Large Platform Events | Issue 22.45

Summary of Transaction Headlines

Reuters | “Singapore’s GIC, Partner to Buy Canadian REIT Summit for $3.3 Billion”

Singapore’s sovereign wealth fund GIC and Canada’s Dream Industrial REIT (DIR_u.TO) will buy Canada’s Summit Industrial Income REIT (SMU_u.TO) for about C$4.46 Billion ($3.30 Billion), excluding debt, the companies said in separate statements on Monday. GIC and Dream Industrial REIT (DIR) will form a joint venture for the deal, with GIC owning 90% and DIR owning the rest, according to the statements. Summit’s unitholders will get C$23.50 per unit in cash, representing a 31.1% premium to their close on Friday, Summit said in a separate statement.

IPE Real Assets | “USAA Real Estate Teams Up with Packaged Living for UK Multifamily BTR”

USAA Real Estate (USAARE) has formed a joint venture (JV) with Packaged Living to develop a portfolio of multifamily rental assets across the UK. The built-to-rent (BTR) venture plans to build a diversified portfolio of several thousand units across the country to help meet the demand for purpose-built rental housing that is amenitised, sustainable and energy-efficient. The new partnership has already acquired its first site in Liverpool and expects to announce additional site acquisitions and development plans in near future, the companies said.

PR Newswire | “Pretium, Progress Residential Augment Leadership Team for Affordable SFR Housing Strategy”

Pretium, a specialized investment firm with approximately $50 Billion in assets under management, today announced, in a joint press release with Progress Residential, the next steps in its plans to increase access to affordable single family rental housing. Andrea Gift Allan has joined Pretium as Managing Director, Real Estate, to lead the firm’s affordable housing investments across the United States. In this role, Ms. Allan will partner with internal and external stakeholders to develop and manage Pretium’s affordable housing portfolio, in alignment with the firm’s key business and social impact goals.

Business Wire | “Center Creek Capital Group Adds Senior Leadership, as Firm Addresses the Housing Affordability Crisis through SFR”

Center Creek Capital Group (“Center Creek”), a mission-oriented housing investment and development firm specializing in affordable single-family rentals, has hired Megan McNulty as Director of Portfolio Management and promoted Akzahara “A.K.” McConaghy to the role of Director of Operations for the Center Creek Housing Funds. McNulty will oversee Center Creek’s deployment strategy and acquisitions team, scaling the firm’s portfolio as it preserves and maintains affordability on hundreds of single-family rental homes across the southeastern United States. McConaghy will lead on-the-ground property renovations work, turnover management, and leasing operations across the firm’s portfolio.