Large Platform Events | Issue 24.26

 

Summary of Transaction Headlines

IPE Real Assets | “Goldman Sachs Raises $3.4 Billion for Third Real Estate Secondaries Fund”

Goldman Sachs Alternatives has raised $3.4 Billion for its Vintage Real Estate Partners III fund (VREP III), the largest ever amount the manager has received for its real estate secondary strategy. VREP III, the third iteration of Goldman Sachs’ dedicated real estate secondary strategy, closed above its fundraising target with commitments from a global and diverse group of institutional and high-net-worth investors and a “meaningful commitment” from Goldman Sachs employees, the manager said.

Business Wire | “KKR Acquires $2.1 Billion Multifamily Portfolio from Quarterra”

KKR, a leading global investment firm, announced that KKR has acquired a portfolio of 18 multifamily assets from a closed-ended fund sponsored by Quarterra Multifamily, a premier multifamily real estate development, and operating company, for approximately $2.1 Billion. The recently built Class A portfolio consists of over 5,200 units concentrated primarily in growing coastal and sunbelt markets, including California, Washington, Florida, Texas, Georgia, North Carolina, Colorado, and New Jersey.

IREI | “KKR-led Consortium Invests $1.3 Billion in ST Telemedia Global Data Centers”

ST Telemedia Global Data Centers, KKR, and Singtel, an Asian-based communications technology group, have signed definitive agreements under which a KKR-led consortium of KKR (on behalf of funds managed by it) and Singtel will invest S$1.75 Billion ($1.3 Billion) in STT GDC. This transaction marks the largest digital infrastructure investment in Southeast Asia to date in 2024. 

The Real Deal | “Triten, TPG Angelo Gordon Putting $1 Billion More into Industrial Storage”

A Houston heavy hitter is supersizing its industrial outdoor storage investment with a global player. Triten Real Estate Partners and TPG Angelo Gordon plan to invest $1 Billion in the asset class in the next five years, according to a news release. The joint venture has invested $500 Million in industrial outdoor storage across 16 markets since December 2020. It is averaging 18 acquisitions per year and has grown its portfolio to more than 60 properties.

Housing Today | “Bromford and Flagship Reveal Plans to Merge”

Under the proposals, the two housing providers would come together to form a 78,000-home provider called Bromford Flagship. Bromford and Flagship have today announced their intention to merge, following an agreement by both boards. Bromford and Flagship have said that their merger will unlock significant additional financial capacity, enabling them to deliver 2,000 homes annually for the next 30 years, with a goal of providing 50% of these homes at social rent.

IPE Real Assets | “Cromwell Property and Valad Europe Veterans Launch European Real Estate Firm”

Four previous Cromwell Property and Valad Europe managers have joined forces to form a pan-European real estate investment firm targeting the industrial, office, and infrastructure sectors. Former Cromwell European Managing Director Mark McLaughlin, Head of Investment for Europe, and Head of UK Rob Cotterell, previous Head of Real Estate Europe and Benelux Wouter Zwetsloot, and Ex-Valad Europe Fund Manager and later Property Director at Bizspace Martin Hanratty have launched the partner-owned MC Property.

Investing.com | “CBRE to Merge Project Management Business With Turner & Townsend”

CBRE Group, Inc. (NYSE: CBRE) announced its plan to merge its project management business with Turner & Townsend, a majority-owned subsidiary specializing in program management, cost consultancy, and project management services. Following the transaction’s close, CBRE will hold a 70% stake in the combined entity, with Turner & Townsend partners retaining the remaining 30%.

Commercial Observer | “Tishman Speyer Hires Nuveen Vet Nikita Rao as Head of U.S. Residential”

One of the largest real estate developers in the world has a new captain at the helm of its U.S. residential platform. Nikita Rao, a commercial real estate veteran with more than two decades of experience, has been tapped to oversee Tishman Speyer’s stateside residential portfolio and pipeline as Managing Director.

IREI | “ShopOne Announces CEO Transition”

John Roche, CEO of ShopOne Centers REIT, has transitioned to the role of Chairman, while Chris Reed, CIO, has been named CEO, and Mike Makinen, COO, has been promoted to President. Roche first joined ShopOne in 2017 as CFO before being named CEO in 2019. Reed, who possesses more than 15 years of retail real estate experience, joined ShopOne initially as Executive Vice President of Acquisitions in 2020 before being promoted to CIO just one year later.