6.30.22 | This week we recognized 4 capital related transactions with a disclosed value of $2.9 Billion USD.
Summary of Transaction Headlines
CRE Herald | “Partners Group Forms £1 Billion ($1.2 Billion USD) UK PBSA, Co-living Joint Venture with Host Student Housing”
Partners Group and Host Student Housing have formed a new £1 Billion ($1.2 Billion USD) UK student accommodation and co-living joint venture. The joint venture is seeded with two Host-owned operational purpose-built Student accommodation (PBSA) assets in Leicester and Colchester, a PBSA development project in Bournemouth and a purpose designed co-living development project in Guildford.
Seeking Alpha | “Sternlicht’s Starwood Capital Explores Sale of 3,000 Homes for $1 Billion”
Starwood Capital Group, Barry Sternlicht’s closely held firm, is considering selling two portfolios of single-family rental homes in deals that could fetch about $1 Billion for the roughly 3,000 properties, Bloomberg reported, citing people familiar with the matter. The company is working with advisers for the potential sales of the two portfolios, each expected to get a price of ~$500 Million, the people told Bloomberg. Even if the sales proceed, Starwood Capital will own more than 10,000 single-family rental homes.
Wealth Management | “KKR Strikes $725 Million Deal to Sell Student-housing Properties”
KKR & Co. has sold seven US student-housing properties to Harrison Street, a deal that shows continued strength for the sector even as other residential and commercial real estate markets cool. The price for the portfolio, with 4,500 Beds, was $725 Million, according to people with knowledge of the deal. Representatives for KKR and Harrison Street declined to comment. Compared with apartments, student housing offers higher returns as measured by capitalization rates, according to MSCI Real Assets.
Dallas Business Journal | “DFW-based ILE Homes Aims to Double Its Rent House Portfolio in Spiraling Residential Market”
Dallas Fort Worth-based ILE Homes is on a mission to grow its portfolio to 1,000 or more single-family rentals by the end of the year, despite a rapidly changing housing market that in many ways is complicating the process of acquisitions. ILE owns about 450 Homes currently after starting to accumulate rental properties in mid-2020.“We’re targeting 1,000 Homes by the end of the year,” said CEO Mahesh Shetty, who leads ILE’s team of real estate veterans handling acquisition, renovation, property management and investor relations for the single-family rental home company.
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
