Large Platform Events | Issue 24.27

 

Summary of Transaction Headlines

IREI | “Lone Star Funds Announces Final Closing of Lone Star Fund XII for $5.3 Billion”

Lone Star Funds has held a $5.3 Billion final close for its 12th opportunity fund, Lone Star Fund XII, L.P. (LSF XII). “With the closing of their latest fund, they will continue to seek value primarily in companies that are affected by ongoing macroeconomic uncertainty and distressed corporate credits, using LSF XII’s flexible mandate to pivot across different markets and asset classes,” said Donald Quintin, CEO and Global President of Lone Star.

Pensions & Investments | “BlackRock to Acquire Private Markets Data Firm Preqin in $3.2 Billion Deal”

BlackRock agreed to acquire U.K. based private markets data firm Preqin in a $3.2 Billion cash deal, expanding its Aladdin technology and data platform capabilities. The move will deliver integrated investments, technology, and data for the whole private market’s portfolio, BlackRock said in a news release. The deal marks a strategic expansion of BlackRock’s Aladdin technology business into the private markets data segment and unlocks an additional $8 Billion in addressable market, it added.

BNN Bloomberg | “EQT to Sell Majority Stake in Idealista in €2.9 Billion ($3.1 Billion USD) Deal”

EQT AB has agreed to sell a majority stake in Idealista to private equity firm Cinven in a deal valuing the online real estate platform at €2.9 Billion ($3.1 Billion USD). Cinven is buying a 70% stake in Idealista with EQT retaining an 18% holding in the business. Apax Partners and Oakley Capital will sell their holdings, while Jesus Encinar, Founder, and Chairman of the real estate platform, plans to keep his stake and continue to lead the firm alongside the management team.

PERE | “Greystar and ABP Kick Off €1.2 Billion ($1.3 Billion USD) Housing Joint Venture”

The venture between the US manager and the Netherlands’ biggest pension has made an initial investment in Leiden, Netherlands. Greystar Real Estate Partners has formed a joint venture aimed at investing in and developing affordable rental housing in the Netherlands in partnership with ABP, the country’s pension fund for workers in government and education. The venture has a first-tranche commitment of €420 Million ($452 Million USD). Greystar hopes to grow the commitments to the joint venture to €1.2 Billion ($1.3 Billion USD) “in the near- to mid-term,” Kuijpers said.

IPE Real Assets | “Faropoint’s Third US Industrial Fund Exceeds Target With $915 Million Fundraise”

US industrial real estate investment manager Faropoint has surpassed its initial target of $750 Million by raising $915 Million for its third fund. The fund manager said its flagship Industrial Value Fund III secured capital commitments from institutions across North America, Europe, and the Middle East, including public pension plans and insurance firms.

Property Week | “Blackstone’s Industrials REIT and St Modwen Merge to Form Indurent”

Indurent, a developer and operator of industrial and logistics space, launched by bringing together specialist multi-let industrial property company, Industrials REIT, and logistics developer and manager, St. Modwen Logistics. The newly integrated business, which is owned by investment funds managed by Blackstone and led by Chief Executive Julian Carey (pictured) and an experienced leadership team drawn from both businesses, has a portfolio comprising more than 27 Million Sq Ft of industrial and logistics space. This ranges from urban light industrial units and ‘last-mile’ delivery facilities to mid- and big-box developments utilized for national distribution, production, or manufacturing.

Property Week | “Savills Completes Takeover of Montagu Evans’ Property Management Business”

Savills has announced that it has taken on the UK property management business of Montagu Evans, which will be integrated into Savills business. The move provides Savills with an opportunity to enhance its already strong UK property management business by further broadening its client base, particularly in terms of the public sector, as well as boosting its accounts team and generating greater opportunities to leverage sector-specific knowledge and expertise throughout its UK divisions and regions.

IREI | “Urban Land Institute Appoints Angela Cain as Global CEO”

The Urban Land Institute (ULI) has appointed Angela Cain as its Global CEO. Cain brings more than 25 years of global nonprofit and leadership experience in the corporate real estate sector. Cain most recently served as CEO of CoreNet Global, a professional association for corporate real estate executives, where she led the transformation of its strategic direction, mission, vision, culture, and value proposition through organizational and operational changes that enhanced growth and impact.

Property Magazine International | “BNP Paribas REIM Announces New Appointments in Europe”

BNP Paribas Real Estate Investment Management (BNP Paribas REIM) has made three new appointments with effect from July 1, 2024: Vincenzo Nocerino is to be made Global Chief Investment Officer. Laurence Weydert will become Global Head of Asset Management. Swati Srivastava will become Country Head UK.