9.8.22 | This week we recognized 3 capital-related transactions with a disclosed value of $4.0 Billion USD.
| Deal Size (Bn USD) | Capital Related Transactions |
| $2.0 | EQT, KKR Among Bidders for $10 Billion Global Switch Deal |
| $1.5 | Landmark Announces $2 Billion Build-to-Core Venture with ADIA for Student Housing |
| $0.5 | Argyle, Sembler JV to Acquire $1.5 Billion Multifamily Portfolio |
| $4.0 | Total |
Additionally, we recognized 1 leadership change within the industry.
Summary of Transaction Headlines
Reuters | “Oak Street in $2 Billion Bid for Kohl’s Real Estate”
Private equity firm Oak Street Real Estate Capital LLC has made an offer to acquire as much as $2 Billion of property from Kohl’s Corp (KSS.N) and have the U.S. retailer lease back its stores, according to people familiar with the matter. Oak Street’s interest offers Kohl’s another chance to cut a deal after negotiations to sell itself to Franchise Group Inc (FRG.O), owner of the Vitamin Shoppe, for almost $8 Billion fell through in July over the department store operator’s deteriorating business prospects. Oak Street had sought to help finance Franchise Group’s bid.
The Guardian | “UK Housebuilders Vistry Group and Countryside to Merge in £1.3 Billion ($1.5 Billion USD) Deal”
Two of the UK’s largest housebuilders are to merge after Vistry Group agreed a £1.3 Billion ($1.5 Billion USD) cash and shares deal to take over smaller rival Countryside. The deal would represent a victory for two US activist investors in Countryside, Browning West and Inclusive Capital Partners, which have been pushing for a sale of the company. The takeover would give Vistry increased scale as the housebuilding sector braces for an expected UK recession amid high inflation, threatening to put to an end a very strong housing market during the coronavirus pandemic in which prices rose rapidly, buoyed in part by a stamp duty holiday.
Multi Housing News | “Tricon, Arizona Pension Plan Invest $500 Million in SFR Strategy”
This marks the second time the companies have formed a joint venture focusing on the Sun Belt. Tricon Residential Inc. is teaming up with Arizona State Retirement System for a second time, adding $500 Million in equity to its previous $450 Million investment in the single-family rental home market that will create an estimated 2,500 Homes in the U.S. Sun Belt. The new $500 Million joint venture includes $100 Million, or a 20 percent co-investment from Tricon, which it expects to fund gradually over a three-year period, Gary Berman, president & CEO, said during an analysts’ call in early August to discuss Tricon’s second-quarter earnings report.
Businesswire | “CBL Properties Announces CFO Transition Plan”
CBL Properties (NYSE: CBL) today announced that Farzana Khaleel will step down as CBL’s executive vice president – chief financial officer as of December 31, 2022. CBL also announced that Ben Jaenicke will join the company as executive vice president – finance on September 1st and will begin serving as EVP – CFO as of January 1, 2023. To provide for a smooth transition, Ms. Khaleel will enter into a consulting arrangement with the company to provide advisory services through March 31, 2023, with one three-month extension available, at the company’s option.
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.
