8.18.22 | This week we recognized 6 capital-related transactions with a disclosed value of $16.6 Billion USD.
Summary of Transaction Headlines
Bisnow | “Brookfield Raises $14.5 Billion for New Fund and is Buying at ‘Unprecedented’ Yields”
Brookfield Asset Management has raised $14.5 Billion for its latest real estate opportunity fund, saying it sees great opportunities to buy assets at big discounts given its expectation the current turmoil in financial markets will pass sooner than others might think. In second-quarter results released yesterday, Brookfield said it expected the Brookfield Strategic Real Estate Partners IV fund to close before the end of September. It began raising money for the fund last autumn, with a target of more than $17 Billion of equity.
IREI | “Aimco Forms $1 Billion Multifamily JV with APFC”
Apartment Investment and Management Co. (Aimco) and the $79.5 Billion Alaska Permanent Fund Corporation (APFC) have entered into an agreement to fund up to $1 Billion of future Aimco-led multifamily developments. Pursuant to the agreement, APFC will fund up to $360 Million of limited partner equity into projects meeting specific criteria, including, among other items, return thresholds and minimum project size. Aimco will act as the general partner and developer, committing to at least $40 Million through funding or the contribution of assets, while earning customary fees.
Commercial Property Executive | “Realterm Closes Logistics Fund at $630 Million”
Realterm has closed its Realterm Logistics Fund IV after raising $630 Million in commitments. RLV IV is the fourth fund in the firm’s closed-end, value-add Realterm Logistics Fund Series and the 11th closed by Realterm overall. As with its predecessor funds, RLF IV invests in high flow-through (HFT) logistics real estate throughout across the country. Realterm, based in Annapolis, Md., closed Realterm Logistics Fund III at $370 Million in May 2020.
Bisnow | “Hammerson Plans Big BTR Scheme in £440 Million ($530 Million USD) Shopping Centre”
Retail REIT Hammerson is consulting on plans to convert a major portion of one of its shopping centres into homes for rent, as it repurposes its portfolio away from retail to improve values. The REIT is planning to build up to 475 new homes in two blocks at the Oracle mall in Reading, 40 Miles west of London, which it co-owns with ADIA, CoStar reported. The apartments will be built on the site of a former Debenhams department store and part of an existing Vue cinema, which will be reconfigured. Hammerson is working with BTR specialist Packaged Living on the developments, which are at the eastern end of the centre.
Shopping Center Business | “Real Estate Investment Firm Centennial Acquires Operating Platform of Bayer Properties”
Dallas-based real estate investment firm Centennial has acquired the operating platform of Birmingham-based Bayer Properties. Bayer’s management portfolio includes nearly 8 Million Square Feet of open-air fashion, power and neighborhood retail centers, as well as mixed-use properties. The combined organization will utilize the Centennial name and the company’s headquarters will remain in Dallas. Bayer’s Birmingham headquarters will remain operational and will become a regional office for Centennial. Bayer’s president, Jami Wadkins, will join Centennial as Chief Operating Officer immediately upon acquisition.
IPE Real Assets | “Barings to Acquire Altis Property Partners”
Altis, founded in 2008, currently manages A$6.1 Billion (€4.2 Billion) assets. The company has expertise in industrial, office, retail warehouse, residential and other specialist real estate sectors across the risk spectrum including core, value-add and development. The acquisition complements the Barings real estate debt team in Australia and will help the investment manager’s plan to expand into other markets such as Japan and Korea over time.
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.
