Large Platform Events | Issue 23.49

 

Summary of Transaction Headlines

IREI | “Ares Management Raises Approximately $3.3 Billion of Real Estate Secondaries Capital”

Ares Management Corp. has raised approximately $3.3 Billion of real estate secondaries capital, which comprises the Landmark Real Estate Fund IX (LREF IX), general partner commitments and affiliated vehicles. Through LREF IX, the Ares Real Estate Secondaries team provides flexible and highly customizable secondary solutions for both limited partners and general partners. These solutions include traditional limited partner interest acquisitions, general partner-led fund, and portfolio recapitalizations along with preferred equity and other structured investments. LREF IX seeks to acquire seasoned assets at attractive discounts to market value and build highly diversified portfolios for its investors. Led by industry veterans Michelle Creed and Jamie Sunday, the team comprises 26 dedicated real estate secondary investment professionals located across the United States, Europe, and Asia.

IPE Real Assets | “Hines Raises Over €1.6 Billion ($1.72 Billion USD) for Value-add European Real Estate Fund”

Hines has raised over €1.6 Billion ($1.72 Billion USD) for its latest European value-add European real estate fund, surpassing its €1.5 Billion target. The global real estate manager said the Hines European Value Fund 3 (HEVF 3) fund, which was mainly backed by pension funds and insurers, has so far committed over €300 Million of its capital. HEVF 3, which is being rebranded as Hines European Real Estate Partners (HEREP) III, was backed by 35 investors, including new and existing ones, in addition to Hines’s co investment. The manager said the fund, which was launched in mid-2022, has invested equity to assemble an initial portfolio of four assets in three markets and expects to continue investing until mid-2026 as it mainly targets student accommodation, distribution logistics and sustainable office spaces in prime locations.

Wealth Briefing | “DWS Revamps Management Team”

German asset manager DWS has announced changes to its management team. It has bolstered its bond offering by appointing a new Chief Operating Officer and has introduced regional CIOs in Western Europe and the Asia-Pacific region. DWS Group has appointed Rafael Otero as Chief Operating Officer, effective January 2024, replacing Angela Maragkopoulou. Vera Fehling and Ivy Ng will take on these roles with immediate effect, the firm said.

PERE | “Ex-Blackstone Real Estate Boss Chad Pike Returns to the Market”

Chad Pike launches real estate investment management firm, Makarora to capitalize on current market opportunities. Chad Pike, who was one of Blackstone’s Senior Executives responsible for growing the firm’s real estate business, has returned to the sector to capitalize on widespread, current capital dislocation in the US, PERE can reveal. Among the senior recruits is Adam Brooks, who joins as Head of Credit. Brooks was previously Managing Director at Prospect Ridge, a real estate manager he launched alongside former colleagues at asset management giant AllianceBernstein.