5.25.23 | This week we recognized 7 capital-related transactions with a disclosed value of $8.5 Billion USD.
| Deal Size (Bn USD) | Capital Related Transactions |
| $2.6 | Crow Holdings Announces Joint Venture with Leading Global Institutional Investor to Establish $2.6 Billion Platform for Food & Service Shopping Center Investments |
| $2.2 | SEGRO Commits to $2.2 Billion Development Program in the West Midlands |
| $1.4 | RegencyCenters to Acquire Urstadt Biddle in All-Stock Deal Worth $1.4 Billion |
| $1.4 | BIRET-GIC to Acquire 2 Assets from Brookfield Funds for $1.4 Billion |
| $0.9 | Global Net Lease to Buy Necessity Retail in $950 Million All-Stock Deal |
| N/A | Codina Acquires Vacant Sears in Hialeah, Plans Redevelopment |
| N/A | Abu Dhabi’s Mubadala to Buy Majority Stake in Fortress Investment from SoftBank |
| $8.5 | Total |
Additionally, we recognized 1 leadership change within the industry.
Summary of Transaction Headlines
Business Wire | “Crow Holdings Announces Joint Venture with Leading Global Institutional Investor to Establish $2.6 Billion Platform for Food & Service Shopping Center Investments”
Crow Holdings, a leading national real estate investment and development firm, announced the formation of a joint venture and retail real estate investment platform (“the Platform”) with its investment management business Crow Holdings Capital (“CHC”) and a global institutional investor. This partnership enables CHC to expand its retail investment strategy of acquiring small-format, convenience-oriented, open-air, food and service shopping centers and to continue capitalizing on the opportunity to aggregate an institutional-quality portfolio in a highly fragmented market.
IREI | “SEGRO Commits to $2.2 Billion Development Program in the West Midlands”
SEGRO, a U.K. REIT and an owner, manager and developer of modern warehouses and industrial property, has joined forces with the West Midlands Combined Authority (WMCA) in a commitment to invest £2 Billion ($2.2 Billion) in next-generation, net-zero warehouse facilities in the West Midlands throughout the coming decade. SEGRO aims to deliver 13.5 Million Square Feet of sustainable warehouse space across the West Midlands by the end of 2033, which will be focused on tech-enabled logistics facilities as well as purpose-built space for research and development as well as light manufacturing.
GlobeSt | “Regency Centers to Acquire Urstadt Biddle in All-Stock Deal Worth $1.4 Billion”
Regency Centers and Urstadt Biddle Properties, both of which grocery-anchored neighborhood and community centers, have entered into a definitive agreement in which Regency will acquire Urstadt Biddle in an all-stock transaction, valued at $1.4 Billion, including the assumption of debt and preferred stock. The combined company is expected to have a pro forma equity market capitalization of approximately $11 Billion and total enterprise value of approximately $16 Billion. The combined portfolio will have 481 properties encompassing more than 56 Million Square Feet of gross leasable area.
Business Today | “BIRET-GIC to Acquire 2 Assets from Brookfield Funds for $1.4 Billion”
Brookfield India REIT (BIRET) and Singapore’s GIC announced an equal partnership to acquire two commercial properties in India for USD 1.4 Billion or Rs 11,225 crore. The two assets in the financial capital and Gurugram have a built-up area of 6.5 Million Square Feet, and are presently owned by Brookfield Asset Management’s private real estate funds, BIRET said in a statement. The two properties are Brookfield’s Downtown Powai, which is a portfolio of nine commercial properties spread over three clusters having 2.7 Million Square Feet of operational area and 0.1 Million Square Feet of area under expansion, and Candor Techspace in Gurugram’s sector 48, which has over 3.7 Million Square Feet of operational space and three-fourths of it is classified as committed occupancy. This is a first-of-its-kind partnership In India between a listed REIT (real estate investment trust) and a global institutional investor.
US News & World Report | “Global Net Lease to Buy Necessity Retail in $950 Million All-Stock Deal”
Global Net Lease Inc will acquire Necessity Retail REIT Inc in an all-stock deal that would value the combined entity at about $950 Million. The shareholders of Necessity Retail REIT would receive 0.670 shares of Global Net Lease (GNL) for each Necessity share held, representing a total of $7.08 per share, the two REITs said in a joint statement.
Bisnow | “Codina Acquires Vacant Sears in Hialeah, Plans Redevelopment”
Codina Partners acquired the site of a former Sears at the Westland Mall in Hialeah, the latest in a wave of development projects for the rapidly growing city. The Coral Gables-based developer paid an undisclosed price for the 15-acre site at 1625 West 49th St. that includes the former Sears, surrounding parking lots and commercial outparcels. Codina is partnering with the mall’s owner, Dallas-based Centennial Real Estate, to redevelop the site with a multifamily rental and retail project, the company announced in a release..
Reuters | “Abu Dhabi’s Mubadala to Buy Majority Stake in Fortress Investment from SoftBank”
Abu Dhabi’s Mubadala Investment Co will acquire a majority stake in U.S. asset manager Fortress Investment Group from Japan’s SoftBank Group Corp. Financial terms of the deal were not disclosed, Mubadala and Fortress Investment said in a joint statement. SoftBank, which acquired Fortress in 2017 for $3.3 Billion, had been offloading assets to shore up its balance sheet as the value of its tech portfolio falters.
Pensions & Investments | “Oaktree Capital Management Appoints First Head of Insurance Solutions”
Gregory Halagan, formerly at Mercer Investments, has joined alternative investment manager Oaktree Capital Management as Managing Director and as the firm’s first Head of Insurance Solutions. Mr. Halagan is primarily responsible for “working with insurance clients globally and developing solutions for their balance sheet assets”.
