Sarah Marx
Acciona made good with its contrarian bet on an unlikely building conversion in Madrid.
The disposal to Catena and Ontario Teachers' Pension Plan is the region’s largest-ever such transaction.
The former cinema is to be converted into three retail units and an office space by Bain Capital and Revcap.
The UK firm picked the executives from a recently acquired US-based firm.
The US manager aims to build a UK living investment platform.
The deal will close in three stages through 2029, with the managers set to acquire an initial 51% in June 2026.
Jenny Hammarlund, who has led OTPP’s European and UK real estate investments since moving over from Cadillac Fairview last year, will assume the top job in January.
Commitments to date come from high-net-worth individuals and family offices across Europe, the UK, the US and the Middle East.
The US manager seeded the vehicle with the purchase of an office building in Paris.
Abu Dhabi Investment Authority is selling its 70% stake in the mall to Singapore-based Lendlease Global Commercial REIT.