6.15.23 | This week we recognized 2 capital-related transactions with a disclosed value of $2.0 Billion USD.
| Deal Size (Bn USD) | Capital Related Transactions |
| $1.3 | GoldenTree Intends to Sell Travelodge for £1 Billion ($1.25 Billion USD) |
| $0.7 | Northview to Convert to REIT, Acquire $742 Million in Apartment Portfolios |
| $2.0 | Total |
Additionally, we recognized 2 leadership changes within the industry.
Summary of Transaction Headlines
Hotel Management Network | “GoldenTree Intends to Sell Travelodge for £1 Billion ($1.25 Billion USD)”
American hedge fund GoldenTree is planning to divest UK-based budget hotel chain Travelodge for over £1 Billion ($1.25 Billion USD) as it looks to profit from the rebound in the travel industry following the Covid-19 pandemic.GoldenTree, which acquired Travelodge in 2012, has held discussions with investment banks regarding the sale of the 595-hotel chain.
RENX | “Northview to Convert to REIT, Acquire $742 Million in Apartment Portfolios”
Management of the Northview Canadian High-Yield Residential Fund (NHF-UN-T) has announced a complex recapitalization plan which involves its conversion back to a REIT, the acquisition of three multiresidential portfolios for $742 Million and increased investment from affiliates of Starlight Investments and KingSett Capital. Northview to become $2.7 Billion REIT. If all goes as planned, the moves will create a REIT valued at about $2.7 Billion based on current pricing. It would control a portfolio of 14,622 residential units and 1.25 Million Square Feet of commercial space, located in nine provinces and two territories. The transaction is expected to close in August.
Property Week | “TopHat Hires Ex-JCB CFO David Brown”
Former JCB Chief Financial Officer (CFO) David Brown has been appointed as the new CFO at modular housebuilder TopHat. Brown will work with the company’s Board and Executive team as it enters a period of rapid growth. The move comes following the company’s recent £70 Million fundraising round from new and existing shareholders, led by FTSE-100 house builder Persimmon and institutional investor Aviva Capital Partners.
CRE Herald | “DWS Names Jessica Hardman as Head of UK and CEO”
DWS has appointed Jessica Hardman as Head of its UK-based operations. Jessica Hardman will perform this new function in addition to her existing role as Head of European Portfolio Management & Head of UK Real Estate Group. With this appointment, Hardman will also become CEO for DWS Investments UK Ltd, subject to regulatory approvals, and will join DWS’s Global Leadership Team as well as its Investment Leadership Team, effective immediately.
