Large Platform Events | Issue 23.41

 

Summary of Transaction Headlines

IREI | “Empira Plans Investments of €2 Billion (USD $2.1 Billion) for “Transition to Green” Strategy Through to the End of 2024”

Empira Group, an investment manager for institutional real estate investments in the DACH region (Germany, Austria, and Switzerland), has plans to invest around €2 Billion ($2.1 Billion) in residential real estate in Germany through to the end of 2024 in the framework of a strategy for “sustainable real estate.” The sustainable investments will be spread across several mandates. This underlines the diversity and versatility of the investments, which will concentrate on Germany’s top seven cities.

BNN Bloomberg | “Nordic Fund With $2 Billion Cash Targets Bargain Property Deals”

Sweden’s real estate crisis is proving a boon for a fund that’s preparing to deploy more of its $1.9 Billion cash balance snapping up properties from desperate landlords. Nrep, a Nordic fund that’s part of the Urban Partners Investment Group, is looking to capitalize on heavily indebted firms such as Samhallsbyggnadsbolaget i Norden AB and Heimstaden Bostad AB as they race to divest properties, they can no longer finance using expensive bond debt. “There are some things around Sweden in the way it’s been financed and how the structure around the market looks that make the country quite compelling,” Urban Partners Chief Executive Officer Claus Mathisen, 51, said in an interview in Copenhagen.

IREI | “Swire Properties Continues to Develop $1.33 Billion Projects in Pudong, Shanghai”

Swire Properties has plans to continue its partnership with Lujiazui Group to develop two new mixed-use landmarks in the heart of Shanghai’s Pudong New Area. Swire Properties entered into equity transfer agreements to acquire equity interests in the two companies that own the Yangjing and New Bund plots, at a total price of RMB 9.71 Billion ($1.33 Billion). Swire Properties will hold a 40 percent equity interest in each of the projects. These two projects will be the company’s ninth and tenth large-scale developments in mainland China. The two sites will be developed into large-scale, mixed-use projects, including retail, office, and premium residential components.

Bisnow | “Dallas-based JPI to be Acquired by Japanese Investor Sumitomo Forestry”

Texas-based apartment developer JPI is set to be acquired by Sumitomo Forestry in a deal valued at up to $215 Million. The Japanese housing developer plans to buy 90% of JPI’s shares in November, with the purchase price to be determined through an earnout structure, according to Nikkei Asia. “This transaction will enable JPI to grow and deepen our impact on the housing sector,” Fadule said in a statement. “I am thankful to have a trusted partner in Sumitomo Forestry, one that not only understands and respects JPI’s culture and values but also shares our vision and commitment to future growth and impact.”

IREI | “Ghiane Jones Hired as Deputy Chief Investment Officer for TRS Illinois”

The Teachers’ Retirement System (TRS) of Illinois has appointed Ghiane Jones as its new Deputy Chief Investment Officer. Prior to joining TRS, Jones worked as a Managing Principal, Investment Consultant, at Meketa Investment Group for six years. Before joining Meketa, Jones worked at Invesco US in institutional ETF sales, as an Associate Business Development Executive exchange-traded funds at Northern Trust, and held multiple positions at Goldman Sachs, starting as an Equity Options Analyst in 2007 and becoming a Senior Investment Sales Analyst in 2009 and a Regional Consultant in 2010.

Mingtiandi | “Manulife IM Welcomes Back Kenny Lam as CIO for APAC Real Estate”

Manulife Investment Management on Monday confirmed that it has brought back Kenny Lam for a return engagement, who left the company in May last year to join Hong Kong’s Link REIT. Lam began serving as Chief Investment Officer and Head of Transactions for Asia Pacific Real Estate at the Canadian Financial Services titan on 1 October less than a year and a half after leaving his post as Chief Investment Officer for Asia and Head of Asia Transactions for the company’s real estate division.

Bisnow | “New CEO Named for Plano-based Office Developer Granite Properties”

One of Dallas-Fort worth’s most prolific office developers is getting a new CEO. Senior Managing Director Will Hendrickson will succeed Michael Dardick as CEO of Granite Properties beginning Jan. 1, the company announced in a release Monday morning. Dardick will continue with the company as Executive Chairman. Hendrickson started with Granite as an Investment Analyst in 2013 but has been leading the Dallas office in his current role for six years. During that time, he oversaw the development of office parks in Southlake and Plano as well as 23Springs, a 26-story, 626K Square Feet office tower underway in Uptown.

IREI | “Primestor Development Appoints Lonnie Vidaurr to CIO”

Primestor Development, a real estate development and investment firm, has appointed Lonnie Vidaurri to the position of CIO. Primestor has a 30-year history of developing and managing needs-based retail and housing investments in urban areas characterized by high demand and low supply. The firm recently launched The Urban Vision Fund I, its latest real estate investment vehicle focused on executing mixed-use real estate investments in urban areas characterized by high demand and low supply of needs-based retail and housing.

Property Week | “Smith to Step Down as CEO of Unite Students”

Richard Smith is set to step down as Chief Executive of Unite after 13 years with the student accommodation giant. He is leaving the company to pursue his interest in supporting the education and development of young people, including understanding issues that affect mental health. Smith, who has headed Unite since 2016, will leave his role on 31 December but remain as an Adviser to the business until the end of September next year to ensure a smooth handover.