Large Platform Events | Issue 23.17

 

Summary of Transaction Headlines

PR Newswire | “IKEA Announces $2.2+ Billion Investment to Grow in the U.S.”

IKEA announced a $2.2+ Billion investment in the company’s omnichannel growth strategy in the United States over the next three years. Marking its largest investment in almost four decades of operating in the U.S. IKEA is building on the company’s vision to create a better everyday life for the many people by opening new stores and locations to meet customers, strengthening its fulfillment network to secure better delivery options and providing a product offer that reflects the needs of life at home in different regions across the country.

InvestmentNews | “Modern Wealth Management Goes from Zero to $1.5 Billion with First Deal”

Modern Wealth Management has locked down its first deal with the acquisition of Barber Financial Group, a collection of three advisory firms that combine for $1.5 Billion in client assets. Because Modern Wealth is a private equity-backed aggregator without an existing tech platform or custodial relationship, Barber’s existing platforms and service providers will effectively become the Modern Wealth offering that will be used to help recruit other RIA sellers.

PRWeb | “CDT Invests in $1.2 Billion Acquisition Preserving More than 10,000 Affordable Housing Units”

The Community Development Trust (“CDT”), together with The Michaels Organization (“Michaels”) and Goldman Sachs Urban Investment Group (“UIG”), have completed the purchase of 90 affordable housing communities, a $1.2 Billion acquisition that will ensure long-term affordability for the residents of more than 10,000 units of quality affordable housing. This joint venture partnership, known as the Essential Housing Impact Partnership (“EHIP”), results in the long-term preservation of more than 10,000 apartment units affordable to families and seniors with very low, low, and moderate incomes. Essential Housing is CDT’s largest acquisition to date, and nearly doubles CDT’s total equity assets under management, now just over 22,000 units.

The Registry | “Sack Capital Partners Launches with Takeover of Sack Properties Investment & Management Platform”

Founded in 1958, San Francisco-based real estate firm  Sack Properties, led by Jeff Smith, current President, and Chief Investment Officer David  Feinberg, will launch its next growth chapter under a new flag, Sack Capital Partners (“SCP”) wholly owned by Jeff Smith and David Feinberg. A vertically integrated, privately held real estate company that focuses on the  acquisition, improvement, management, and disposition of a broad range of multifamily  properties in the Western U.S., SCP specializes in Class B multifamily properties in prime infill  locations that could benefit from capital investment and improved management. With  approximately $1 Billion in assets under management, the firm’s current portfolio includes  approximately 3,000 apartment units in primary Western U.S. submarkets.stake in the joint venture and contribute 10 percent of the equity capital. The portfolio will be branded and managed by Storage King under its third-party management platform.

IREI | “Oxford Strengthens European Debt Team via Appointment of Tina Pristovsek”

Oxford Properties Group (“Oxford”), a leading global real estate investor, asset manager and business builder, has appointed Tina Pristovsek as Vice President,  Real Estate Finance & Capital Markets Europe. Based in London, Pristovsek will help develop and implement financing strategies for Oxford’s European business. Pristovsek will also be responsible for monitoring and managing the company’s €3 Billion ($3.3 Billion) existing European debt portfolio, including coordinating its loan compliance efforts in the region. In addition, she will continue to build and strengthen relationships with Oxford’s European and global lending partners.