9.19.24 | This week we recognized 7 capital-related transactions with a disclosed value of $13.3 Billion USD.
Additionally, we recognized 3 leadership changes within the industry.
- Two Harbors Investment Corp. Announces Appointments of Head of Servicing at RoundPoint and Chief Technology Officer
- Invesco Real Estate Appoints Heike Martin as New Head of Investments, DACH & Netherlands
- Ian Deason Has Been Promoted to President at LivCor
Summary of Transaction Headlines
IREI | “Ares Management Raises More Than $3.3 Billion for U.S. Opportunistic Fund”
Ares Management Corp. has held a final closing of Ares U.S. Real Estate Opportunity Fund IV (AREOF IV). Ares raised more than $3.3 Billion to invest in opportunistic real estate in the United States through equity commitments to the fund and related transaction vehicles. This marks the largest Ares Real Estate closed-end fundraise to date and is a significant increase from the $2.2 Billion of commitments raised for the predecessor fund and related transaction vehicles.
IPE Real Assets | “BGO Raises €2 Billion ($2.2 Billion USD) for Fourth European Value Add Real Estate Fund”
BGO has raised €2 Billion ($2.2 Billion USD) for its latest European value-add real estate fund. The real estate investment manager said its fourth fund in the series secured €1.46 Billion ($1.6 Billion USD) in commitments from new and existing investors and €520 Million
($578 Million USD) in co-investment capital for industrial and data-centre platforms in Europe. BGO’s European value-add strategy has invested more than €4 Billion ($4.4 Billion USD) since 2014. John Carrafiell, co-CEO at BGO, said: “BGO’s European value-add series has now successfully navigated multiple cycles over more than a decade, with Fund IV being our largest raise yet and well positioned to take advantage of this current cycle.
Bisnow | “Digital Realty Wins Incentives, Could Invest $1.9 Billion on Data Center Campus in Garland”
A data center campus that may cost as much as $1.9 Billion is underway in Garland with help from city incentives. Data center location and solutions firm Digital Realty started work in the fourth quarter of 2022 on two data centers that will be part of the new campus. That first phase of the project, budgeted at $400 Million, will bring 16 megawatts of capacity when it is completed later this year, according to a press release from the city of Garland.
Housing Today | “L&G Sells Cala Homes to Private Equity Investors for £1.35 Billion ($1.7 Billion USD)”
Cala Homes has been sold to US private equity firm Sixth Street and former owner Patron Capital for £1.35 Billion ($1.7 Billion USD) ending months of speculation about its ownership. Former owner Legal & General took a 100% stake in the housebuilder in 2018, acquiring the 52% of the business it did not own for £315 Million ($415 Billion USD) from Patron It first bought a share in the business in 2013. But rumours began earlier this year that the insurance giant was looking at a sale of the business as part of a review which saw the firm announce last year that it was closing its modular housing factory in Leeds in the wake of crippling losses.
GlobeSt. | “Waterton Raises $1.74 Billion and Seeks Major Multifamily Play”
Waterton has raised $1.73 Billion from its latest funding round and plans to take advantage of a slow multifamily market. It comes from the property management firm’s final closing of Waterton Residential Property Venture XV, L.P. Waterton in a statement referred to the money raked in as “one of the largest dedicated multifamily value-add funds in the United States.”
Pensions & Investments | “Ontario Teachers’ Pension Plan Weighs $1.5 Billion Sale of Private Equity Stakes”
Ontario Teachers’ Pension Plan, Toronto, is exploring the sale of a $1.5 Billion portfolio of private equity fund stakes in the secondary market to free up cash for other investments, according to people familiar with the matter. The pension fund is working with advisers at Jefferies Financial Group on soliciting buyer interest in the portfolio, the people said, asking not to be identified discussing private details.
IREI | “RoundShield Rakes in More Than $1 Billion in Commitments for Fund V”
RoundShield, a private investment firm focused on European asset-backed private credit opportunities and capital solutions, has closed its RS Fund V with more than $1 Billion of investor commitments. The fund attracted commitments from existing investors in RoundShield’s earlier vintage funds, as well as from 10 new investors, including a diversified mix of leading public and private pension funds, endowments and foundations, insurance companies, and large family offices globally. RoundShield said more than 80 percent of the investors in Fund V had invested in a previous RoundShield fund.
Business Wire | “Two Harbors Investment Corp. Announces Appointments of Head of Servicing at RoundPoint and Chief Technology Officer”
Two Harbors Investment Corp. (NYSE: TWO), an MSR + Agency RMBS REIT, today announced the appointment of James Campbell as Head of Servicing at RoundPoint Mortgage Servicing LLC (“RoundPoint”). The company also announced the appointment of Chris Hurley as Chief Technology Officer.
IREI | “Invesco Real Estate Appoints Heike Martin as New Head of Investments, DACH & Netherlands”
Invesco Real Estate has appointed Heike Martin as head of investments for Germany, Austria, Switzerland and the Netherlands. Based in Munich, Heike will lead local investment teams on transactions and investment management, and also be responsible for business development, identifying new investment opportunities, and delivering regional portfolio outperformance. Tina Kroll and Felix Richter will continue to co-head the transactions activity in the region.
LivCor | “Ian Deason Has Been Promoted to President at LivCor”
LivCor is proud to share that Ian Deason has been promoted to President. He will now hold a dual role of President and COO at LivCor, overseeing operations with a focus on creating greater alignment among our asset management and property management teams. Ian has been bringing the energy to LivCor since he joined our team in 2022, and his unique passion for building and championing our culture will continue to drive our leadership within the multifamily industry.
