Large Platform Events | Issue 23.2

 

Summary of Transaction Headlines

Property Week | “QuadReal to Invest up to £1 Billion ($1.2 Billion USD) in RESI Lender Précis Capital Partners”

Global real estate firm QuadReal Property Group has committed up to £1 Billion ($1.2 Billion USD) to deploy as development loans through Précis Capital Partners, after acquiring a stake in the lending business. TowerBrook retains a significant shareholding in Précis Capital, which will be rebranded as Precede Capital Partners. Since its launch in March 2021, Precede has originated and arranged £1.5 Billion
($1.8 Billion USD) of loans to finance the construction of UK residential properties.

IPE Real Assets | “Vantage Data Centers to Develop £500 Million ($607 Million USD) London Campus”

Vantage Data Centers, a global provider of hyperscale data center campuses, today announced its entrance into London with the development of a 48-megawatt (MW), £500 Million (€566 Million/$608 Million) campus. In addition, the company has opened a second 40MW data center on its existing Cardiff campus. Situated on nearly 5 acres (2 hectares) in the PowerGate neighborhood of North Acton, an established data center community in the northwest part of the city, Vantage’s London campus will total 430,000 Square Feet across two 24MW multistory data centers once fully developed. The first facility will open its doors to hyperscale customers and cloud providers in late 2024, which will mark Vantage’s 11th campus in EMEA.

CRE Herald | “M&G Real Estate Raises €578 Million ($620 Million USD) for European Living Property Fund”

M&G Real Estate has launched a new European property fund for institutional investors, building on the firm’s €1.5 Billion ($1.6 Billion USD) U.K. living strategy. The vehicle launched with €578 Million ($619 Million USD) of investor commitments. The lion’s share of that —
€400 Million ($428 Million USD) of investments — came from long-standing client MN, one of the largest pension administrators and asset managers of Dutch pension funds. The remaining €178 Million ($190 Million USD) came from an internal client fund that is upweighting to alternatives in Europe.

IPE Real Assets | “LACERA to Invest $1.2 Billion in Core Real Estate Funds”

The Los Angeles County Employees Retirement Association (LACERA) is planning to invest $1.2 Billion in core real estate in 2023, in line with a pacing model approved by the board in 2022. The implementation plan includes maintaining a target allocation of 6 percent to core real estate within real assets and inflation hedges, which was at an actual allocation of 6.1 percent, as of June 30, 2022. It also includes transitioning away from separate accounts to commingled funds to reduce portfolio concentration and operational risk, as well as underwriting additional core and core-plus funds to complete the portfolio.

IPE Real Assets | “CRPTF to Invest $1.2 Billion in Real Estate and Infrastructure this Year”

Connecticut Retirement Plans and Trust Funds (CRPTF) plans to invest $650 Million (€613 Million) and $550 Million in infrastructure and real estate, respectively, this year. According to its plan for infrastructure, set out in a board meeting document, $450 Million will be allocated to non-core investments and $200 Million to core. Specifically, the pension fund is considering a $150 Million commitment to BlackRock Global Infrastructure Fund IV, along with $50 Million for the fund’s co-investment vehicle.

The Wall Street Journal | “Blackstone Expands Leadership Team in Growing Private Credit Business”

Blackstone (NYSE: BX) today announced that Brad Marshall, who has been leading the firm’s direct lending efforts for nearly 17 years, has been promoted to Global Head of Private Credit Strategies (PCS), adding to his role as Chairman and co-CEO of the firm’s two business development companies (BDCs), Blackstone Private Credit Fund (BCRED) and Blackstone Secured Lending Fund (NYSE: BXSL). Jonathan Bock, formerly the CEO of Barings BDC and a top ranked Equity Analyst at Wells Fargo, has joined the firm to serve alongside Brad as Co-CEO of the firm’s BDCs.