Large Platform Events | Issue 24.40

 

Summary of Transaction Headlines

IREI | “Equinix, GIC and CPP Investments form $15 Billion JV to Expand U.S. Hyperscale Data Centers, Support AI Innovation”

Equinix has signed a joint venture agreement with GIC and Canada Pension Plan Investment Board (CPP Investments) with the intent to raise more than $15 Billion to accelerate the Equinix xScale data center portfolio and support the rapid advancement of technology such as AI. The Equinix xScale data center portfolio enables hyperscale companies to add core deployments to their existing access point footprints at Equinix International Business Exchange data centers. At full buildout, this new JV is expected to nearly triple the investment capital of the Equinix xScale program.

Reuters | “TPG Buys German Energy Firm Techem for $7.5 Billion from Swiss Partners Group”

TPG’s global impact investing platform and GIC are acquiring smart and sustainable building services provider Techem from Partners Group and co-investors Caisse de dépôt et placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan for $7.5 Billion. TPG Rise Climate will own a majority stake in Techem alongside the Singaporean wealth fund, which will make “a significant minority investment”.

IREI | “Google to Inject $1 Billion in Thailand for Data Center, Cloud Region Buildout”

Google is planning to invest $1 Billion to build a data center and public cloud region in Thailand, expanding its digital footprint in Southeast Asia. The tech giant’s first Thai data center will be in an industrial estate in Chonburi, while the cloud region will be in Bangkok, according to several news sources. According to research by AlphaBeta, if leveraged fully, digital transformation could create up to $79.5 Billion in annual economic value in Thailand by 2030, the equivalent of 16 percent of local GDP in 2020.

Commercial Property Executive | “Marcus Partners Buys 1.2 Million Square Foot Industrial Portfolio”

Marcus Partners has acquired a 1.2 Million-Square-Foot, 25-building light industrial asset collection on 97 acres in Southern New Jersey and Bucks County in Pennsylvania. Blackstone provided the acquisition financing. Collectively known as Crossings Light Industrial Portfolio, the properties are 95 percent leased to 79 national, local, public, and private companies. The portfolio comprises highly functional shallow bay industrial products in supply-constrained infill locations in the Greater Philadelphia market.

Business Wire | “Ares Management Corporation to Acquire Walton Street Mexico”

Ares Management Corporation (NYSE: ARES) (“Ares”) announced that one of its subsidiaries has entered into a definitive agreement to acquire 100% of Walton Street Capital Mexico S. de R.L. de C.V. and certain of its affiliates (“Walton Street Mexico”), a leading real estate asset management platform focused primarily on the industrial sector with US$2.1 Billion in assets under management as of June 30, 2024, from Walton Street Capital, L.L.C. (“Walton Street”).

Business Wire | “Dean Dulchinos Joins ORIX USA as Head of Real Estate Credit”

ORIX Corporation USA (ORIX USA) announced the appointment of Dean Dulchinos as Managing Director and Head of Real Estate Credit. Mr. Dulchinos is based in New York and reports to Jeff Abrams, Group Head of Private Credit and Real Estate and Member, Executive Committee. Mr. Dulchinos has over 20 years of experience building and managing global commercial real estate (CRE) platforms, including 17 years at Barings/MassMutual companies in senior leadership positions within global CRE investing, including as Head of Real Estate Debt Portfolio Management and Capital Markets and Head of Structured Investments.

IPE Real Assets | “Sophie Van Oosterom to Head up Global Real Estate at CPP Investments”

Sophie Van Oosterom is to leave Schroders to head up global real estate investments at Canada Pension Plan Investment Board (CPP Investments). Van Oosterom, who has been Global Head of Real Estate at Schroders since 2021, will be replaced by Head of UK Real Estate Nick Montgomery. CPP Investments, a C$646 Billion ($478 Billion USD) Canadian pension fund with C$45.5 Billion ($33.7 Billion USD) in real estate assets, has been searching for a replacement for a new Global Head of Real Estate after the departure of Peter Ballon earlier this year.

IPE Real Assets | “Laetitia Archambault Joins AEW as Head of Asset Management France”

Laetitia Archambault will join AEW on September 23 as Head of Asset Management France. Laetitia will be based in Paris and will report to Raphaël Brault, CIO Europe & Head of France. Archambault will be responsible for leading the asset management team, which oversees developing and managing real estate strategies including management, development, renovation, marketing, valuation, and sale of assets for all AEW’s clients in France.

IREI | “BNP Paribas Real Estate Spain Appoints Ignacio Martinez-Avial Redondo as CEO”

BNP Paribas Real Estate in Spain has named Ignacio Martínez-Avial Redondo as the new CEO for the company to replace Borja Ortega, who leaves the company to start a personal project. From his new position, Redondo will keep developing the growth plan the company was pursuing under the frame of the global strategy for BNP Paribas Real Estate in Europe, keeping the focus on advising local and international investors, as well as big corporations.

Business Wire | “BioMed Realty Appoints Industry Veteran John Lee as Executive Vice President and Chief Operating Officer”

BioMed Realty, a Blackstone portfolio company and leading provider of real estate solutions to the life science and technology industries, announced that John Lee has joined the company as Executive Vice President and Chief Operating Officer. In this newly created role, Mr. Lee oversees the company’s investment and asset management functions, including sourcing and underwriting new growth opportunities, as well as evaluating and capitalizing on opportunities to add value to its existing portfolio.

Yahoo Finance | “DWS Appoints Hepsen Uzcan as Americas CEO”

DWS, one of the world’s leading asset managers, announced the appointment of Hepsen Uzcan as America’s CEO, effective December 1, 2024. She will succeed and report to Dirk Goergen, who will continue to hold the responsibility for the region at the DWS Executive Board level in addition to his continued role as the DWS Global Head of Client Coverage Division.

IREI | “Core Spaces Taps Matthew Claeys as Managing Director, Head of Institutional Capital Raising”

Core Spaces, a vertically integrated real estate investment manager, has hired Matthew Claeys as Managing Director, Head of Institutional Capital Raising. In this role, Claeys will focus on identifying and aligning with institutional investors across Core’s student housing and build-to-rent strategies, further expanding the company’s capital partnerships, and enhancing its investment platform.

IREI | “Madison International Realty Appoints Michael Siefert and Evan Abrams as Co-Heads of Global Equity Capital Markets Team”

Madison International Realty has appointed Michael Siefert and Evan Abrams as Co-Heads of Global Equity Capital Markets. Siefert, based in Frankfurt, and Abrams, based in New York, will lead the equity capital markets, and investor relations team spread globally across seven offices, overseeing Madison’s collaboration efforts. This includes existing institutional clients and initiating new relationships with prospective clients who seek differentiated real estate investment strategies and methods of accessing value in preferred real estate asset classes such as data centers, industrial, cold storage, single and multifamily housing, and other sectors.

IREI | “Dan Dubrowski Leaves Lionstone Investments”

Dan Dubrowski, Chairman and Co-Founder of Lionstone Investments, has left the firm, effective Oct. 1, 2024. Dubrowski cofounded Lionstone in 2001 with Tom Bacon and Glenn Lowenstein. The firm has been a pioneer in the use of proprietary research, advanced analytics, big data, and machine learning to make better real estate investment decisions. Lionstone employs a talented team of professionals based in Houston, Boston, and Los Angeles.

IREI | “Realterm Adds Christian Siegmund to European Investment Team”

Realterm announced that Christian Siegmund has joined the firm as its Head of Investments, DACH region, based out of Frankfurt, Germany. In this new role, Siegmund will spearhead business development initiatives in the region, collaborating closely with fund managers and the investment team. His responsibilities will include sourcing and execution of opportunities across Germany, Austria, and Switzerland.