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.
Acquisition drive
* Blackstone Group LP's nontraded real estate investment trust unit bought 146 last-mile infill warehouses and distribution buildings across the U.S. for roughly $1.8 billion. Blackstone Real Estate Income Trust Inc. said earlier that it was acquiring the portfolio through a subsidiary, from Cabot Industrial Value Fund IV LP and Cabot Industrial Value Fund IV Manager LP.
Separately, an affiliate of the private equity giant gained support from two proxy advisers for its C$3.8 billion all-cash deal to buy out Pure Industrial Real Estate Trust. The transaction is scheduled for a vote at the industrial REIT's special unit holder meeting March 23.
* Wireless telecom REIT American Tower Corp. and private equity firm KKR & Co. LP reportedly made an offer to buy Altice NV's telecommunications towers. A sale could value the assets at roughly €3 billion, unnamed sources told Bloomberg News.
Unloading zone
* Chinese conglomerate HNA Group Co. Ltd., through a subsidiary, is divesting its roughly 25% stake in Hilton Worldwide Holdings Inc.'s timeshare spinoff Hilton Grand Vacations Inc. The secondary offering of Hilton Grand's common stock by an HNA Tourism Group Co. Ltd. affiliate amounts to as much as $1.14 billion. HNA affiliates have also recently moved to sell stakes in Hilton hotel REIT spinoff Park Hotels & Resorts Inc. and Red Lion Hotels Corp. amid pressure from the Chinese government to dispose of assets and pay down debt.
* Industrial Property Trust Inc. reportedly engaged an investment bank to gauge interest from potential acquirers, which may include private equity firms, public pension plans and other large real estate investors. The move comes as the industrial REIT evaluates its strategic options, including an outright sale or equity recapitalization, Reuters reported, citing unnamed sources.
* Healthcare REIT HCP Inc. sold a mezzanine loan secured by interests in skilled nursing and post-acute care facility operator Tandem Health Care LLC for $112 million, with the proceeds earmarked for debt repayment and other general corporate functions. The buyer was alternative asset manager Fundamental Advisors LP.
Divvy it up
* Newly minted public companies VICI Properties Inc. and Americold Realty Trust declared their respective prorated first-quarter cash dividends of 16 cents per common share and 13.958 cents per share. The casino REIT will pay the dividend April 13, while the temperature-controlled warehouse operator will make the distribution April 16.
* Net-lease REIT W. P. Carey Inc. raised its quarterly cash dividend to $1.015 per share, and office REIT Paramount Group Inc. increased its first-quarter dividend by 5.3% to 10 cents per common share.
Featured during the week on S&P Global Market Intelligence
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