US hotel owner-operator MCR Hotels has agreed to purchase the telecommunications tower from BT Group for a reported £275m.
The firm started its sale process in August 2023 and received interest from five domestic investors and a foreign investor.
The acquisition comes eight months after the launch of the vehicle, which has a $5bn target, in August 2023.
Although the firm will continue to own other parts of ARA Asset Management, the APF sale itself includes notable exclusions.
Henderson Park has purchased the Arizona Biltmore Hotel, former haunt of Marilyn Monroe and Frank Sinatra, from Blackstone for $705m.
With support from some of India's biggest domestic investors, the exit from Embassy REIT generated a 3x to 3.5x return for Blackstone.
While the largest diversified funds still rule the pack, capital is increasingly flowing to vehicles with a singular investment focus.
At the PERE Network Asia Summit, the sovereign fund's global head of real estate said elevated rates had made the sector less competitive.Â
German lenders including Deutsche Pfandbriefbank are seeing their share prices impacted by US commercial real estate exposure.
The private real estate arm of Morgan Stanley has agreed an additional year to deploy the fund’s capital amid market challenges.
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