Large Platform Events | Issue 23.51

 

Summary of Transaction Headlines

Multifamily Dive | “Lennar Looks to Sell 11,000 Apartments Reportedly Worth $4.5 Billion Total”

On the company’s quarterly conference call last week, Lennar Corp Executive Chairman and Co-CEO Stuart Miller confirmed that the firm is exploring the sale of its apartment portfolio. Lennar’s recent decision to market its roughly 11,000-unit rental housing portfolio was driven by limited partners, Miller said on the Miami-based home builder’s call.

IREI | “VGP NV, Areim Form €1.5 Billion ($1.6 Billion USD) JV”

VGP NV, a European provider of high-quality logistics and semi-industrial real estate, has formed a new 50-50 joint venture named Saga with Areim, an independent fund manager and property owner headquartered in Stockholm. This joint venture targets €1.5 Billion ($1.6 Billon) of gross asset value with a loan-to-value ratio of approximately 35 percent. It foresees a five-year investment period and has a total term of 10 years, with several extension options.

IREI | “TPG Acquires Majority of Oxford’s Greater Toronto Area Industrial Portfolio for $970 Million in New JV”

TPG has acquired a 75 percent interest in Oxford Properties Group’s two class A industrial business parks in the greater Toronto area (GTA) Brampton Business Park and Vaughan Business Park. Oxford has retained a 25 percent interest in the assets and will continue to manage the 5.1 Million Square Foot portfolio. The transaction values the portfolio at C$1.3 Billion ($970 Million). The joint venture, which is the first between TPG and Oxford, represents one of the largest private industrial real estate transactions in Canada to date. TPG Real Estate, TPG’s diversified real estate investment platform, is acquiring the properties through its dedicated real estate equity fund series.

IREI | “Juniper Square Appoints Kathie Jones as CFO”

Juniper Square has announced the hire of Kathie Jones as CFO. As CFO, Jones will bolster and manage financial planning, financial systems, and controls to support Juniper Square’s rapid growth. She will be responsible for ensuring activities across the organization follow GAAP, Sarbanes-Oxley and other statutory guidelines while establishing new standards for internal policies and procedures to meet evolving regulatory requirements.

Housing Today | “A2 Dominion Appoints Former Sovereign Executive as Chief Finance Officer”

A2Dominion has hired Tracey Barnes as its first Chief Finance Officer (CFO), as it streamlines two Executive Finance Director roles into one. Tracey Barnes was Chief Financial Officer at Sovereign Housing for three years and worked for 20 years at multinational alcohol company Diageo, in CFO roles at East African Breweries Limited and Diageo Ireland and as Managing Director of Diageo Business Services India.

Wealth Briefing Asia | “JP Morgan AM Names New Singapore, Southeast Asia CEO”

There is a new CEO for the Singapore and Southeast Asia region now that the previous CEO, who held the post for three years, has moved to a European position. JP Morgan Asset Management has appointed Ayaz Ebrahim as Singapore and Southeast Asia Chief Executive subject to regulatory approval. He will be taking over from Sherene Ban, who is moving to Europe to become Head of Continental Europe Institutional, the asset management business, part of JP Morgan.

Mingtiandi | “Link REIT Hires Former Blackrock Real Estate Chief John Saunders as Group CIO”

Asia’s largest real estate investment trust has replenished its investment leadership with Hong Kong-listed Link REIT announcing today that it has hired former BlackRock Asia Pacific real estate boss John Saunders as Group Chief Investment Officer a newly created role. Saunders, who left BlackRock earlier this month after a decade running real estate in the region for the world’s largest asset manager, will be taking responsibility for Link REIT’s overall investment strategy and portfolio management, as well was for strategic development of the trust’s investment business.

IREI | “Texas Municipal Retirement System Hires Yup Kim as New CIO”

Texas Municipal Retirement System (TMRS) Executive Director David Wescoe has announced that Yup Kim, Investment Director, and Head of Investments for private equity at the California Public Employees’ Retirement System (CalPERS), will become TMRS’ Chief Investment Officer on Jan 2024. Kim replaces Dave Hunter, who announced his retirement in early November and who will be leaving TMRS in January.