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American Tower to buy Eaton for $1.85B; Medical Properties enters Switzerland

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.

Going global

* Communications infrastructure real estate investment trust American Tower Corp. agreed to acquire London-based Eaton Towers Holdings Ltd. for about $1.85 billion, including the assumption of existing debt. Eaton owns and operates approximately 5,500 communications sites serving the African market.

* Medical Properties Trust Inc. acquired a 46% stake in Swiss healthcare real estate company Infracore SA from Aevis Victoria SA for $236.5 million, marking the healthcare REIT's first investment in Switzerland. Infracore's approximately $900 million portfolio comprises 13 acute-care hospital campuses in the country.

* Lodging REIT Host Hotels & Resorts Inc. aims to sell its three hotels in Rio de Janeiro in a bid to exit the Brazilian market, Reuters reported, citing three people with knowledge of the matter. The company owns a 245-room JW Marriott, a 256-room Ibis and a 149-room Novotel hotel in the city.

* Capital Senior Living Corp. has rebuffed several approaches over the past few months by private equity firm TPG pertaining to an offer to acquire the seniors housing operator, Bloomberg News reported, citing unnamed sources.

About properties

* An affiliate of Beacon Capital Partners LLC agreed to buy the headquarters of Zynga Inc. in San Francisco from the mobile game maker, which is expected to receive a net cash benefit of about $600 million from the transaction.

* Vornado Realty Trust redeemed its preferred equity in 640 Fifth Ave., with the office REIT receiving $500 million. The property was part of a New York City high-street retail portfolio in which Vornado recently sold a 45.4% common equity interest.

* VEREIT Inc. entered into an 80/20 joint venture with Korea Investment & Securities Co. Ltd. for a six-asset industrial portfolio totaling approximately $407.0 million. The portfolio is fully leased and comprises 4.8 million square feet in five states.

* Deerfield Management Co. LP will pay $345 million to RFR Realty LLC to acquire the 12-story building at 345 Park Ave. South in New York City, The Real Deal reported. The buyer aims to convert most of the space in the building into laboratory space, and hopes to gain about $97.4 million in city tax breaks for the transaction.

* American International Group Inc. tapped Eastdil Secured to help with the sale of its 31-story headquarters property at 175 Water St. in Manhattan, N.Y.'s Financial District for approximately $275 million, The Real Deal reported, citing unnamed sources.

Fundraising

* Angelo Gordon & Co. LP closed its latest U.S. property fund, AG Realty Value Fund X, raising $2.75 billion, PERE News reported. The fund will target a variety of asset types, including office, multifamily, retail, hotel, self-storage, seniors housing and student accommodation, mostly in the U.S.

* Brookfield Asset Management Inc.'s New York-based real estate unit is looking to raise $1 billion for a fund that will invest in six projects in designated U.S. opportunity zones, including residential developments in Brooklyn and the Bronx, N.Y., and a shopping center in Connecticut, Bloomberg News reported, citing people with knowledge of the matter.

* Real estate investment firm Wheelock Street Capital LLC raised about $528.7 million from 22 investors for Wheelock Street Real Estate Fund VI LP.

WeWork lines

* WeWork Cos. Inc. is in talks with banks for a $2.75 billion credit line ahead of the planned IPO of its parent, Bloomberg News reported, citing people familiar with the matter. JPMorgan Chase & Co. will reportedly lead the potential financing.

* Separately, the coworking giant agreed to occupy about 212,387 square feet at RXR Realty LLC's 620 Sixth Ave. property in New York City, the New York Post reported.

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