Summary of Transaction Headlines

The Wall Street Journal | “Nuveen to Buy U.K. Asset Manager Schroders for $13.5 Billion”

Nuveen agreed to buy U.K. asset manager Schroders for $13.5 Billion, bolstering its business in Europe with a storied London investment house that dates back more than two centuries. The deal is the latest between active money managers trying to keep up with passive investment giants like BlackRock and Vanguard as well as private-market specialists. The takeover would also end the independence of one of London’s last remaining major financial dynasties, after American and European banks swooped on the City in the 1980s and 1990s.  

Yahoo Finance | “Blackstone-led Funds Provide $10 Billion Loan for Australia AI Data Center Buildout”

Blackstone (NYSE: BX) has agreed to provide a $10 Billion private credit loan to Australian AI infrastructure firm Firmus Technologies, a financing that reflects the accelerating pace of capital flowing into global data center expansion. The funding, alongside participation from Coatue Capital, is set to support the next phase of Firmus’ rollout across Australia and will incorporate Nvidia (NASDAQ: NVDA) chips, according to the company. Firmus plans to develop data centers with a combined capacity of up to 1.6 Gigawatts by 2028, and the company is expected to pursue a public listing in Sydney later this year.

IPE Real Assets | “Safanad Sells UK Care Home Operator HC-One to Healthcare REIT for $1.6 Billion”

A healthcare real estate investment trust (REIT) has acquired HC-One, the UK’s largest care home provider, from Safanad for over $1.6 Billion Investment firm Safanad said it has sold HC-One, an operator of nearly 300 homes, to the unnamed healthcare REIT. Kamal Bahamdan, Founder and CEO of Safanad, said: “HC-One has been a defining investment for Safanad and a clear example of our long-term, partnership-driven approach.

Reuters | “Brookfield in Talks to Buy Blackstone’s Fidere for $1.2 Billion”

Brookfield Asset Management is in exclusive talks with Blackstone to purchase its residential real estate company Fidere in Spain. The potential transaction could become one of the largest in the Spanish real estate sector this year, with an estimated value of around $1.2 Billion USD, Expansion said. Fidere’s portfolio includes some 5,300 properties at 47 residential buildings in the Spanish capital, Madrid, as well as a large building in the city of Guadalajara.

Business Wire | “Covenant Raises Over $1.1 Billion for 12th Value-add Fund, Affordable Housing Sidecar”

Covenant Capital Group (“Covenant”), a leading value-add multifamily real estate investment firm, announced the final close of Covenant Apartment Fund XII, L.P. (“Fund XII”) with $860.35 Million in capital commitments, the largest fundraise in the firm’s 25-year history. In addition, Covenant created a sidecar vehicle for Fund XII, the Covenant Affordable Housing Fund, with $269.73 Million in committed capital. The combined capital raised by Covenant for the 12th fund in its flagship value-add series and its affordable housing-focused sidecar is over $1.1 Billion.

Bisnow | “Buyers Line Up for £750 Million ($1.02 Billion USD) London Rented Resi Portfolio”

A host of big-name buyers are in the hunt for a £750 Million ($1.02 Billion USD) rented residential portfolio being sold by a housing association. Blackstone, Kennedy Wilson, Apace Capital, LRC Group, and a joint venture between Ridgeback and Morgan Stanley are among the early bidders for Project Vanguard, a portfolio of London assets being sold by Notting Hill Genesis. The sales are part of a couple of wider trends in the UK rented residential sector. It is the second major portfolio of market-rent residential being sold by a housing association. 

IREI | “ActivumSG Executive Appointed CEO of Carestone Group”

Carestone Group, a Germany-based senior care home developer, has appointed Daniel Ahrendt as CEO. Ahrendt has been serving as Interim CFO and will remain in that role. Prior to joining Carestone’s leadership, Ahrendt worked at ActivumSG, a European real estate investment manager and majority shareholder of Carestone.

Business Wire | “Morgan Properties Announces Co-CEOs and Executive Leadership Changes”

Jonathan and Jason Morgan were appointed Co-CEOs alongside additional C-suite appointments, including first COO, to accelerate the next phase of national growth. Along with the new Co-CEOs, Morgan Properties has elevated seven leaders to C-suite positions, including the appointment of Greg Curci as the company’s first Chief Operating Officer. As part of this leadership evolution, Mitchell Morgan, Founder and CEO of Morgan Properties, will continue as Chairman.

IPE Real Assets | “Lendlease Begins Search for New CEO as Lombardo Departs”

Lendlease, Tony Lombardo will step down as Group Chief Executive Officer in August following the group’s full-year results. Lombardo, who has been with Lendlease for 18 years and served as CEO for the past five, is leaving to pursue a new opportunity in Southeast Asia. During his tenure, he led a strategic reset focused on simplifying the portfolio and restoring the balance sheet amid a comprehensive restructuring to focus on the firm’s Australian home market.

Bisnow | “Urban Atlantic Co-Founders Step Back, Name New C-Suite”

Urban Atlantic, one of the most active developers in D.C. and Maryland over the past decade, has new leaders at its helm. The Bethesda-based firm promoted Brant Snyder to CEO, Kelli Brooks to Chief Investment Officer, and Alan Lederman to Chief Development Officer. Along with Chief Financial Officer Jill Boyd, this new four-person C-suite will take over day-to-day management of the company.

Business Wire | “Franklin BSP Realty Trust Announces Leadership Transition”

Franklin BSP Realty Trust, Inc. (“FBRT”) announced that the Board of Directors of the company has appointed Michael Comparato, currently the company’s President, as Chief Executive Officer and Brian Buffone as President, effective immediately. Richard Byrne will continue as Chairman of the Board of Directors.

IREI | “ULI Hires New European CEO from BlackRock”

Simon Durkin, BlackRock’s Global Head of Real Estate Research and Strategy, is to join the Urban Land Institute (ULI) as European CEO. Durkin will join in early March to take over the role vacated by Lisette van Doorn, who recently left after more than a decade at the organisation. He has more than 20 years of experience in real estate research and capital markets, having held senior leadership and investment committee roles at BlackRock, BNP Paribas, and DWS.