single-family rental specialist Second Avenue to enter the red-hot niche sector. The venture will look to both acquire and develop Single-Family assets in the southeastern and southwestern US.
Businesswire | “Invitation Homes Announces $300 Million Joint Venture with Rockpoint”
Invitation Homes Inc. announced today that it has entered into an agreement with Rockpoint Group, L.L.C. to form a new joint venture (“JV”) partnership that will acquire homes in premium locations and at higher price points relative to the homes currently targeted by the Company and its previous venture with Rockpoint, which the two companies announced in October 2020. The JV will be capitalized with a total equity commitment of $300 Million, of which $50 Million (16.7%) will be committed by Invitation Homes and $250 Million (83.3%) will be committed by Rockpoint.
PR Newswire | “Welltower to Reorganize into Umbrella Partnership REIT Structure”
Welltower® Inc. today announced that it intends to implement a holding company reorganization (the “Reorganization”) that would structure Welltower as an Umbrella Partnership Real Estate Investment Trust, or UPREIT. In the Reorganization, a new holding company (“New Welltower”) will become the publicly traded parent company and will inherit the name “Welltower Inc.” The current real estate investment trust (“Old Welltower”) will exist as a wholly owned subsidiary of New Welltower initially called “Welltower OP Inc.” and, subject to approval of New Welltower’s shareholders, convert to a Delaware limited liability company, “Welltower OP LLC” (the “LLC Conversion”).
If you would like to learn more about the large platform events we are tracking, please reach out to David Stanford or John Seaton. If you would like to suggest a news or media outlet that should be considered, please contact us.
