Large Platform Events | Issue 24.19

 

Summary of Transaction Headlines

IREI | “Greystar Announces $1.9 Billion Final Close for 11th U.S. Multifamily Value-added Real Estate Fund”

Greystar Real Estate Partners, on behalf of its affiliates, has held a final close for Greystar Equity Partners XI (GEP XI), with aggregate equity commitments of $1.9 Billion. A discretionary, commingled vehicle, GEP XI offers a strategic allocation to development and alternative rental residential sectors, providing access to Greystar’s living-sector pipeline across both value-add acquisitions and development.

IPE Real Assets | “Artemis Sets $1 Billion Fundraising Target for Latest US Property Fund”

Artemis Real Estate Partners is seeking to raise $1 Billion for its latest US real estate fund, according to people familiar with the matter. Artemis Real Estate Partners Income and Growth Fund II is expected to raise more capital than the first fund in the series, which closed at over $800 Million in January 2022. The Cook County Ill Pension Fund disclosed in a meeting document that it has made a $50 Million commitment to Fund II.

IPE Real Assets | “KKR to Invest up to $1 Billion in US Medical Buildings Venture With Healthcare Realty”

KKR is investing up to $1 Billion in a newly created US medical outpatient building partnership with Healthcare Realty Trust. The investment firm is initially contributing capital for an 80% stake in the pair’s joint venture, which Healthcare Realty has seeded with a $382.5 Million portfolio consisting of 12 of its existing properties.

IREI | “Stockbridge Holds $709 Million Final Close for Fifth Value-add Fund”

Stockbridge has held a final close for its fifth fund within its closed-end, value-add series for $709 Million in capital commitments. The final close, held on April 19, marks the largest capital raise in the fund series’ history. “Despite the current challenges of both the economic and capital-raising environments, we are extremely pleased with the record-breaking final close of our fifth value-add fund,” said Doug Sturiale, Portfolio Manager for the fund series.

Property Week | “Cain International Reveals Merger With Blackbrook Capital”

Investment firm Cain International is to merge with Blackbrook Capital as the firms expand their reach across the European alternative markets. The merged group will retain the name Cain International and bring the firms’ combined assets under management to more than $17 Billion. The firm will be based at its new global headquarters at Welbeck Street in London.

Property Week | “Hutchings Quits CapReg to Take up CEO Role at Workspace”

Capital & Regional Chief Executive Lawrence Hutchings has quit the firm to take up the top role at flexible office group Workspace. Hutchings, who has run CapReg for almost seven years, is subject to a one-year notice period and will remain with the firm until a process to find his successor is complete. Hutchings will replace Graham Clemett as Chief Executive of Workspace. Clemett revealed his decision to step down in January.