Summary of Transaction Headlines

IPE Real Assets | “Carlyle Raises $9 Billion for 10th US Opportunistic Real Estate Fund”

Global investment firm Carlyle has raised $9 Billion for its 10th US opportunistic real estate fund. The fund manager said the amount raised for Carlyle Realty Partners X (CRP X) at close exceeded the $8 Billion raised in 2021 for Carlyle Realty Partners IX, the predecessor in the series. Carlyle said CRP X will focus on sectors driven by demographic and technological trends and favorable supply-demand dynamics, such as residential, self-storage, and industrial, and will avoid office, hotel, and retail properties, in line with the previous funds in the series.

PR Newswire | “Snowhawk and Nuveen Invest in Prime Data Centers for $2 Billion”

Snowhawk LP, a private equity firm investing in businesses that power the digital economy, together with Nuveen, a global investment manager with more than $1.3 Trillion in assets under management, announced a strategic equity investment in Prime Data Centers (“Prime”), an international data center developer and operator providing scalable and adaptable mission-critical infrastructure to the world’s leading hyperscale, AI/HPC, and enterprise customers. These investors join existing institutional investors Macquarie Capital, Ares Management, and Siemens Financial Services in supporting Prime in its next phase of growth. The financial terms of the transaction were not disclosed. The transaction is part of management’s broader multibillion-dollar growth strategy that includes raising more than $2 Billion this year to help fuel Prime’s accelerated data center expansion.

Commercial Observer | “Elme to Exit Multifamily With $1.6 Billion Portfolio Sale to Cortland”

A DMV-area real estate investment trust is closing and unloading the rest of its portfolio of multifamily properties. Bethesda, Md.-based Elme Communities will sell 19 properties, 16 of which are in the DMV, to Cortland for $1.6 Billion in a deal expected to close within the final quarter of this year. REIT will subsequently sell or dispose of the remainder of its assets and formally dissolve within the next 12 months, the REIT announced. 

Housing Today | “Settle and Paradigm Confirm Merger”

Housing associations Settle and Paradigm have agreed to merge to create a combined 30,000-home landlord. The pair announced in March that they had entered negotiations and in April that they had approved an initial business case and put forward designated appointments for the Board and Executive. In a note to the market, the pair confirmed that both Boards had agreed to proceed in creating a new organization, which would initially be known as SettleParadigm.

IPE Real Assets | “Apollo Takes Majority Stake in US Data Centre Firm Stream Data Centers”

Apollo is acquiring a majority stake in US data center company Stream Data Centers (SDC) from Stream Realty Partners (SRP). The investment firm, through its funds, has acquired the undisclosed stake in SDC and will own the company alongside SDC’s management team, which will retain a minority interest and continue to lead the business. SDC, which builds, leases, manages, and operates hyperscale data centers, has delivered more than 20 campuses to date. The company currently controls over 4 Gigawatts of long-term powered land and has a development pipeline.

IREI | “Michael Fuller Joins King Street’s European Real Estate Team as Managing Director”

Michael Fuller has joined King Street Capital Management as a Managing Director on its European real estate team. Based in London, Fuller will report to Paul Brennan, Partner and Co-Head of Real Estate responsible for leading the European business. Fuller will be responsible for strategic business development initiatives, asset management, and supporting the team in identifying and evaluating new investment opportunities across the European real estate market. Most recently, he was a Managing Director and Head of Core-plus Europe at Brookfield Property Group, where he led the buildout of the firm’s European core-plus strategy, as well as deal origination across continental Europe, Germany, and the Nordics for Brookfield’s flagship opportunistic fund series.

IREI | “NNN REIT Appoints New CIO”

The Board of Directors of NNN REIT has named Joshua Lewis Executive Vice President, CIO. Lewis is responsible for leading the company’s real estate investments, including structuring, negotiation, and deal execution. Lewis has held roles of increasing responsibility within the Acquisitions team since joining the company in 2008 and has served as Senior Vice President, Head of Acquisitions since August 2022.