Large Platform Events | Issue 24.16

 

Summary of Transaction Headlines

Mingtiandi | “Mapletree Buys $1.3 Billion European Student Housing Portfolio from Cuscaden Peak”

Singapore’s Mapletree Investments continues to expand its global portfolio of student housing, with the unit of Temasek Holdings announcing that it has acquired 31 purpose-built student accommodation (PBSA) assets in Europe from its compatriots at Cuscaden Peak Investments. In a statement, Mapletree said that it is buying the 8,192-bed, UK-dominated portfolio in a $1.3 Billion deal, bringing its global holdings in the sector to over 17,000 beds and giving it ownership of the manager of the properties.

Bisnow | “Alterra Raises Nearly $1 Billion for IOS Buys”

Philadelphia-based Alterra Property Group has raised nearly $1 Billion for industrial outdoor storage acquisitions as the firm continues to snap the hard-to-source properties to add to its growing portfolio. The firm’s IOS Venture III LP fund raised $900 Million in its latest round, according to a Securities and Exchange Commission filing this month.

IREI | “NorthBridge Raises Nearly $950 Million for NB Partners Fund IV, Surpassing $800 Million Target”

NorthBridge Partners and Park Madison Partners have held the final close of NB Partners Fund IV, LP. Fund IV was oversubscribed with nearly $950 Million raised, including both limited partner and general partner commitments, surpassing the original $800 Million fundraising target. Fund IV’s limited partners include a diverse mix of public and private pensions, endowments and foundations, insurance companies, sovereign wealth funds, asset managers, family offices, and high-net-worth individuals.

IPE Real Assets | “Australia’s Largest Data Centre Company Seeks to Raise A$1.32 Billion (USD $853 Million)”

Australia’s largest data center company, NextDC, is seeking to raise A$1.32 Billion (USD $853 Million) in new capital to finance its growing development pipeline and accelerate the expansion of its data center networks in Sydney and Melbourne. NextDC has flagged plans for an artificial intelligence facility in Port Melbourne. The project, described as the next generation of facilities, will cost more than A$1 Billion (USD 642 Million).

Property Week | “Fortress Investment Group Acquires Poundstretcher”

Fortress Investment Group LLC (along with its affiliates, “Fortress”) announced that funds managed by affiliates of Fortress have agreed to acquire Poundstretcher Limited (‘Poundstretcher’), a leading variety discount retailer with 322 UK stores nationwide, following outgoing owner Aziz Tayub’s retirement. Poundstretcher has been bought by US investment firm Fortress Investment Group, the owner of Majestic Wine and Punch Pubs Group, for an undisclosed fee.

Property Week | “Savills Buys Flex Advisory Business to Grow Workthere Offer”

Savills has expanded its flexible office arm, Workthere, with the acquisition of London-based flex advisory business Situu. The real estate consultancy will combine Situu with its Workthere offer, building its advisory services and “creating a full, comprehensive offer that operates across the entire flexible office spectrum.” Situu is a 10-strong London-based agency that specializes in the delivery and marketing of managed office space on behalf of landlords, while also securing space for operators and tenants in London.

IPE Real Assets | “CBRE Names Mende CEO of German Advisory Business”

Kai Mende has been appointed CEO of CBRE’s advisory business in Germany. He succeeds interim CEO of Germany, Peter Schreppel. As planned, Schreppel is now returning to his position as Head of International Investment, Germany, within the capital markets team at CBRE. Mende has been Managing Director of CBRE’s capital markets division in Berlin since 2017. In 2019, he also took on the role of city leader in Berlin, which he will continue to fulfill alongside his new role as CEO.

IREI | “Baron Capital Announces Leadership Changes”

Baron Capital announced that Linda Martinson is planning to step down as President and COO at Baron Capital after 41 years of service. She will assume an advisory role with the firm to ensure a smooth transition. David Baron and Michael Baron, as Vice President and Portfolio Manager at Baron Capital, will assume the roles of Co-Presidents. The firm also announced that Rachel Stern will join Baron Capital as Chief Operating Officer. All changes will be effective June 3. David Baron, Michael Baron, and Stern will report to Ron Baron, Chairman and CEO of Baron Capital.

IREI | “DWS Appoints Lidia Tomova as New CEO of DWS Australia”

DWS has appointed Lidia Tomova as its CEO of DWS Australia. Pending regulatory approval, Lidia will also be appointed as Chair of DWS Investments Australia Limited (DIAL). She will also continue in her role as Head of Coverage, Australia, and New Zealand. Tomova succeeds Chris Robinson as CEO of DWS Australia. This significant leadership appointment follows Tomova’s tenure of 20 years with DWS and Deutsche Bank in Australia and the United Kingdom.

PR Newswire | “FirstKey Homes Announces Leadership Transition”

FirstKey Homes, LLC (“FirstKey Homes” or the “Company”) announced that Colleen Keating will step down as Chief Executive Officer. Board of Directors Members Chan Galbato and Brendan Garvey have been appointed Executive Chairman and Lead Director, respectively. In his role as Executive Chairman, Chan will work closely with FirstKey Homes’ leadership team to oversee all strategic and operational aspects of the business.