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Report: Harvard sells real estate assets in 2 deals worth nearly $2B


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Report: Harvard sells real estate assets in 2 deals worth nearly $2B

Private equity firm Landmark Partners and Carlyle Group's Metropolitan Real Estate Equity Management unit acquired close to $2 billion of real estate assets from Harvard Management Co. Inc., Secondaries Investor reported.

A statement from Kirkland & Ellis reportedly revealed that Landmark purchased the assets from an "American university's endowment" in a leveraged secondary-market deal valued at about $1.6 billion. Two sources with knowledge of the transaction confirmed to the publication that the endowment was Harvard's.

The transaction, which initially closed in July, is the largest real estate secondaries deal so far in 2017, the publication noted.

In a separate transaction, Metropolitan bought more than $250 million of stakes that include the assumption of unfunded commitments and stakes in certain managers that the Carlyle unit has strong ties with, one of the sources reportedly said.

Secondaries Investor noted that both deals are believed to have closed at about the same time.

Harvard Management, which manages Harvard University's $35.7 billion endowment, was recently rumored to be shedding stakes in its real estate portfolio and tapped Greenhill & Co. Inc. unit Cogent Partners to look for potential acquirers. The company was later reported to be in deal talks over its fund stakes with Landmark and Lexington Partners.

Landmark was not immediately available for comment, while Metropolitan refused to comment on the matter, according to the report.