Large Platform Events | Issue 24.10

 

Summary of Transaction Headlines

IPE Real Assets | “CapitaLand Pursues S$2 Billion ($1.5 Billion USD) Residential Development in Vietnam via Partnerships”

CapitaLand Development (CLD), the development arm of Singapore’s CapitaLand Group, intends to grow its residential portfolio in Vietnam to 27,000 units by 2028. This new five-year target is about 70 percent higher than the current portfolio of about 16,000 units across 17 projects and includes 7,500 units in its two latest residential projects in Vietnam, Sycamore, in the southern province of Binh Duong, and Lumi Hanoi in the capital Hanoi, said CLD. They have a combined gross development value of over S$2 Billion ($1.5 Billion USD). And to bring them to fruition, CLD said it partnered with United Overseas Australia Group on Sycamore and entered a joint venture with Mitsubishi Estate and Far East Organization on Lumi Hanoi.

Connect Money | “Pretium to Acquire Multifamily BH Management Services”

Pretium, a NY-based real estate investment firm with more than $50 Billion in assets under management, has acquired BH Management Services, a property management platform for multifamily, student, and single-family housing. BH will become a Pretium operating business while continuing to operate as BH Management Services, which provides property management, construction, and investment services. The firm will stay in Des Moines, IA, and will be overseen by CEO Joanna Zabriskie and the present management team.

Business Wire | “TriSpan Announces Partnership to Form ProperXPM, an Experiential Multifamily Property Management Company”

TriSpan announced the launch of ProperXPM Holdings, LLC (“ProperXPM”), a residential property management platform focused on serving multifamily building owners and operators across the country. Led by industry veteran Brian Duggan, ProperXPM aims to grow organically and by acquisition to service a national client base, providing cost-effective access to exceptional experiential property management through streamlined processes, centralized staffing, and advanced technology solutions. ProperXPM is committed to the strategic consolidation of multifamily property management companies under a partnership model, allowing our sellers to participate in our future growth and value creation.

Business Wire | “KKR Appoints Ruchir Swarup as Chief Information Officer”

KKR announced the appointment of Ruchir Swarup as a Partner and Chief Information Officer, effective immediately. In this role, Mr. Swarup will be responsible for driving KKR’s technology strategy and vision. Based in New York, Mr. Swarup will lead the firm’s efforts to embrace new technologies and scale existing technology to create efficiencies and reduce risk across the firm.

PR Newswire | “Capital Square Names Industry Veteran Jay Olander as President and CFO”

Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, announced that Jay Olander has joined the company as President and Chief Financial Officer. He also serves as Chief Financial Officer and Treasurer of Capital Square Apartment REIT, a real estate investment trust sponsored by the company. An established leader in the real estate industry with expertise in the REIT and multifamily sectors, Olander brings over 40 years of proven expertise to Capital Square.

PR Newswire | “Century Communities Announces CFO Transition”

Century Communities, Inc. (NYSE: CCS), one of the nation’s largest homebuilders, announced that David L. Messenger, the company’s current Chief Financial Officer, is stepping down effective March 22, 2024, after 10 years with the company to pursue other opportunities. Following Mr. Messenger’s departure, J. Scott Dixon, the company’s current Assistant Chief Financial Officer, will assume the role of Interim Chief Financial Officer until a permanent successor is appointed.

BNN Breaking | “Blackstone Targets Major Expansion in India, Doubling Warehouse Holdings for Potential IPO”

Blackstone Inc. targets substantial growth in Indian warehousing, signaling confidence in India’s economy and logistics infrastructure. Blackstone’s decision to bolster its warehouse space to at least 100 Million Square Feet within the next two to three years is a testament to the firm’s bullish outlook on India’s economic prospects. Kathleen McCarthy, Co-Head of the Global Real Estate Business at Blackstone, highlighted the firm’s strategy to explore a large strategic sale or public offering of the logistics business in the next 12 to 24 months. This ambitious expansion is part of a broader plan to grow Blackstone’s $20 Billion portfolio of Indian real estate, which includes office space and hotels, even as other investors tread cautiously due to high borrowing costs and rising vacancies in commercial properties worldwide.