Large Platform Events | Issue 23.19

 

Summary of Transaction Headlines

Bisnow | “TPG Reportedly in Talks to Acquire Angelo Gordon for $2 Billion”

TPG Inc. is considering the purchase of investment firm Angelo Gordon for about $2 Billion, according to people close to the matter, as reported by Bloomberg Friday. Angelo Gordon is a privately held alternative investment firm that manages about $53 Billion and invests in credit and real estate markets, according to its website. It has about 650 employees. TPG separated from its credit arm Sixth Street in 2020, so an acquisition of Angelo Gordon would re-enter it into the credit investing space.

Property Week | “Aviva Launches a New Long-Term Real Estate Asset Fund, Seeding it with an Initial £1.5 Billion (USD $1.9 Billion) of Assets”

Aviva has seeded the new fund with £1.5 Billion (USD $1.9 Billion) of assets. The Aviva Investors Real Estate Active Long Term Asset Fund (LTAF) is the group’s first fund under the LTAF regime, a new category of fund designed to provide access to long-term private market assets, and the largest such fund launched in the market to date. The fund will seek the backing of institutional and professional investors, including defined-contribution pension funds, master trusts and local government pension funds.

Bisnow | “Simon Plans to Invest $1.5 Billion in Mixed-Use Projects on its Mall Properties”

Shopping mall giant Simon Property Group plans to redevelop a series of its properties from California to Florida with hotels and apartment buildings totaling around 2,000 units. On its first-quarter earnings call Tuesday, CEO David Simon projected the company would spend   $1.5 Billion on the redevelopments, with construction expected to take place over the next five years, CoStar first reported. Simon said a few projects are expected to start this year. One of the malls earmarked for redevelopment is Southern California’s Brea Mall, where Simon plans to turn a former Sears building and parking lot into a five-story, 380-unit apartment complex.

Businesswire | “Michelle MacKay Named Next Cushman & Wakefield CEO; John Forrester to Retire from the Company”

Cushman & Wakefield (NYSE: CWK) announced today that the Board of Directors has accepted John Forrester’s intent to retire from his position as Chief Executive Officer (CEO) and member of the Board of Directors, effective June 30, 2023, following 35 years of service to the company. As part of the Company’s long-standing succession plan, Cushman & Wakefield’s Board of Directors appointed Michelle MacKay, currently President and Chief Operating Officer (COO), to assume the role of CEO as of July 1, 2023. Mr. Forrester will remain employed as a strategic advisor until December 31, 2023. In addition, Ms. MacKay was elected to serve on the Board of Directors, effective July 1, 2023. Brett White will remain as Executive Chairman of the Board.

PR Newswire | “Lion Real Estate Group Appoints Director of Investor Relations”

Dasha Waller, formerly of Hackman Capital Partners, joins as Lion Real Estate Group continues to experience rapid growth across its portfolio. Lion Real Estate Group, LLC, a real estate investment and asset management firm focused on acquiring value-add and opportunistic multifamily properties, today announced the appointment of Dasha Waller as Director of Investor Relations. In this newly created role, Ms. Waller will be responsible for managing all aspects of LREG’s investor relations activities. She will be based in LREG’s Los Angeles office and report to Managing Principal and Co-Founder Jeff Weller.