1.25.24 | This week we recognized 5 capital-related transactions with a disclosed value of $11.3 Billion USD.
Additionally, we recognized 7 leadership changes within the industry.
- KB Home Names Robert McGibney President and Chief Operating Officer
- RXR Names Scott Crowe as Chief Strategy Officer and Head of Equity Capital Markets
- Crest Boss to Retire as Profit Slumps
- Capital Square Appoints Jon Trott and Dave Platter to Serve as Co-CIOs
- Carmel Partners Announces Hiring of Bryan Crane as New CIO
- BlackRock Announces Slew of Leadership Appointments in Asia
- Trickett Named Managing Director of Investment Management for Americas Business at Lendlease
Summary of Transaction Headlines
StreetInsider.com | “Japan’s Homebuilder Sekisui House to Acquire US Peer M.D.C. Holdings for $4.95 Billion”
Japanese house manufacturer Sekisui House, Ltd. (OTC: SKHSY) and U.S. homebuilder M.D.C. Holdings, Inc. (NYSE: MDC) announced an agreement for the former to buy the latter in an all-cash transaction. The deal, valued at approximately US$4.9 Billion, is set to strengthen Sekisui House’s presence in the U.S. housing market. The acquisition is expected to conclude in the first half of 2024, contingent on various conditions, including approval by MDC’s stockholders, regulatory clearances, and other customary requirements.
Seeking Alpha | “Blackstone Unit to Acquire Tricon Residential for $3.5 Billion”
Blackstone (NYSE: BX) said that its unit is set to acquire all outstanding shares of the real estate operating company Tricon Residential (TSX: TCN:CA) for ~$3.5 Billion. Blackstone Real Estate Partners X, together with Blackstone Real Estate Income Trust, has entered into an arrangement agreement for the transaction. The transaction is expected to close in Q2.
BGO has held a final close for its third Europe Secured Lending Fund, with a total of €1.38 Billion (€1.6 Billion/$1.8 Billion) in commitments from 40 global institutional investors. The fund surpassed its initial target of €1.35 Billion ($1.5 Billion). This is BGO’s third fund for Europe Secured Lending and is a complement to the BGO UK Secured Lending strategy, which raised £1.43 Billion (€1.7 Billion/$1.8 Billion) for its third fund and also held its final close in 2023.
Yahoo Finance | “Distressed Investors Seek to Raise $1 Billion for Office Debt”
Commercial real estate investors Ethan Penner and Chad Carpenter said they will launch Reven Office REIT, a company specializing in office real estate financing and investment. The new firm will aim to fill the capital gap in office debt with a low-risk strategy and the start of first mortgages, mezzanine debt, and preferred equity, they said in a statement. The goal is to raise $1 Billion and to start investments in distressed office debt and properties to become a well-capitalized credit vehicle, they said.
ShareCast.com | “Abrdn Property Income Trust Agrees Merger With Custodian Property Income”
Abrdn Property Income Trust (API) announced a recommended all-share merger agreement with Custodian Property Income REIT (CREI). The London-listed firm said the merger would see CREI acquire the entire issued and to-be-issued share capital of API through a court-sanctioned scheme of arrangement. Under the terms of the merger, scheme shareholders would receive 0.78 new CREI shares for each scheme share.
Business Wire | “KB Home Names Robert McGibney President and Chief Operating Officer”
KB Home (NYSE: KBH) announced that Robert McGibney has been promoted to President in addition to his current role of Chief Operating Officer, effective February 1, 2024. In this expanded position, Mr. McGibney will continue to have overall responsibility for the company’s operations while also directing business strategy, community count, and revenue growth, and leadership development. Additionally, Mr. McGibney will continue to lead key strategic support functions such as architecture, design studio, marketing, national contracts, sustainability, and financial services operations.
IREI | “RXR Names Scott Crowe as Chief Strategy Officer and Head of Equity Capital Markets”
Scott Crowe has joined RXR as Executive Vice President, Chief Strategy Officer, and Head of Equity Capital Markets. Crowe will spearhead the expansion of RXR’s investment management platform, leveraging the firm’s vertically integrated operating capabilities to provide compelling investment solutions to a diverse array of international and domestic clients. Crowe will also work closely with RXR’s founding partners to develop and execute on key strategic initiatives and serve on RXR’s Investment Committee, where he will employ his decades of real estate investment experience.
Housing Today | “Crest Boss to Retire as Profit Slumps”
Crest Nicholson has announced the appointment of Persimmon’s Martyn Clark as its new Chief Executive, as it confirmed a drop in its annual pre-tax profit of two-thirds. The housebuilding giant announced Clark will join the firm later in the year, replacing Peter Truscott, who is retiring after five years in the role. Clark will leave his current role as Chief Operating Officer at Persimmon after working for nine years at the firm.
IREI | “Capital Square Appoints Jon Trott and Dave Platter to Serve as Co-CIOs”
Capital Square has named Jon Trott and Dave Platter to lead the firm’s strategic investment initiatives as Co-CIOs. Trott and Platter joined Capital Square in 2022 as Managing Directors to lead the company’s private equity group, a new corporate division that focused on single-family build-for-rent homes and other nontraditional real estate investment opportunities. In their new co-CIO roles, Trott and Platter will oversee Capital Square’s investment strategy, allocations, new business development, and the structuring of new partnerships and joint ventures that utilize both retail and institutional capital.
IREI | “Carmel Partners Announces Hiring of Bryan Crane as New CIO”
Carmel Partners has named Bryan Crane as CIO and Managing Partner. Crane is an accomplished leader with deep industry experience and an impressive track record in real estate, including more than 20 years with firms including Veritas Investments, Clarion Partners, Rockwood Capital, and JPMorgan. Crane will be based in Carmel’s San Francisco headquarters and will oversee the real estate team, including investments, development and construction, asset management, and data science and research.
IREI | “BlackRock Announces Slew of Leadership Appointments in Asia”
BlackRock has bolstered its presence in Asia with several recent appointments. The world’s largest asset manager appointed Susan Chan as Head of Asia Pacific. Andrew Landman and Hiroyuki Shimizu as Deputy Heads. In addition, James Raby was named COO, Hua Fan was named Head of China, and Jim Zhang was appointed General Manager of BlackRock CCB Wealth Management.
New York Real Estate Journal | “Trickett Named Managing Director of Investment Management for Americas Business at Lendlease”
Patrick O’Malley, Legacy Founder and CEO, announces significant changes in Legacy’s leadership team, signaling a new era of growth. Andrew J. Fells moves from Chief Operating Officer (COO) to President and will continue to lead the company with dedication and innovation, ensuring success in the ever-evolving real estate and property management environment. Legacy Communities is very pleased to announce Brad Valka as the new Chief Operating Officer.
