Large Platform Events | Issue 24.46

 

Summary of Transaction Headlines

IPE Real Assets | “Sculptor Raises $1.3 Billion for New Opportunistic Fund”

Sculptor Capital Management has so far raised $1.3 Billion for its latest US real estate fund, according to a potential investor’s meeting document. The San Joaquin County Employees’ Retirement Association’s Board meeting document revealed that Sculptor is almost halfway to its $3 Billion fundraising target for Sculptor Fund V. The timeline for the completion of the fundraising is currently unknown.

Bisnow | “U.S. Duo Buy £900 Million ($1.2 Billion USD) Hotel Portfolio from ADIA”

U.S. investors KKR and Baupost have teamed up to buy a portfolio of 33 UK hotels for £900 Million ($1.2 Billion USD) in one of the largest UK real estate’s deals this year. Private equity firm KKR and hedge fund Baupost are buying the portfolio of hotels operated under the Marriott and Delta by Marriott brands from the Abu Dhabi Investment Authority. Green Street News first reported the deal. The portfolio includes the London Marriott Hotel County Hall on the Southbank opposite the House of Parliament and London Marriott Hotel Regent’s Park.

IREI | “Ardian, Rockfield Complete First Investment in Florence With New Pan-European Student Accommodation Strategy for $872 Million”

Ardian and Rockfield announce their first investment of their Pan-European strategy dedicated to purpose-built student accommodation (PBSA), enabled by an initial commitment from CBRE Investment Management’s indirect strategies (CBRE IM) and with a dry powder of about €800 Million ($872 Million). The investment involves a newly constructed standalone building, developed and sold by CDS Holding SPA, a company based in Erbusco (BS), completed in October 2023 and located in the Novoli district of Florence, just minutes from the Social Sciences campus of the University of Florence. 

Commercial Observer | “Harrison Street Sells Student Housing Portfolio for Nearly $900 Million”

Student housing owner and operator The Scion Group and an undisclosed buyer have purchased a student housing portfolio from investment management firm Harrison Street for $893 Million. Scion, which owns about 92,000 beds across 35 states, will acquire 14 student housing assets near 13 different universities, including the University of Arkansas in Fayetteville, Texas A&M University in College Station, and the University of Missouri in Columbia, according to Harrison Street.

Yahoo Finance | “Asterion Agrees to Sell Data Centre Operator Nabiax to Aermont”

Spanish infrastructure investment fund Asterion Industrial Partners and Telefonica agreed to sell Spanish data center operator Nabiax to European asset manager Aermont Capital. Nabiax owns two centers in Madrid and one in Barcelona with a combined installed power of 35 megawatts. Asterion owns 80% of Nabiax, and Telefonica owns the remaining 20%. The companies did not disclose the transaction’s financial details, though people familiar with the matter told Reuters two weeks ago that Nabiax was worth around 1 Billion Euros ($1.07 Billion).

IREI | “Criterion Real Estate Adds Adam Matos and Ben Milde to Leadership Team”

Criterion Real Estate Capital announced the hirings of Adam Matos as Managing Director and Ben Milde as COO. Criterion is also pleased to announce that Brett Kantor, who has been with the firm since 2014, has been promoted to Managing Director. In their respective roles, Matos and Milde will work directly with Kantor and Criterion’s Founder and Managing Partner, Chuck Rosenzweig, to advance the firm’s strategy of investing in high-quality assets in U.S. gateway markets through the origination of structured high-yield debt, participating loans, preferred equity, senior equity, and joint venture equity.

Bisnow | “Healthcare Realty Trust Replaces CEO as REIT Fails to See Boost from Market Rally”

The CEO of Healthcare Realty Trust abruptly stepped down and left the Board of Directors as the REIT struggles against its publicly traded peers. Todd Meredith will be replaced on an interim basis by current Board Member Constance Moore, effective immediately. The REIT, which reported $12 Billion in real estate assets at the end of the third quarter, has struggled despite a broader sector rebound. Healthcare REITs broadly have returned 28% this year through Oct. 15, while Healthcare Realty Trust returned 6.6%.

Business Wire | “TWO Announces Appointment of Travis Swenson and Plan for Chief Financial Officer Transition”

TWO (Two Harbors Investment Corp., NYSE: TWO), an MSR-focused REIT, announced that the Board of Directors approved the appointment of Travis Swenson as Chief Financial Officer, with an effective date of May 5, 2025 (the “Effective Date”). Prior to the effective date, Mr. Swenson will serve as Deputy Chief Financial Officer and will report to William Dellal, the company’s Interim Chief Financial Officer. Mr. Dellal will resign from his role as of the effective date.

Pensions & Investments | “Schroders Names New CEO for the Americas”

Tom Darnowski has been appointed CEO of Schroders-Americas, effective Jan. 1. Darnowski succeeds Phil Middleton, who will return to Britain and become Schroders’ Head of U.K., also effective Jan. 1. Darnowski, who has been with Schroders since 2013, most recently served as the firm’s Global Head of Product Strategy.

Institutional Investor | “Principal Shuffles Leadership Appoints New CEO”

The firm’s COO has taken the top job and will join the board in January. Principal Financial Group, with $695 Billion in assets, has named Deanna Strable as the company’s next President and CEO. Strable, who is now the Chief Operating Officer, also will take a position on the firm’s Board of Directors. CEO and President Dan Houston will step down from his role but continue to serve as Executive Chair of the Board.