GLOBAL QUARTERLY NEWSLETTER • APRIL 2020

Asia • Blackstone has reacquired approximately 220 Japanese People Moves rental apartments for $2.8 billion. • Colliers International appointed John Kenny as APAC Chief • NBIM acquiring 39.9% stake in Tokyo office for $760 million in Executive Officer. a joint venture with Mitsubishi Estate. • Lendlease hired Sam Lee from Global Switch to lead its data • KKR teamed up with IGIS and SK D&D to acquire Namsan centre platform in Asia Pacific. Square in Seoul for $420 million. • Thomas Tang Wing Yung became Group Chief Financial • Shapoorji Pallonji is to launch a $600 million Indian Officer of Sino Land Co. Ltd. warehouse platform in partnership with ADIA. • Dr. Adrian Cheng was appointed Executive Chairman of New • Philippines’ DoubleDragon Properties is to sell shares worth World China Land Limited. up to $1.3 billion in their REIT. • China Overseas Land & Investment Ltd. named Zhang • ARA Asset Management acquired a majority stake in LOGOS Zhichao as Chief Executive Officer. Group. • Luke Caffey joined Goodman as Chief Operating Officer, • Link REIT made its first foray into the Australian market. Japan. • Cbus Property earned approval for its A$1 billion Melbourne • Colliers International appointed Rob Wilkinson as Managing development. Director for its Korea business. • Starwood Capital Partners launched a new takeover bid for • Takahiro Tsujikawa was appointed JLL’s Head of Hotels & Australian Unity. Hospitality for Japan. • is bidding against Gaw Capital to buy • Stuart McCann joined CBRE to head international capital in National Storage REIT for A$1.73 billion. the Pacific and Southeast Asia. • Charter Hall acquires A$1.4 billion across seven assets. • Fergal Harris became Head of Australia Capital Markets for • Greystar plans to develop an A$400 million mixed-used JLL based in Sydney. precinct in Melbourne with APG’s support. • Charter Hall appointed Miriam Patterson as Fund Manager. for • Australian superannuation fund QSuper invested $1 billion its direct business. total in an office property and an apartment complex in the US. Key Transactions • Haitong Securities is purchasing three office buildings for $1 Industry Trends billion in a project in Shanghai’s Bund. • JANREV says 75% of LPs will increase APAC real estate allocations in 2020. • Temasek Holdings and TrustBridge Partners discussed a $1 billion of a majority stake in WeWork China. • Allianz increased its APAC assets by 83% in 2019. • Ares Management Corporation’s subsidiary, Ares Holdings • APAC commercial property transaction activity for the initial L.P., has acquired a controlling interest in SSG Capital eight weeks of 2020 declined by 50%. Holdings Limited. • China will approve 200 projects for infrastructure and high- • GIC acquired the LG Twin Towers in Beijing for RMB $8 billion. tech industrial in 2020. • Hongkong Land purchased a development site in Shanghai • Average prices of Tokyo’s condos increased approximately for $4.4 billion. 1.8% in 2019, the highest rise since 1990. • Blackstone Group Inc.’s rumored Soho China buyout • Nippon Life to double foreign real estate and estimated at $4 billion. infrastructure investments by 2021. • Jaguar Growth Partners made its first foray into China. • South Korean investors led Asia’s outbound transactions in 2019 with $17 billion in deals. • ADIA exploring $2 billion sale of China retail. • Hotels in Japan lose out on their Olympic bets with • Li & Fung received a $1.4 billion privatization offer from a occupancy rates sharply declining. consortium of the Fung family and GLP. • The commercial property sector in India attracted US $5.5 • Peter Woo offered $6.2 billion to privatize Wheelock & Co. billion in investments in 2019.

fergusonpartners.com

CHARLOTTE • CHICAGO • HONG KONG • LONDON • NEW YORK • SAN FRANCISCO • SINGAPORE • TOKYO • TORONTO GLOBAL QUARTERLY NEWSLETTER • APRIL 2020

Europe

People Moves • CA Ventures recruited Tim Phillips to spearhead its entry into • invested €800 million to buy a European the European build-to-rent sector. logistics real estate company from Garbe Industrial Real Estate. • JLL appointed Sabine Eckhardt as Chief Executive Officer Central Europe. • Ares Management has sold a €900 million stake in a 40-asset logistics portfolio to Investec Property Fund. • Alberto González de las Heras joined Patrizia as Head of Asset Management, South-West Europe. • GLP acquired Goodman’s CEE logistics assets for €1 billion. • Barings appointed Robbert-Jan van Baal as Head of Real Estate Acquisition for Benelux. Industry Trends • DTZ Investors appointed Ritesh Ramchandani as Head of • Investors targeted mainland Europe with transaction volumes Debt Strategies and Capital Markets. rising 9% to a record-breaking €204 billion in 2019. • BNP Paribas REIM appointed Vincenzo Nocerino as Chief • LaSalle IM moved into the alternatives market, purchasing Investment Officer for Italy. two Munich hotels. • Hemant Kotak joined CBRE as Head of UK Research. • Quadrant and Eccleston Capital launched a joint venture to • Cromwell Property Group appointed Ben ten Napel as Head transform redundant UK department stores. of Asset Management, Benelux. • A/O Proptech, Europe’s largest PropTech VC, launched with • WeWork appointed Katharina von Schacky as Head of €250 million in capital commitments. Strategy for Germany and Northern Europe. • Hines and QuadReal launched a joint venture focused on • Oliver Gardiner joined Deutsche Finance International as PBSA, BTR and serviced apartments across Europe, targeting Development Director. €1.25 billion in AuM. • Stuart Grant left Stanhope to start his own real estate • Berlin’s office market registered a record transaction volume investment and asset management firm called CoreLife of €3.1 billion in Q1 of 2020. Investors. • The London office market is showing a 150 basis point • Arvi Luoma and Gordon DuGan launched Blackbrook Capital. premium over other European cities. • Commerz Real appointed Jens Böhnlein as Global Head of • Blackbrook Capital has launched with more than €1 billion in Asset Management. capital commitments. • Colonies, a French startup, has raised €180 million to become Key Transactions the European leader in co-living. • Heimstaden Bostad bought the largest privately held • Europe’s hotel transaction volume is expected to decline this residential portfolio in the Czech Republic from Round Hill year following a record 2019. Capital and Blackstone for €1.3 billion. • European Investors, including GLL Real Estate, are targeting • The Valesco Group acquired the Finance Tower in Brussels prime Dublin real estate. from Breevast and ZBG for c. €1.2 billion. • AXA Investment Managers plans to create a new €137 billion • Covivio bought a portfolio of European hotels for €600 business unit, AXA IM Alts. million from Värde Partners. • Prime retail rents have reached €1,958 per square meter in • Blackstone announced it is set to buy IQ Student Paris, the highest in Europe. Accommodation from Goldman Sachs for £4.7 billion. • Hines’ pan-European Core Fund raised close to €700 million • Goldman Sachs has provided an £875 million loan to the in 2019, its strongest year. Olympia London regeneration project.

fergusonpartners.com

CHARLOTTE • CHICAGO • HONG KONG • LONDON • NEW YORK • SAN FRANCISCO • SINGAPORE • TOKYO • TORONTO GLOBAL QUARTERLY NEWSLETTER • APRIL 2020

North America

People Moves • Barings appointed Mike Freno as President of Barings LLC • Green Street Advisors agreed to acquire Real Estate Alert and and Joe Gorin as Head of Portfolio Management and Value- its three sister publications from Harrison Scott Publications. Add Investing, US. • Neuberger Berman has announced the acquisition of • BentallGreenOak hired Nazmin Gupta as Managing Director Almanac Realty Investors. of Capital Raising and Investor Relations. She will be based in • Prologis acquired two rival REITs: Industrial Property Trust for Toronto. $4 billion and Liberty Property Trust for $13 billion. • Blackstone hired John Stecher as Chief Technology Officer to • Simon Property Group announced its pending acquisition of lead its global technology organization. competitor Taubman Centers for $3.6 billion. • Cadre appointed Allen Smith as President of the firm. • Canada’s Northview Apartment REIT agreed to be acquired • Gary Wojtaszek stepped down as Chief Executive Officer by affiliates of Starlight Group Property Holdings Inc. and and President and as a Director of CyrusOne. The company KingSett Capital Inc. in a C$4.8 billion deal. appointed Tesh Durvasula as Chief Executive Officer and President. • Greystone appointed Quinn Barton as Chief Investment Industry Trends Officer of Commercial Platform. • U.S. multifamily transactions hit a record of $184 billion in 2019. • Hines hired Adriana de Alcantara as a Senior Managing Director, Fund Management for the Americas. • Real estate secondary transaction volume reached $7.2 billion in 2019. • Gregory Gore joined as its Client Portfolio Manager, Head of Private Market Specialists – U.S. Retail. • U.S. home sales surged to a nearly two-year high in December 2019. • Barrie Bloom joined Macquarie as a Managing Director based in Chicago. • Nontraded REITs completed a banner year of fundraising. • Scott Gordon joined • As of February, the Chinese led foreign sales of U.S. as Senior Managing Director, Head of Real Estate Asset commercial property. Foreign investors remain concerned Management, Canada. about high prices and new regulations. • Dino Fusco joined Silverstein Properties as Chief Operating • More retailers filed for bankruptcy twice in February as they Officer. struggled with rising debt and pressure from competitors such as Amazon. • WeWork hired Sandeep Mathrani as its Chief Executive Officer, Kimberly Ross as its Chief Financial Officer and Shyam • Pension funds, sovereign wealth funds and foundations Gidumal as its Chief Operating Officer. invested over $44 billion in fund structures/ non-core higher adjusted return ventures. Key Transactions • Within closed-end funds specifically, opportunistic fundraising grew 38% year over year, reaching a new post-crisis high. • Americold Realty Trust signed a deal to acquire Chiller Holdco LLC, or Cloverleaf Cold Storage, for $1.24 billion. • Large office sales tumbled 61% last year to $1.5 billion. • Amherst Holdings acquired Front Yard Residential Corp. for • Many firms are thinking about how to digitize the investment $2.3 billion. process. • Blackstone Mortgage is floating the largest commercial real • Consumer trends continue to support the last-mile logistics estate CLO to date, a $1.5 billion CLO. sector in 2020.

fergusonpartners.com

CHARLOTTE • CHICAGO • HONG KONG • LONDON • NEW YORK • SAN FRANCISCO • SINGAPORE • TOKYO • TORONTO