Monogram Residential Trust, Inc. has agreed to be acquired by Greystar Growth and Income Fund, a recently founded perpetual life fund. This acquisition is valued at $3 billion, and also consists of the Plano based Monogram’s debt. APG Asset Management NV, GIC, and Ivanhoé Cambridge are the investors for Greystar. Monogram boasts a portfolio of investments in 49 multifamily communities, which add up to 13,674 total units, spreading 10 states.
Thomas Toomey has been designated as the Urban Land Institute‘s new global chairman. Toomey has been a trustee, seasoned member of ULI, and Foundation governor. His position as chairman will run for a 2-year duration, which will conclude on June 30th, 2019. Toomey will be upholding and putting forth ULI’s member value and mission advancement, as a way to push forward global development.
MCR has sold 18 Marriot and Hilton Hotels to American Hotel Income Properties for $407.4 million. The deal is comprised of 2,187 rooms with locations in Connecticut, Maryland, New Jersey, New York, and Pennsylvania. The hotels bought have either been newly constructed or renovated, where the average age of the hotels are 10 years.
Banco Santander SA is seeking 5 billion euros for a majority stake in 30 billion euros worth of real estate loans and assets. The loans and assets stem from when the company bought Banco Popular Espanol in June. According to Bloomberg, Sanander shortlisted Blackstone group LP, Apollo Global Management LLC, and Lone Star Funds to throw up bids for 51% of the assets by the end of this month.
Blackstone now plans to sell its five year old 147MM square-foot logistics and distribution warehouse portfolio to China Investment Corp. CIC will dish out $14BB for Logicor, which spans across 17 European countries. The properties house large companies such as Coca-Cola Enterprises, Amazon, and XPO Logistics.