Large Platform Events | Issue 24.50

 

Summary of Transaction Headlines

Business Wire | “AVAIO Digital to Build $3 Billion Data Center Campus on 452 Acres in Appomattox County, Virginia”

AVAIO Digital Partners (AVAIO Digital) has signed an agreement with the Appomattox County Economic Development Authority (EDA) for the purchase of a 452-acre business and industrial site in Appomattox County, VA. AVAIO Digital plans to develop the site into a $3 Billion data center campus with substantial onsite green power. AVAIO Digital has confirmed 300 Megawatt of power from CVEC and Dominion and the site is fully zoned for data centers, strategically located atop major long-haul fiber lines with direct links to major hubs and is cleared and ready for rapid construction.

Bisnow | “Dallas-based Developer Lands $1 Billion Entertainment Complex Tied to New Cleveland Browns Stadium”

Lincoln Property Co. is joining the Dawg Pound and partnering with the Cleveland Browns on a 176-acre mixed-use entertainment district to be anchored by a new enclosed stadium for the 80-year-old NFL franchise owned by Haslam Sports Group. The Dallas-based firm announced that it will develop the mixed-use project in Brook Park, Ohio, set to feature 300K Square Feet of retail space and 500K Square Feet of office as well as 1,100 apartments and a pair of upscale hotels. The cost of the project has been estimated at about $1 Billion.

IREI | “Summit Properties Completes $700 Million Acquisition Phase of U.S. Shopping Centers”

Summit Properties USA, a subsidiary of U.K.-based Summit Properties Ltd., has successfully completed the acquisition and consolidation of its U.S. retail center portfolio, valued at approximately $700 Million. It marks a key milestone in the company’s strategy to strengthen and expand its commercial property assets across the United States, with a focus on quality, growth, and long-term value. Over the past several quarters, Summit Properties USA has strategically deployed nearly $700 Million to acquire a diverse range of shopping centers throughout the country, primarily located on the East Coast and in the Midwest.

Multi-Housing News | “HVPG JV Acquires Affordable Housing Portfolio”

Hudson Valley Property Group, in a joint venture with Wheelock Street Capital, has acquired a 22-property affordable housing portfolio comprising 4,768 units in the western U.S. The properties’ transition to HVPG ownership will involve renovations to bring them in line with the standards of the firm’s entire portfolio. HVPG acquired the portfolio from Inland Group. Wheelock Street Capital, a private real estate investment firm, provided most of the equity out of its long-term value fund.

IREI | “Kite Realty Group Partners With Fifth Wall”

Kite Realty Group has plans to invest in Fifth Wall. This investment underscores Kite Realty Group’s dedication to leveraging operational and investment expertise to continually optimize its portfolio for maximum value creation and shareholder return. “At KRG, we are extremely conscious of real estate’s ever-evolving landscape, viewing innovation as critical to the success of our platform,” said John Kite, Chairman and CEO, Kite Realty Group.

Bisnow | “Mid-America Apartment Communities Names New CEO”

Mid-America Apartment Communities, an apartment REIT with a market cap of more than $18 Billion, will soon have a new leader for the first time in 23 years. Eric Bolton, who has been the company’s CEO since 2001, plans to retire from the role on April 1 and will then serve as Executive Chairman, the company announced. To replace him, MAA has named Bradley Hill its new President and CEO.

Housing Today | “Thrive Appoints Watford Community Housing Deputy as CEO”

Thrive Homes has appointed Paul Richmond as its new Chief Executive. The 6,000-home provider has announced Richmond, currently the Deputy Chief Executive of Watford Community Housing, will join the Hertfordshire-based landlord on 1 April next year. Richmond was a key part of the management team that helped WCH become the first landlord (along with Nottingham Community Housing Association) to be awarded the top ‘C1’ grade under new consumer regulations that came into effect in April.

IREI | “KKR Announces New Managing Directors for Real Estate Business”

KKR named two new Managing Director appointments in its real estate business: Rachel Hunter-Goldman, a Managing Director of real estate credit, who will be based in New York City, and Michael Osborne, a Managing Director of real estate equity, who will be based in San Francisco.

Business Wire | “Vantage Data Centers Appoints Christophe Strauven as Chief Financial Officer, North America and Rich Cosgray as Senior Vice President, Capital Markets”

Vantage Data Centers, a leading global provider of hyperscale data center campuses, announced the appointment of Christophe Strauven as Chief Financial Officer, North America. Strauven, formerly Senior Vice President, Capital Markets, previously oversaw the development and execution of the company’s global capital-raising strategy through debt financing and financial risk management.

IREI | “Inland Promotes Joseph Binder to CIO”

The Inland Real Estate Group has promoted Joseph Binder to CIO. In this role, Binder is responsible for managing and executing Inland’s investment strategies and capital markets activities and related strategic transactions. Binder currently serves as, and will remain in, the roles of Executive Vice President of Inland Private Capital Corp. (IPC) and Chief Capital Officer of IPC Alternative Real Estate Income Trust, Inc. (ALT REIT).

Business Wire | “CBRE Names Co-CEOs for Investment Management Business”

CBRE Group, Inc. (NYSE: CBRE) announced that Adam Gallistel and Andy Glanzman have been named Co-Chief Executive Officers of CBRE Investment Management. Gallistel will serve as Co-Chief Executive Officer and Chief Investment Officer with responsibility for investment strategy and performance and with a strong focus on investor engagement. Glanzman will serve as Co-Chief Executive Officer and President with responsibility for developing and executing the business strategy and overseeing day-to-day operations.