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WeWork seeks $6B via 2 facilities; Welltower sells portfolio for $1.8B

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WeWork seeks $6B via 2 facilities; Welltower sells portfolio for $1.8B

S&P Global Market Intelligence offers our top picks of U.S. real estate news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.

Funds and financing

* Coworking giant WeWork Co. Inc. aims to raise $6 billion in additional financing, contingent on a successful IPO of its parent, Bloomberg News reported, citing unnamed sources. The purported financing could comprise a $4 billion delayed-draw term loan and a $2 billion letter of credit facility, with JPMorgan Chase & Co. poised to commit up to $800 million to the two facilities, according to the report.

* WeWork is also in talks to acquire real estate-focused software startup SpaceIQ, CNBC reported, citing people with knowledge of the matter.

* Goldman Sachs Group Inc. is looking to raise $2.5 billion for a real estate investment vehicle in a bid to get back into the property fundraising business, The Wall Street Journal reported, citing people familiar with the matter. According to the report, the investment banking behemoth aims to roll out a series of funds aiming to invest in real estate in the U.S., Europe and Asia, and plans to launch the second fund toward the end of 2020.

Pursuing properties

* Healthcare real estate investment trust Welltower Inc. sold its Benchmark Senior Living LLC portfolio for a gross price of $1.8 billion. The portfolio consists of 48 assisted living properties spread across Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. The company also disclosed a number of other recent transactions, including a new joint venture with Clover Management to buy 32 communities, including four under development, for a pro rata investment of $343 million.

* A partnership including Brookfield Asset Management Inc. is selling 2,800 market-rate apartments in Manhattan, N.Y., for $1.2 billion to a joint venture of L+M Development Partners Inc. and Invesco Real Estate Ltd., Bloomberg News reported, citing L+M and a person with knowledge of the deal. The properties comprise River Crossing, the Heritage, the Miles and the Parker in East and Central Harlem and Roosevelt Landings on Roosevelt Island.

* Jamestown LP purchased the nine-building, 930,000-square-foot Levi's Plaza in San Francisco for $825 million from Gerson Bakar & Associates Inc., the San Francisco Business Times reported, citing the buyer. The campus is 100% leased, and jeans company Levi Strauss & Co. occupies about 354,000 square feet for its headquarters.

* Broadstone Net Lease Inc. will purchase a portfolio of 23 industrial and office/flex properties totaling 6.9 million rentable square feet across 14 states and British Columbia for approximately $735.7 million.

* An investor group led by Madison Capital acquired an 88,000-square-foot office building at 130 Prince St. in Manhattan, N.Y., for roughly $206 million from Invesco Real Estate, The Real Deal reported, citing property records and sources familiar with the deal.

Making mergers

* Colony Capital Inc. is in talks to buy a minority stake in film studio Legendary Entertainment from Chinese conglomerate Dalian Wanda Group Corp. Ltd. in a transaction that could value Legendary lower than the $3.5 billion Wanda paid to buy it in 2016, Bloomberg News reported, citing people familiar with the matter.

* Wyndham Destinations is selling Wyndham Vacation Rentals to vacation and rental company Vacasa LLC for about $162 million. The transaction, which is expected to close in fall, will increase Vacasa's portfolio to over 23,000 homes spread across North, Central and South America; Europe; and Africa.

Earnings call coverage

S&P Global Market Intelligence reporters tuned in to conference calls hosted by some of the larger players in the real estate sector in the busiest week of earnings this season.

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