Bouwinvest Real Estate Investors and MacFarlane Partners to invest $750 million into NY and LA
A newly formed joint venture has been created to own and operate newly buil residential high-rises in New York and Los Angeles with a value just shy of $1bn.
Dutch institutional investor Bouwinvest Real Estate Investors and US real estate investment management and development firm, MacFarlane Partners have joined forces to invest $750 million into residential high rises.
Two investments will be made, one a partial equity interest in Level BK, a 40-story rental apartment tower along Brooklyn’s Williamsburg waterfront in New York and full ownership of the 24-story Park Fifth high-rise rental apartment project that is currently under construction in downtown Los Angeles.
Gijs Plantinga, Bouwinvest’s Director of Northern America Investments, said: “The new joint venture with MacFarlane Partners is the spearhead for Bouwinvest’s strategy of expanding its investments in North America through co-investments and joint ventures as we target lifting our assets under management in these markets to €1.5 billion by 2020. The residential sector with its positive market fundamentals, driven by U.S. population growth, sits at the center of this core investment strategy.”
To date, Macfarlane Partners has $13 billion in properties located in urban and high-density suburban neighbourhoods of major metropolitan areas nationwide.
Victor B. MacFarlane, chairman and chief executive officer of MacFarlane Partners, said: “We have helped create a generation of institutional-grade, core properties in major urban markets such as New York, San Francisco, Los Angeles and Washington, D.C. Now we and Bouwinvest will look to benefit from the income and appreciation gains that long-term ownership of high-quality assets located in top-tier U.S. markets can deliver.”
Dell to sell cloud-based iPaaS Boomi in US$4bn deal
Global investment firm Francisco Partners and private equity platform TPG Capital have entered into an agreement with Dell Technologies to acquire cloud-based integration platform as a service provider Boomi in a cash deal valued at US$4bn. The deal is expected to complete this year.
“Boomi has flourished as part of Dell Technologies, growing exponentially since we acquired them in 2010. This proposed transaction positions Boomi for its next phase of growth and is the right move for both companies, our shared customers and partners,” said Jeff Clarke, vice chairman and chief operating officer of Dell Technologies.
“For us, we're focused on fuelling growth by continuing to modernise our core infrastructure and PC businesses and expanding in high-priority areas including hybrid and private cloud, edge, telecom and APEX. All designed to help organisations thrive in the do-from-anywhere economy.”
Dell’s Boomi sell-off follows VMware spin-off
This announcement comes just two weeks after Dell said it would spin-off its 81% equity ownership of VMware to form two standalone companies. This would result in an expected US$9.3bn cash dividend payment to Dell, which says it will use those funds to pay down debt.
When Dell acquired Boomi in 2010 for an undisclosed fee, Boomi offered the industry’s only pure SaaS application integration platform, powered by its revolutionary AtomSphere technology. Dell saw Boomi as addressing one of the top barriers to cloud adoption at that time, which was managing and integrating cloud-based applications with existing applications and databases.
Now, Boomi has more than 15,000 customers globally and is still seen as a leader when it comes to organisations connecting applications, processes and people across a range of locations and devices – a process that can take weeks rather than months.
“I am incredibly proud that through innovation, passion and relentless execution, the Boomi team has created a unified platform for the modern-day hybrid IT landscape that thousands of customers worldwide depend on to digitally transform their business,” said Chris McNabb, chief executive officer of Boomi.
“By partnering with two tier-one investment firms like Francisco Partners and TPG, we can accelerate our ability for our customers to use data to drive competitive advantage. In this next phase of growth, Boomi will be in a position of strength to further advance our innovation and market trajectory while delivering even more value to our customers.”
Francisco Partners has invested in more than 300 technology companies since its launch 20 years ago and has more than US$25bn in assets under management.
“The ability to integrate and connect data and workflows across any combination of applications or domains is a critical business capability, and we strongly believe that Boomi is well positioned to help companies of all sizes turn data into their most valuable asset,” said Dipanjan Deb, co-founder and chief executive officer, and Brian Decker, partner, at Francisco Partners
Nehal Raj, partner, and Art Heidrich, principal, at TPG Capital added: “The need for automation and data integration across applications has never been greater. Boomi's cloud-native platform enables enterprises to streamline business processes and is essential for driving digital transformation.”