Large Platform Events | Issue 23.30

 

Summary of Transaction Headlines

Bisnow | “BREIT Selling Simply Self Storage to Public Storage for $2.2 Billion”

Blackstone Real Estate Income Trust inked a deal to sell Simply Self Storage to Public Storage for $2.2 Billion. Simply Self Storage’s portfolio consists of 127 properties measuring about 9 Million Square Feet in 18 states. About 65% of the properties are in high-growth Sun Belt markets, according to BREIT. The sale will net BREIT about $600 Million in profit amid some uncertainty for the investment giant’s nontraded REIT. Demand for redemptions among investors is so brisk that Blackstone has limited withdrawals each of the last eight months.

Bisnow | “£1Billion ($1.29 Billion USD) Investment JV Partners with Senior Living Specialist to Build 4 New Sites”

A joint venture that intends to invest up to £1 Billion ($1.29 Billion USD) in the UK senior living market has formed a new partnership to build as many as four sites and 600 new units across the country. Senior Living Investment Partners has formed a partnership with Audley, the senior living specialist owned by real estate private equity firm Moorfield, which counts Danish pension fund PFA among its other backers. SLIP is a joint venture between Pension Fund Manager Pension Insurance Corp and real estate lender and investor Octopus Real Estate.

IREI | “Walton Street Capital Acquires Advance Real Estate”

An affiliate of Walton Street Capital has closed on the acquisition of Advance Real Estate, an industrial and logistics real estate development and operating company in México with a portfolio of 61 class A industrial buildings with more than 10.4 Million Square Feet of gross leasable area (GLA) and more than 13.6 Million Square Feet of land for industrial development, with capacity to develop approximately 6.5 Million Square Feet of additional GLA. “This transaction comes at a time when the industrial and logistics sector continues to show significant growth and positive dynamics thanks to recent nearshoring trends and the continuation of years of strength of the industrial real estate industry in México,” said Federico Martin del Campo, CEO of Walton Street México.

PERE | “Oxford Properties Names First Ever Chief Investment Officer”

Oxford Properties Group has appointed a Chief Investment Officer for the first time as part of a revamped leadership structure under new Executive Chair Daniel Fournier. The real estate investment arm of Canadian pension plan Ontario Municipal Employees’ Retirement System has elevated Chad Remis to the newly created position. Remis previously led Oxford’s North American business in his role as Executive Vice-President of North America. In that position, Remis lead Oxford’s investment, asset management and development activity across the region, which accounts for 75 percent of Oxford’s deployed capital.

Business Wire | “Slate Grocery REIT Announces Senior Management Change”

Slate Grocery REIT an owner and operator of U.S. grocery-anchored real estate, announced that Joe Pleckaitis, Senior Vice President, Finance at Slate Asset Management (“Slate”), has been appointed Chief Financial Officer (“CFO”) of Slate Grocery REIT, effective August 29, 2023. Pleckaitis will replace Andrew Agatep, who is stepping down from his role as CFO to pursue other opportunities. Pleckaitis joined Slate in 2017 and most recently has been leading the financial function for Slate’s North American private equity business, which spans Slate’s opportunistic real estate, real estate debt, and infrastructure strategies.

PR Newswire | “Cortland Hires Juan Bueno as President of Operations”

Cortland, a vertically integrated, multifamily real estate investment, development, and management company, announced today it has appointed Juan Bueno President of Operations to support the firm’s operating platform. In this newly created role, Bueno will oversee a variety of critical functions, including Operations and Facilities, Analytics, Revenue, Talent, Marketing, Communications, and Resident Experience. In partnership with these teams, he will lead Cortland’s transformational pursuit of a modernized operations and service delivery platform that enables a consistent, personalized, high-quality customer and associate experience.