Sixth Street

This week’s top story highlights a contrarian effort in one of real estate’s most challenged sectors of recent years: life sciences. Eyeing opportunity in the wake of a broad retreat from the category, Tishman Speyer-backed Breakthrough Properties is back with a second fund with $430 million in initial commitments to show for it. Elsewhere, retrenchment wears on as Ontario Teachers cuts its Asia real estate team, prime offices enjoy a global rent bump, Sixth Street bets on San Francisco and more in this week’s digest, exclusively for our valued subscribers.

The transaction elbows out a rival bid by Sixth Street, made in August and widely expected to go forward.

Starwood Capital's chairman and CEO anticipates the transaction will ‘create very high returns’ for the mega-manager’s Fund XII.

The PERE Podcast breaks down Blackstone’s pursuit of Warehouse REIT amid a string of industrial focused take-privates.

With the manager’s $1bn takeover bid for Plymouth Industrial REIT capping 18 months of growing its property platform through M&A, dedicated capital formation could be next.

The San Francisco-based manager has made a nonbinding offer for the Boston-based listed company and its 32 million-square-foot US warehouse portfolio.

A carefully laid succession plan comes to fruition this week as Brookfield reveals its next global real estate chief. Elsewhere, debut data center efforts by PIMCO and Ares find serious traction with investors, public REIT managers eye private capital, Patron and Sixth Street orchestrate significant M&A deals, CDPQ heralds a new era for Ivanhoé Cambridge and more in this week’s briefing, exclusively for our valued subscribers.

ESR will remain Cromwell’s largest shareholder, retaining a 19.9% shareholding, after selling 10.8% in a block trade.

The seasons have finally begun to change in many markets this week, but private real estate still finds itself in a similar state of flux. Makarora and Ares Management swoop in as surprise buyers for Plymouth Industrial REIT; AEW ends its Asia fund series; parent PEI Group's Private Markets 2030 feature demonstrates changing investor landscape driving manager consolidation; Nuveen gets into the private wealth market; and more in this week’s digest, exclusively for our valued subscribers.

This week kicks off with the PERE Seoul Forum, where the spotlight was on Korea’s two investment giants, NPS and KIC, and their differing approaches to a shifting global real estate market. Meanwhile, Australia’s Aware Super makes good on a pledge to boost its US exposure; Principal opens a pipeline to French retail investors; family offices warm to US equity; LaSalle sizes up Europe’s potential NATO lift; Sixth Street hires a real estate fundraiser and more in this week’s digest, exclusively for our valued subscribers.

Investors in the fund include US asset manager Cross Ocean Partners and indirect real estate funds managed by CBRE Investment Management.

Hong Kong-based firm first began divesting its ownership interest in Cromwell with the sale of a 10.8% stake in May 2025.

On a mission to grow its undersized private real estate allocation, Japan’s mega-pension fund GPIF leads the industry headlines this week with its fourth-ever fund commitment in the asset class – and its first to a manager not named Blackstone or Brookfield. Elsewhere, a Starwood-led consortium makes its first move after its $7 billion take-private of industrial giant ESR, BlackRock dives deeper into private credit, Texas TRS eyes luxury hotels and more in this week’s briefing, exclusively for our valued subscribers.

One high-level external hire is former Starwood co-head of Europe David Matheson, who previously sat on the board of ESR.

A pair of PERE exclusives lead the headlines this week: first, an update on Starwood Capital Group’s progress with its latest opportunistic fund, set for a final close in the next year with a $10 billion target. Second, a major new hire at Crow Holdings, which brings on an AIMCo, BGO and CalPERS veteran to run its core/core-plus business. Elsewhere, investors offer differing views on capital flows, student housing continues to draw attention in the UK and more in this week’s briefing, exclusively for our valued subscribers.

This week, PERE is fresh off a whirlwind of on-the-ground meetings at MIPIM, where property investors reacted in real time to a quickly shifting global economic landscape, but shared optimism about a return to dealmaking in Europe. Elsewhere, Benson Elliott makes a comeback with its first flagship fund close post-PineBridge acquisition; Manulife makes a move into Australia; QuadReal targets mobile homes; and more in this week's briefing, exclusively for our valued subscribers.