5.2.24 | This week we recognized 2 capital-related transactions with a disclosed value of $11.5 Billion USD.
| Deal Size (Bn USD) | Capital Related Transactions |
| $11.0 | Amazon to Invest $11 Billion in Indiana Data Center Campus |
| $0.5 | Yardi to Become WeWork’s Majority Owner in $450 Million Bankruptcy Exit Plan |
| $11.5 | Total |
Additionally, we recognized 2 leadership changes within the industry.
- Pegasus Residential Announces CEO Transition: Lindy Ware Retires After 15 Years, Jackie Ware Appointed as CEO
- Griffin Capital Welcomes Paul DeMartini as CIO
Summary of Transaction Headlines
Commercial Property Executive | “Amazon to Invest $11 Billion in Indiana Data Center Campus”
Amazon Web Services, an Amazon subsidiary, is set to invest $11 Billion in a data center campus in northern Indiana. The project will mark the largest capital investment in state history. The development is set to include data storage drives, computer servers, networking equipment, and other modern technologies to further support the cloud computing company.
Bisnow | “Yardi to Become WeWork’s Majority Owner in $450 Million Bankruptcy Exit Plan”
Attorneys for WeWork revealed in a bankruptcy hearing that, under its plan to exit bankruptcy, property management software provider Yardi Systems would become the majority owner of the coworking titan. Under the terms of WeWork’s proposed financing deal to exit bankruptcy, the company’s senior lenders agreed to inject WeWork with $50 Million to keep it running until it expects to emerge from bankruptcy on May 31, then an additional $400 Million to cover the cost of exit restructuring. Yardi will take a 60% stake in a private WeWork after agreeing to contribute $337 Million of the $450 Million the company needs to exit bankruptcy.
PR Newswire | “Pegasus Residential Announces CEO Transition: Lindy Ware Retires After 15 Years, Jackie Ware Appointed as CEO”
Pegasus Residential, an NMHC Top 50 property management company, announced a significant change in its leadership as Lindy Ware, CEO and Founder, retires after 15 years of dedicated service. Lindy will step down from her role as CEO but will continue to serve as an Advisor to the Pegasus Board of Directors. She expressed her gratitude for her tenure, stating, “It has truly been my honor to serve in the property management industry and to serve our numerous clients. Although I have a litany of emotions regarding retirement, I am grateful to have had a life-long career in property management and for the thousands of relationships I have made along the way.”
IREI | “Griffin Capital Welcomes Paul DeMartini as CIO”
Griffin Capital has appointed Paul DeMartini to serve as CIO. DeMartini will oversee the firm’s development, acquisitions, portfolio management, and asset management divisions. DeMartini will direct investment strategy and execution and serve on the firm’s Investment and Executive Management Committees. Prior to joining Griffin Capital, DeMartini served as Senior Managing Director at Tishman Speyer, where he was responsible for the company’s operations across the Southern California and Washington, D.C., regions.
