Large Platform Events | Issue 23.45

 

Summary of Transaction Headlines

Bisnow | “Blackstone Takes Major Step into Build-to-Rent With £819 Million ($1 Billion USD) Vistry Deal”

Blackstone has bought a huge portfolio of yet-to-be-built houses from homebuilder Vistry for £819 Million ($1 Billion USD), representing a major push for the private equity giant into the UK rented residential sector. Vistry Group has signed a partnership agreement with Leaf Living and Sage Homes, both of which are backed by Blackstone managed funds, plus Regis Group. In what is Blackstone’s first large-scale move into the UK build-to-rent sector, Leaf and Sage are to acquire 2,915 units from Vistry totalling a gross development value of £819 Million.

IREI | “Stonelake Capital Partners Closes on $746 Million Real Estate Fund”

Stonelake Capital Partners has held a final close of its seventh opportunistic real estate fund, Stonelake Opportunity Partners VII. Stonelake exceeded its $700 Million target fundraise, closing at its hard cap with $746 Million in total equity commitments, Stonelake’s largest fund since its founding in 2007. Stonelake VII attracted investment interest from approximately 50 institutional investors, including college endowments, hospital systems, foundations, public pensions, insurance companies and family offices.

Market Screener | “UK Commercial Property Reveals Merger Talks With Picton Property”

UK Commercial Property REIT has revealed it is in talks with smaller rival real estate investor Picton Property over a potential all-share merger plan. Peter Pereira Gray, Chairman of the FTSE 250-listed real estate investment trust known as UKCM, said yesterday. There can be no certainty either that an offer will be made nor as to the terms of any such offer. In a separate statement, Picton said that under the terms of its proposal the combined company would be internally managed.

The Business Times | “Savills Deputy MD Galven Tan Resigns will Join Knight Frank as CEO”

GALVEN Tan, Deputy Managing Director of Investment Sales and Capital Markets at Savills Singapore, resigned from the property consultancy with immediate effect on Nov 7 to take up a new post as Chief Executive Officer at rival Knight Frank Singapore. Knight Frank announced that Tan will be joining the consultancy in February 2024. He will be taking on a role vacated by Wendy Tang, when she left Knight Frank as Group Managing Director in November 2022.

IREI | “TMG Partners Names New Co-CEO”

TMG Partners has promoted Matt Field, President, to Co-CEO. With more than 37 years of commercial real estate experience, including development, finance, leasing and project management, Field joined TMG Partners in 1993 as a Project Manager. Over his 30 years with TMG, Field became a Partner, then was promoted to Managing Director and CIO. Named President in 2019, he has had principal responsibility for the real estate portfolio, including managing the company’s investment activities as Chair of the Investment Committee. Since 2003, he has been a lead Partner in more than $5 Billion of transactions.

GlobeSt. | “SITE Centers Spins Off Convenience Assets into Separate REIT”

SITE Centers plans to spin off its convenience assets into a separate publicly traded REIT to be named Curbline Properties Corp. SITE owns open-air shopping centers in suburban, high-household income communities in a mix of grocery, lifestyle, net lease, and regional power center properties. The spin-off is testament not only to the strength of the convenience store sector but also to strip malls’ growing dominance in retail. “CURB’s balance sheet upon separation from SITE Centers is expected to position Curbline for significant asset growth in a period of market disruption, providing a compelling competitive advantage in a fragmented yet liquid marketplace,” David R. Lukes, President, and Chief Executive Officer, said in prepared remarks.

Bisnow | “Starbucks Plans to Open 17,000 New Stores While Cutting $3 Billion in Costs”

Starbucks is rolling out new plan that would cut $3 Billion in costs while simultaneously opening an average of eight new stores a day until 2030. The coffee retailer detailed its long-term growth plan, dubbed the triple shot reinvention with two pumps, which would focus on three goals: elevating the Starbucks brand, strengthening its digital capabilities, and beefing up its global presence, according to a press release. The company plans to expand its global presence to 55,000 locations by 2030, an increase of 17,000 from the roughly 38,000 it has today. It aims to increase its U.S. store count from 16,300 to 20,000.