7.7.22 | This week we recognized 5 capital-related transactions with a disclosed value of $11 Billion USD.
Summary of Transaction Headlines
Bisnow | “Colliers Acquires $6 Billion Asset Management Firm in Push to Add Recurring Revenue”
Colliers is under an agreement to acquire a 75% interest in Denver-based Versus Capital, an alternative real estate management firm formed in 2010 and with $6 Billion in assets under management. Versus operates two main funds: its Multi-Manager Real Estate Income Fund, which invests in both private and public equity and debt, and its Real Assets Fund, which invests in private infrastructure, private farmland, private timberland, and public real assets, according to its website.
New York Post | “Black Spruce, Orbach Strike $1.8 Billion NYC Multifamily Deal”
An investment firm and developer have agreed to shell out $1.75 Billion for a selection of market-rate residential buildings. The anticipated, well over $1 Billion sum Black Spruce Management LLC and Orbach Affordable Housing Solutions LLC are set to pay for the six Manhattan towers was reached after an intense bidding war. As the winning bidders, the companies look to make 3 to 5 percent initial return rates on the buildings, a relatively low rate compared to other commercial properties.
The slated price tag for these six Upper East Side buildings is higher than any in New York since pre-pandemic.
RE Business Online | “MDH Partners Sells $1.3 Billion Industrial Portfolio”
MDH Partners has sold its 58-property Sunbelt Logistics Portfolio to an undisclosed global institutional investor for $1.3 Billion. MDH will retain an ownership stake in the portfolio and will continue to operate the properties. The portfolio spans 9.7 Million square feet of industrial space across 10 states, including 11 properties in Georgia; 10 properties in Florida; 8 properties in Texas; 7 properties each in Arizona and Missouri; 4 properties each in Tennessee and North Carolina; 2 properties each in South Carolina and Virginia; and 1 property in Kentucky.The final 2 properties include nearly 675,000 square feet of newly constructed buildings in Nashville and Charlotte.
IREI | “Artemis Healthcare Fund II Wraps-up Fundraising at $1 Billion”
Artemis Real Estate Partners has completed the final close of its second healthcare real estate fund, Artemis Healthcare Fund II, with $1 Billion of equity commitments, exceeding its target of $750 Million. The fund was backed by a diverse group of institutional investors, including public and corporate pension funds, endowments, foundations and family offices.
Bisnow | “Dallas-Based NexPoint Converts $944 Million Fund to Diversified REIT”
Dallas-based alternative investment platform NexPoint, which is heavily invested in single-family rentals, has launched its third publicly traded real estate investment trust. The Securities and Exchange Commission approved the transition of NexPoint Diversified Real Estate Trust from a closed-end fund to a diversified REIT on July 1, according to a company release. The company’s common and preferred shares will trade under the ticker symbols NXDT and NXDT-PA, respectively. The REIT’s net asset value was $944 Million as of March 31.
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.
