Large Platform Events | Issue 24.22

 

Summary of Transaction Headlines

IREI | “Pennybacker Closes Fund VI With $1.6 Billion of Committed Capital, Exceeding Target”

Pennybacker Capital Management has held a final close for its sixth-value opportunity series fund, Pennybacker VI, LP (Fund VI), which exceeded its target with $1.6 Billion in capital commitments. Fund VI has received strong support from its existing investor base and has attracted numerous first-time commitments from leading institutional investors. Fund VI seeks to invest in U.S. real estate assets across equity and debt opportunities.

Property Week | “Stoneweg Agrees €280 Million ($303 Million USD) Acquisition of Cromwell’s European Platform”

Investor Stoneweg has agreed to acquire Cromwell Property Group’s European fund management platform for €280 Million ($303 Million USD), doubling its portfolio of total assets under management. Stoneweg will take control of the fund portfolio, which totals €3.9 Billion ($4.2 Billion USD) of real estate assets. In the UK, the investor has acquired seven assets totaling €369 Million ($399 Million USD) and a team of 56 people.

Business Wire | “Lincoln Property Company Appoints Chief Technology Officer”

Lincoln Property Company (“Lincoln”), a global, full-service real estate firm, announced the appointment of Keats Ali as Chief Technology Officer. Mr. Ali oversees all aspects of information technology (“IT”), including enterprise applications, data architecture, infrastructure, security, and commercially driven digital solutions. He reports to Dan Roth, Chief Financial Officer and Chief Operating Officer, and is based in Lincoln’s Dallas headquarters.

PR Newswire | “Starwood Capital Group Appoints Matt Smith as Managing Director, Head of U.S. Residential Asset Management”

Starwood Capital Group (“Starwood Capital”), a global private investment firm with a primary focus on real estate, announced that Matt Smith will join the firm in June as Managing Director and Head of U.S. Residential Asset Management. In this role, Mr. Smith will oversee the firm’s existing ~107,000-unit market rate and affordable housing multi-family portfolio, as well as Highmark Residential, Starwood Capital’s multi-family property management affiliate.

IREI | “DWS Appoints Chief Investment Officer, Real Estate APAC”

DWS has announced that Matthias Naumann has been appointed to the position of CIO, real estate for Asia Pacific, based in Sydney and relocating from DWS’ Frankfurt headquarters. It marks DWS’ first “on-the-ground” real estate CIO, signaling the platform’s growth aspirations. In his new role, Naumann will be responsible for identifying real estate investment opportunities across Asia Pacific (APAC), where DWS already has an established presence in Australia, Korea, Japan, and Singapore, working with the respective Country Heads, as well as exploring new markets for strategic growth.

PERE | “Savills IM Promotes Research Head to Global CIO ”

Andrew Allen was appointed global Chief Investment Officer at the London-based manager following Kiran Patel’s retirement last month. Andrew Allen, formerly Global Head of research, product strategy and development at Savills Investment Management, has been promoted to the role of Global Chief Investment Officer at the London-based manager.