6.2.22 | This week we recognized 5 capital related transactions with a disclosed value of $14.6 Billion USD.
Additionally, we recognized 2 leadership changes within the industry:
- EQ Office Appoints Alex Vouvalides as CEO, Josh Hatfield as COO
- Former BlackRock Director Joins MetLife Investment Management
Summary of Transaction Headlines
IPE Real Assets | “Macquarie Raises $4.2 Billion for Asia-Pacific Infrastructure Fund”
Macquarie Asset Management has raised more than $4.2 Billion (€3.9 Billion) in the final close of its third Asia-Pacific regional infrastructure fund. Investor commitments for Macquarie Asia-Pacific Infrastructure Fund 3 exceeded the fund’s target by $1.2 Billion Frank Kwok, head of Macquarie Asset Management’s real assets business in Asia-Pacific, said returning and new investors supported the fundraising. “The infrastructure markets across Asia-Pacific have been maturing at a particularly fast rate, and our clients continue to value the investment merits brought by infrastructure.” “Leveraging our local relationships and experience in managing funds in Asia-Pacific, we remain focused on identifying proprietary investment opportunities through our own network for our clients,” said Verena Lim, head of investments for the Macquarie Asia-Pacific Infrastructure Fund series.
Property Week | “Brookfield Sells Student Roost to Greystar and GIC for £3.3 Billion ($4.1 Billion)”
Singaporean sovereign wealth fund GIC and US student developer Greystar have won a bid to acquire student housing giant Student Roost from Brookfield, in a deal worth more than £3.3 Billion ($4.1 Billion). Final bids for the Canadian fund-owned Student Roost were submitted on Friday, which reportedly saw bids from Blackstone and student housing investor GSA. The transaction is expected to close in the third quarter of 2022 and is subject to customary closing conditions.
IPE Real Assets | “Cadillac Fairview, Boreal IM Buy Debut Assets for €3 Billion ($3.2 Billion) European Logistics JV”
The real estate arm of Ontario Teachers’ Pension Plan and Boreal IM have invested €250 Million ($268 Million) to buy assets in the UK and Netherlands, as part of a plan to create a €3 Billion ($3.2 Billion) pan-European logistics portfolio. Cadillac Fairview and Boreal IM have acquired an industrial park in Park Royal in West London and another in the Port of Rotterdam as the first two acquisitions for their newly created venture. In London, the venture has acquired Nucleus, an estate of four fully leased warehouses in Park Royal from fund manager Abrdn. The asset in Rotterdam, comprises six fully leased warehouses.
Globest | “Angelo Gordon Raises $3.1 Billion For Distressed CRE”
A third investment vehicle into the distressed and special situations platform was announced this week by Angelo Gordon, which closed its AG Credit Solutions Fund II, L.P. Over three years, the fund has totaled $11 Billion, after the additional $3.1 Billion of equity commitments was announced, which exceeded the most recent fund’s $3 Billion target in seven months from the initial to final close.
Phoenix Business Journal | “Another Giant Homebuilder (Meritage Homes Corp.) is Entering the Wildly Popular Build-to-Rent Space”
Another homebuilder is getting into the wildly popular build-to-rent space, where a hybrid model of detached Single-Family Rental units is built within highly amenitized communities. These Build-to-Rent communities are all the rage, as other homebuilders have seen success, such as Scottsdale-based Taylor Morrison Home Corp. (NYSE: TMHC) in partnership with Mesa-based Christopher Todd Communities opening their first community in Mesa. Now, Scottsdale-based Meritage Homes Corp. (NYSE: MTH) has indicated an interest in the space. In Meritage’s Q1 2022 earnings call on April 28, Meritage CEO Phillippe Lord told analysts that Meritage has secured two formal relationships with large national build-to-rent operators to build communities over the next several years.
Commercial Observer | “EQ Office Appoints Alex Vouvalides as CEO, Josh Hatfield as COO”
EQ Office has made not one but two new senior leadership appointments, Commercial Observer can first report. The Blackstone office portfolio company has named Alex Vouvalides as chief executive officer, and Josh Hatfield as chief operating officer, with both positions effective June 6. The two succeed Frank Campbell — EQ’s COO and interim CEO — who is retiring after 26 years at the workplace-experience-focused firm.
IREI | “Former BlackRock Director Joins MetLife Investment Management”
Chris Aiken has been appointed head of acquisitions within MetLife Investment Management’s Real Estate Equity Strategies Group. Aiken brings nearly two decades of real estate investment experience to the role. Aiken most recently served as a managing director at Safanad, where he was responsible for leading and managing all aspects of the investment lifecycle within the firm’s real estate strategies. Prior to that, he was a director at BlackRock, focusing on real estate acquisitions including development, value-added and core strategies. He began his career as an analyst in the investment banking division at Salomon Smith Barney.
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.
