Large Platform Events | Issue 23.28

 

Summary of Transaction Headlines

Bisnow | “EQT Exeter Closes $4.9 Billion Fund for U.S. Industrial Acquisitions”

Private equity firm EQT Exeter has closed its latest fund, EQT Exeter Industrial Value Fund VI, at $4.9 Billion, above its target of $4 Billion. An earlier fund raised by the company closed at $2 Billion. The fund will specialize in industrial assets in the United States, specifically logistics properties with single tenants, including fulfillment centers and last-mile delivery hubs. EQT Exeter said that investor interest in the fund was strong, and from a diversity of sources domestic and overseas, including pensions funds, foundations, insurance and sovereign wealth funds. EQT Exeter, which was formed when Swedish investment giant EQT AB bought Exeter Property Group in early 2021, has long been active in the industrial sector. Late in 2021, the combined entity sold a 328-property portfolio of distribution centers for $6.8 Billion that Exeter Property Group had put together in the years before.

Multi-Housing News | “BH Properties Plans to Invest $1 Billion in Affordable Housing”

Aiming to ultimately assemble a $1 Billion portfolio of affordable housing assets, BH Properties has launched new investing endeavor. The addition of affordable housing as an investment strategy continues our philosophy of creating a diversified portfolio of assets helping to insulate the many ups and downs in economic cycles, BH President Jim Brooks told Multi-Housing News. The many hurdles developers face in delivering new affordable housing properties can limit the amount of competition that can be delivered. We see the acquisition of existing properties as a good long-term strategy. The firm has also recently hired affordable housing sector veteran William “Bill” Stoll as Managing Director.

Bisnow | “Lincoln Property Company Acquires Property Management Firm RiverRock”

Lincoln Property Company has added more than 50 Million Square Feet of office, retail and industrial space to its property management portfolio through the acquisition of Irvine, California-based RiverRock Real Estate Group. RiverRock provides third-party management services to clients in California and Arizona, per a news release. Founding partner John Combs will join Lincoln’s executive team to spearhead the firm’s property management operations and growth. The acquisition marks the first M&A deal since Lincoln’s expansion in February following a strategic investment by Connecticut-based Stone Point Capital. That growth and succession plan also included the appointment of two new Co-CEOs, David Binswanger and Clay Duvall.

IREI | “FS Investments Names Chris Condelles CFO of FS Credit REIT”

FS Investments has recently appointed Chris Condelles as CFO of FS Credit REIT (FSCREIT). FSCREIT seeks to deliver an alternative source of income through investing in commercial real estate debt. The fund invests with a primary objective to generate income, complements a traditional fixed-income portfolio and focuses on commercial real estate debt with the goal of managing volatility and preserving capital. Condelles, who currently serves as COO of FS Investments, has a track record of building and managing profitable credit-oriented business.

The Asset | “ESR Group Names CIO, COO”

Asia-Focused Real Estate Investment Manager ESR Group has appointed Josh Daitch as its Group Chief Investment Officer (CIO) and Matthew Lawson as Group Chief Operating Officer (COO). In his new role, Daitch will oversee fund management, capital raising, research and analytics, and new product creation. Prior to this new appointment, he was the firm’s Head of Capital and New Economy Fund Management. Since joining ESR in 2018, he has played, the company points out, a pivotal role in expanding the group’s key investor relationships and in driving performance across the fund management segment.

Pensions & Investments | “HSBC Real Estate Investment Management Names CEO”

Pierre Gil was named CEO of HSBC Real Estate Investment Management, a subsidiary of HSBC Asset Management France, effective July 1, a spokeswoman confirmed. Mr. Gil replaced Dominique Paulhac, who has decided to step down from his role to retire. Based in Paris, Mr. Gil reports to Victoria Sharpe, global head of real assets and Isabelle Bourcier, CEO HSBC Asset Management France. Mr. Gil is responsible for leading the next phase of HSBC REIM’s growth, which plays a pivotal role in the strategic development of HSBC Asset Management’s Real Assets platform.