Large Platform Events | Issue 24.47

 

Summary of Transaction Headlines

Bisnow | “Blackstone Buying Majority Stake in Jersey Mike’s Subs at $8 Billion Valuation”

One of the world’s largest private equity firms has jumped into the sandwich game with a major investment in Jersey Mike’s Subs. Blackstone has reached a deal to become the majority stakeholder in the New Jersey-based subshop franchisor. The partnership will allow Jersey Mike’s to “accelerate its expansion across and beyond the U.S. market.” The deal values the sandwich chain at around $8 Billion and is expected to be finalized in early 2025.

IREI | “Bain Capital Closes Global Special Situations Fund With $5.7 Billion in Commitments”

Bain Capital announced it completed fundraising for its latest Global Special Situations Fund, bringing the total amount raised for its second vintage of funds to $9 Billion. This capital base includes Global Special Situations Fund II, which received $5.7 Billion in total commitments, inclusive of co-investments and separately managed accounts, and $3.3 Billion from the firm’s previously closed Special Situations Asia and Europe regional funds.

IREI | “Hines Acquires Onyx Portfolio from SEGRO European Logistics Partnership”

Hines announced the acquisition of the Onyx portfolio in France on behalf of the HEPP (Hines European Property Partners) fund from SEGRO, on behalf of SELP (SEGRO European Logistics Partnership). The assets, representing 130,000 Square Meters (1.4 Million Square Feet), offer real potential for value creation and are all located in major French logistics transport hubs. The assets are located at strategic points on the French main freight line: four in the Île-de-France region within the leading logistics hub of Saint-Ouen-l’Aumône and a fifth at Oignies, southwest of Lille, in the Hauts-de-France region. These platforms are leased in their entirety to eight first-class logistics providers. 

IREI | “EQT Exeter to Acquire 33 industrial Assets Across the United States”

EQT Exeter’s latest value-add US industrial real estate fund has added 33 assets to its portfolio. The $4.9 Billion EQT Exeter Industrial Value Fund VI has invested an undisclosed amount to acquire the Assemblage portfolio, spanning four key regional markets: the Southeast, the “E-Commerce Triangle,” the Midwest, and El Paso, Texas.

IREI | “Bill Glascott Appointed Managing Director, Head of Alternatives Housing at Clarion Partners”

Bill Glascott has joined Clarion Partners, a real estate investment manager, as Managing Director, Head of Alternatives Housing. Glascott is an accomplished investor with more than 24 years of experience in alternative real estate. His experience spans the transaction spectrum, from sourcing acquisitions, valuations, and deal structuring to due diligence, financing, and M&A.

ShareCast | “Vistry’s Chief Operating Officer to Step Down”

The Chief Operating Officer of Vistry is to leave the housebuilder. The blue chip, which has warned on profits twice in recent weeks, said Earl Sibley would step down as a Director with immediate effect before leaving the company on 31 December. The Owner of Bovis Homes, which builds around 17,000 houses a year, said the move would cut reporting lines and “ensure closer proximity of the Chief Executive to the business”.

Bisnow | “Cushman & Wakefield Debuts New Americas Leadership”

Cushman & Wakefield is making changes at the top ahead of what is expected to be an eventful new year. Marla Maloney and Brad Kreiger were named the brokerage’s Co-CEOs for the Americas as part of a restructuring aimed at prioritizing the brokerage’s core client segments, occupiers, and investors. Maloney will lead the Americas investor services department, which supports C&W’s largest clients with capital markets, agency leasing, property management, and other functions.

Pensions & Investments | “ADIA Picks CIO for Equities Department; USS Promotes for Next Equities Head”

Innes McKeand was named as CIO in the equities department at Abu Dhabi Investment Authority, joining from Universities Superannuation Scheme Investment Management, London. An ADIA spokesperson confirmed the move. McKeand will start early next year at the Middle East’s largest sovereign wealth fund by assets. The fund has estimated assets of almost $1 Trillion.

IREI | “LaSalle Appoints Tara McCann Head of Americas Investor and Consultant Relations”

LaSalle Investment Management announced the appointment of Tara McCann as Head of Americas Investor and Consultant Relations, effective Nov. 4. In this role, McCann leads LaSalle’s efforts to strengthen relationships with existing institutional investors, enhance consultant relationships, and expand the firm’s network across the Americas. Based in New York, McCann reports to Samer Honein, Global Head of Investor Relations. McCann will assume the responsibilities of Adam Caskey, Head of Americas Investor Relations, who is set to retire in December this year.

Business Wire | “Jerome Foulon Named Global Head of Commercial Real Estate for Lone Star”

Lone Star has announced to its Limited Partners and employees that Jérôme Foulon has been appointed Global Head of Commercial Real Estate for Lone Star following the retirement of André Collin after 17 very successful years with Lone Star. Mr. Foulon joined Lone Star in 2018 and has served in multiple senior positions, most recently as Senior Managing Director for Global Origination, where he was responsible for investment strategy and policy for Lone Star’s commercial real estate funds. 

PR Newswire| “Federal Realty Announces Senior Executive Team Realignment”

Federal Realty Investment Trust (NYSE: FRT) announced that Jeffrey S. Berkes, the company’s President and Chief Operating Officer, will be leaving the company effective December 31, 2024. Don Wood, Federal’s Chief Executive Officer, commented, “Jeff has been my trusted partner and good friend here at Federal for the past 24 years and has been instrumental in growing the company and positioning the company as a leader in the industry. He’s one of the finest professionals and human beings in our business. I’ll surely miss working with him on a daily basis.” Mr. Wood will reassume the additional position of President of the Company. The position of Chief Operating Officer will not be backfilled.

Commercial Observer | “JP Morgan Chase Elevates Burke Davis to Head of Real Estate Banking”

J.P. Morgan Chase did not have to look far to find a replacement for Michelle Herrick after she was named the bank’s Head of Commercial Real Estate last month. The Wall Street giant announced that Burke Davis, who has been at J.P. Morgan since 2012, will take over Herrick’s role as head of real estate banking (REB) and report to her in the key lending position. Davis was previously Market Manager for REB’s Northeast region.

Pensions & Investments | “CDPQ Names Sharon White as Head of Europe”

Caisse de dépôt et placement du Québec announced that Sharon White will take over as Managing Director and Head of Europe, effective January 27, 2025. White succeeds David Morley, who retired from the Canadian pension fund in April. London-based White will coordinate CDPQ’s strategy with asset class leaders across the U.K., Europe, and at the pension fund’s home in Montreal. London-based White will coordinate CDPQ’s strategy with asset class leaders across the U.K., Europe, and at the pension fund’s home in Montreal.

IREI | “Octopus Real Estate Appoints Head of Spain”

Octopus Real Estate, part of Octopus Investments and a leading specialist real estate investor and lender, announced the appointment of Cristina Pérez Liz as Head of Spain. The appointment follows the launch of Octopus Investments Spain, announced earlier this year in September. Pérez Liz joins following a 10-year career at Kennedy Wilson, where she was Senior Managing Director and Head of Spain for the European arm of the business, establishing and running their Madrid office and investing and divesting across a range of real estate sectors.