Large Platform Events | Issue 24.51

 

Summary of Transaction Headlines

Bisnow  | “Brookfield Sells $1.6 Billion of Manufactured Home Portfolio as Investor Interest Booms”

Brookfield sold nearly 80 manufactured home properties to multiple buyers for $1.6 Billion, seemingly indicating it could be exiting the portfolio of 160 manufactured home parks it started buying in 2017. The Canadian investment giant sold about half the properties and is in discussions to dispose of another 80 comparable properties as prices per unit have grown this year, CoStar reported, citing a person familiar with the situation.

Bisnow | “Sovereign Giant Backs Data Centre Platform With £1.2 Billion ($1.5 Billion USD) Investment”

Singaporean sovereign wealth fund GIC has teamed up with German investor MEAG to invest €1.4 Billion (£1.2 Billion) in a UK and European data centre investment platform. GIC and MEAG have backed the Europe, Middle East and Africa business of Vantage Data Centers to help the fast-growing company expand in the region. It is the first time that GIC has invested in Vantage’s European business. MEAG, which is the investment arm of German insurer Munich Re, invested in the business previously. Other investors in the European platform include AustralianSuper, the Australian pension fund.

IREI | “Canyon Partners Raises $1.2 Billion for its Real Estate Debt Strategy”

Canyon Partners Real Estate has held a final close of the Canyon U.S. Real Estate Debt Fund III (CRED III), a real estate credit investment strategy with approximately $1.2 Billion of assets, surpassing its $1 Billion fundraising target. CRED III represents Canyon’s largest U.S. real estate debt fund to date, nearly doubling its $650 Million predecessor fund.

IREI | “Greystar Buys $1 Billion Australian Student Housing Portfolio”

Greystar has acquired a seven-asset, 5,662-bed purpose-built student accommodation (PBSA) portfolio in Australia for A$1.6 Billion
($1.02 Billion USD). This transaction marks a significant milestone for Greystar, as it solidifies its presence in the Australian market and highlights its commitment to addressing growing demand for high-quality student housing, according to the release.

Multi-Housing News | “CAPREIT’s MHC Portfolio Sells for $740 Million”

Canadian Apartment Properties Real Estate Investment Trust has sold its manufactured housing portfolio across Canada to a division of TPG Real Estate for $740 Million. With 74 communities throughout eight provinces and totaling 12,000 homesites, the sale is among the largest manufactured housing deals in the country. Colliers Manufactured Housing and RV Group’s National Director & Vice Chairman Michael Nissley served as lead strategic advisor on behalf of the seller. Previously, Nissley also brokered two other large MHC transactions in Canada, including the $790 Million sale of the 85-community Parkbridge portfolio and the $200 Million sale of the 4,000-site Keystone portfolio.

Business Wire | “Morgan Stanley Real Estate Investing Acquires Brightview Senior Living Portfolio”

Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Real Estate Investing (MSREI), announced today it has partnered with Brightview Senior Living (Brightview) to acquire a portfolio of eight premium senior housing communities from Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets with approximately
$56 Billion in assets under management. The portfolio, which Brightview originally developed, is comprised of 1,186 units across the Baltimore, Philadelphia, Providence and Boston metropolitan areas. Brightview will continue to operate the communities.

Pensions & Investments | “Canyon Partners Names CIO”

Kivitz, who was previously Canyon’s co-head of private credit, replaces Todd Lemkin, who left the firm after 21 years, according to a Dec. 18 news release. Bloomberg first reported Lemkin’s departure. Kivitz, who is based in New York, joined Canyon in 2008 and also oversaw a team that specializes in the financials, technology, software, building product and retail sectors, according to a biography on the firm’s website. Kivitz will join Canyon’s management committee along with Robin Potts, CIO of Canyon Partners real estate, according to the release.

Business Wire | “Champion Homes Implements CEO Succession Plan”

Champion Homes, Inc. (NYSE: SKY) (“Champion Homes”) today announced the implementation of a succession plan in which Tim Larson, the Company’s Chief Growth Officer, has been appointed President, Chief Executive Officer, and a member of the Board of Directors, effective immediately. He succeeds Mark Yost in these roles. Mr. Yost will be available as needed to support an orderly transition.

Pensions & Investments | “LGPS Central Names Next CIO”

Jayne Atkinson has been named as CIO of LGPS Central, Wolverhampton, England, according to a news release. Atkinson replaces Gordon Ross, who left in May. Atkinson will start in the spring and will be expected to be a leader in LGPS Central’s development of its investment strategy and delivering value to member pension funds. LGPS Central had £30 Billion ($38.8 Billion USD) in assets as of Dec. 1.

Commercial Observer | “Barings Hires Joel Pecoy as Head of U.S. Debt Asset Management”

Barings has a new debt specialist to oversee its $25 Billion investment portfolio. The asset management giant announced Thursday that it has hired Joel Pecoy to head up its U.S. real estate debt asset management division. Pecoy will serve as managing director of the $25 Billion CRE debt investment portfolio, which is composed of 380 assets across the U.S.