8.29.24 | This week we recognized 7 capital-related transactions with a disclosed value of $12.0 Billion USD.
Additionally, we recognized 5 leadership changes within the industry.
- VineBrook Homes Trust Appoints New CEO, Announces Other Leadership Changes
- KREST Names Julia Butler as CEO
- Retirement Villages Group Hires Former Cruise Ship Company Boss as COO
- BREIT Appoints Wesley LePatner CEO
- Knight Frank Names Wesley Thomson Head of ESG for MENA Region
Summary of Transaction Headlines
Funds managed by Blue Owl Capital Inc., Chirisa Technology Parks (CTP), and PowerHouse Data Centers have executed a joint venture development agreement focused on the development of large-scale AI/HPC data centers for CoreWeave, Inc. The agreement is intended as the first stage of a partnership with the capacity to deploy up to $5 Billion of capital for turnkey AI/HPC data center developments supporting CoreWeave and other hyperscale and enterprise data center customers.
PR Newswire | “Novva Data Centers Announces New Campus in Mesa for $3 Billion”
Novva Data Centers, a state-of-the-art data center company providing purpose-built facilities, announced plans to build a 300 MW data center campus on 160 acres of land outside of the 202 loops at the northwest alignment of Ellsworth and Warner roads in southeast Mesa. Novva acquired the acreage via a state land auction in August 2023. The campus is Novva’s sixth site, and first entry into the state of Arizona. The data center provider will invest more than $3 Billion to build the campus in two phases over the next decade.
PERE | “Kayne Anderson Raises $1.5 Billion First Close for Seventh Flagship Fund”
Kayne Anderson has closed its first round of fundraising with $1.53 Billion in commitments for its seventh flagship opportunistic fund, Kayne Anderson Real Estate Partners VII. The Los Angeles-based firm, which ranks 66th on the PERE 100 list of the world’s largest asset managers, has a $3 Billion target for KAREP VII. The Los Angeles-based manager expects a final close in the first half of 2025 for the fund, which is targeting a 15-18 percent net IRR.
The Guardian | “Waitrose to Open 100 Convenience Shops in £1 Billion ($1.3 Billion USD) Investment Drive”
Grocer’s five-year plan also includes up to four new big supermarkets as well as shop refurbishments. Waitrose is planning to open 100 convenience stores over the next five years as part of a £1 Billion ($1.3 Billion USD) investment in new outlets and shop refurbishments. The upmarket grocery chain is planning to unveil a revamped outlet in Finchley Road, north London.
IPE Real Assets | “Warburg Pincus and Lendlease Buy Blackstone-backed S$1.6 Billion ($ 1.2 Billion USD) Industrial Assets in Singapore”
Warburg Pincus and Lendlease have bought a portfolio of industrial assets in Singapore for around S$1.6 Billion ($1.2 Billion) from entities associated with Blackstone and Lim Chap Huat, Executive Chairman of Soilbuild Group. The acquisition of the 4.5 Million Sq Ft portfolio by the joint venture’s LINO vehicle marks the first transaction for the platform, which is seeded with two of Lendlease’s existing businesses, a life sciences project construction management business and a specialized investment management business and logistics project in Japan.
Business Wire | “Radix Acquires redIQ Underwriting Platform”
Radix, a pioneer in multifamily market research, performance, and data analytics, announces the acquisition of redIQ, the leading multifamily industry provider of comprehensive underwriting software and insights for investors, acquisition teams, brokers, and lenders. Approximately 30% of all multifamily transactions pass through redIQ, with more than 500,000 rent rolls processed in 2023, making it one of the most accurate sources of market and transaction data in rental housing. The redIQ underwriting software will complement Radix benchmark, research, and proforma solutions to establish the most comprehensive market data resource available to investors, owners, operators, acquisitions teams, and renters.
IPE Real Assets | “Australia Property Manager ISPT to Merge With Global Fund Manager IFM”
Australian property manager ISPT has agreed on the terms of a merger with global fund manager IFM Investors to create a A$240 Billion ($163 Billion USD) asset manager. A year after they began negotiations on a possible tie-up, the two parties said they were seeking shareholders’ approval for a merger. The two entities said: “The ISPT Board has notified IFM Investors that it has elected to support a binding offer made to ISPT and their unit holders. The offer will be put to unitholders and shareholders of ISPT for a vote in the coming months.”
PR Newswire | “VineBrook Homes Trust Appoints New CEO, Announces Other Leadership Changes”
John Good was named CEO and Paul Richards was named CFO, expanding VineBrook’s leadership team as the company prepares for future growth. VineBrook Homes Trust, Inc. (“VineBrook” or the “Company”), a single-family rental (“SFR”) real estate investment trust (“REIT”), announced the appointment of two new Executive Officers, effective August 26, 2024.
IREI | “KREST Names Julia Butler as CEO”
KKR Real Estate Select Trust (KREST) has appointed Julia Butler to CEO. Previously, she was the CIO, which she was named in May 2023. Butler joined the company in 2017 and served as a Managing Director in the firm’s real estate group.
Housing Today | “Retirement Villages Group Hires Former Cruise Ship Company Boss as COO”
Thomas Karlsson was appointed to an AXA-owned developer and operator that is looking to build 5,000 homes over a decade. Retirement Villages Group (RVG) has hired a former cruise ship boss to become its new Chief Operating Officer. RVG, which operates 2000 self-contained homes from 16 sites across the country, has announced the appointment of Thomas Karlsson, who will join the group’s executive team.
Business Wire | “BREIT Appoints Wesley LePatner CEO”
Blackstone Real Estate Income Trust, Inc. (“BREIT”) announced that current Chief Operating Officer, Wesley LePatner, will become BREIT’s Chief Executive Officer as of January 1, 2025. She will succeed Frank Cohen, who, after nearly thirty years, plans to retire from Blackstone at year-end. Mr. Cohen will remain Chairman of BREIT’s Board of Directors.
Property Magazine International | “Knight Frank Names Wesley Thomson Head of ESG for MENA Region”
Knight Frank has signaled its intent in the ESG space with the appointment of Wesley Thomson as its Head of ESG for the Middle East & North Africa region. “The appointment of Wesley is a testament to our commitment to integrating robust ESG practices into our business. By doing so, we not only enhance our services but also contribute to the well-being of the region,” said James Lewis, Managing Director of Knight Frank in the Middle East and Africa region.
