Summary of Transaction Headlines

IPE Real Assets | “Lendlease, Mirvac Selected to Develop €2.3 Billion ($2.6 Billion USD) Mixed-use Project in Sydney”

Lendlease, Mirvac, and Coombes Property Group, operating as the Metropolis Consortium, will develop a €2.3 Billion ($2.6 Billion USD) over-station mixed use precinct in the heart of Sydney central business district as part of the master plan for the Sydney Metro cross-city rail network, which is due for completion in 2032. The NSW government agency, Sydney Metro, selected Lendlease to develop the tower to the west fronting George and Hunter Streets, while Mirvac and Coombes Property will build the second tower to the east facing Hunter and O’Connell Streets.

Morningstar | “KKR and Oak Hill Capital Invest Almost $2 Billion in European Data Center Platform Global Technical Realty”

KKR and private equity firm Oak Hill Capital are committing close to $2 Billion to a European data center platform, adding to the wave of money being invested in data centers as the AI build-out continues to draw vast amounts of capital. KKR said it will invest an additional
$1.5 Billion of equity in Global Technical Realty, a platform it founded alongside data center entrepreneur Franek Sodzawiczny. Oak Hill will join as an investor in the company, committing about $400 Million.

Reuters | “TPG Buys Majority Stake in Quarterra from Homebuilder Lennar, Commits Additional $1 Billion”

Asset management firm TPG has acquired a majority interest in homebuilder Lennar’s multifamily development and investment management platform and committed an additional $1 Billion for the business. The acquisition of Quarterra comes when U.S. homebuilders are grappling with tepid demand as affordability remains pressured due to still-high mortgage rates. TPG expects to raise additional capital and focus on the development of Quarterra’s Emblem communities program, which builds attainable apartments for suburban middle-income markets.

Bisnow | “Brookfield Properties Rebranding its Retail Division to GGP”

Brookfield Properties is renaming its retail division after the Chicago-based mall owner it acquired in 2018. The retail division, renamed GGP after General Growth Properties, will not see any organizational change and will continue to be based at 350 N. Orleans St. in Chicago. The name change reflects how the retail division operates as an independent business within Brookfield.

Business Wire | “Bailard Real Estate Completes Leadership Transition”

Bailard announced that Tess Gruenstein and James Pinkerton have assumed Co-Head roles for Bailard’s real estate team, succeeding Preston Sargent, who retired as President and CEO of the Bailard Real Estate Fund (BREF) at year-end. The transition reflects Bailard’s team-oriented approach and is a potent manifestation of the firm’s commitment to growing and nurturing leadership talent. Gruenstein and Pinkerton will continue to work closely with senior team member Alex Spotswood, an important contributor to BREF’s success over the past nine years.

Business Wire | “CareTrust Announces Promotions and Key Hires”

CareTrust REIT, Inc. (NYSE: CTRE) announced the promotion of Derek Bunker to Chief Financial Officer and several other personnel changes. The real estate investment trust promoted nine employees to new positions, including Joe Layne to Senior Vice President, Corporate Counsel, and Rory Williams to Senior Vice President, Portfolio Management. Other promotions include Brandon Keller to Vice President, Asset Management, and Josh Hillman to Vice President, Investments. The company also hired four new employees: Kyle Bennion as Senior Vice President of Investments, Transactions Counsel; Dan Chin as Vice President of Data & Analytics; Emily Meckler as Finance Director; and Landon Hallmark as Machine Learning Engineer, Data & Analytics.