Large Platform Events | Issue 24.45

 

Summary of Transaction Headlines

Mingtiandi | “Mitsui Fudosan REIT Merges With Itochu-sponsored ADL to form $3.8 Billion Industrial Trust”

Mitsui Fudosan Logistics Park has completed its merger with a fellow Japanese REIT, Itochu Group-sponsored Advance Logistics Investment Corporation, creating a combined trust with a portfolio of 49 industrial assets valued at JPY 576.5 Billion ($3.8 Billion). MFLP is the surviving entity and will absorb 19 ADL properties, including three anticipated acquisitions of i Missions Park assets from Itochu’s pipeline. The merger forms Japan’s third-biggest industrial REIT by asset size, trailing Nippon Prologis REIT (JPY 917 Billion) and GLP J-REIT (JPY 885 Billion).

IREI | “CDL and Lianfa Group Acquire Mixed-use Development Site in Downtown Shanghai for $1.25 Billion”

Singapore real estate company City Developments Ltd. (CDL), through its wholly owned subsidiary Chenghong (Shanghai) Investment Co., and People’s Republic of China partner Lianfa Group have secured the tender for a rare mixed-use development site in downtown Shanghai for RMB 8.94 Billion ($1.25 Billion). The mixed-use development site, located in Shanghai’s Huangpu District, spans 27,994 Square Meters (301,325 Square Feet) and is considered an important urban renewal project. The site is earmarked for upscale development and will consist of 102 high-rise residential units, 92 luxury villas, a 100-room boutique hotel, and more than 5,000 Square Meters (54,000 Square Feet) of retail space.

Bisnow | “Standard Communities Spends $1 Billion on Affordable Housing Portfolio in Colorado, California”

Standard Communities, a national developer of affordable housing, entered the Colorado market through a $1 Billion portfolio acquisition spanning 6,000 apartment units across four states. The Colorado segment of the portfolio could serve a role in addressing the state’s housing affordability crisis, adding lower-cost apartments, and preserving affordability through partnerships with the state government and local housing authorities.

Bisnow | “Greykite and Gatehouse Commit to £750 Million ($974 Million USD) SFR Investment in UK”

Greykite European Real Estate Fund I and Gatehouse Investment Management have formed a £750 Million ($974 Million USD) joint venture to invest in purpose-built single-family rental homes across the UK and have acquired an initial seed portfolio across 11 sites. The locations are across the Midlands, Yorkshire, and the Northeast and are all from housebuilder Persimmon Homes. The portfolio will be asset-managed by minority partner and living sector investment platform Gatehouse Investment Management, with Ascend as the property manager.

IREI | “Ventas Acquires Large Multi-state Senior Housing Portfolio for $725 Million”

Ventas has acquired a senior housing portfolio consisting of 20 communities from Chicago Pacific Founders, a healthcare investment firm. The 20 communities encompass more than 2,900 senior housing units across 14 states. The transaction is valued at $725 Million. This portfolio encompasses a diverse mix of independent living, assisted living, and memory care communities located in strategic markets known for strong and growing demand for senior living.

IREI | “M&G Real Estate Acquires Majority Stake in Value-added Real Estate Fund Manager, BauMont”

M&G Real Estate announced it has acquired a 65 percent stake in BauMont Real Estate Capital Limited, a European real estate fund manager specializing in value-added investment strategies in Western Europe. Established in 2017, BauMont’s 18-strong team is led out of Paris and London with €1.5 Billion ($1.64 Billion) of assets under management and a management team with an investment track record of more than 20 years in European value-added real estate.

IREI | “Cain and Menora Expand UK PBSA Partnership”

Cain International, the alternative asset manager specializing in real estate investment solutions, and Menora Mivtachim have announced the expansion of their strategic partnership, which will see Menora commit follow-on capital to accelerate the growth of Cain’s purpose-built student accommodation (PBSA) equity platform in the United Kingdom. Menora Mivtachim is Israel’s largest pension and provident funds group, with more than $90 Billion in assets under management.

IREI | “Brunel Pension Partnership CIO to Depart in 2025”

David Vickers, CIO at Brunel Pension Partnership, will be leaving in spring 2025 after four years in the role. Vickers plans to take up a new opportunity at a large endowment fund. Brunel Pension Partnership is one of eight U.K. Local Government Pension Scheme (LGPS) pools that makes long-term, sustainable investments on behalf of its clients. Vickers joined Brunel in late 2020 following a competitive selection process.

Commercial Observer | “PRP Hires Jon McAvoy as Chief Investment Officer”

PRP, a real estate investment management firm based in Washington, D.C., has hired Jon McAvoy, a veteran CRE professional with more than two decades of investment experience, as its Chief Investment Officer, Commercial Observer, has learned. McAvoy spent the previous 13 years at Hoffman & Associates, a CRE development firm, where he served as Executive Vice President and CIO.

IREI | “Clarion Partners Europe Appoints Former Bouwinvest Director Jasper Petit as Chief Strategy Officer”

Clarion Partners Europe, the real estate investment fund manager specializing in European logistics and industrial assets, has appointed Jasper Petit to the newly created role of Chief Strategy Officer, effective immediately. Petit brings nearly 20 years of pan-European real estate experience, the last 10 of which have been at Bouwinvest Real Estate Investors, a longstanding LP Partner of Clarion Partners Europe. Petit will be based out of Clarion Partner Europe’s newly opened Amsterdam office. Alongside CEO Alistair Calvert, he will be responsible for shaping the strategic direction of the company across both new and existing product and business lines.

IREI | “Chua Hsien Yang to Become CEO of Keppel REIT Management in January”

Chua Hsien Yang will be appointed CEO of Keppel REIT Management effective Jan. 1, 2025, as part of Keppel’s succession planning and regular rotation of leadership roles. Chua will succeed Koh Wee Lih, who will step down as CEO on Dec. 31, 2024, and assume a new role as managing director, business development, at Keppel. Chua, who joined Keppel in 2008, has more than 20 years of experience in the real estate fund management and hospitality industries, including in mergers and acquisitions, real estate investments, business development, and asset management globally.

PR Newswire | “Vista Residential Partners Announces New CEO”

Scott Henley has been named Vista’s new CEO in an announcement by Ed de Guardiola, Chairman and Founder. Scott has nearly 30 years of experience in the acquisition, development, disposition, and management of multifamily real estate of all product types across every region of the U.S. During his career, he has led transactions of more than 28,000 apartment units totaling $4.5 Billion.