Large Platform Events | Issue 23.38

 

Summary of Transaction Headlines

Bisnow | “CalPERS Invests $1.9 Billion into Blackstone, Mesa West Debt Funds”

In an effort to take bigger bets in the private equity sector, the country’s largest public pension fund has poured almost $2 Billion into two significant real estate debt funds. California Public Employees’ Retirement System invested $1.5 Billion in Blackstone Real Estate Debt Strategies V and $350 Million in Mesa West Real Estate Income V, IPE Real Assets reported. The $444 Billion pension fund disclosed the investments in a meeting document. Blackstone’s debt fund has raised $3.59 Billion for lending, liquid securities, and structured debt. In 2020, Blackstone announced that it raised $8 Billion for its Blackstone Real Estate Debt Strategies IV, marking the firm’s largest real estate debt fund ever.

Commercial Property Executive | “Sabey Data Centers Picks Oregon for $950 Million Project”

Sabey Data Centers has acquired a 60-acre lot in Umatilla, Ore., where it plans to build a 100-megawatt data center campus. The development is estimated to cost around $950 Million, while the Columbia River-adjacent land was acquired for $3 Million, Sabey Director of Marketing Teddy Otero told Commercial Property Executive. Construction is set to begin next year. Sabey’s first facility in the state will encompass two buildings totaling 700,000 Square Feet upon full build-out. Clients will be able to access modular build-to-suit options, for both enterprise and hyperscale deployments.

Reuters | “KKR to Acquire Stake in SingTel’s Regional Data Centre Unit for $807 Million”

Singapore Telecommunications (SingTel) global investment firm KKR (KKR.N) will acquire a 20% stake in SingTel’s regional data centre business for S$1.1 Billion ($806.87 Million). The deal puts the enterprise value of SingTel’s overall regional data centre business at S$5.5 Billion ($4.03 Billion) and the funds will be used to expand the data centre’s business across Southeast Asian markets, including Singapore, Indonesia and Thailand, SingTel and KKR said in a joint statement.

PERE | “Nuveen Secures $250 Million TIAA Commitment to Seed New Fund”

With its US Impact Housing Fund, the Chicago-based manager is aiming to preserve affordable housing units with expiring tax credits. Nuveen has lined up a $250 Million seed commitment from its parent organization, New York’s TIAA, for its Nuveen Real Estate US Impact Housing Fund, a core-plus open-ended strategy for which the Chicago-based manager hopes to raise as much as $3 Billion to $5 Billion of equity. Through the fund, the firm will make a wide swath of investments in markets throughout the US with the goal of creating housing opportunities for low-income residents, said Pamela West, Portfolio Manager of impact investing at Nuveen.

The Asset | “PGIM Expands Asia Pacific Rental Housing Portfolio”

PGIM Real Estate has expanded its rental housing portfolio in Asia-Pacific through strategic acquisitions and development of a series of properties in Australia, mainland China and Hong Kong. While the company has a significant multi-family portfolio in Japan, the latest rental housing investments in the three markets, acquired on behalf of PGIM Real Estate’s value-add, core and core-plus strategies in Asia-Pacific, mark its strategic expansion into alternative markets with strong local demand for this emerging asset class.

Institutional Investor | “CIO of CalPERS will Step Down in Two Weeks”

Nicole Musicco, the Chief Investment Officer of the California Public Employees Retirement System, is leaving America’s largest pension fund at the end of the month. Her last day will be Sept 29. Musicco, who replaced Ben Meng as CIO in February 2022, is leaving CalPERS to serve the immediate needs of family in her native home Toronto. She had been traveling frequently to and from Toronto and Sacramento, California during recent weeks to help members of her large, multigenerational family, the pension plan said in a statement about her departure.

IREI | “Gwen Leurini Joins Marcus Partners as Principal, CFO and CCO”

Marcus Partners announced that Gwen Leurini has joined the firm as Principal, Chief Financial Officer, and Chief Compliance Officer. She also will serve on the firm’s management committee and chair the compliance and risk committee. “Gwen brings a broad range of experience to our firm, gained across the commercial real estate and investment fields,” said Patrick Sousa, Chief Operating Officer, and Head of Capital at Marcus Partners. Her work will enhance our ability to deliver on our commitments to drive strong investor value and create a strong organizational culture.

IREI | “Vandor Real Estate Names Jules Choukroun CEO”

Vandor Real Estate, the investment vehicle owned by Patron Capital focused on medium-term stay residential rental assets in Spain, has appointed Jules Choukroun as CEO. Choukroun is expected to drive Vandor’s next phase of growth as it expands its investment strategy, targeting opportunities in fully owned residential assets in prime city locations in Spain and new European markets. Choukroun will lead the Vandor-Cotown platform, including securing new acquisitions, refinancings and capital raisings, as Vandor works to be a benchmark company in co-living rentals, targeting both students and young professionals.

PR Newswire | “Agree Realty Promotes Nicole Witteveen to Chief Operating Officer”

Agree Realty Corporation (NYSE: ADC) announced that, Nicole Witteveen has been promoted to Chief Operating Officer of the Company. Concurrent with Mrs. Witteveen’s appointment, Craig Erlich has been named Chief Growth Officer. Additionally, Edward Eickhoff has joined the Company as Executive Vice President, Asset Management. Mrs. Witteveen will lead all aspects of the Company’s Asset Management, People and Culture, Information Technology, as well as Strategic Initiatives. Prior to assuming the Chief Operating Officer role, Mrs. Witteveen served as Executive Vice President, People and Culture as well as Chief of Staff of the company.

Financial Standard | “OTPP, PGGM Chief Investment Officers Resign”

The Ontario Teachers’ Pension Plan (OTPP) will farewell its Chief Investment Officer at the end of the year, as will Dutch pension fund manager PGGM. Overnight, OTPP Chief Investment Officer Ziad Hindo announced he will leave the fund at December end, capping 23 years with the organisation. Meantime, Dutch pension fund manager PGGM will also bid farewell to its Chief Investment Officer at the end of the year, with Frank Roeters Van Lennep stepping down.