Large Platform Events | Issue 23.43

 

Summary of Transaction Headlines

IREI | “Blackstone Reports More than $3 Billion Raised During Q3 for BREP Europe VII”

Blackstone’s European flagship real estate fund, Blackstone Real Estate Partners (BREP) Europe VII, has now raised more than $4.055 Billion of capital, following a fundraising period during quarter three that saw more than $3 Billion committed to the fund. “Over half of our investment activity in real estate this year has been in Europe, given greater dislocation and pressure on sellers in the region,” said Jon Gray, President, and Chief Operating Officer at Blackstone, during the company’s third-quarter earnings call last week.

Bisnow | “TA Realty Closes $1.8 Billion Fund to Target Multifamily, Industrial, and Retail”

Boston-based commercial real estate investor TA Realty has closed its largest fund, beating its initial target by more than $500 Million. The investment firm closed on its $1.8 Billion Fund XIII, which will focus on acquiring industrial, multifamily, and grocery-anchored shopping centers in major U.S. markets, it announced Thursday. The fund had an initial target of $1.2 Billion, a TA Realty spokesperson told Bisnow. “We believe the success of this fundraise is a direct reflection of the trust and confidence our existing and new investment partners have in us to execute our investment strategy,” TA Realty Managing Partner Jim Raisides said in a release.

Bisnow | “Blackstone’s QTS Planning $1.5 Billion Ohio Data Center Project”

Blackstone is continuing to ramp up its investment in data centers through its QTS Data Centers subsidiary, with the latest plan involving a $1.5 Billion investment in a growing Ohio market. QTS plans to build four new data centers on two sites in New Albany, a Columbus suburb that is rapidly emerging as one of the Midwest’s primary data center hubs. The project was first reported by Columbus Business First. The quartet of new data centers will be built on a pair of properties totaling 93 acres that QTS acquired for $11.2 Million earlier this month. Located near each other on the same road, each property will include two data centers and administrative offices. Details of the project emerged last week at a New Albany City Council hearing, where local officials approved a property tax exemption for the development.

The Times of India | “Disney Nears Multibillion-dollar Deal With Mukesh Ambani’s Reliance”

Reliance Industries Ltd, controlled by Asia’s richest tycoon Mukesh Ambani, is nearing a cash and stock deal to buy Walt Disney Co.’s India operations, according to people familiar with the matter. The US entertainment giant may sell a controlling stake in the Disney Star business, which it values at around $10 Billion, as opposed to piecemeal transactions weighed earlier, the people said, asking not to be named because the discussions are private. Reliance views the assets at between $7 Billion to $8 Billion, some of the people said. The acquisition could be announced as early as next month with some of Reliance’s media units merged into Disney Star, the people said, without providing further details. Under the proposal, Disney will likely continue to hold on to a minority stake in the Indian company after any cash and stock swap transaction is completed, the people said. No final decision has been made on the deal or the valuation, and Disney could still decide to hold onto the assets for a bit longer, they added.

Bisnow | “WeWork President, COO Heads for the Exit”

There is more executive turnover at embattled coworking provider WeWork. Anthony Yazbeck, the company’s President, and Chief Operating Officer is departing the company Friday after reaching an exit agreement last week, the company disclosed in a Securities and Exchange Commission filing. Yazbeck’s exit is “not due to any disagreement with respect to operations, strategy, or any accounting matters, financial statements, financial disclosures or related disclosure controls and procedures,” the filing says. The London-based executive will receive a roughly $1.5 Million exit package in exchange for leaving on such short notice, according to the filing.

IREI | “American Tower Names New CEO”

American Tower Corp has announced Tom Bartlett will retire from his positions as President, CEO and Director of the Board of Directors in February 2024. Steve Vondran has been named to succeed Bartlett as President and CO, at which time Vondran will also be appointed as a director of the board. To facilitate the transition, the board also appointed Vondran to the role of Executive Vice President, Global COO, for the interim period, effective Nov 2023, until Feb 2024. Eugene “Bud” Noel, the company’s current Senior Vice President and COO, U.S. tower division, will become the new Executive Vice President and President, U.S. tower division, effective Nov 1. Noel has been with the company since 2011 and has more than 25 years of experience in wireless real estate development and operations.