04.06.2023 | This week we recognized 2 capital-related transactions with a disclosed value of $12.7 Billion USD.
| Deal Size (Bn USD) | Capital Related Transactions |
| $12.7 | Extra Space Storage to Acquire Life Storage in $12.7 Billion |
| N/A | Australia’s Aware Super Buys Qatari Diar’s 22% Stake in Get Living |
| $12.7 | Total |
Additionally, we recognized 1 leadership changes within the industry.
Summary of Transaction Headlines
Proactive Investors | “Extra Space Storage to Acquire Life Storage in $12.7 Billion”
Extra Space Storage will acquire Life Storage in an all-stock transaction valued at about $12.7 Billion creating a storage operator with a total enterprise value of $46 Billion and a market capitalization of $36 Billion. The companies said in a joint statement that Life Storage shareholders will receive 0.8950 of an Extra Space share for each Life Storage share they own, representing a total consideration of approximately $145.82 per share based on Extra Space’s share price close on March 31, 2023. Per a Wall Street Journal report, Life Storage rejected an unsolicited offer from Public Storage to acquire the company for $129 per share in February.
Housing Today | “Australia’s Aware Super Buys Qatari Diar’s 22% Stake in Get Living”
Australian pension firm Aware Super has bought a 22% stake in build-to-rent developer Get Living. The superannuation fund has purchased the stake from investment firm Qatari Diar and joins other investors in Get Living, which each control a 39% share. Get Living, which has a portfolio of about £3 Billion and 4,000 homes, and named a new chief operating officer at the end of last year, said it marked a “significant vote of confidence” in its business. The company also has 6,500 homes in the secured development pipeline. Aware Super already invests in built-to-rent and affordable housing in Australia. Its senior portfolio manager property Alek Misev said with Get Living it could “build a solid foundation to ensure the UK’s BTR housing market meets the growing demand”.
CRE Herald | “Sirius Real Estate Appoints Chris Bowman as CFO”
Sirius Real Estate has appointed Chris Bowman as Chief Financial Officer (CFO).Bowman brings nearly 25 years’ accounting, finance and capital markets experience. Most recently Bowman led the U.K. investment banking arm of Berenberg, a business division which he was brought in to build from new eight years ago and has grown to become one of the UK’s leading mid-market public company advisers. Prior to this, he spent seven years in investment banking at Liberum, before which he worked in corporate finance at Canaccord and Credit Lyonnais. He qualified as a chartered accountant with KPMG in 2000. Chris’ appointment becomes effective on 29 August 2023, at which time he will also join the Sirius Board.
