Large Platform Events | Issue 24.34

 

Summary of Transaction Headlines

Market Screener | “CyrusOne Secures $9.7 Billion in New Debt Capital to Fund Datacenter Growth”

CyrusOne announced the closing of a $7.9 Billion warehouse credit facility. The executed transaction is incremental to the $1.8 Billion revolving credit facility financing completed in May, leading to approximately $9.7 Billion of additional debt capital raised with broad-based support from lenders.

Commercial Observer | “Cortland Closes $1.5 Billion Value-add Multifamily Fund”

Cortland, an Atlanta-based multifamily investment giant, has closed its Cortland Enhanced Value Fund VI after securing $1.5 Billion in equity commitments, Commercial Observer has learned. The fund blew past its $1 Billion target and exceeded the firm’s previous record of $650 Million in equity commitments delivered from the Cortland Enhanced Value Fund V, which closed in May 2021.

BBC | “McDonald’s to Spend £1Billion ($1.3 Billion USD) on 200 New Restaurants in UK and Ireland Expansion Programme”

McDonald’s plans to open over 200 restaurants across the UK and Ireland over the next four years in a £1Billion ($1.3 Billion USD) expansion drive. “Drive-to” restaurants with a car park, a small seating area, and no drive-through and “other smaller formats” will be tested as part of the new offer. The move would increase the fast-food chain’s UK and Ireland footprint by over a tenth to 1,700 sites. 

IREI | “Dermody Properties Raises $1 Billion for Industrial Fund IV”

Dermody Properties has closed its fourth commingled fund, Dermody Properties Industrial Fund IV, L.P. (DPIF IV), securing $1.043 Billion in capital commitments. The close follows the $1.065 Billion raised for its predecessor, DPIF III. Every existing investor from DPIF III recommitted to DPIF IV, along with two returning investors from DPIF II and four new investors. The investor base for DPIF IV includes a diverse group of prominent public and corporate pension funds, insurance companies, and other institutional investors from the United States, Canada, and Europe.

TNGlobal | “EQT Private Capital Asia Acquires PropertyGuru for $1.1 Billion”

Hong Kong-based Asian investment firm EQT Private Capital Asia’s will acquire Southeast Asia leading proptech company PropertyGuru for $1.1 Billion. PropertyGuru said in a statement that it has entered into an agreement and plan of merger with affiliates of BPEA Private Equity Fund VIII Limited, part of EQT AB, a purpose-driven global investment organization, pursuant to which the company will be acquired by EQT Private Capital Asia in an all-cash transaction at an equity value of approximately $1.1 Billion.

Business Wire | “Ares Management and Lone Star Partner on £755 Million ($970 Million USD) Preferred Equity Investment to Wembley’s Quintain”

Ares Management Corporation (NYSE: ARES) (“Ares”) announced that funds managed by its Alternative Credit strategy have led to a £755 Million ($970 Million USD) preferred equity commitment in Quintain, the award-winning development and asset management company that owns and manages the iconic 85-acre Wembley Park estate in London. Quintain is owned by funds managed by Lone Star Funds (“Lone Star”), which will be contributing £337 Million ($375 Million) to the preferred equity instrument.

Business Wire | “PulteGroup, Inc. Names New Chief Information Officer”

PulteGroup, Inc. (NYSE: PHM) is pleased to announce the appointment of Mike Guhl as Senior Vice President and Chief Information Officer (CIO), effective August 19, 2024. He replaces the current CIO, Joe Drouin, who is retiring effective October 1, 2024. Mike Guhl joins PulteGroup from HD Supply, where he has served as CIO since 2020.

IREI | “Heitman Appoints John Mancuso to Head of Global Sales”

Heitman has appointed John Mancuso as Managing Director and Head of Global Sales in the firm’s client service and marketing group. Based in Denver, Mancuso has been serving in this role as interim head since June 2023 and will continue his responsibilities leading Heitman’s global sales initiatives.

IREI | “DWS Appoints Jay DeWaltoff as Head of U.S. Real Estate Debt Team”

Jay DeWaltoff has joined DWS as Head of U.S. Real Estate Debt to accelerate the growth of its existing U.S. real estate credit business and expand its global private credit platform. He will be based in the firm’s New York City office. DeWaltoff brings over two decades of origination and structuring experience to the role. Prior to joining DWS, he was the Head of the Commercial Mortgage Loan Group at J.P. Morgan Asset Management within its alternative’s platform, where he was directly responsible for capital raising, constructing tailored portfolios to meet investor objectives, and approving all new investments.

IREI | “Adam Hines Promoted to Senior Managing Director, Joins the Firm’s Office of the CEO”

Hines has announced that Adam Hines, a grandson of the Founder, has been promoted to Senior Managing Director and will serve as Chief of Staff within the firm’s office of the CEO. He will report to Co-CEOs Jeff Hines and Laura Hines-Pierce in this newly created role.

IREI | “Starwood Capital Appoints Andrew Sossen Senior Managing Director, COO”

Andrew Sossen will rejoin Starwood Capital Group in September as a Senior Managing Director and COO. In this role, Sossen will be a member of Starwood Capital’s Executive Committee and oversee the day-to-day operations of the firm. Since his departure in 2023, Sossen has worked for a vertically integrated private equity firm focused on U.S.-based commercial real estate private credit strategies. 

IREI | “CBRE Announces Senior Appointments”

Henry Chin has been appointed COO of Global Research at CBRE. He will relocate to the global headquarters in Dallas and begin his new responsibilities in September. In this new position, Chin will oversee the operation of CBRE’s research platform globally.

Pensions & Investments | “PSP Investments CIO Eduard Van Gelderen to Depart in October”

Eduard Van Gelderen, Senior Vice President and Chief Investment Officer of the Public Sector Pension Investment Board, Montreal, will be stepping away from day-to-day operations and departing the firm on Oct. 1. After six years in the role, Gelderen and PSP Investments have “mutually agreed” on his departure.