Large Platform Events | Issue 22.50

 

Summary of Transaction Headlines

Bisnow | “Silverstein Raising $1.5 Billion Office to Residential Conversion Fund”

One of New York’s most prominent office developers is raising a huge fund to put some office buildings out of their misery. Silverstein Properties is seeking to raise $1.5 Billion to fund office conversions, hoping to acquire washed-up office towers in New York and other major cities and redevelop them into apartment buildings. That $1.5 Billion could be just the start, Silverstein CEO Marty Burger told Bloomberg in an interview. Silverstein sees a potential “$10 Billion-plus” opportunity in office conversions, he said.

IREI | “Greystar Enters Australia’s Industrial Property Sector”

Greystar Real Estate Partners, a global leader in the investment, development and management of real estate, including rental housing, logistics and life sciences, has marked its entry into the Australian industrial sector with a series of strategic acquisitions across Sydney, Melbourne and Brisbane.

PR Newswire | “NexPoint Storage Partners Acquires SAFStor to Expand Self-storage Portfolio”

NexPoint Storage Partners, Inc. (“NexPoint Storage”), a self-storage platform affiliated with NexPoint Advisors, today announced that it became the sole owner of 29 new, well-located, and high-quality self-storage properties developed by SAFStor. The acquisition brings NexPoint Storage to a total asset value of approximately $1.7 Billion with 71 wholly owned and operating properties and one additional property expected to open in February 2023.

Mingtiandi | “Hines Enters Japan Multifamily With 11 Asset Buy for Flagship Asia Fund”

US developer Hines has joined the stampede into Japan’s rental residential market with the purchase of 11 multi-family properties on behalf of the firm’s flagship pan-Asian fund. Spanning over 14,000 Square Metres (150,695 Square Feet) across more than 400 units in Tokyo, Nagoya and Fukuoka, the acquisition marks the first multi-family investment for the Hines Asia Property Partners core-plus fund, the Houston-based builder said.

Pensions & Investments | “AIMCo Appoints New CIO”

Marlene Puffer has been named chief investment officer of Alberta Investment Management Corp., Edmonton, effective, Jan. 30, succeeding Sandra Lau, who has decided to leave the firm, according to a Tuesday news release. As CIO, Ms. Puffer will serve as head of both public and private investments, responsible for real estate, infrastructure, private equity and private debt and loan, fixed income, private mortgages, economics and fund strategy and public equities, and will address clients’ needs for both liquid and illiquid investments, the release indicated.

Pensions & Investments  | “Ontario Teachers’ Pension Plan Names Anna Murray Head of Sustainable Investing”

Anna Murray was appointed senior managing director and global head of sustainable investing at Ontario Teachers’ Pension Plan, Toronto, effective Monday. It is a new position, a spokeswoman confirmed in an email. Working within the total fund management team, part of OTPP’s investment division, Ms. Murray will “execute on the fund’s ambitious climate strategy and net-zero targets, advance its approach to impact investing and oversee corporate governance activities, including proxy voting and public company engagements,” according to a news release Tuesday.

IREI | “Cromwell Hires Lara Young as Head of ESG”

Cromwell Property Group has appointed Lara Young, as its head of environmental, social, and governance (ESG). Young was most recently named Young Person of the Year by the Construction Leadership Council and Energy and Carbon Leader of the Year at the 2021 edie Awards – the United Kingdom’s industry leading sustainability awards. She is chair of the Carbon Champion Review Panel, which is convened by the Institution of Civil Engineers.