Monday, March 24, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Company News

Sell-Pull-Quote
CaliforniaCompany NewsRetailTop StoriesWestern

Forever 21 Files for Chapter 11 Bankruptcy, Will Close All U.S. Stores

by Taylor Williams

LOS ANGELES — Forever 21 has filed for Chapter 11 bankruptcy and will begin the process of closing all its U.S. stores. According to Reuters, the U.S. store count is about 350. The Los Angeles-based apparel retailer filed over the weekend in the U.S. Bankruptcy Court for the District of Delaware. Forever 21 has entered into a plan support agreement with its lenders to begin the voluntary closure process while continuing to look for sales opportunities of existing U.S. assets. Forever 21 was founded in 1984 and had a footprint of more than 800 stores worldwide at the height of its operation. The company also filed for Chapter 11 bankruptcy protection in 2019, which led to the company closing 350 stores across the United States and other countries. International stores are not impacted by the 2025 filing. As a relative staple within American mall tenancy, Forever 21 faced new challenges in its post-2019 bankruptcy filing stemming from the COVID-19 pandemic and elevated competition from e-commerce brands and platforms. According to CNBC, the company has been hit especially hard by competition from Chinese platforms Shein and Temu. The company’s ownership structure underwent a series of changes between 2021 and 2023, and …

Continue Reading
FacebookTwitterLinkedinEmail
The-Larkspur-Victor-ID
AcquisitionsAffordable HousingCompany NewsLoansMultifamilyNew YorkNortheastSeniors HousingTexasTop Stories

Franklin BSP Realty Trust Agrees to Acquire Multifamily Mortgage Originator NewPoint Holdings

by John Nelson

NEW YORK CITY AND PLANO, TEXAS — Franklin BSP Realty Trust Inc. (NYSE: FBRT), a REIT based in New York City, has entered into a definitive agreement to acquire NewPoint Holdings JV LLC, a multifamily loan originator headquartered in Plano. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions, including regulatory approvals. Terms of the transaction were not released. Launched in 2021, NewPoint has an existing servicing portfolio of $54.7 billion, including mortgages for market-rate multifamily, affordable housing, seniors housing, healthcare and manufactured housing properties nationwide. The company operates as both a direct lender and third-party placement provider. NewPoint, through its wholly owned subsidiary NewPoint Real Estate Capital LLC, is one of 19 multifamily originators and servicers approved to make loans on behalf of Fannie Mae, Freddie Mac and the U.S. Department of Housing and Urban Development (HUD). The acquisition will now allow Franklin BSP Realty Trust to originate agency mortgage loans. “For years we have been looking to add agency capabilities to the platform,” says Michael Comparato, president of Franklin BSP Realty Trust. “We believe this transaction is the final piece to complete our ‘one stop shop’ puzzle.” The acquisition will …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCompany NewsIllinoisMidwestNew YorkNortheastTop Stories

Sycamore Partners Agrees to Acquire, Privatize Drugstore Giant Walgreens in Multibillion-Dollar Deal

by Channing Hamilton

DEERFIELD, ILL. AND NEW YORK CITY — Walgreens Boots Alliance (Nasdaq: WBA) has entered into a definitive agreement to be acquired by an entity affiliated with private equity firm Sycamore Partners. The total value of the transaction is $23.7 billion, according to WBA, including an equity value of $10 billion, as well as debt, capital leases and potential future payouts from the opioid and Everly Health Solutions COVID-19 testing settlements. Upon completion of the transaction, which is expected to close in the fourth quarter of 2025, WBA common stock will be delisted from the Nasdaq Stock Market. WBA will continue to operate as a private company under Walgreens, Boots and its portfolio of consumer brands, and also will maintain its headquarters in Deerfield.  The per-share price is valued at $11.45, which represents a premium of up to 63 percent over the WBA closing share price of $8.85 on Dec. 9, 2024, the day before reports came out about a potential sale. Under the terms of the agreement, WBA shareholders will also receive one non-transferable divested asset proceed right (i.e. DAP right) to receive up to $3.00 per WBA share from the future monetization of WBA’s debt and equity interests in …

Continue Reading
FacebookTwitterLinkedinEmail
Panama-Canal
AcquisitionsCompany NewsNew YorkTop Stories

BlackRock to Acquire Two Panama Canal Ports for $23B

by Hayden Spiess

NEW YORK CITY — An investment group led by asset manager BlackRock has announced a deal to acquire two ports on either end of the Panama Canal for a total of $23 billion, including $5 billion of debt. Hong Kong-based CK Hutchison Holding, a global conglomerate of ports, infrastructure and telecommunications, is the seller.  The investment consortium, which is doing business as BlackRock-TiL Consortium and also includes BlackRock subsidiary Global Infrastructure Partners and Terminal Investment Limited, will purchase all of CK Hutchison Holding’s shares in Hutchison Port Holdings and Hutchison Port Group Holdings. The ports involved in the transaction include those of Balboa and Cristobal.  Hutchison Ports was recently awarded a 25-year, no-bid extension to operate the ports, according to AP News. However, an audit of the extension was already underway at the time of the deal.  Upon completion of the acquisition, which must be approved by Panama’s government, BlackRock will have consortium control of 43 ports across 23 countries.  This news follows expressions of concern from U.S. government officials that Chinese influence could affect dealings in the canal. The United States controlled the Panama Canal, as well as surrounding land called the “canal zone,” between 1903 and 1999. The canal took …

Continue Reading
FacebookTwitterLinkedinEmail
Sambur-Pull-Quote
AcquisitionsCompany NewsNew YorkNortheastTop StoriesUtahWestern

Apollo Agrees to Acquire Bridge Investment Group for $1.5B

by Taylor Williams

NEW YORK CITY AND SALT LAKE CITY — Global alternative asset manager and private equity firm Apollo (NYSE: APO) has entered into an agreement to acquire Bridge Investment Group Holdings Inc. (NYSE: BRDG) in an all-stock transaction valued at approximately $1.5 billion. The deal is expected to close in the third quarter. Based in Salt Lake City, Bridge operates nearly a dozen offices nationwide and has approximately $49 billion in assets under management. In addition to some 13.5 million square feet of industrial holdings, the company’s portfolio includes nearly 65,000 residential units across the market-rate, workforce/affordable housing, seniors housing and single-family rental verticals. Bridge was ranked No. 21 on the American Seniors Housing Association’s (ASHA) 2024 list of largest seniors housing owners. Under the terms of the agreement, Bridge stockholders will receive 0.07081 shares of Apollo common stock for each share of Bridge common stock at closing. Both parties value the per-share price at $11.50, which represents a premium of about 45 percent over the company’s closing stock price of $7.92 per share on Friday, Feb. 21. Upon closing, Bridge will operate as a standalone platform within Apollo’s asset management business. Bob Morse, the current executive chairman of Bridge, will …

Continue Reading
FacebookTwitterLinkedinEmail
Dolce-Midtown-Houston
Company NewsMarylandNorth CarolinaSoutheastTop Stories

Investment Management Merger: Barings Agrees to Acquire Artemis Real Estate Partners

by John Nelson

CHARLOTTE, N.C. AND CHEVY CHASE, MD. — Barings, an investment manager based in Charlotte, has entered into a definitive agreement to acquire Artemis Real Estate Partners, a commercial real estate investment firm based in the Washington, D.C., suburb of Chevy Chase. The transaction is expected to close in the first quarter of 2025. Financial terms were not disclosed. This acquisition will strengthen Barings’ position in the U.S. commercial real estate market and accelerate the company’s long-term growth by combining the firms’ complementary investment capabilities and expertise, according to company officials. Executives from Barings, as well as parent company MassMutual, also say that the move will enhance Barings’ real estate equity business. Deborah Harmon, co-founder and co-CEO of Artemis, believes that the merger will create “a more powerful platform for our investors” while simultaneously “preserving our culture while creating new opportunities for our team.” “We are deeply grateful to our investors for the past 15 years and look forward to continuing our partnership as a force multiplier for performance and purpose,” Harmona adds. Dechert LLP served as legal counsel to Barings for the transaction. Berkshire Global Advisors served as financial advisor to Artemis, with Paul Hastings LLP acting as the firm’s legal …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCaliforniaCompany NewsWestern

Blackstone Real Estate Completes $4B Privatization of Retail Opportunities Investments Corp.

by Amy Works

NEW YORK AND SAN DIEGO — Blackstone (NYSE: BX) and Retail Opportunities Investments Corp. (ROIC) have announced that Blackstone Real Estate Partners X has completed its previously announced acquisition of all outstanding common shares of ROIC for $17.50 per share in an all-cash transaction valued at $4 billion, including outstanding debt. J.P. Morgan acted as ROIC’s financial advisor. Clifford Chance US LLP served as ROIC’s legal counsel. Morgan Stanley & Co., BofA Securities, Citigroup, Wells Fargo, Newmark and Eastdil Secured acted as Blackstone’s financial advisors. Simpson Thacher & Bartlett LLP served as Blackstone’s legal counsel. The transaction was announced on Nov. 6, 2024.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCompany NewsKentuckyRetailSoutheast

Tempur Sealy to Rebrand as Somnigroup International Following $5B Acquisition of Mattress Firm

by John Nelson

LEXINGTON, KY. AND HOUSTON — Tempur Sealy International Inc. has completed its previously announced $5 billion acquisition of Mattress Firm Group Inc., the largest mattress specialty retailer in the United States. The Lexington-based mattress manufacturer purchased the Houston-based retailer using approximately $2.7 billion in cash considerations and about $1.3 billion in stock. Tempur Sealy will change its name to Somnigroup International Inc., effective Feb. 18, and trade on the New York Stock Exchange under the ticker symbol “SGI.” Mattress Firm, Dreams and Tempur Sealy will operate as decentralized business units under Somnigroup International, with Mattress Firm and Dreams continuing to operate as multi-branded retailers and Tempur Sealy, primarily a manufacturer, continuing to serve third-party retailers as well as Mattress Firm, Dreams and its own direct-to-consumer channel. Additionally, Tempur Sealy expects to complete the previously announced sale 73 Mattress Firm retail locations and the company’s Sleep Outfitters subsidiary, which includes 103 specialty mattress retail locations and seven distribution centers, to MW SO Holdings Co. LLC (Mattress Warehouse) in the second quarter.

Continue Reading
FacebookTwitterLinkedinEmail
Company NewsMultifamilyTexas

Franklin Street Launches Multifamily Investment Sales Division in Texas

by Taylor Williams

AUSTIN, TEXAS — Franklin Street, a Tampa-based commercial real estate services firm, has launched a multifamily investment sales division for Texas markets. The business unit will operate as a seven-person team from the firm’s existing office in Austin, which opened about a year ago and now comprises more than 20 professionals who also offer services for land, office and industrial verticals. Patrick Strake, an Austin native and former Marcus & Millichap team member, will lead the new multifamily division.

Continue Reading
FacebookTwitterLinkedinEmail
Volcom
CaliforniaCompany NewsRetailTop StoriesWestern

Liberated Brands Files for Chapter 11 Bankruptcy, Plans to Close 122 Stores 

by Hayden Spiess

COSTA MESA, CALIF. — Liberated Brands, a licensed operator of several sport, outdoor and lifestyle apparel brands, has initiated Chapter 11 bankruptcy proceedings, according to court documents filed in Delaware.  Liberated Brands’ portfolio of retailers includes Volcom, Billabong, Quiksilver, ROXY, Honolua Surf, RVCA, Beachworks, Becker Surfboards, ZJ Boarding House, Spyder and Boardriders. According to Gordon Brothers, which is providing real estate advisory services to the retailer, Liberated Brands plans to close its 122 stores throughout the country. Gordon Brothers — which earlier this year entered into a sales transaction with Big Lots upon the latter’s Chapter 11 bankruptcy filing — has initiated closing sales at each of the 122 retail locations.  In a statement, Liberated Brands CEO Todd Hymel cited “a series of major headwinds and challenges,” including the rise in interest rates, inflation, supply chain delays, declining consumer demand, shifting customer preferences and substantial fixed costs.  Additionally, in December 2024, the company’s North American license rights for its wholesale operations under the Volcom, RVCA and Billabong brands were terminated due to a default.  Founded in 2019 by Hymel, Costa Mesa-based Liberated Brands briefly enjoyed a sharp increase in product demand during the COVID-19 pandemic, with revenue increasing from $350 million in …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts