Large Platform Events | Issue 23.50

 

Summary of Transaction Headlines

GlobeSt. | “Blackstone, Digital Realty Establish a $7 Billion Data Center JV”

Digital Realty and Blackstone announced a $7 Billion joint venture to develop four hyperscale data centers in three metro areas across two continents. The developments are expected to support approximately 500 Megawatts of total IT load upon full build out of all campuses. Blackstone will acquire an 80% ownership interest in the joint venture for approximately $700 Million of initial capital contributions, while Digital Realty will maintain a 20% interest. Digital Realty will manage the development and day-to-day operations of the joint venture.

Reuters | “Macy’s Investors Mount $5.8 Billion Buyout Bid”

An investor group consisting of Arkhouse Management and Brigade Capital has made a $5.8 Billion offer to take department store chain Macy’s. Arkhouse Management, a real-estate focused investing firm, and Brigade Capital Management, a global asset manager, submitted a proposal to acquire the Macy’s stock they don’t already own for $21 a share in Dec.

CRE Herald | “LGPS Central Launches UK Direct Property Fund With £500 Million ($627 Million USD) Investment Goal”

The Fund has a medium-term target to invest up to £500 Million across the UK. LGPS Central Limited, an asset management company, authorised and regulated by the Financial Conduct Authority (FCA), has announced its new UK Direct Property Fund to invest in key markets across the UK. The UK Direct Property Fund, a sub-fund under the management of LGPS Central Property ACS in collaboration with partner funds and co-managed with DTZ Investors, has set a medium-term target to invest up to £500 Million across the UK.

IPE Real Assets | “Long Harbour Launches UK Student Housing Joint Venture With Rosethorn Capital”

Long Harbour, a UK real estate fund manager that specialises in build-to-rent housing and ground rents, is expanding into purpose-build student accommodation (PBSA) in combinatioin with Rosethorn Capital Partners. The joint venture will target high-spec, accessible student accommodation with an initial focus across the UK’s major university hubs, where an undersupply of PBSA is most acute, the company said. People familiar with the strategy added that “it aims to build a portfolio of up to 10,000 beds across leading UK university towns and cities over the next five to seven years”. The strategy will target growth through a combination of standing stock and new developments, they added.

IREI | “Michael Beattie to Retire as Grosvenor CIO”

Michael Beattie has plans to retire as Grosvenor CIO at the end of 2023, with his responsibilities being divided between Angela Biggs and Mark Purdy, who will both be promoted to Managing Director positions. Upon Beattie’s retirement, beginning Jan 2024, Biggs will become Managing Director, Investment, where she’ll lead the company’s acquisitions and dispositions. Purdy will become Managing Director, Asset Management, where he’ll oversee all asset management activities across the North American portfolio and will lead sustainability efforts in meeting the firm’s carbon reduction ambitions for the portfolio. Both currently serve as Senior Vice Presidents of Investment in the company’s San Francisco office.

IREI | “Kenneth Fridley Named COO of Alyssa Partners”

Kenneth Fridley joined Alyssa Partners in Tokyo in September 2023 and is currently serving as COO. He is responsible for daily operations, including business development initiatives, fund management and capital markets projects. Previously, Fridley was President and CEO of Strategic Asset Solutions, an investment advisory firm focused on monetizing corporate real estate through sale and leasebacks. Before Strategic Asset Solutions, Fridley enjoyed stints as a Senior Executive of Capbridge Investors, New City Corp, and CB Richard Ellis Investors (now CBRE Investment Management).

Housing Today | “Notting Hill Genesis Hires NHS Property Services Executive as Chief Financial Officer”

Mark Smith to join 66,000-home association in April. Notting Hill Genesis has appointed Mark Smith as its new Chief Financial Officer (CFO) The 66,000-home association announced Smith will take up the role in April. Smith joins NHG from NHS Property Services, which manages 2,700 NHS buildings, where he had served as CFO since April 2019. Smith also previously worked at BT in a variety of finance-related roles over a nine-year period.

IREI | “PIMCO Names Mohit Mittal CIO – Core Strategies”

PIMCO announced that Mohit Mittal has been named CIO – core strategies. Prior to the appointment, Mittal was a Managing Director and Portfolio Manager at PIMCO. In the role, Mittal will oversee PIMCO’s core suite of fixed-income portfolio strategies and will lead the core portfolio management team. Mittal joined the total return portfolio management team at PIMCO five years ago and has worked with PIMCO’s other portfolios including long duration, dynamic bond, stable value, and investment grade credit.