6.8.23 | This week we recognized 8 capital-related transactions with a disclosed value of $6.8 Billion USD.
Additionally, we recognized 3 leadership changes within the industry.
- Loh Hwee Long to Become New CEO of Keppel DC REIT Management in July
- Alecta Selects Peder Hasslev as its New Leader
- Loh Hwee Long to Become New CEO of Keppel DC REIT Management in July
Summary of Transaction Headlines
Commercial Observer | “Artemis Real Estate Partners Closes $2.2 Billion Fundraising Round”
Artemis Real Estate Partners, a national real estate investment firm, announced Monday that its fourth value-add fund, Artemis Fund IV, closed with $2.2 Billion in equity commitments. Together with the $1 Billion the firm’s Healthcare Fund II raised in June 2022 and a $500 Million core credit platform, Artemis now has roughly $3 Billion on hand to invest in distressed real estate opportunities.
The Wall Street Journal | “Pretium to Pay $1.5 Billion to Biggest Home Builder DR Horton for 4,000 Rental Homes”
Investment firm Pretium Partners is paying more than $1.5 Billion for thousands of homes, say people familiar with the matter, a move that could signal investors’ re-entry to the housing market after higher interest rates drove them away. The New York-based Pretium has agreed to pay D.R. Horton, the largest U.S. home builder by volume, for more than 4,000 homes scattered across the Southeast and Southwest, these people said. Pretium oversees a portfolio of about 100,000 rental homes and has been one of the largest buyers of American houses in recent years.
GlobeSt.com | “AIR Communities Announces Two JVs Valued at $1.2 Billion”
Apartment Income REIT announced two joint ventures with two major real estate investors to recapitalize 11 properties valued at $1.2 Billion. AIR will receive $600 Million in proceeds consisting of cash and debt relief as well as asset and property management fees that are expected to contribute $2.5 Million in annual margin.
Altarea and Tikehau Capital announce the launch of a Real Estate Credit platform targeting €1 Billion ($1.1 Billion USD) with €200 Million already secured from both sponsors ensuring strong alignment of interest.The fund’s strategy will aim at bridging an anticipated wide liquidity gap in the market across a range of property types that will potentially include office, retail, industrial, residential, logistic and hospitality.
GlobeSt.com | “Blackstone REIT Sells San Antonio Luxury Resort for $800 Million”
Ryman Hospitality Properties, owner of the Gaylord Hotels properties, has agreed to buy the JW Marriott San Antonio Hill Country Resort & Spa in San Antonio, Texas for $800 Million from Blackstone REIT. The sale will generate $275 Million in profit over a five-year hold period for BREIT, according to Nadeem Meghji, Head of Blackstone Real Estate Americas.
The Manila Times | “Century Properties Buys Mitsubishi’s PHirst Stake”
Century Properties Group Inc. (CPG) will be taking full control of PHirst Park Homes Inc. by acquiring the 40-percent stake of Mitsubishi Corp (MC).The firm said its board had approved the purchase of 1.06 Billion common shares with a par value of P1 apiece and 265,000 preferred B shares with a par value of P1,000 per share. The acquisition price was not disclosed.
CRE Herald | “Redevco Launches Residential Platform with Life Europe Buy”
Pan-European urban real estate specialist Redevco has launched a residential platform with the acquisition of LIFE Europe, a Dutch residential and commercial real estate company. LIFE Europe will continue its current and future business as part of Redevco, under the name Redevco Living, Redevco’s newly created residential development, investment, and operational platform. LIFE Europe has a strong pipeline of residential and mixed-use projects in The Netherlands, including Entrada in Amsterdam, Rivium in Rotterdam, and Escher Gardens in The Hague, which are expected to be completed in 2027.
Business Wire | “BlackRock, Inc. to Acquire Private Debt Manager Kreos Capital”
BlackRock Inc. (NYSE: BLK) and Kreos Capital (“Kreos”) announced a definitive agreement under which BlackRock will acquire full control of Kreos, a leading provider of growth and venture debt financing to companies in the technology and healthcare industries.The acquisition of Kreos adds to BlackRock’s position as a leading global credit asset manager and advances its ambitions to provide clients with a diverse range of private market investment products and solutions. Kreos complements BlackRock’s Global Credit business with a seasoned investment team and successful long-term track record, while the adjacent asset class unlocks additional private debt capabilities for BlackRock’s clients to access a larger proportion of the risk/return spectrum.
IREI | “Loh Hwee Long to Become New CEO of Keppel DC REIT Management in July”
Keppel DC REIT Management has announced the appointment of Loh Hwee Long as CEO, effective July 28. Loh, who has served with Keppel for more than 10 years, is currently the CIO overseeing data center investments. Prior to joining Keppel, he held senior positions overseeing investments in student housing and new market development at Mapletree Investments, as well as real estate investment at GIC Real Estate.
IREI | “Alecta Selects Peder Hasslev as its New Leader”
Alecta, Sweden’s largest pension fund provider, has located a new CEO to succeed former leader Magnus Billing, who stepped down from his role in April after Alecta suffered large losses as a result of three U.S. bank crashes. Peder Hasslev, who currently serves as CEO of Saminvest and is Chairman of the Danish pension company PFA Pension, will take office as Alecta’s new CEO on Sept. 1.
Business Wire | “Lincoln Property Company Names Maria Stamolis Chief Investment Officer”
Lincoln Property Company (“Lincoln”), a global, full-service real estate firm, announced that Maria Stamolis has been appointed as Chief Investment Officer and Head of Investment Management. In this role, Ms. Stamolis oversees the company’s investment activity across its global portfolio, which currently comprises approximately $3 Billion in assets under management invested in over $6 Billion in assets for separately managed pension fund portfolios. She is also responsible for broadening Lincoln’s relationships and offerings with institutional investors.
