Large Platform Events | Issue 23.46

 

Summary of Transaction Headlines

Mingtiandi | “Japan’s GPIF Commits $500 Million to Brookfield Strategic Real Estate Partners V”

Japan’s Government Pension Investment Fund (GPIF) has committed $500 Million to Brookfield Strategic Real Estate Partners V (BSREP V), marking its second direct investment in a dedicated real estate vehicle this year. The world’s largest pension fund disclosed the commitment to the Toronto-based asset manager’s fifth opportunistic vehicle, which invests in high-yielding properties globally and has a $15 Billion target. The move comes after the Japanese pension giant in July disclosed a $500 Million investment in the $30.4 Billion Blackstone Real Estate Partners X (BREP X) fund, marking the first time GPIF made a direct real estate fund investment.

IREI | “Savills Appoints David Lipson as CEO of North America”

Savills has appointed David Lipson as CEO of Savills North America. Lipson, who has served as the global advisory firm’s North American president since 2021, will succeed Mitchell Rudin, the firm’s North American CEO since 2020. Rudin will transition to the role of Chairman North America, where he will continue to serve on the firm’s North American Executive Board and provide strategic guidance to the management team. Rudin and Lipson will assume their respective roles on Jan 2024.

Property Week | “Watkin Jones Appoints Pease as CEO”

Alex Pease has been appointed as Chief Executive of Watkin Jones following the departure of Richard Simpson in July. Simpson stepped down after announcing a profit warning and Pease was initially made interim boss. Pease joined Watkin Jones in 2010 and became Group Investment Director in 2013. He was appointed Chief Investment Officer in 2021 and joined the Board in 2022. As Interim Chief Executive Pease has attempted to steady the ship with the sale of three non-core private rented sector assets and has taken action to improve the group’s cost base.

Property Week | “CFO to Depart Palace Capital as Group Focuses on Returning Cash to Investors”

Palace Capital is set to part company with its Chief Financial Officer Matthew Simpson following its announcement of a new strategy to maximise cash returns to shareholders. The group said the company’s financial circumstances including cancellation of bank facilities and reduced portfolio size resulted in Simpson’s role being “significantly reduced” so that it no longer required the level of expertise and skillset a CFO offers.

IREI | “PAREF Promotes Anne Schwartz to Deputy CEO”

Anne Schwartz has been appointed Deputy CEO of PAREF, a European real estate management firm as at June 2023, PAREF Group manages more than €3 Billion ($3.25 Billion) assets under management. With more than 20 years of expertise in real estate market, Schwartz joined PAREF Group in 2019 as CEO of PAREF Gestion, to lead the development of the third-party asset management activities.

IREI | “Prologis Names New COO and CIO”

Prologis has announced three new appointments to its Executive Committee Carter Andrus as COO, Joseph Ghazal as CIO, and Susan Uthayakumar, the company’s current Chief Energy and Sustainability Officer effective Jan 2024. As part of the company’s long-term and ongoing succession planning, it also announced that Gary Anderson, the current COO, will move to a new role as Senior Adviser effective Jan 2024, and retire in June 2024. Anderson has served as Prologis COO since 2019.