Large Platform Events | Issue 24.43

 

Summary of Transaction Headlines

IPE Real Assets | “HMC Capital Buys Data Centre Firm Global Switch Australia for A$2 Billion ($1.3 Billion USD)”

HMC Capital has bought Chinese-owned Global Switch Australia, which operates two data centers in Sydney, for A$1.94 Billion ($1.3 Billion USD) to seed a global digital infrastructure platform. The Sydney-based asset manager plans to rebrand Global Switch Australia as DigiCo, followed by the listing of a DigiCo Infrastructure REIT on the Australian Securities Exchange and the simultaneous launch of a new institutional unlisted fund.

IREI | “CPP Investments, Kennedy Wilson to Launch New U.K. Single Family Rental Housing JV Targeting $1.3 Billion in Real Estate”

Canada Pension Plan Investment Board (CPP Investments) has partnered with global real estate investment company Kennedy Wilson to launch a new single-family rental housing joint venture in the United Kingdom. CPP Investments will initially commit £500 Million ($647.7 Million USD), with Kennedy Wilson committing £56 Million ($72.5 Million USD). The joint venture will have an initial target of approximately £1 Billion ($1.3 Billion USD) of asset value, including leverage, with the potential to commit further capital depending on market opportunities. CPP Investments will hold 90 percent of the venture, and Kennedy Wilson will hold a 10 percent ownership interest moving forward.

Property Week | “British Land Appoints David Walker as Chief Financial Officer”

The Board of The British Land Company plc (“British Land”) is pleased to announce that after a comprehensive search and review of internal and external candidates, it has appointed David Walker as Chief Financial Officer. David will join the Board as an Executive Director and become CFO of British Land with effect from 20 November 2024, at which point Bhavesh Mistry will step down from the Board and as CFO.

Bisnow | “Douglas Elliman CEO Howard Lorber Steps Down in Sudden Move”

Howard Lorber, CEO of Douglas Elliman, stepped down effective immediately, the company announced. Lorber will retire, according to a press release from the company. His contract was set to expire Dec. 29, The New York Times reported. “With a strong balance sheet, a robust pipeline of projects in our development marketing business, and the competitive advantages provided by our dedicated team of world-class agents, I am confident that Douglas Elliman’s brightest days are ahead,” Douglas Elliman Board Director and Lorber’s replacement Michael Liebowitz said in the statement. 

IREI | “Steffen Uttich Appointed Managing Director at GARBE”

GARBE announced the appointment of Steffen Uttich, former Managing Director of INBRIGHT Investment GmbH, as its new managing director, responsible for driving the company’s institutional investor relations. Uttich will focus on engaging professional investors across Germany, Austria, and Switzerland. This expansion of the investor base aligns with GARBE’s broader strategy, “sheds, beds, and infrastructure,” which was highlighted during the recent adjustment to the organizational structure. In his new role, Uttich will leverage his extensive experience not only to strengthen investor relationships but also to contribute to product development.

Business Wire | “Public Storage Announces Hiring of Chris Sambar as Chief Operating Officer”

Public Storage (NYSE: PSA) announced that Chris Sambar has joined the Company as Chief Operating Officer. Mr. Sambar brings significant leadership experience to Public Storage. Most recently, he was President at AT&T Communications and led approximately 27,000 employees across network operations. Prior to this role, he served in various leadership positions, including sales, operations, and corporate strategy, since joining AT&T in 2002. Mr. Sambar is a former United States Navy SEAL and has undergraduate and graduate degrees from the United States Naval Academy and the University of Southern California, respectively.

Bisnow | “Pimco Shakes up Real Estate Leadership”

The Global Co-Head of Pimco’s commercial real estate private lending is leaving at the end of the year, less than a year after being promoted to the role. Ravi Anand joined Pimco in 2018 and became Co-Head of the investing giant’s private real estate lending arm at the same time as Roman Kogan. Kogan, who joined the company in 2020, will take over as sole leader. The firm has also made some new hires, including Matt Michalovsky as its Head of U.S. Commercial Real Estate Equity. Michalovsky is coming to Pimco after almost three years as Managing Director at Denver-based investment firm ArrowMark Partners, per his LinkedIn, but was at Pimco from 2012 until 2022 as an Executive Vice President.