BentallGreenOak to Buy Metropolitan Real Estate
Guangdong, China. Image courtesy of Mehmet Turgut Kirkgoz via Pixabay.com
BentallGreenOak’s string of acquisition deals for 2021 continues, this time with the proposed acquisition of Metropolitan Real Estate Equity LLC. BentallGreenOak has just entered into an agreement to acquire the multi-manager real estate private equity investment platform from The Carlyle Group Inc. for an undisclosed number. Metropolitan will bring more than $ 2.4 billion in assets under management to the table.
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Metropolitan was founded in 2002 and last changed hands when Carlyle bought the New York-based company in 2013. Metropolitan provides clients with access to an integrated platform for investment opportunities for primary, secondary and co-investment real estate based on both traditional value creation and traditional value creation opportunistic strategies. The company’s list of notable transactions in recent years includes completing its Secondaries Program II for $ 1.2 billion, a number well above its target of $ 750 million. More recently, in November 2020, the company, together with international real estate company Hines, acquired an approximately 362,000 square meter cold store, which is located at Walmart at 680 Gangkou Ave. and the Great Bay Area of China was leased to the adjacent development site in Dongguan City, Guangdong Province.
With the addition of Metropolitan to its business, BentallGreenOak will be able to offer complementary global investment strategies and opportunities to its clients and investors. The company is long-term with it and plans to develop Metropolitan into a world leader. A shared focus on investment performance, a shared entrepreneurial mindset and a cultural alignment will serve as the glue that unites the companies’ complementary platforms.
Almost two months after the start of the new year, BentallGreenOak was already busy announcing new takeover agreements. In January, the global real estate investment management consultant announced that it had just completed the purchase of Orwell Logistics Park, a 60-acre development site near the Port of Felixstowe, the UK’s dominant container port, in partnership with Equation Properties. In the first month of the year, the company also purchased the 607,200 square foot North Bay Logistics Center in Fairfield, California for $ 73.5 million on behalf of a discretionary investment vehicle. Earlier this month, BentallGreenOak signed an agreement to purchase a 2.2 million square meter portfolio of high quality UK logistics equipment from funds managed by Morgan Stanley Real Estate Investing. The company also bought a 90,000-square-foot warehouse in Brooklyn that was rented to Amazon.
BentallGreenOak’s proposed acquisition of Metropolitan from Carlyle has not yet met all customary closing conditions. However, the transaction is on track to close in the first half of 2021.
BentallGreenOak received legal advice from Akin Gump, while Carlyle was represented by Latham and Watkins.