Large Platform Events | Issue 23.47

 

Summary of Transaction Headlines

Bisnow | “Starwood Plans $3 Billion Data Centre Push for New Fund as Private Equity Piles in”

Starwood Capital is the latest real estate private equity giant to plan a big push into the data centre market, allocating a significant chunk of its latest fund to the sector. Starwood has launched capital raising for Starwood Distressed Opportunity Fund XIII, PERE reported, with an equity target of $10 Billion. The global fund will have an allocation of 20% to 30% to data centres, PERE reported, which would mean Starwood investing between $2 Billion and $3 Billion in the sector more if debt is used.

IREI | “Diversified Healthcare Trust Names New CEO and President”

Christopher Bilotto has been appointed President and CEO at Diversified Healthcare Trust, which is managed by The RMR Group. Bilotto succeeds Jennifer Francis, who is retiring from RMR in July 2024. Bilotto is an Executive Vice President of The RMR Group, overseeing portfolio management for all office, industrial and retail properties managed by RMR, and hotel and senior living asset management, as well as development and redevelopment, across the United States. Prior to joining RMR in 2011, Bilotto worked at General Growth Properties in various management roles.

Bisnow | “COPT Hires Former Redbrick, JBG Executive as COO”

COPT Defense Properties, a publicly traded owner of more than 20 Million Square Feet of national security-focused office and data center assets, has named a new Chief Operating Officer. The Columbia, Maryland-based company hired Britt Snider, a longtime DC area development executive who most recently worked as Principal at Redbrick LMD, as Executive Vice President and COO. He plans to start Dec.

IREI | “Hongkong Land Names New Chief Executive Officer”

Hongkong Land has named Mapletree Investments Executive Michael Smith as its new Chief Executive effective from April 2024, according to an announcement. Smith, currently regional Chief Executive Officer for Europe, and the United States at the real estate investment unit of Singapore’s Temasek Holdings, replaces Robert Wong, who joined Hongkong Land’s Board as Chief Executive and Executive Director in 2016 and will be leaving the company after a 38-year tenure.