Large Platform Events | Issue 23.44

 

Summary of Transaction Headlines

The Wall Street Journal | “Healthpeak Properties, Physicians Realty Trust to Merge in $21 Billion Deal”

The combined company will be led by Healthpeak’s Scott Brinker as President and CEO. Healthpeak Properties and Physicians Realty Trust are combining in an all-stock merger valued at $21 Billion. Under the terms of the agreement, each Physicians Realty Trust share will be converted into 0.674 of a newly issued Healthpeak share. The merger is expected to generate run-rate synergies of at least $40 Million by the end of year one and up to $60 Million by the end of year two.

GlobeSt. | “Realty Income to Acquire Spirit in Deal Valued at $9.3 Billion”

The deal will increase annualized rent for the combined company to $4.5 Billion from $3.8 Billion. Realty Income and Spirit Realty Capital have struck a deal in which Realty Income will acquire Spirit Realty in an all-stock transaction that would be valued at $9.3 Billion. Realty Income is not levering up this deal and doesn’t expect it will have to source external capital to finance the transaction. The combined company is expected to have an enterprise value of $63 Billion and will position Realty Income for further growth.

Bisnow | “Tim Dismond Departs CBRE After Serving as its First Chief Diversity Officer”

Tim Dismond, the first Chief Diversity Officer to be hired at CBRE, has left the firm. In an exclusive statement to Bisnow, the company confirmed Dismond’s official departure in September and said its diversity, equity and inclusion efforts will now be headed up by Banke Odunaike, the firm’s Chief Culture Officer. Odunaike assumed her role in late July and “brings an important international perspective” as the firm expands its activities globally, a spokesperson said in an email.

IREI | “Varde Appoints Brad Bauer to Co-CEO”

Varde Partners has announced that Brad Bauer has joined Ilfryn Carstairs to lead the firm as Co-CEO. Bauer has more than 20 years of experience in the alternatives industry and has held various investing and business leadership roles since joining Varde in 2007. He continues to oversee Varde’s private markets investing as Co-CIO.

Bisnow | “Marty Burger Out as Silverstein Properties CEO”

Silverstein Properties, the New York-centric developer and owner best known for its redevelopment of Manhattan’s World Trade Center, is shaking up its leadership. After nearly a decade as CEO, Marty Burger has been relieved of his duties and replaced in the top job by Lisa Silverstein, daughter of the company’s Chairman and Founder, Larry Silverstein. The Wall Street Journal first reported the change in management, which came as a surprise to many at the firm. Burger had been at the company since 2009 and was Co-CEO with Larry Silverstein in 2011. He became sole CEO in 2014.

IREI | “John Styles Appointed CIO at KFIM”

Knight Frank Investment Management (KFIM) has appointed John Styles as CIO, following Matthew McDonald’s promotion to CEO. Styles has been a member of the KFIM Board since the business launched in 2012 and is responsible for U.K. pension fund and insurance company client mandates. During his 25 years in property investment management, Styles has been Fund Manager for institutional investors including John Lewis Partnership Pension Fund, Lancashire County Pension Fund and London Pension Fund Authority. He will continue to be responsible for the U.K. direct portfolio of Local Pensions Partnership Investments Limited, one of the eight local government pension scheme asset pools.