Large Platform Events | Issue 23.32

 

Summary of Transaction Headlines

IREI | “GIC, ADIA Reportedly in Talks for $4.5 Billion India Deal with Blackstone”

Sovereign wealth funds including Singapore’s GIC and Abu Dhabi Investment Authority (ADIA) along with two Canada-based pension funds are in talks to acquire Blackstone Group’s 50 percent stake in two separate commercial portfolios of Panchshil Realty and Salarpuria Sattva Group for approximately $4.5 Billion. The Canada Pension Plan Investment Board (CPP Investments) and The Ontario Municipal Employees Retirement System (OMERS) are the pension funds that have evinced interest in picking up the stake in this commercial real estate portfolio spread across a total 26 Million Square Feet in India. After the deal Blackstone will continue to hold other assets jointly with Panchshil Realty and Salarpuria Sattva Group.

IREI | “Hines Submits Plans for €1.2 Billion (USD $1.3 Billion) South Bank, London, Mixed-Use Development”

Hines has submitted a planning application for a mixed-use project to develop 18 Blackfriars Road. The site sits in close proximity to the River Thames and is set among some of London’s best-loved cultural institutions including the Tate Modern, National Theatre and Southbank Centre. The total costs of the project was not disclosed; however, it has been estimated to be £1 Billion (€1.16 Billion / $1.28 Billion), according to other outlets. The proposed development will consist of new public space, delivering two residential buildings that provide more than 400 new homes on site, including 40 percent on-site affordable homes.

Business Wire | “Slate Asset Management Agrees to Acquire Grocery-Anchored Real Estate Portfolio of X+Bricks Group in Transaction Valued at Over €1 Billion (USD $1.1 Billion)”

Slate Asset Management (“Slate”), a global alternative investment platform targeting real assets, has entered into an agreement to acquire the grocery-anchored retail property portfolio of X+Bricks Group (“X+Bricks”). The transaction will be executed in two tranches, subject to certain closing conditions and regulatory approvals. Both tranches of the transaction are collectively valued at over EUR 1 Billion and comprise 188 properties. The parties have decided not to disclose further details. Brady Welch, Co-Founding Partner of Slate Asset Management, says we are very pleased to be increasing our exposure to high-quality daily needs-based real estate in Germany, which we believe is a stable and defensive asset class with a positive growth outlook.

PR Newswire | “Silver Star Properties REIT Names Veteran Self Storage Executive, Steve Treadwell, as its New Chief Executive Officer”

Silver Star Properties REIT, a self-managed real estate investment trust that is currently repositioning into the self storage asset class and formally began its efforts to obtain a listing on an established exchange on April 19, 2023, announced that self storage veteran, Steve Treadwell, will become Chief Executive Officer effective August 21, 2023. Gerald Haddock, Chairman of the Executive Committee of Silver Star, stated, “We are thrilled to have Steve Treadwell join as CEO. This is a significant milestone for the Company as we continue to reposition our asset base into self-storage”.