Large Platform Events | Issue 24.8

 

Summary of Transaction Headlines

Commercial Real Estate | “Goodman Expands Data Centre Projects to Target $80 Billion in Value”

Industrial property global giant Goodman will look at increasing its power bank in the coming years as it works with tenants to make its vast portfolio as energy efficient and on top of the technology wave as they demand. The use of robotics and artificial intelligence is growing at a rapid rate as companies themselves try to keep up with the constant changes in technology. Goodman will focus on developing high-tech, energy-efficient warehouses, most of which will be high-rise due to the scarcity of land. This is expected to be worth about $80 Billion in the next five to seven years.

IREI | “Crow Holdings Closes US Diversified Value-add Real Estate Fund at $3.1 Billion”

Crow Holdings has held a final close of Crow Holdings Realty Partners X at $3.1 Billion of commitments, with more than 70 percent of prior investors re-upping their investment in the flagship value-add fund series and with significant participation from new investors that include global banks, sovereign wealth funds, insurance companies, pension plans, family offices, and high-net-worth individuals. In addition to investments in the primary fund, the fund manager secured co-investment agreements totaling nearly $600 Million in equity capital, resulting in the potential for approximately $3.7 Billion in total investable equity for the strategy.

GlobeSt. | “Invitation Homes to Spend Up to $1 Billion Buying Houses This Year”

The SFR leader is expanding management services for third-party portfolio owners. Invitation Homes, the largest single-family rental player with a portfolio of more than 80,000 units, is planning to expand its SFR lead by purchasing up to $1 Billion worth of houses this year. In an earnings call last week, Invitation Homes said the company would invest between $600 Million to $1 Billion in acquiring houses in 2024, augmented with an additional $100 Million to $300 Million in purchases through its joint ventures.

PR Newswire | “Starwood Makes $850 Million Strategic Investment in Echelon Data Centres”

Approximately $850 Million investment to provide the company with significant capital to aid in its continued expansion. Starwood Capital Group, a leading global private investment firm focused on real estate, announced that a controlled affiliate had made a strategic investment in Echelon Data Centres (“Echelon” or “the Company”). The transaction will see Starwood Capital commit approximately $850 Million through Starwood Opportunity Fund XII and Starwood Real Estate Income Trust, becoming a 50% shareholder in Echelon and providing material capital for its continued growth.

Business Wire | “Empire State Realty Trust Appoints Christina Chiu as President, Stephen V. Horn as Chief Financial Officer & Chief Accounting Officer”

Empire State Realty Trust, Inc. (NYSE: ESRT) announced that Executive Vice President, Chief Operating Officer, and Chief Financial Officer Christina Chiu have been promoted to President. Anthony E. Malkin will continue to serve as Chairman and Chief Executive Officer. Additionally, Senior Vice President, Chief Accounting Officer Stephen V. Horn has been promoted to Executive Vice President, Chief Financial Officer, and Chief Accounting Officer.