Winner: Brookfield Asset Management
Why: The fund beat its initial $10B target by $4B, making it the largest private infrastructure pool in the industry. In total, Brookfield has raised $27B over the course of 18 months and has committed $4B of its own money toward the infrastructure fund. Company shares jumped by 1.3% to $34.58 following the announcement.
Honorable Mentions:
Though not exactly commercial real estate, we can’t brush over Tesla reaching a deal to purchase SolarCity for $2.6B, or $25.83/share. Business magnate Elon Musk—who owns a more than 20% stake in both companies and is CEO of Tesla—will proceed with his plans to combine the electric car and solar energy companies if the deal is approved by shareholders. If approved, it will close in the fourth quarter.
Sovran Self Storage completed its purchase of LifeStorage for $1.3B in July. The new combined company has 650 self-storage facilities in 29 states. To acquire the company, Sovran decided to sell off 6.9 million shares of common stock, which netted $665.3M, and took out $600M in 10-year notes, Commercial Property Executive reports. The company will rebrand itself as LifeStorage.
This is a monthly series of articles recognizing the best deals in commercial real estate. Please send any nominations for a local Deal of the Month here.
