10.19.23 | This week we recognized 4 capital-related transactions with a disclosed value of $5.2 Billion USD.
| Deal Size (Bn USD) | Capital Related Transactions |
| $3.0 | PIMCO Holds Final Close for Commercial Real Estate Debt Fund II at $3 Billion |
| $1.2 | Oxford, LCP Break Ground on $1.2 Billion UK Logistics Development |
| $1.0 | Related Affiliate to Spend $1 Billion Developing Cold Storage Facilities |
| N/A | TPG Makes Takeover Offer for Belgian REIT Intervest |
| $5.2 | Total |
Additionally, we recognized 4 leadership changes within the industry.
- David Tolley Named Permanent WeWork CEO
- Picton Property Income Names New CFO and Executive Director
- The Future Fund Appoints Hugh Murray as a Deputy CIO
- Cbus Super Appoints Head of Infrastructure and Deputy CIO
Summary of Transaction Headlines
IREI | “PIMCO Holds Final Close for Commercial Real Estate Debt Fund II at $3 Billion”
PIMCO has held a final close at $3 Billion for its Commercial Real Estate Debt Fund II. The fund will construct a defensive and diversified portfolio composed mainly of first mortgage loans secured by U.S. commercial real estate (CRE) assets, though it will also to a lesser extent make similar investments in other developed markets, including Europe. The fund plans to originate and/or acquire primarily U.S. senior CRE first mortgage loans and other CRE-related securities or assets, including mezzanine loans, preferred equity, B-notes, structured investments, and special situations.
IREI | “Oxford, LCP Break Ground on $1.2 Billion UK Logistics Development”
Oxford Properties Group and Logistics Capital Partners (LCP) have begun construction work on one of the United Kingdom’s largest logistics development sites, West Midlands Interchange (WMI). Oxford and LCP acquired the site in a joint venture in 2021 and will invest more than £1 Billion (€1.16 Billion/$1.2 Billion) to develop the park, which will also provide intermodal access through a new Strategic Rail Freight Interchange. The first phase of development has begun at the 734-acre site near Birmingham, including earthworks, highways construction, water installation and the creation of two new country parks.
Bisnow | “Related Affiliate to Spend $1 Billion Developing Cold Storage Facilities”
Prolific office and apartment developer Related is the latest CRE investor to bet big on the niche cold storage segment. RealCold, an affiliate of the New York-based company, will spend $1 Billion to develop a network of distribution facilities as demand for cold storage grows alongside a rise in online grocery shopping, The Wall Street Journal reported. The company will spend $150 Million on each of its first two locations in Lockhart, Texas, and Lakeland, Florida. Construction on the more than 300K Square Feet warehouses is expected to begin before the end of this year, per the WSJ.
CRE Herald | “TPG Makes Takeover Offer for Belgian REIT Intervest”
TPG has offered to acquire Belgian logistics and office REIT Intervest for €21.00 per share. Alternative asset management firm TPG’s real estate equity investment platform TPG Real Estate Partners has filed a formal notice with the Belgian Financial Services and Markets Authority (FSMA), through European Real Estate Holdings NV, a fully controlled entity of TPG, for an all-cash voluntary and conditional public takeover offer for all the outstanding shares that it does not yet own of Intervest Offices & Warehouses NV. Intervest is a Belgian logistics and office REIT and registered real estate company (RREC) under Belgian law.
Bisnow | “David Tolley Named Permanent WeWork CEO”
Embattled coworking firm WeWork has a new head, five months after its former CEO’s surprising resignation. David Tolley, who has been a member of WeWork’s board since February and has been serving as interim CEO since May, will stay on as the company’s permanent CEO, WeWork announced Monday. “David is a proven leader, with an exceptional track record of running complex and high-impact businesses, and has brought immense energy, discipline, and focus to WeWork since stepping into the role on an interim basis in May,” Paul Keglevic, chair of WeWork’s board since September, said in a statement. “We are confident that David is the right leader for this pivotal moment and in his ability to drive WeWork’s continued transformation.”
IREI | “Picton Property Income Names New CFO and Executive Director”
Picton Property Income has named Saira Johnston to the Board of Directors and as CFO, effective April 1, 2024. Picton, a UK-based commercial property-focused real estate investment trust, said Andrew Dewhirst has informed the company of his decision to retire at the end of March 2024 after helping the board appoint a successor. He will step down from the board but remain with the company until June 2024 to ensure an effective transition, particularly year-end reporting.
IREI | “The Future Fund Appoints Hugh Murray as a Deputy CIO”
Australia’s sovereign wealth fund, The Future Fund, has appointed Hugh Murray as its second Deputy Chief Investment Officer. Murray will join the other current Deputy CIO, Alicia Gregory, and will work on the team led by CIO Ben Samild. While Murray will focus on dynamic asset allocation, strategic opportunities and integration, overlays and Treasury and economics and capital markets, Gregory will focus on alternatives, listed equities and credit and private equity.
Industry Moves | “Cbus Super Appoints Head of Infrastructure and Deputy CIO”
Cbus Super has appointed a new Head of Infrastructure hiring from Hostplus. Jordan Kraiten led the infrastructure portfolio at the superannuation fund or the past 11 years. The new hire follows the recent appointment of Alexandra Campbell as Deputy Chief Investment Officer and Head of Private Markets.
