Large Platform Events | Issue 23.12

 

Summary of Transaction Headlines

CoStar | “Blackstone to Acquire Hospitality Technology Provider Cvent for $4.6 Billion”

An affiliate of private equity funds managed by New York City-based alternative asset manger Blackstone entered into a definitive agreement to purchase meetings, events and hospitality technology provider Cvent in a deal valued at an enterprise value of $4.6 Billion, according to a news release. As part of the transaction, a wholly owned subsidiary of the Abu Dhabi Investment Authority will be a minority investor alongside Blackstone.

BisNow | “UBS Agrees to Takeover of Stricken Credit Suisse for $3.25 Billion”

UBS has bought fellow banking giant Credit Suisse in a deal that will create a bank with an $80 Billion commercial real estate loan book and more than $100 Billion of real estate assets under management making it the fourth-largest CRE lender in the world but the key element of the deal for CRE is whether it can stop liquidity drying up in the banking system. UBS announced on Sunday that it had agreed a deal to rescue Credit Suisse and would pay about $3.25 Billion for its Swiss rival. Swiss financial regulators changed the law so that shareholders do not have to approve the deal, such was the need to get a speedy transaction completed.

IREI | “UC Investments to Invest $2 Billion to Expand Campus Offerings Throughout California”

UC Investments, which manages University of California investment funds, is planning to invest $2 Billion in market-rate real estate, including student, staff and faculty housing, classroom buildings and lab space, located on or near UC campuses. The investment would be split between the pension and endowment, using equity and debt. UC Investments said it continues to expand its student enrollment, hire more faculty and staff, and broaden the reach and importance of its groundbreaking research. Traditionally, UC Investments has worked with third-party developers, construction firms and operators to manage its real estate assets, which are spread throughout California, relying on internal and/or external financing.

Reuters | “Singapore’s CapitaLand in Talks to Buy Vietnam Property Assets from Vinhomes for $1.5 Billion”

Asian real estate giant CapitaLand Group is in talks to acquire assets worth roughly $1.5 Billion from Vietnam’s biggest listed property firm Vinhomes JSC (VHM.HM), two sources familiar with the matter told Reuters. A deal of that size would mark one of the largest real estate transactions in Southeast Asia in the last few years. The talks come as Vietnam’s property sector is struggling with a cash crunch following an anti-graft campaign launched by the government last year.

IREI | ”Heitman Acquires Bo Coliving Student Housing”

Heitman has acquired Bo Coliving, a Norwegian Student Housing Platform with more than 1,400 beds across 52 properties in 13 cities, on behalf of an affiliate of the firm. We have seen ongoing resilience in the student accommodation sector over the past few years. Demand for student housing remains intact and we believe will accelerate. It is our view that the sector continues to benefit from excess student demand, strong investor interest and high barriers to entry”, said Caleb Mercer, Heitman managing director of European real estate Investment. “This acquisition allows us to create a sizeable platform in a highly fragmented and undersupplied market.

Pensions & Investments | “Invesco Real Estate Appoints Head of Investments for Europe”

Cristiano Stampa was named Head of Investments, Europe at Invesco Real Estate, a spokeswoman confirmed. The role is newly created. Mr. Stampa, who was most recently head of transactions for southern Europe, was promoted to manage the team’s investment performance and execute the firm’s European growth business plan. Also, David Kellett was named Head of Alternative Investments, Europe. The role is also newly created. Mr. Kellett was most recently head of hotel transactions.

Businesswire | “CMCT Names Shaul Kuba Chief Investment Officer”

CMCT announced today the appointment of Shaul Kuba as Chief Investment Officer. Mr. Kuba will direct the continued expansion of CMCT’s portfolio of highly amenitized, premier multifamily and creative office assets in dynamic, high barrier to entry markets.Recently, CMCT announced that it is acquiring 696 apartment units across three assets in Los Angeles and the Bay Area. Further, CMCT has a pipeline of multifamily development opportunities, on land it owns, representing more than 1,500 units.