Large Platform Events | Issue 24.30

 

Summary of Transaction Headlines

IREI | “Hammerson Sells Off €1.78 Billion ($1.9 Billion USD) Stake in Nine Shopping Centers in Europe”

Hammerson has sold its 40 percent interest in Value Retail, which operates and controls nine upmarket outlet shopping centers in Europe, in the transaction for £1.5 Billion ($1.94 Billion USD). The buyer is L. Catterton, a private equity firm backed by French luxury fashion house LVMH Moet Hennessy Louis Vuitton.

Business Wire | “Stonepeak to Acquire Arvida Group for $1.3 Billion”

Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, announced that it has entered into a definitive agreement to acquire all outstanding common shares of Arvida Group Limited (“Arvida” or the “Company”) (NZX: ARV), one of New Zealand’s largest retirement and aged care providers, for US $1.03 (NZ $1.70) per share in an all-cash transaction valued at approximately US $1.25 Billion (NZ $2 Billion), including the assumption of debt.

PR Newswire | “Pretium Raises $1.5 Billion With Sixth Single-Family Housing Fund, Exceeding Target”

Pretium, a specialized investment firm with over $50 Billion in assets under management, announced the successful close of its sixth single-family housing fund and related vehicles, above target with $1.5 Billion in aggregate commitments to create more affordable housing in the U.S. The fund received strong support from a diversified group of existing and new investors, including insurance companies, U.S. pension plans, and U.S. wealth managers. 

IPE Real Assets | “Fundraising for Hines European Open-ended Core Plus Fund Exceeds €1 Billion ($1.1 Billion USD)”

Hines has raised over €1Billion ($1.1 Billion USD) for its European open-ended core-plus real estate fund. The global real estate investor said Hines European Property Partners (HEPP), launched in 2022, has attracted commitments from “partners including major institutional investors and pension funds worldwide.” HEPP targets the major asset classes of industrial, living, retail, and office, in addition to emerging sectors such as data centers, senior living Hines said.

IPE Real Assets | “Commerz Real Hires Global Head of Office and Industrial”

Nadia Eichelberger has been appointed Global Head of the firm’s €11 Billion ($12 Billion USD) office and industrial real estate business on September 1. The position has been held by Jens Böhnlein, Global Head of Asset Management and Sustainability, in a dual capacity. Eichelberger is joining the company from Branicks onsite, where she was most recently employed as Head of the Frankfurt am Main branch and was also responsible for a portfolio comprising office and logistics properties. Her previous roles include stints at Triuva Kapitalverwaltungsgesellschaft and GE Real Estate.

IREI | “Thornburg Investment Management Fills Two Leadership Roles”

The firm named Billy Rogers as Chief Operating Officer and Jodan Ledford as Head of Institutional. Thornburg Investment Management Inc., an investment firm overseeing $45 Billion in client assets, announced Billy Rogers and Jodan Ledford have joined the firm to serve as Chief Operating Officer and Head of Institutional Strategies, respectively.

Business Wire | “PulteGroup CFO Bob O’Shaughnessy Announces Plan to Retire in 2025”

PulteGroup, Inc. (NYSE: PHM) announced that Bob O’Shaughnessy, Executive Vice President and Chief Financial Officer, has notified the company that he intends to retire at the end of 2025. As part of its long-term succession planning process, PulteGroup has named Jim Ossowski, currently PulteGroup’s Senior Vice President, Finance, as its successor.

IREI | “Kayne Anderson Real Estate Appoints Lee Levy as Senior Managing Director and Head of Real Estate Debt”

Kayne Anderson Real Estate has announced that Lee Levy has joined the firm as a Senior Managing Director and Head of Real Estate Debt. In this role, Levy will serve alongside CEO Al Rabil and CIO David Selznick as a Portfolio Manager for Kayne Anderson Real Estate’s debt platform, which pursues investment opportunities in Freddie Mac structured products, CMBS, and direct loan originations and purchases across Kayne’s alternative niche sectors of medical office, senior housing, student housing, and multifamily, including attainable multifamily.

Pensions & Investments | “Warburg Pincus Chooses Next CEO”

Jeffrey Perlman was named CEO of global private equity firm Warburg Pincus effective Sept. 2, succeeding Chip Kaye, who will become Co-Chair. Kaye joined the global growth investor in 1986 and has been CEO for more than two decades. He will become Co-Chair alongside Timothy Geithner, who was the 75th secretary of the U.S. Department of the Treasury.

Bisnow | “Brookfield Tees Up 36-Year-Old Connor Teskey as Next CEO”

Brookfield CEO Bruce Flatt has seemingly chosen his successor in 36-year-old Connor Teskey, who has skyrocketed through the ranks since joining the asset management titan in 2012. Teskey is a decade younger than anyone positioned to run the Toronto-based company’s top competitors. The transition could make him the only Fortune 500 company CEO under 40, with Meta CEO Mark Zuckerberg celebrating his birthday in May.