Large Platform Events | Issue 24.14

 

Summary of Transaction Headlines

Business Standard | “Blackstone Plans to Invest $25 Billion in India Private Equity Asset”

Blackstone Inc. aims to add an additional $25 Billion of Indian private equity assets over the next five years, reflecting the South Asian country’s increasing allure to global investors. The New York-based firm also intends to bring on 20 more investment professionals to its asset management business in India and double its office space in Nariman Point in downtown Mumbai, according to its Head of Private Equity in Asia, Amit Dixit.

PR Newswire | “AIRIA Development Company Announces a New 5,700-acre Community for $9.9 Billion”

AIRIA Development Company announced its newest development, COLTON, a sprawling 5,700-acre master-planned community within the ETJ of Todd Mission. This new community straddles both sides of a four-mile stretch of SH 249 Aggie Expressway and is the largest development the area has seen, with a build-out value estimated at $9.9 Billion. The overall master plan includes approximately 500 acres of mixed-use parcels planned for multi-family, retail, medical, etc., which will bring a variety of employment and business opportunities. 

IPE Real Assets | “Heitman Seeks $2 Billion for the Latest North American Value-add Real Estate Fund”

Global real estate investment manager Heitman is seeking to raise $2 Billion for its latest North American value-add fund. The fundraising target for Heitman Value Partners VI was disclosed in an SEC filing last month. The Chicago Public School Teachers’ Pension and Retirement Fund has also disclosed in a board meeting document that it has made a $30 Million commitment to the Heitman fund.

GlobeSt. | “Blackstone Sells $1 Billion in Industrial Assets to Rexford”

Blackstone Real Estate has sold around 3 Million Square Feet of industrial properties through two separate transactions to Rexford Industrial Realty for $1 Billion, or $332 per Square Foot. The combined portfolio comprises 48 properties that are 98% leased. Nearly all the assets are located within core, and infill submarkets in Los Angeles and Orange counties. The deal is expected to generate a weighted average initial unlevered cash yield of 4.7% and an anticipated stabilized unlevered cash yield of 5.6%.

Financial Times | “Bain Capital Real Estate and 11North Partners Form Joint Venture to Invest in Open Air Retail Centers”

Bain Capital Real Estate (“Bain Capital”) and 11North Partners (“11North”), a retail-focused investment platform, announced the formation of a strategic partnership to acquire and operate open-air retail centers throughout the U.S. and Canada. The platform will employ a broad investment mandate, targeting retail opportunities across the risk-return spectrum, and will predominantly focus on open-air retail assets with a high concentration of necessity-based tenants.

Bisnow | “Nuveen Exiting SFR Management Business in Deal with Invitation”

Nuveen, an arm of the pension fund and investment giant TIAA, is effectively getting out of the single-family rental business by inking a deal to shift management of about 3,000 rental homes to SFR specialist Invitation Homes, Bloomberg reports, citing anonymous sources. Nuveen will retain ownership of the properties, which it has owned for about four years. Last year, Invitation launched a third-party management business for single-family rental houses, agreeing to manage about 8,500 properties for Starwood Capital Group. Earlier in 2023, Invitation acquired about 1,900 homes from Starwood outright for $650 Million.

Yahoo Finance | “‘It’s a Great Vintage’: $93 Billion Real Estate Investment Giant Hines Launches a Private Wealth Platform as it Sees the End of a Market Correction”

Hines, a global real estate investment, development, and property manager with $93.2 Billion in assets under management, is even launching a platform that will enable wealthy clients to access new opportunities in real estate called Hines Private Wealth Solutions. Hines platform will offer a wide variety of real estate investment solutions for clients, including non-traded private real estate investment trusts, private placements, private debt, tax-deferred exchanges, development projects, and more. The company will also provide advisory solutions for clients that need direction when managing their personal real estate holdings.

Business Wire | “Real Estate Professionals Launch New Firm, Panot Capital, to Focus on Expanded Real Estate Investment Management and Development”

Real estate Executives Aaron Iskowitz and Zain Sayed have recently established Panot Capital, a dedicated real estate investment management firm based in Houston with offices in California, New York, Ohio, and Rhode Island. Panot Capital, established in late 2023, was formed to manage an extensive real estate portfolio on behalf of a series of trusts. The firm has plans to expand its investments and client relationships nationwide, focusing on real estate investment management and development. Panot Capital was formed to create a data-driven institutional quality investment framework for the management of a family-owned portfolio that develops and owns real estate projects with a focus on multi-family and mixed-use communities. 

IPE Real Assets | “Ex-Oxenwood Co-Founder Bishop Launches Real Estate Firm”

Former Oxenwood Co-Founder, Jeremy Bishop, has launched a UK real estate investment and development company that intends to capitalize on cyclical repositioning opportunities. Arkus Real Estate, which plans to raise capital from institutional and family office investors from the UK and overseas, initially intends to acquire existing” income-producing industrial real estate that is at risk of obsolescence.” The initial strategy will focus on “repositioning obsolete and outdated property across the UK into Grade A, highly sustainable, fit-for-purpose industrial and logistics assets.

IREI | “Hines Appoints John Carr as Regional CFO for Europe”

John Carr has been appointed CFO for Europe at Hines, succeeding current CFO David Braaten, who will retire. Carr joined Hines in 1997, becoming Regional Controller for the American West region. He then moved to Beijing in 2006 and 2011 as his role was broadened to include the Hines Asia Pacific region. In 2011, he returned to the United States and continued to serve both regions up until his appointment to the firm’s European Leadership Team.

Connect Money | “CalPERS Names Stephen Gilmore as CIO”

The California Public Employees Retirement System (CalPERS), the largest pension fund in the U.S. with $494.6 Billion in assets, has named Stephen Gilmore as its new CIO, succeeding Nicole Musicco, who left in September 2023. Gilmore will step down as CIO of the New Zealand Superannuation (NZ Super Fund), a sovereign wealth fund owned by the New Zealand government and worth more than $43.5 Billion.

Business Wire | “Caliber Appoints Ignacio Martinez Chief Operating Officer”

Caliber (NASDAQ: CWD), a real estate investor, developer, and manager, announced that Ignacio Martinez has been promoted from Senior Vice President of Operations to Chief Operating Officer of the company, a role previously held by Jennifer Schrader, President, and Co-Founder of Caliber. In this dedicated role, Martinez will be responsible for leading all operational aspects of the company, including people operations, project management, information technology and security, regulatory compliance, legal, customer service, and fundraising operations.

IREI | “Cushman & Wakefield Names New Singapore CEO”

Cushman & Wakefield has appointed Natalie Craig to the newly created position of Singapore CEO, effective April 1, 2024. Craig will oversee a team of more than 2,000 employees from both Cushman & Wakefield’s commercial real estate business, based at CapitaSpring, and from its sister entity, C&W Services, based at Chai Chee. The appointment reflects the changing buying behavior of clients and marks the next phase of the firm’s growth.