Large Platform Events | Issue 24.39

 

Summary of Transaction Headlines

Pensions & Investments | “Blackstone to Invest $13 Billion to Build AI Data Center in U.K.”

The U.K. government announced a deal with private alternatives giant Blackstone to create one of the biggest artificial intelligence centers in Europe, to be housed in Blyth, England. Blackstone will invest £10 Billion ($13.3 Billion USD) in northeast England to create an AI data center, bringing with it 4,000 jobs and benefits to the local community of the town of Blyth, the government said late on Sept. 25.

IREI | “Nest, L&G, and PGGM form $1.33 Billion U.K. Build-to-rent Partnership”

Nest, the U.K. pension scheme managing £43 Billion ($57 Billion USD) of assets on behalf of a third of the U.K. workforce, has formed a new partnership with Legal & General and PGGM, collectively investing up to £1 Billion ($1.33 Billion USD) into build-to-rent schemes across the United Kingdom. Initially backed by £350 Million ($466 Million USD) of combined investment, this new partnership will build on L&G and PGGM’s existing joint venture.

Business Wire | “United Homes Group Announces Executive Leadership Changes”

United Homes Group, Inc. (the “Company”) (NASDAQ: UHG) announced that on October 1, 2024, Michael Nieri, the company’s Founder, Chairman, and Chief Executive Officer, will transition to Executive Chairman of the company. As Executive Chairman, Mr. Nieri will shift his leadership time and energies to focus primarily on the company’s strategic future. Concurrently with the effectiveness of Mr. Nieri’s transition to Executive Chairman, Jamie Pirrello, currently a member of the company’s Board of Directors and a consultant to the company, was named interim Chief Executive Officer of the company. The company’s Board of Directors intends to undertake a search to identify the company’s next permanent CEO and will consider internal and external candidates.

Pensions & Investments | “Canada’s AIMCo Makes Leadership Changes as CIO Steps Down”

Canadian pension fund AIMCo announced several changes to its leadership team, including the departure of Marlene Puffer as CIO. The C$168.9 Billion ($124.5 Billion USD) Alberta Investment Management Corp., Edmonton, said Puffer is stepping away as CIO, a role she has held since Jan. 30, 2023. At the time of her appointment, AIMCo said she would serve as head of both public and private investments, responsible for real estate, infrastructure, private equity and private debt and loan, fixed income, private mortgages, economics and fund strategy, and public equities, and would address clients’ needs for both liquid and illiquid investments.

IREI | “Eric Adler Joins L&G as CEO of Asset Management”

Legal & General Group has appointed Eric Adler as CEO of asset management. The appointment follows the group’s announcement at its Capital Markets Event in June that it would bring together its public and private markets businesses as a unified global asset manager. Adler joins L&G from PGIM, Prudential Financial’s global asset manager, where he is President and Chief Executive of their $320 Billion private alternatives business, leading investments and client financing solutions across private credit, real estate, infrastructure, and private equity.

Housing Today | “Stonebond’s Ex-Chief Executive Joins Surrey Housebuilder”

Surrey-based housebuilder Macar Homes has hired former Stonebond Chief Executive Andrew Cornelius as its new Chief Financial and Operating Officer. During his five-year stint at Stonebond, Andrew Cornelius established six regional operations, leading business growth from around £20 Million ($26.7 Million USD) in revenue in 2019 to an expected £150 Million ($200 Million USD) in 2024.

Property Week | “British Land Appoints Kelly Cleveland as Head of Real Estate and Investment”

British Land Company plc (LON: BLND) has announced that Kelly Cleveland, currently Head of Strategy and Investment, has been appointed to a new combined role of Head of Real Estate and Investment. Darren Richards, Head of Real Estate, has resigned from his role and is leaving British Land to join LondonMetric Property PLC as Chief Investment Officer.

Bisnow | “Silverstein CFO Hired as CEO of New Jersey Development Firm”

Katie Kurtz is trading in glassy Manhattan skyscrapers for squat New Jersey commercial buildings. Kurtz, who has been the Chief Financial Officer and Co-Chief Investment Officer at Silverstein Properties since 2021, was named CEO at Denholtz Properties, a Red Bank, New Jersey-based firm that develops suburban apartments, offices, and industrial buildings.

Commercial Observer | “Worthe Real Estate Taps Chris Graham as New CIO”

Worthe Real Estate Group is in the process of launching its first-ever fund, and it has appointed a new Chief Investment Officer to facilitate the process. The Santa Monica-based developer has tapped Chris Graham, involved in deals totaling more than $50 Billion throughout his career, as its new CIO. Graham brings nearly 30 years of investment and management experience to the firm, most recently serving as Managing Director for Blackstone’s real estate group, where he oversaw West Coast acquisitions.