Large Platform Events | Issue 24.37

 

Summary of Transaction Headlines

Fortune | “Amazon to Expand U.K. Operations With £8 Billion ($10.5 Billion USD) Investment in New AWS Data Centers Over Five Years”

US tech giant Amazon is to invest £8 Billion ($10.5 Billion USD) in Britain over the next five years, creating thousands of jobs via its web services arm, the company, and the UK government. The announcement is a welcome boon for Britain’s recently elected labour government, which has put firing economic growth at the heart of its pledge to “rebuild” the country. The investment to build, operate, and maintain data centers in the UK could contribute £14 Billion ($18.2 Billion USD) to the country’s gross domestic product (GDP) and “support” more than 14,000 jobs annually across the supply chain, Amazon said.

IPE Real Assets | “Lone Star Funds Raises $2.7 Billion for Latest Global Real Estate Fund”

Lone Star Funds has raised $2.7 Billion for its latest global opportunistic and value-add commercial real estate fund. The manager said the Lone Star Real Estate Fund VII’s (LSREF VII) investments will include direct commercial real estate equity, debt portfolios, and commercial real estate-related operating companies.

IREI | “Madison Realty Capital Raises $2.04 Billion for Sixth U.S. Real Estate Debt Fund”

Madison Realty Capital has held a final close of Madison Realty Capital Debt Fund VI LP (Fund VI), raising $2.04 Billion in equity commitments. Fund VI is the largest U.S.-focused real estate debt fund raised to date in 2024 and the second-largest real estate debt fund raised overall this year. Fund VI will have the capacity to invest between $6 Billion and $8 Billion of total commitments, inclusive of leverage and recycling of capital. 

IPE Real Assets | “CalSTRS Commits $1.1 Billion to Real Estate in First Half of 2024”

California State Teachers Retirement System (CalSTRS) approved seven new real estate commitments totaling $1.1 Billion in the first half of 2024, comprising four controlled investments and three fund investments. CalSTRS made three controlled investments in industrial assets. These investments included a $300 Million commitment to the Hampshire Cal Industrial JV, a joint venture managed by The Hampshire Companies, and the same amount to the Hamilton Development Cal Relationship, a joint venture with Hamilton Development Company focused on opportunistic assets.

Pensions & Investments | “AXA IM Alts Acquires European Private Debt Firm Capza”

AXA IM Alts has acquired capital and private debt financing firm Capza. AXA IM Alts is now the majority shareholder of Capza and will increase its position to full ownership of the firm by 2026. AXA IM Alts has acted as a minority investor and shareholder since Capza’s formation in 2004. The size of the deal was not disclosed.

IREI | “PGIM Real Estate Hires Richard Price into Key International Equity Role”

PGIM Real Estate has appointed Richard Price as a Managing Director and Senior Portfolio Manager, international equity. He will work in partnership with the portfolio management teams of PGIM Real Estate’s European, Latin American, and Asia Pacific strategies, focusing on the coordination of investment themes and opportunities on behalf of our global investors.

Portfolio Adviser | “Supermarket Income REIT Adviser’s CIO to Step Down”

Steven Noble, the CIO of Supermarket Income REIT’s Investment Adviser Atrato Capital, has stepped down from his role. Noble will be pursuing a new position at Assura, while Atrato will continue as an Investment Adviser with Ben Green, Rob Abraham, and Mike Perkins managing the trust. Nick Hewson, Chair of Supermarket Income REIT, said: “Steven leaves with the company’s portfolio well positioned to deliver long-term value for our shareholders. On behalf of the board, I would like to wish him well for the future.”

Bisnow | “Freddie Mac Taps Longtime PNC Real Estate Exec as CEO”

Diana Reid has taken the helm of Freddie Mac, stepping in as its new CEO. Reid, who led PNC Financial Services Group’s real estate business division for nearly 12 years, immediately replaces interim CEO Michael Hutchins, the government-backed lender. Hutchins will remain as the company’s President. Prior to her role at PNC, Reid founded Beekman Advisors, a consulting firm for real estate companies and investors.

IREI | “Carey Doyle Joins Pennybacker Capital as Managing Director”

Carey Doyle has joined Pennybacker Capital as a Managing Director, Capital Formation. In this new role, Doyle will spearhead capital formation efforts across the east region of the United States and Canada and will be based in the firm’s New York office. She joins from Lazard, where she had worked since January 2022. Her most recent position was as a director in the New York City Metropolitan area.

Pensions & Investments | “Schroders Names Next CEO from Within Own Ranks”

Richard Oldfield was appointed group CEO at Schroders, succeeding Peter Harrison at the helm of the money manager effective Nov. 8. Oldfield’s appointment is subject to regulatory approval, according to a regulatory filing by Schroders on Sept. 10. Oldfield is Chief Financial Officer at Schroders and joined in 2023. He was previously networking Vice Chair and Global Markets Leader at PwC.

IREI | “Arrow Capital Partners Appoints Cormac Dunne as Head of Transactions, Europe”

Arrow Capital Partners has appointed Cormac Dunne as Head of Transactions, Europe. In this role, Dunne will be responsible for originating investment opportunities across Europe, with particular focus on the United Kingdom, Netherlands, Spain, Germany, Nordics, and Ireland, working closely with Arrow’s regional European heads and local teams to originate transactions for its five key growth strategies. Dunne will be based in Arrow’s London office. 

Pensions & Investments | “Principal Real Estate Picks Head of Private Equity Real Estate Portfolio Management”

Devin Chen has joined Principal Real Estate as Head of Private Equity Real Estate Portfolio Management, replacing John Berg, a Senior Managing Director and now Global Head of Private Real Estate, a spokesperson said. Chen, who reports to Berg, will lead the strategic direction and oversight of private equity real estate portfolio management. The principal had $48.9 Billion in private real estate equity on June 30.