6.16.22 | This week we recognized 5 capital related transactions with a disclosed value of $31.1 Billion USD.
Additionally, we recognized 1 leadership change within the industry:
Summary of Transaction Headlines
Globest | “Prologis Acquires Duke Realty for $26 Billion”
Prologis, Inc., and Duke Realty Corporation today announced that the two companies have entered into a definitive merger agreement by which Prologis will acquire Duke Realty in an all-stock transaction, valued at approximately $26 Billion, including the assumption of debt. The respective board of directors for Prologis and Duke Realty have unanimously approved the transaction. “We have admired the disciplined repositioning strategy the Duke Realty team has completed over the last decade,” said Prologis Co- founder, CEO and Chairman Hamid R. Moghadam. “They have built an exceptional portfolio in the U.S. located in geographies we believe will outperform in the future. That will be fueled by Prologis’ proven track record as a value creator in the logistics space. We have a diverse model that allows us to deliver even more value to customers.”
IPE Real Assets | “CalPERS Readies $2 Billion to Invest in Retail Real Estate”
The California Public Employees’ Retirement System (CalPERS) is setting aside $2 Billion (€1.87 Billion) of equity to potentially double the size of an existing $2.7 Billion retail property portfolio. The US pension fund is committing $2 Billion to Global Retail Investors, a partnership managed by First Washington Realty, according to a board meeting report. The partnership, which invests in necessity-oriented retail and shopping malls in the US was valued at $2.7 Billion a year ago. Earlier this year, First Washington acquired Donahue Schriber, a retail-focused real estate investment trust, from the JP Morgan Strategic Property Fund and New York State Teachers’ Retirement System.
Evening Standard | “Countryside Puts Itself on the Market After Investor Pressure Post the Firm Rebuffed a £1.5 Billion ($1.9 Billion USD) Deal”
UK Housebuilder Countryside Partnerships has rejected a $1.9 Billion (£1.5 Billion) offer for the company from US investment business Inclusive Capital and put itself back on the open market. In a statement, Countryside, said: “On 30 May 2022, the board of Countryside confirmed that it had received two unsolicited, non-binding, conditional proposals from Inclusive Capital in relation to a possible offer for the entire issued, and to be issued, share capital of the company. “Both proposals were rejected on the basis that they materially undervalued the company and the board’s view of its prospects. The board believes that, given Countryside’s differentiated market position and attractive business model, it is well positioned to create significant shareholder value over time.”
Property Week | “Retal Urban Development Sets for £1 Billion ($1.2 Billion USD) IPO Listing”
Retal Urban Development has completed its offering period to individual investors as part of its IPO journey. From 5 to 6 June, the Saudi Arabian retail offering saw 233,087 individual investors subscribing to invest SAR1.2 Billion (£272 Million) at the IPO price of SAR120 (£25.55) per share, setting a market capitalisation listing of around SAR4.8 Billion (£1 Billion). The company will list its shares on the main market of the Saudi Exchange (Tadawul).
Evening Standard | “John Lewis Enters Landlord Space with Build-to-Rent London Locations”
The John Lewis Partnership owners of Waitrose and the high street department store chain has announced the first three locations where it proposes to build and manage a series of new rental homes. Sites include building over Waitrose shops in Bromley and West Ealing in Greater London, as well as replacing a vacant John Lewis warehouse in Reading. The company has set a bold target to supply 10,000 properties in the next ten years.
Wealth Briefing | “Former EQT Real Estate Head Rackind to Join Credit Suisse”
Credit Suisse Asset Management has appointed Robert Rackind as new head of global real estate. He will be succeeding Raymond Rüttimann who is retiring at the end of the year. Starting on 15 June, Rackind is joining the firm from EQT Real Estate, bringing nearly 30 years of experience in the sector. He joined EQT in 2015, where he was a partner, establishing the firm’s real estate platform, team, strategies and reporting, the firm said. Previously, he was founder and partner of the global real estate investment and development company Wainbridge. Prior to that, he was an investment manager and head of asset management at CPIM, and development director for Hines in Paris and London, the firm added.
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.
Large Platform Events | Issue 26.16
Large Platform Events | Issue 26.15
