Sarah Marx
Norway's sovereign wealth fund manager, a shareholder in both companies, said it understood 'the strategic rationale for a combination' between Prologis and Segro.
The property has undergone five rebrandings and was refurbished in August 2019, reopening under the Hyatt brand.
After Segro’s board ‘unequivocally’ rejected the US logistics giant’s offer on Tuesday, Prologis is taking its case directly to the firm’s shareholders.
The strategy builds on the Canadian firm’s recent hospitality investment in Japan.
The historic home on the shore of Loch Lomond was sold in May after reopening in 2021, following a deadly fire.
The strategy focused on acquiring midsize multifamily assets also scored backing from Empira parent Partners Group.
The move to bring Sujan Patel aboard follows the departure of real estate co-head Paul Brennan.
The open-ended vehicle is the manager’s first sector-specific fund in North America.
The Coogee Sands Hotel & Apartments marks the starting point of a strategy to reposition hospitality assets into other forms of temporary accommodation.
The firm’s president expects to execute on $20bn of transactions in the asset class over the next two months.