9.1.22 | This week we recognized 7 capital-related transaction with a disclosed value of $15.6 Billion USD.
Additionally, we recognized 2 leadership changes within the industry.
- Oxford Executive to Lead Columbia Property Trust
- Thijs Aaten Appointed as New CEO for APG Asset Management Asia
Summary of Transaction Headlines
Bloomberg | “EQT, KKR Among Bidders for $10 Billion Global Switch Deal”
Private equity firms including EQT AB and KKR & Co. are among bidders shortlisted to buy data center company Global Switch Holdings Ltd., according to people familiar with the matter. Gaw Capital Partners, PAG and Stonepeak Partners have also been selected to participate in the next round of bidding for the London-based company, the people said, asking not to be identified because the matter is private. Suitors could start conducting due diligence in the coming weeks ahead of a deadline for binding offers, the people said. Global Switch’s owners including Jiangsu Shagang Group Co. and Avic Trust Co. were poised to kick off a long-awaited sale, which could value the data center company at about $10 Billion, Bloomberg News reported in May.
PR Newswire | “Landmark Announces $2 Billion Build-to-Core Venture with ADIA for Student Housing”
Landmark Properties (Landmark), a fully-integrated real estate firm specializing in the development, construction, acquisition, and management of high-quality residential living communities, has formed a new $2 Billion build-to-core student housing joint venture with a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). The programmatic joint venture will focus on developing and operating student housing properties in targeted markets throughout the United States and has pre-identified multiple potential development opportunities.
GlobeSt. | “Argyle, Sembler JV to Acquire $1.5 Billion Multifamily Portfolio”
Argyle Real Estate Partnership and Sembler Investments have formed a joint venture that plans to acquire a $1.5 Billion Multifamily portfolio in Sun Belt markets. The partnership will target core-plus and value-add acquisitions in the Southeast and Texas over the next two to three years, focusing on apartments built after 2000 in markets experiencing major population growth that boast a high quality of life as well as an influx of corporate relocations.
The Business Journals | “Workspace Property Trust Buys Four Charlotte Office Buildings as Part of Larger $1.13 Billion Acquisition”
Boca Raton, Florida-based commercial real estate company has closed on its purchase of four office buildings in suburban Charlotte. Workspace Property Trust announced today that the Class A, single-tenant properties, totaling 477,749 Square Feet of office space, were part of a $1.13 Billion acquisition from Griffin Realty Trust. That larger acquisition consisted of 53 buildings across the U.S.
CRE Herald | “PGGM, Sentinel Form A$1.5 Billion ($1 Billion USD) Build-to-Rent Venture in Australia”
Dutch pension fund asset manager PGGM has formed a partnership with US-based Sentinel Real Estate to develop and manage up to A$1.5 Billion ($1 Billion USD) in Build to Rent (BTR) communities in Australia. PGGM’s first investment tranche opens up a pipeline of over A$700 Million in initial development potential for the venture which aims to develop a national portfolio of approximately 2,500 BTR units.
The Business Journals | “ONM Living has 2,300 Build-for-Rent Units in Development”
ONM Living is planning to up its holdings to 7,500 Single Family Rental units over the next five to seven years. The Grapevine-based company is affiliated with HistoryMaker Homes and has 2,300 Build for Rent units in development, including five communities in Fort Worth. ONM Living is fully-integrated and holds its properties long-term. The firm has another 1,200 units under contract. The company offers two product types; the Villa, which is more akin to a traditional Single Family Home, and Cottages, which have more density. In a community featuring the Villa product, the number of units will be at around 125 to 150, while those featuring cottages will hit around 300 to 350 units.
BTR News | “Savills IM Acquires Build to Rent Specialist Pitmore”
International real estate investment manager – Savills Investment Management (Savills IM) – acquires Pitmore, a UK Development and Build to Rent specialist. The acquisition is a key part of Savills IM’s plans to grow its UK residential and Build to Rent platform. The first new product following the acquisition is the launch of Savills IM’s UK Build to Rent strategy, which will build on Pitmore’s recent success and current pipeline. The strategy seeks to raise £200 Million for its UK Build to Rent platform and aims to develop up to £500 Million of quality, sustainable housing in both single and Build to Rent assets, with a strong focus on regeneration areas and master-planned schemes.
The Real Deal | “Oxford Executive to Lead Columbia Property Trust”
Adam Frazier is to become president and CEO of Columbia Property Trust, effective Sept. 19, the company announced Tuesday. He will succeed Nelson Mills, who has served as CEO since 2012. Frazier is moving from Oxford Properties Group, where he served as a vice president and head of New York for the privately held company. Frazier oversaw leasing, operations and development in the region. The executive also spent seven years in leadership roles at Boston Properties, where he developed and executed the firm’s New York leasing program.
Financial Investigator | “Thijs Aaten Appointed as New CEO for APG Asset Management Asia”
Thijs Aaten has been appointed as CEO for APG Asset Management Asia, effective 1 September. He succeeds Wim Hazeleger who is stepping down as CEO Asia Pacific after ten years in the role. Hazeleger will be leaving APG, to pursue new opportunities. Michael van Ommeren joins the Asia Pacific leadership team as the new CFRO, effective 1 September. Both Thijs and Michael will be based in Hong Kong, APG’s regional head office in Asia Pacific.
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
