Acquisition strengthens Warburg Pincus’ Japan real estate portfolio with modern, fully leased assets positioned for long-term growth

Tokyo, August 6, 2025 – Warburg Pincus, the pioneer of private equity global growth investing, today announced that, through the Warburg Pincus Asia Real Estate Fund (“WPARE”), it has committed to acquiring two prime logistics properties – I Missions Park Inzai (“IMP Inzai”) and Logitres Sano, from Mitsui Fudosan Logistics REIT through a bridge financing structure. The total transaction value is approximately US$240 million.

Located in key logistics hubs within Greater Tokyo, the two properties are modern, fully leased facilities with strategic connectivity and high specifications tailored to e-commerce and third-party logistics operations.

IMP Inzai is a five-story, purpose-built logistics facility completed in 2018, with a total gross floor area (GFA) of 110,516 square meters. It is fully leased to a major e-commerce tenant and has been awarded a DBJ Green Building 4 Star rating. Strategically located within 40 km of central Tokyo, the property offers excellent logistics connectivity via National Route 16 and the Chiba Kita interchange on the Higashi Kanto Expressway. It also serves as a key transfer hub for air cargo to and from Narita Airport.

Logitres Sano, located in Tochigi Prefecture, is a two-story logistics facility completed in 2023, with a total GFA of 7,144 square meters. The property benefits from proximity to major national roads and expressways, enabling efficient distribution across the broader Northern Kanto region.

Takashi Murata, Managing Director, Co-Head of Asia Real Estate and Head of Japan at Warburg Pincus, said, “E-commerce expansion and rapid urbanization continue to drive strong demand for modern logistics facilities in Japan. Coupled with a structural imbalance in certain submarkets where demand significantly exceeds supply, we have strong conviction in the sector’s long-term potential. These acquisitions align with our strategy to deepen our exposure to high-quality logistics assets in core Japanese markets, where tenant demand remains robust. IMP Inzai and Logitres Sano offer a compelling combination of income stability and value creation opportunities, supported by strong tenancy, full occupancy, and strategic connectivity.

This investment also reinforces our broader plan to scale investment activities in Japan. Recent investments include the acquisition of Tokyo Beta, the largest share house portfolio in Japan with over 16,000 rooms, and the acquisition of Shinagawa Seaside West Tower by our joint venture with Eastgate Group, which focuses on life sciences and R&D real estate.”

Warburg Pincus is one of the largest and most active investors in Asia’s logistics sector, with 10 portfolio companies and ventures¹ including ESR, QUBE Industrial, BW Industrial, Wide Creek, and Hale. The firm is also advancing its plan to open an office and build an on-the-ground team in Japan to support its expanding real estate and private equity investment activities in the market.

[1] Represents current and former portfolio companies with exposure to the sector.

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About Warburg Pincus

Warburg Pincus LLC is the pioneer of private equity global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than US$86 billion in assets under management, and more than 220 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

Warburg Pincus began investing in Asia real estate in 2005. Today, it has become one of the largest and most active investors in the region, with nearly US$10 billion invested in around 60 real estate platforms and ventures. The firm is a pioneer of platform investing and has co-founded or sponsored leading platforms alongside best-in-class entrepreneurs.

Media Contact

Warburg Pincus

Lisa Liang

Senior Vice President, Asia Head of Marketing and Communications, Warburg Pincus

lisa.liang@warburgpincus.com

BOSTON & NEW YORK – August 4, 2025 – Bain Capital and 11North Partners (“11North”), a retail focused investment platform, today announced the acquisition of a portfolio of ten open-air retail centers across Florida and South Carolina, most of which are anchored by Publix, for approximately $395 million. The private transaction was executed through an exclusive partnership between Bain Capital Real Estate and 11North focused on acquiring and operating open-air retail centers throughout the U.S. and Canada.

This acquisition follows the joint venture’s recent purchase of three open-air lifestyle retail centers in Oklahoma City and reflects the platform’s continued momentum in high-growth, high-conviction markets.

Strategically located across the thriving Florida submarkets of Fort Lauderdale, Orlando, Tampa, and Palm Beach, as well as Charleston, South Carolina, the portfolio includes:

• Sawgrass Square
• Plantation Promenade
• Miramar Commons
• Rolling Oaks
• Promenade at Poinciana
• Solivita Marketplace
• New Tampa Center
• Lake Worth Plaza
• Garden Shops at Boca
• Point Hope Commons

Collectively, the ten properties span more than one million square feet of gross leasable area, with in-place occupancy exceeding 93 percent. Seven of the centers are anchored by Publix, and the portfolio features a strong mix of national, regional, and daily-needs tenants such as Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s, and McDonald’s. The assets are situated in high-barrier, desirable communities including Boca Raton, Sawgrass, Plantation, and Charleston, SC, markets known for strong household demographics, limited new retail supply, and sustained population growth.

“This transaction represents a compelling opportunity to embed our platform in strong, in-demand communities that are benefiting from significant demographic shifts across the Southeast, including lifestyle migration and an aging population,” said Brian Harper, Founder and Managing Partner of 11North. “We’re thrilled to expand our presence in Florida through the acquisition of this high-performing portfolio anchored by Publix and complemented by a mix of top-tier national retailers. Our combined portfolio of grocery-anchored assets now includes Whole Foods, Trader Joe’s, and Publix, three of the most trusted names in retail. Across the platform, average grocery sales volumes are approximately $1,000 per square foot, underscoring the quality and durability of these centers.”

“This scaled acquisition, which has strong fundamentals and sits in one of the country’s most attractive growth regions, squarely aligns with our thematic approach to investing in open-air, necessity-based retail,” said Martha Kelley, Managing Director at Bain Capital Real Estate. “We are excited to continue building a differentiated and high-quality portfolio alongside our partners at 11North in markets where we have long-term conviction.”

Bain Capital and 11North formed their strategic joint venture in April 2024, targeting open-air retail assets with a high concentration of necessity-based tenancy and long-term consumer demand drivers.

About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed over $9 billion of equity across multiple sectors. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world’s leading private investment firms with approximately $185 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com.

About 11North Partners
11North Partners is a real estate investment firm focused on curating a portfolio of retail investments diversified across markets and product types. With a focus on the intersection of superior performance and bold vision, the 11North team is dedicated to redefining the traditional approach to retail real estate.

The team’s combination of deep industry expertise, retailer and owner relationships, and blue-chip institutional partners provides unique insight into the ever-evolving retail landscape and unparalleled access to deal flow. 11North seeks to deliver attractive risk-adjusted returns through unlocking value across retail verticals including real estate ownership, debt and operating company investment. For more information, visit https://www.11northpartners.com.

Washington, DC – Monday, August 4, 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced the final close of its tenth U.S. opportunistic real estate fund, Carlyle Realty Partners X (CRP X), with $9 billion of total commitments. The fund follows Carlyle Realty Partners IX (CRP IX), for which the firm raised $8 billion in 2021. This result reflects continued support for Carlyle’s longstanding U.S. Real Estate strategy and experienced investment team.

CRP X continues to focus on sectors underpinned by secular demographic and technological tailwinds and attractive supply-demand dynamics, including residential, self-storage, and industrial. CRP X is expected to have no exposure to office, hotel, or retail, sectors which the team has strategically avoided in prior recent vintages.

“Amid one of the most difficult fundraising environments for real estate in recent memory, we’re grateful for the trust our limited partners have placed in us,” said Rob Stuckey, Head of Carlyle’s U.S. Real Estate team since 1998. “This capital raise reflects both the strength of our team and the proven performance of our strategy, particularly through complex market cycles. Our ability to avoid structurally challenged areas and invest with discipline in a turbulent environment reinforces the value of our distinctive approach to fund construction and has led to meaningful recommitment from existing investors as well as strong support from new relationships. This is a compelling moment to invest, as we see improving fundamentals across our target sectors coupled with an environment of relatively constrained liquidity.”

Carlyle U.S. Real Estate is comprised of over 140 professionals, including a senior team with an average tenure of 20 years. CRP X is poised to benefit from the continuity of senior leadership, depth and experience of its investment professionals, and the team’s presence in key target markets.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Carlyle AlpInvest. With $453 billion of assets under management as of March 31, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on LinkedIn and X @OneCarlyle.

Media Contact:
Brittany Bensaull
(212) 813-4839
brittany.bensaull@carlyle.com

SEOUL – JULY 28, 2025 – Blackstone today announced that Blackstone Real Estate Partners (“Blackstone”) has acquired through QUBE Industrial Asset Management funds a high-quality, last-mile logistics portfolio in the Seoul Metropolitan Area.

The portfolio comprises two modern, Grade A logistics centers spanning 1.3 million square feet in Gimpo and Namyangju, which are among Greater Seoul’s most sought-after infill markets. Tenants include some of the largest local and global corporations in e-commerce and logistics.

Chris Kim, Head of Blackstone Real Estate – Korea, said: “This is a continuation of our commitment to investing in prime Korean assets in fast-growing sectors. Logistics is one of our highest conviction investment themes in real estate globally and a focus for us in South Korea, particularly in the Seoul Metropolitan Area where last-mile new supply remains extremely limited and vacancy for such assets is at a low 4% range. We are pleased to bring together our global expertise and scale in the sector, asset management capabilities, and local insights, to continue to grow the platform for long-term success.”

Blackstone has been an active investor in Korean real estate since establishing the team three years ago. Last year, it completed three major transactions, including investing in a large multi-story logistics asset in Gimpo; buying an office building in Seoul’s Gangnam district to convert into a select-service hotel in partnership with Travelodge Asia; and closing the landmark sale of Arc Place after years of work to transform the asset into a premier office building in Seoul.

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $320 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

Media Contacts
Ellen Bogard
+852 9731 9726
Ellen.Bogard@Blackstone.com

Wendy Lee
+852 9176 6179
Wendy.Lee@Blackstone.com

The PBSA asset comprises a seven-floor building located on the former AEG factory in Terrassa
● It comprises 12,700 sqm, with 358 rooms with capacity for 369 beds, and indoor and outdoor amenities totaling more than 2,600 sqm
● This deal marks the second acquisition in Spain and the seventh closed by Ardian and Rockfield in just eight months since the launch of their European PBSA strategy

Hemink Group welcomes Gimv as a new investor. Gimv acquires a majority stake from minority shareholder Pontex and the former management of Hemink. The latter will retain a minority stake in the new structure. Hemink’s current management team will co-invest, underlining their long-term commitment to the company’s further growth. In collaboration with Gimv, Hemink aims to further expand its activities as a national player in property maintenance in a sustainable manner. This will enable Hemink to respond even better to the growing demand from clients while continuing to offer good conditions for their employees.

Hemink has been a leading player in the finishing, and sustainable renovation and maintenance of real estate for more than 65 years. The company specialises in circular project approaches and results-oriented property maintenance, with a specific focus on large-scale and extensive sustainable renovation projects.

Over the years, Hemink has experienced strong growth and built a solid reputation by completely unburdening their clients with their comprehensive set of services. Quality, flexibility and craftsmanship are core values that are decisive for clients. Due to this approach, Hemink has built up an impressive client base consisting of long-term partnerships and many multi-year contracts. With over 370 employees and a network of loyal partners, the company can respond quickly and flexibly to local needs. Hemink operates from four locations and is headquartered in Holten.

Shared ambition, moving forward together
The sustainable renovation of real estate requires an integrated approach. The focus is shifting to results-oriented property maintenance, in collaboration with all stakeholders, and aimed at long-term performance, optimized total cost of ownership, minimal environmental impact and maximum value for residents.

Circular maintenance and renovation enable the reuse of materials, reduction of waste and limit CO₂ emissions. This transition requires cooperation across chains, smart planning and data-driven decision-making, ensuring that sustainability, maintenance and improvement go hand in hand, efficiently, measurably and with a long-term impact. This approach is essential to keep the housing stock sustainable and affordable for the future.

Established foundation, new opportunities
For employees, customers and partners, very little will change. Hemink will continue to operate under its own identity, with the same people, the same approach and the same ambition. The partnership with Gimv provides significant opportunities: additional knowledge and experience, and strength to further contribute to building a future-proof Netherlands.

Rutger Vrielink (CEO) and Dennis Schasfoort (CFO), explain: “With our qualified employees and extensive range of services, we add value for our clients and actively contribute to making the Netherlands more sustainable. Pragmatic, creative and results-oriented: that is what defines us! We would like to thank Pontex for the pleasant cooperation over the past years and, together with Gimv, we are taking the next step to serve our clients even better.”

Rombout Poos (Partner) and Cos Vrins (Principal) in Gimv’s Sustainable Cities form the deal team and describe the investment as follows: “Hemink is a strong player in a segment that responds to important trends that closely align with the strategy of our Sustainable Cities platform. We look forward to working with the Hemink team to realise further expansion and, with it, the further sustainability of the Dutch housing stock.”

Franck Marra (Partner) and Luuk Boere (Investment Manager) at Pontex Investment Partners state: “Hemink has achieved strong growth over the past four years. Its strong entrepreneurial spirit and innovative culture have been key drivers for its success. We are proud that Pontex has been able to contribute to this growth as an actively engaged shareholder. We would like to thank all employees for their continued commitment and dedication and, in particular, Jan, Bert, Robert, Dennis and Rutger for their leadership and vision.”

The transaction is subject to customary conditions, including approval by the competition authorities. No further financial details will be disclosed.

Ardian and Rockfield have acquired the Nido Portfolio comprising 1,209 beds with assets ‘More’ in Leiden and ‘Muse’ in Maastricht.
● The transaction marks the latest investment under their pan-European student housing strategy — launched in October — which has already surpassed €600 million in acquisitions across Europe and is supported by a strong secured pipeline expected to push total volume beyond €1 billion by year-end.
● Muse and More are recently completed affordable PBSA assets in highly under-supplied markets, boasting excellent sustainability credentials as they align to the 2050 CRREM pathway.
● After the acquisition of Minerva in Amsterdam in last May, the partnership has now acquired over 1,800 units in the Netherlands in 2025.

Acquired in December 2022, the property, located in the strategic Porta Nuova district, is being extensively redeveloped into a modern, forward-looking workspace, meeting the highest international ESG standards.
• Ardian reaffirms its role as a key player in the green office sector in prime locations, a market characterized by steadily growing demand and a very limited supply.

Abenex REIM, through a dedicated investment vehicle backed by institutional and private investors, has acquired a residential real estate asset located in Neuilly-sur-Seine (92). This transaction is fully aligned with Abenex REIM’s strategy, which targets high-quality assets in prime locations with strong value-creation potential.

Constructed in 1936, the Art Deco building consists of over 2,800 sqm of Carrez law surface across six floors (R+6). Ideally located near the Bois de Boulogne and just minutes from metro line 1, the asset benefits benefits from a prime location in Neuilly-sur-Seine.

The property was previously owned by a family joint-ownership (indivision) and has been well maintained. However, no significant value-enhancing initiatives have been undertaken until now. In line with its value-add strategy and ESG positioning, Abenex — a purpose-driven and B-Corp certified company— is planning a repositioning program for approximately three years.

The renovation program will aim to significantly enhance the building’s energy performance while redesigning the layout of the common areas. The restructuring of the upper floors and reconfiguration of the apartments will help address the strong demand for family housing in Neuilly-sur-Seine.

Carried out with the support of institutional and private investors – including Etoile du Nord Promotion, LC Promo, CEPRAL Participations and the FCPR Anaxago Society – via a dedicated investment vehicle, this acquisition adds to Abenex REIM’s portfolio, which now exceeds €200 million. It marks the second transaction completed in 2025.

“In an opportunistic market environment, this acquisition demonstrates our ability to identify and secure high-quality residential assets under attractive conditions. The recovery currently observed in Neuilly reinforces our convictions regarding the resilience and strong value-creation potential of prime locations in Paris’ inner suburbs,”
comments Vincent Brunswick, Partner at Abenex in charge of real estate activities.

The renovation plan aims to significantly improve the building’s energy performance and reconfigure common areas. The restructuring of upper floors and reorganization of apartment layouts will address the strong demand for family housing in Neuilly-sur-Seine.

New York & Las Vegas – Blackstone (NYSE: BX) and Allegiant Travel Company (NASDAQ: ALGT) today announced that funds affiliated with Blackstone Real Estate have agreed to acquire Sunseeker Resort Charlotte Harbor from Allegiant for $200 million.

With 785 rooms spanning 22 waterfront acres on the Gulf Coast of Florida, Sunseeker Resort Charlotte Harbor is a brand-new resort with extensive core amenities, including multiple food and beverage concepts, two pools, a spa, a fitness center, a rooftop adult pool and bar, a championship golf course and more than 60,000 square feet of combined indoor meeting space.

Scott Trebilco, Senior Managing Director at Blackstone Real Estate, said: “The acquisition of this brand new, highly-amenitized resort demonstrates our strong conviction in hospitality and travel and the continued growth in group-oriented destinations. Allegiant has built a fantastic property and we look forward to bringing our extensive experience with large scale resorts to Sunseeker.”

“Blackstone’s extensive hospitality holdings and their execution capabilities make them the ideal counterparty for this transaction and also to help realize the full potential of Sunseeker Resort,” said Gregory C. Anderson, CEO at Allegiant Travel Company. “Furthermore, it supports Allegiant’s strategy centered around the airline and we plan to use the proceeds from the sale to repay debt and strengthen our balance sheet.”

Barclays served as financial advisor to Allegiant on this transaction.

The transaction is expected to close in the third quarter of 2025, subject to satisfying customary conditions.

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $320 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

Allegiant – Together We Fly^TM
Las Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel company with an airline at its heart, focused on connecting customers with the people, places and experiences that matter most. Since 1999, Allegiant Air has linked travelers in small-to-medium cities to world-class vacation destinations with all-nonstop flights and industry-low average fares. Today, Allegiant serves communities across the nation, with base airfares less than half the cost of the average domestic roundtrip ticket. For more information, visit us at Allegiant.com. Media information, including photos, is available at http://gofly.us/iiFa303wrtF.

Contacts
Jeffrey Kauth
212-583-5395
Jeffrey.Kauth@blackstone.com

Allegiant
702-800-2020
mediarelations@allegiantair.com