Large Platform Events | Issue 23.22

 

Summary of Transaction Headlines

IREI | “Urban Partners Raises More than €3.6 Billion ($4 Billion USD) for New NREP Fund”

Urban Partners has raised €3.65 Billion ($4 Billion USD) of investments for a fund managed by its Northern European real estate business, NREP, making it the largest European value-add real estate fund to date. The new fund, NSF V, attracted investor capital primarily from existing Urban Partners investors. The investor base was globally diversified and predominantly consisted of pension funds, insurance companies and sovereign wealth funds. The fund was significantly oversubscribed and had an aggregate demand from investors exceeding €4.2 Billion ($4.5 Billion USD).

IREI | “Greystar Equity Partners XI Nears $1.2 Billion of Commitments”

Greystar Equity Partners XI, a fund managed by Greystar, has locked in nearly $1.2 Billion of investor commitments toward its fundraising target of $3 Billion, according to a recent SEC filing. Institutional Real Estate, Inc understands the South Carolina Public Employee Benefit Authority and the Employees’ Retirement System of Rhode Island have committed $150 Million and $20 Million to the fund, respectively. Greystar Equity Partners XI invests in multifamily properties in the United States. The firm declined to comment on its fundraising activities.

Investing.com | “Franklin Templeton to Buy Putnam Investments from Great West Lifeco for $925 Million”

Franklin Resources Inc, a global investment management firm that operates as Franklin Templeton, plans to acquire asset manager Putnam Investments from Great-West LifeCo Inc in a nearly $925 Million deal. The deal, expected to close in the fourth quarter of this year, is part of a partnership with Power Corporation of Canada, the parent company of subsidiaries including Great-West and IGM Financial.

Business Wire | “KKR Agrees to Acquire a Residential Portfolio in Finland from Kruunuasunnot”

KKR, a leading global investment firm, today announced that KKR’s European real estate platform has agreed to acquire a high-quality portfolio of thirty residential properties in Finland (the “Portfolio”) from Kruunuasunnot. The Portfolio comprises over 1,200 residential units with two thirds of the portfolio located in the country’s three largest cities of Helsinki, Turku and Tampere. This transaction is KKR’s first in the Nordic region through its European Core Plus Real Estate strategy, which invests in high-quality, substantially stabilised assets with medium-term value growth potential.

PR Newswire | “AIMCo Appoints Leader for Asia Pacific”

Alberta Investment Management Corporation (AIMCo) is pleased to announce the appointment of Kevin Bong as Senior Managing Director, Chief Investment Strategist and Head of Singapore. Mr. Bong, who brings with him 20 years of global portfolio construction and capital allocation experience, will assume his new role August 14.

Business Wire | “KREST Names Julia Butler as Chief Investment Officer”

KKR, a leading global investment firm, announced that the Board of Directors of KKR Real Estate Select Trust Inc. (“KREST” or the “Fund”) has appointed Julia Butler to the newly created role of Chief Investment Officer (“CIO”) of KREST. A veteran real estate investor and Managing Director at KKR, Ms. Butler is now on KREST’s dedicated senior leadership team. She will oversee investment management for the fund as it continues to scale its high-quality global portfolio of private real estate equity and credit investments and seeks to capitalize on opportunities in the current environment to create long-term value for investors.