Mizuho acted as Exclusive Financial Advisor on an acquisition of a $1.8bn open-air retail platform by a joint venture

May 30, 2023

On April 27th, 2023 Mizuho acted as Exclusive Financial Advisor for a joint venture involving a global institutional investor and Crow Holdings Capital Partners, L.L.C. (“CHC”), a subsidiary of Crow Holdings, on the partnership’s acquisition of an open-air retail platform managed by CHC for $1.8 billion.

The portfolio includes 173 retail assets, comprised of smaller format, convenience oriented, open-air, food and service shopping centers. The joint venture’s portfolio includes properties located across key primary and secondary markets in over 50 cities and over 30 states in the U.S., with a focus on dense and affluent markets located near major suburban population and employment hubs currently benefitting from positive net in-migration, record-low new supply and positive job growth.

“After exploring our business’ strategic alternatives, we are pleased to have finalized this recapitalization with our new partner. As we navigate the rapidly changing macro environment and volatile capital markets, our partnership is well positioned to continue to execute our business strategy in a highly fragmented sector with growing opportunity” said Michael Levy, Chief Executive Officer of Crow Holdings.

As part of the is transaction, Mizuho also acted as Admin Agent and Sole Joint Lead Arranger on a Secured Term Loan as part of the financing considerations for the acquisition.

This transaction once again highlights Mizuho’s strong relationships and commitment to creating partnerships and synergies in the Real Estate sector. 

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