Large Platform Events | Issue 24.6

 

Summary of Transaction Headlines

The Real Deal | “Brookfield Raises Half of $15 Billion Real Estate Fund”

Canadian asset manager Brookfield has been trying to raise $15 Billion for a real estate fund for a year now, and is roughly halfway there, an initial closing was anticipated for this past July, but the asset manager appears poised to start closings soon with $7 Billion in commitments, including its own capital. The climb to $15 Billion would be challenging for most companies. The fourth quarter was the slowest for real estate fundraising since the onset of the pandemic, according to Preqin.

Property Week | “Barratt Agrees £2.5 Billion ($3.1 Billion USD) Takeover of Redrow”

Housebuilding giant Barratt Developments has agreed a £2.5 Billion ($3.1 Billion USD) deal to buy rival Redrow. The price for Redrow, which has been recommended by its board, represents a premium of 27.2% to Redrow’s closing share price on Tuesday. Each Redrow shareholder would get 1.44 new Barratt shares for each Redrow share under the deal, which will result in them owning almost a third of the combined company. The enlarged company would be called Barratt Redrow.

IREI | “American Landmark Apartments Raises $1 Billion for Fourth US Value-add Fund”

The Florida-based multi-family owner-operator American Landmark Apartments announced that it has held a final close for American Landmark Fund IV (ALF IV) with a total of $1.04 Billion in capital commitments, surpassing its initial target fundraise of $975 Million. ALF IV will seek to make value-add investments in multifamily opportunities in the U.S. Sunbelt region, focusing on acquisitions, renovations, and management of multifamily assets. With leverage, ALF IV has a total investment capacity of $2.6 Billion, and American Landmark Apartments management stated that it is actively investing in well-located, quality apartments in markets with strong job growth and strong population in-migration.

The Wall Street Journal | “Former Blackstone Partner on Track for $1 Billion Haul With New Real Estate Fund”

A former top Blackstone real-estate executive is on pace to raise a $1 Billion fund at his new firm, in what analysts say would be one of the largest hauls ever for a first-time property fund. The new firm was co-founded by Blackstone’s former head of real estate acquisitions in the Americas, Tyler Henritze. The company expects its first fund to close on commitments for about $750 Million in the first quarter. It is on track for a final close with around $1 Billion in the second quarter, according to people familiar with the matter. Henritze’s new firm, called Town Lane, will follow a somewhat similar investment playbook to what Blackstone has been using. It will focus on warehouses, multifamily buildings in Sunbelt cities and hotels, these people said.

PERE | “Bridge Investment Group Launches Industrial Net Lease Vehicle”

Bridge Investment Group is doubling down on industrial net leases, officially launching a new vehicle to provide wider investor access to the sought-after sector. The firm launched its industrial net lease strategy in 2021 with a subsidiary called Bridge Net Lease. Since then it has invested more than $700 Million into industrial net lease warehouse properties and built-to-suit development projects. In all, the portfolio spans 5.85 Million Square Feet around the US.

Multifamily Executive | “Greystar Expands Property Management Reach Through Wood Partners Agreement”

Multifamily leader Greystar has formed a long-term property management services relationship with developer and builder Wood Partners. Terms of the transaction were not disclosed. Under the agreement, Wood Partners’ property management operations will be transferred to Greystar, and 600 Wood Property Management associates will transition as Greystar team members. In addition, the agreement calls for Greystar to serve as property manager for all current and future Wood-developed and owned communities.

IREI | “CenterSquare Appoints Christina Van Beelen as COO”

CenterSquare Investment Management has appointed Christina van Beelen as COO. She will be responsible for driving operational excellence and innovation throughout the firm. Van Beelen joins CenterSquare with nearly three decades of experience in senior management and strategy roles across the alternative asset management universe. Before joining CenterSquare, she was a managing director and senior product specialist at alternative asset manager Magnetar Capital. Before that, she was the head of alternatives product management for nearly eight years at SECOR Asset Management.

Moneycontrol | “Brookfield Asset Management Appoints Anuj Ranjan as New CEO of Private Equity Business”

Before this elevation, Ranjan was President of Brookfield’s Private Equity business and Global Head of Business Development Canadian investment giant Brookfield, which manages more than $850 Billion in assets under management has named Anuj Ranjan as the new CEO of its private equity business in a key global top deck reshuffle. Ranjan had established Brookfied’s India and Middle East operations and takes over from Cyrus Madon who will join the board of directors as Executive Chairman.

MarketWatch | “Macerich CEO O’Hern to Exit, Jackson Hsieh Named Successor”

Macerich named Jackson Hsieh as its next chief executive officer, succeeding Thomas O’Hern, a longtime officer at the shopping center-focused real estate investment trust. O’Hern, who joined Macerich as chief financial officer in 1993 before he was named CEO in 2018, will retire March 1, but he will serve as an adviser through June 30. Hsieh previously served as CEO of Spirit Realty Capital, a net-lease REIT focused on single-tenant real estate. Last year, Realty Income agreed to buy Spirit Realty for about $9.3 Billion, including debt.

Property Week | “Chancerygate Welcomes New CFO from PLP”

Urban logistics property developer and asset manager Chancerygate has appointed Michael Treliving as chief financial officer. As CFO, Treliving will be responsible for overseeing the company’s corporate finance activity for its UK and European operations in line with its market growth strategy. He joins from specialist UK logistics and industrial property business PLP, where over the past five years he established and oversaw the company’s finance and operations functions. 

IREI | “Two Harbors Investment Corp. CFO to Retire”

Mary Riskey intends to retire from her position as vice president and CFO of Two Harbors Investment Corp. Two Harbors has begun a search for a new CFO, and Riskey plans to continue to serve in her role through August 1, 2024, or until a successor is appointed by the company. “I would like to thank Mary for her many years of unwavering commitment, dedicated service and outstanding contributions to Two Harbors,” stated Bill Greenberg, Two Harbors’ president and CEO. “She has been instrumental in our evolution over the years and will leave an indelible mark on our organization. As Mary embarks on a well-deserved retirement, I want to express my deep gratitude and wish her much happiness in the next chapter of her life.”

PR Newswire | “The Franklin Johnston Group Tabs Chris Greenwood as Next COO”

The Franklin Johnston Group, a leading Virginia Beach multifamily development and property management firm, announced the addition of a new Chief Operating Officer, Chris Greenwood. In his capacity as COO, he will play a crucial role in overseeing the day-to-day operations, optimizing efficiency, and driving innovation across all departments. Chris graduated from Texas A&M University with a BBA in Accounting and an MS in Finance. His experience includes strategic planning, portfolio management, capital market activities, structured financing, fund management, real estate operations, financial reporting, organizational restructuring, and business process reengineering in the context of an investment bank, publicly traded REIT, closely held private operating company and private equity fund. He has worked in both the U.S. and Europe.