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Real Estate Roundup 6.3.20

Real Estate Roundup:

  • Greystar Real Estate Partners said it is acquiring a business that manages nearly 130,000 housing units, a deal that extends Greystar’s position as the country’s largest operator of rental apartments. The Charleston, S.C.-based firm is buying the business from Alliance Residential, the country’s fourth-largest apartment manager. The acquisition brings Greystar’s management inventory to 660,000 units, adding to the company’s large footprint in Phoenix, Los Angeles, Houston and Seattle. Greystar paid nearly $200 million in the all-cash deal. (WSJ)

Retail 

  • Bath & Body Works sued SL Green to get out of its lease at 304 Park Avenue South. The company argued in court documents that Gov. Andrew Cuomo’s March order to close all non-essential retailers in the state, in order to slow the spread of the coronavirus, rendered its lease “no longer enforceable under the frustration of purpose doctrine.” The frustration of purpose doctrine allows a contract to be thrown out if an unforeseen event renders a party unable to fulfill its obligations. (CO)
  • Gym owner 24 Hour Fitness is preparing for a potential bankruptcy to cut its debt as it re-opens locations across the country with precautions in place for social distancing. The proposed Chapter 11 filing would cut the company’s borrowings by swapping debt for equity and handing control to lenders. (Bloomberg)

Tech 

  • Silver Lake is leading a $108 million Series D round for vacation rental platform Vacasa. The Portland, Ore.-based company manages more than 26,000 vacation homes in 31 U.S. states and 18 countries, and bills itself as “North America’s largest vacation rental management platform.” (GeekWire)

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