NEW YORK CITY — MSCI (NYSE: MSCI), a New York City-based global finance firm, has entered into an agreement to acquire Real Capital Analytics (RCA) for $950 million in cash. The deal is expected to close in the late third or early fourth quarter. MSCI’s products and services include providing equity, fixed-income debt, stock market indexes and multi-asset portfolio analysis tools. Founded in 2000, New York City-based RCA provides a range of data and research services for commercial real estate owners and investors on a global basis. MSCI executives noted that the acquisition would significantly bolster the firm’s suite of real estate-based products and solutions by leveraging RCA’s platform that tracks more than $20 trillion in commercial transactions and features more than 200,000 lender and investor profiles. “With the addition of RCA’s wealth of commercial real estate data and analytics, investors will be better supported to access the opportunities that exist within this sector at scale, informed by industry-leading insights and the premier global database capturing the global commercial real estate footprint,” says Henry Fernandez, chairman and CEO of MSCI. “Our primary goal has always been to bridge the information gap between commercial real estate and other asset classes across …
DALLAS — CBRE Group Inc. (NYSE: CBRE) has entered into an agreement to acquire a 60 percent interest in Turner & Townsend, a project management and advisory firm based in the United Kingdom, for $1.3 billion. Upon the closing of the deal, which is expected to occur in the fourth quarter, Turner & Townsend’s executive management team, led by chairman and CEO Vincent Clancy, will continue to run the company’s day-to-day operations and retain a 40 percent equity stake. In addressing the motivating factors behind the deal, Turner & Townsend cited the opportunity to expand its service offerings in the United States via the Dallas-based real estate giant’s platform of occupier and investor relationships. Bob Sulentic, CBRE’s president and CEO, added that with public and private infrastructure investment at the top of the current U.S. political agenda, there are major growth opportunities in project management. “Turner & Townsend is by far the best firm to help us realize our ambitions for this business,” he says. CBRE’s stock price opened at $91.35 per share on Wednesday, July 28, the first full day of trading after the deal was announced. Shares were trading at a high of $96.96 per share during the …
MCALLEN, TEXAS — Coldwell Banker Commercial Rio Grande Valley (RGV) is expanding by merging with McAllen-based brokerage firm Pointer Realty. Daniel Galvan, principal broker at Coldwell Banker Commercial RGV, and Pointer Realty principal owner Harry Urey Jr. made the announcement late last week. Also joining Coldwell Banker Commercial RGV are Pointer Realty’s Benny Dominguez and Rafael “Felo” Guerra. The combining of the brokerage firms becomes effective on Aug. 1. The new entity will operate out of an office at 508 E. Dove Ave in McAllen and will offer development, sales, leasing, tenant representation and property management services. In 2020, Coldwell Banker Commercial RGV and Pointer Realty completed about 200 sales and leases valued at $125 million combined.
PHILADELPHIA AND IRVINE, CALIF. — Independence Realty Trust Inc. (NYSE: IRT), a publicly traded apartment REIT based in Philadelphia, has agreed to acquire Irvine-based Steadfast Apartment REIT Inc. On a pro-forma basis, the combined company is expected to have a total enterprise value of approximately $7 billion and be equally owned by shareholders of both firms. Post-merger, the company will operate under the Independence Realty Trust banner and trade under the same stock symbol. The portfolio will total 131 apartment communities comprising approximately 38,000 units across 16 states. The combined company’s 10 largest markets by unit count would be Atlanta, Dallas-Fort Worth, Denver, Oklahoma City, Louisville, Columbus, Indianapolis, Raleigh-Durham, Houston and Memphis. According to an investor presentation, the portfolio averages $1,231 in effective rent per month and is 96.2 percent occupied. The combined company would rank at No. 26 on the National Multifamily Housing Council’s (NMHC) 2021 ranking of the top 50 apartment owners. Neither Independence Realty Trust nor Steadfast Apartment REIT is on the NMHC Top 50 Owners ranking for 2021. Both companies expect the transaction to close during the fourth quarter of 2021, subject to customary closing conditions, including approval of both companies’ stockholders. The boards of directors …
ATLANTA — Mark Toro, who formerly led North American Properties’ (NAP) Atlanta division, is launching Toro Development Co. This company will be aimed at acquiring outdated sites such as dead malls and transforming them into better mixed-use properties. The firm is not just focused on enclosed malls, but also suburban office parks, shopping centers and industrial sites. John Kelley, Richard Munger and Vicky Boyce are joining Toro’s development team as partners. The trio all played a role in ground-up and redevelopment projects at NAP, including Avalon, Atlantic Station, Colony Square and Edge on the Beltline. Kelley will be in charge of commercial development, while Munger will oversee residential development. Lastly, Boyce, who first started working with Toro in 2001, will serve as chief financial officer for the new company. Toro Development Co.’s investment partners include Four Stones Real Estate, an Andrew Cathy Enterprise that was founded by Cathy in January 2020, and Lubert-Adler Real Estate Funds.
TARRYTOWN, N.Y. — Regeneron (NASDAQ: REGN), a medicine manufacturer known for its COVID-19 antibody cocktail, plans to invest $1.8 billion over the next six years to support the expansion of its life sciences headquarters in Tarrytown, about 25 miles north of Manhattan. Located in Westchester County on the east bank of the Hudson River, the project will expand Regeneron’s research, preclinical manufacturing and support facilities, while creating an estimated 1,000 new full-time jobs. “The COVID-19 pandemic has highlighted the importance of continued and long-term investment in the biopharmaceutical industry, and Regeneron is proud to pursue life-changing science and technology from our labs and manufacturing facilities in New York State,” says Leonard Schleifer, president and CEO of Regeneron. The project is expected to encompass up to eight research and development buildings, three parking garages and a central utility plant totaling approximately 900,000 square feet. Regeneron has indicated that road infrastructure improvements will be necessary to support the new buildings, which will come on line in two phases. Construction planning will begin this summer and project construction is scheduled for completion in 2027. No members of the project team were disclosed. The life sciences firm chose to expand in Tarrytown following site …
INDIANAPOLIS AND CHICAGO — Kite Realty Group Trust (NYSE: KRG) and Retail Properties of America (NYSE: RPAI) have entered into a merger agreement valued at $7.5 billion that will create a new shopping center REIT with a portfolio of 185 assets totaling approximately 32 million gross leasable square feet. Under the terms of the deal, which is expected to close in the fourth quarter, a subsidiary of Indianapolis-based KRG will acquire Chicago-based RPAI in an all-stock transaction. The $7.5 billion valuation puts the newly formed company in the top five of shopping center REITs in terms of total enterprise valuation, according to company officials. Specifically, each share of RPAI common stock will be converted to 0.623 shares of KRG common stock. This rate represents a premium of 13 percent over RPAI’s closing share price of $20.83 per share on July 16, 2021. The new company will trade under the KRG ticker symbol and remain headquartered in Indianapolis. In terms of leadership, KRG’s board will be expanded to 13 trustees via the addition of four new members from the existing RPAI Board. Following the closing of the deal, KRG shareholders are expected to own approximately 40 percent of the combined company’s …
DALLAS AND GREENWICH, CONN. — CBRE Group Inc. has created a special purpose acquisition company (SPAC) known as CBRE Acquisition Holdings Inc. to merge with solar energy provider Altus Power Inc. and take the company public in a transaction valued at $1.58 billion. Altus Power is a Connecticut-based owner and operator of clean energy that has acquired or constructed more than 200 solar energy generation facilities across the country since its founding in 2009. CBRE Group, based in Dallas, is the world’s largest commercial real estate services company with 7 billion square feet of commercial real estate under management. Under the terms of the agreement, a cohort of institutional investors including existing owner Blackstone Credit will purchase $275 million in Altus Power common stock through a private investment in public equity (PIPE) agreement. The deal is expected to close in the fourth quarter, subject to customary closing conditions The transaction is expected to generate gross proceeds of up to approximately $678 million of cash for Altus Power, which will keep its existing leadership team in place as company ownership shifts. The entity will trade on the New York Stock Exchange under the new ticker symbol “AMPS.” “CBRE is excited to …
NEW YORK CITY — Global development and investment firm Related Cos. has entered into an agreement with Miami-based caregiving agency CareMax Inc. (NASDAQ: CMAX) to build and operate new medical facilities across the country. The facilities will offer a comprehensive suite of medical services for senior citizens. The new partnership has a stated goal of developing healthcare facilities that include, but are not limited to, locations within or proximate to affordable housing communities that are owned by Related Cos. The new entity will begin its venture with the development of three medical centers in New York City that will be located in The Bronx, the Far Rockaway area of Queens and East Harlem. All three of these facilities are expected to be operational by some point next year. Related and CareMax plan to begin development of at least 15 new centers in 2022, 25 new facilities in 2023 and 35 new centers in 2024. As part of the agreement, Related has purchased $5 million of Class A common stock from CareMax at a price of $10 per share. The stock price of CareMax opened at $13.27 per share on Wednesday, July 13, up from its mid-September initial public offering price …
CHICAGO AND NEW YORK CITY — Ventas Inc. (NYSE: VTR) has entered into a definitive merger agreement to acquire New Senior Investment Group (NYSE: SNR), a New York City-based owner of independent living communities across the country. The deal between these two seniors housing real estate investment trusts (REITs) is valued at $2.3 billion, including $1.5 billion of debt. The transaction will bolster the number of independent living communities for Ventas, which as of March 31 owned (fully or partially) 1,200 properties. As of first-quarter 2021, 48 percent of Ventas’ portfolio was classified as independent living. Post acquisition, Ventas expects independent living will comprise 58 percent of its portfolio. New Senior currently owns 103 properties across 36 states, with a large concentration clustered in California, North Carolina, Florida and Oregon. The portfolio was a little more than 80 percent occupied as of May 31, and the average age of residents was 81. The only New Senior property that isn’t independent living is Watermark at Logan Square, a continuing care retirement community located in Philadelphia. The acquisition will deepen Ventas’ relationship with seniors housing operators such as Atria Senior Living and Holiday Retirement, which announced last week their plans to merge …