9.29.22 | This week we recognized 5 capital-related transactions with a disclosed value of $2.7 Billion USD.
Summary of Transaction Headlines
CRE Herald | Prologis Buys European Logistics Portfolio from Crossbay for €1.6 Billion ($1.5 Billion USD)
Prologis has acquired a portfolio of 128 logistics facilities and six developments in seven European countries, on behalf of its open-ended vehicle Prologis European Logistics Fund (PELF), from last-mile operator Crossbay for €1.585 Billion. All properties and developments, totaling 1.14 Million Square Metres, are located within or in close proximity to major population centres: Italy (Rome and Milan), Netherlands (Amsterdam and Rotterdam), Spain (Madrid and Barcelona), Germany (Nuremburg and Berlin), France (Paris), Belgium (Brussels) and Poland (Lodz).
Commercial Property Executive | Ocean West JV Sells Industrial Portfolio for $905 Million
A joint venture including Ocean West Capital Partners, Tiger Alternative Investors and Realty Income has completed the disposition of a seven-property logistics portfolio totaling more than 7 Million Square Feet throughout the Sun Belt and Northeast. Ponte Gadea shelled out $905 Million for the industrial properties, public records and SEC documents show, which reveal that Realty Income acquired its stake in the seven assets as part of its merger with VEREIT.
CRE Herald | Blackstone, Bourne Leisure Agree Sale of Butlin’s for £300 Million ($322 Million USD)
Blackstone and Bourne Leisure have agreed to the sale of Butlin’s, the iconic British seaside resorts, to a newly formed company backed by the Harris family for £300 Million ($322 Million USD). Butlin’s was founded in 1936 by Billy Butlin, who opened the first site in Skegness with the aim of revolutionising British seaside holidays and providing a “place of colour and happiness” to be enjoyed by all. Today, it operates three resorts in Minehead, Bognor Regis and the original site in Skegness which together attract over 1.5 Million guests every year.
Business Wire | Affiliates of Lone Star Funds Acquire Multifamily Portfolio
Lone Star today announced that affiliates of Lone Star Funds have acquired a multifamily property portfolio from affiliates of Transcontinental Realty Investors and Macquarie Capital. The portfolio includes 46 properties totaling 9,205 units located across 17 Sunbelt markets. Terms of the transaction were not disclosed.
Yahoo Finance| Landmark Properties Announces Construction Start for Company’s First Build-to-Rent Neighborhood
Landmark Properties, a fully-integrated real estate firm specializing in development, construction, investment management, and operation of high-quality residential communities, announces the first groundbreaking from its new “Build-to-Rent” division focused on Single Family Rental home neighborhoods. Construction began in September at The Everstead at Madison in Madison, Ala., and the company’s build-to-rent division will bring more single-family homes on the market to meet current demand across the country.
