12.26.24 | This week we recognized 4 capital-related transactions with a disclosed value of $12.1 Billion USD.
Additionally, we recognized 1 leadership change within the industry.
Summary of Transaction Headlines
USA Today | “Nordstrom to be Acquired for $6.25 Billion by Nordstrom Family Members, and El Puerto de Liverpool a Mexican Company”
Nordstrom is going to be acquired for $6.25 Billion by Nordstrom family members and a Mexican department store chain, the department store chain announced on Monday. Upon completion of the transaction, all outstanding common shares of Nordstrom will be acquired by El Puerto de Liverpool and Erik Nordstrom, Pete Nordstrom, Jamie Nordstrom, and other members of the Nordstrom family, according to the department store chain’s news release.
Yahoo Finance | “Saks Finalizes $2.7 Billion Deal to Buy the Neiman Marcus Group”
Saks Global disclosed that it has finalized its acquisition of Neiman Marcus Group for a total enterprise value of $2.7 Billion, as has been expected. The agreement by Saks to buy the Neiman Marcus Group was revealed in July 2024. Saks Global now includes Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks Off 5th, and represents a total volume of approximately $10 Billion. Richard Baker, executive chairman of Saks Global, said in a statement, “This milestone transaction marks a transformative moment for Saks Global and the luxury retail industry. By uniting Neiman Marcus, Bergdorf Goodman and Saks Fifth Avenue, we have created an unparalleled multibrand luxury portfolio with tremendous growth potential. With data and innovation at our core and a portfolio of prime real estate, we aim to redefine the luxury shopping experience.”
IPE Real Assets | “NBIM Buys Remaining Stake in $2 Billion US Office Portfolio from TIAA Units”
Norges Bank Investment Management (NBIM) has taken full control of a $1.95 Billion (€1.87 Billion) portfolio of eight US office properties by acquiring the remaining 50.1% stake from TIAA subsidiaries. The 3.7 Million Sq. Ft. portfolio consists of two properties in Boston, 501 Boylston Street and 33 Arch Street; two in San Francisco, 405 Howard Street and 888 Brannan Street; and four in Washington, DC, 800 17th Street, Evening Star at 1101 Pennsylvania Avenue, Franklin Square at 1300 I Street and 25 Massachusetts Avenue.
Institutional Investor | “MetLife Buys PineBridge Investments in $1.2 Billion Deal”
The big managers continue to get bigger through M&A, with MetLife’s institutional asset management business buying PineBridge Investments this week. MetLife Investment Management is purchasing PineBridge, with roughly $100 Billion in global assets, from Hong Kong-based Pacific Century Group in a transaction valued at $1.2 Billion. As part of the deal, MetLife will pay $800 Million in cash at closing, $200 Million subject to achieving certain targets in 2025, and $200 Million in a multi-year earnout. The acquisition does not include PineBridge’s private equity funds business and its joint venture in China.
IPE Real Assets | “IFM Investors Appoints Chapple as Global Head of Real Estate”
Chris Chapple has been appointed global head of real estate at IFM Investors following the completion of the merger of real estate asset manager, ISPT, and IFM Investors. Chapple, who has been ISPT’s chief executive since October, will sit on IFM’s global strategy team. Chapple brings 30 years of property industry experience to IFM Investors. He will integrate ISPT’s real estate capabilities with IFM Investors’ broad global reach and investment experience and leverage the combined capabilities of the enlarged company to grow its real estate business and to capitalise on anticipated improved market conditions for the real estate sector over the next 12 months. Prior to ISPT, he was CEO of Blackstone’s Australian real estate portfolio company, 151 Property, and has held various roles at Charter Hall, JLL and Multiplex.
