Latest news with #SixthStreetPartners
Time of India
2 days ago
- Business
- Time of India
UK's Warehouse REIT agrees to Blackstone's $635.35 million bid
BENGALURU: UK's Warehouse REIT has agreed to sell itself to Blackstone for 470 million pounds ($635.35 million), days after the investment firm lowered its bid for the company due to valuation-related issues uncovered during due diligence. The 110.6 pence per share offer price agreed on Wednesday represents a 34.2% premium to Warehouse REIT's closing stock price on February 28, the day before Blackstone's initial bid with global investment firm Sixth Street Partners was disclosed. Blackstone raised its bid to 489 million pounds in March but knocked off the sweetener, citing differing views on the value of an asset. The final offer price includes a dividend of 1.6 pence per share. "The company's growth has been constrained by the weak macroeconomic backdrop, high interest rates, and an inability to raise new equity," said Neil Kirton , the chair of Warehouse. Kirton said these factors, paired with the current macroeconomic conditions, make Blackstone's offer particularly attractive. U.S.-based firms have been snapping up British assets recently, taking advantage of a market that is plagued with comparatively weaker valuations and stunted growth. In recent months, companies such as Dowlais and Deliveroo have been bought out by their American rivals or by investment firms.
Bloomberg
3 days ago
- Business
- Bloomberg
San Francisco's New Mayor Woos the Rich to Revive Battered City
The San Francisco restaurant Quince features a $90 tortelli pasta, a $600 wine pairing and a private dining room where Mayor Daniel Lurie hosts power lunches. Billionaire Laurene Powell Jobs dished with him about an art institute she acquired. Private equity behemoths at Thoma Bravo and Sixth Street Partners talked public safety and conferences over handcrafted pizza and pasta, according to a person familiar with the meetings. The gatherings at this Michelin-starred restaurant reflect a key part of Lurie's strategy to revive San Francisco: tap the money and enthusiasm of its wealthy class.
Mint
24-05-2025
- Business
- Mint
Sixth Street Co-CIO Sees ‘Complacency' in Private Debt
(Bloomberg) -- Sixth Street Partners Co-Chief Investment Officer Josh Easterly warned shifting fundamentals within credit markets present a risk that many investors and money managers are overlooking. 'Private credit markets are relatively complacent,' Easterly said in a Bloomberg Television interview Tuesday, attributing the problem to a mismatch between capital pouring into the sector and valuable opportunities to deploy it. 'Spreads aren't moving as much as they should,' he said. Investors flooding into private debt and credit overall are underestimating the impact of both interest rate and credit spread risk, according to Easterly, who is also co-president of the firm's direct lending platform, Sixth Street Specialty Lending Inc. 'Today's yields are not tomorrow's yields,' he said, adding that as rates are presumably cut in the future, floating-rate credit will return less. Plus, 'we're in an environment of lower growth, which is bad for all investors,' he said. 'Credit is honestly really tricky right now.' Easterly also said Tuesday that Sixth Street sees opportunity in providing rescue debt financing to stressed businesses as growth slows and rates remain higher for longer, but it has to be a little 'complex' to be worth it. 'In regular-way sponsor finance, we don't see value there at the moment,' he said. 'There is a great opportunity on the more complex side.' Easterly has previously emphasized how Sixth Street's direct lending fund is finding opportunities to structure bespoke financings directly to companies. On a May 1 call discussing first-quarter earnings for the direct lending platform, he said that 84% of its new fundings during that period were originated outside the sponsor channel. He cited the fund's largest first-quarter investment, made to Bourque Logistics, as one example. Last month, the co-CIO said in a letter to stakeholders that Sixth Street Partners anticipates a world of lower growth and return on capital, given higher rates, elevated volatility and increased risk premiums. 'In the long arc of the economy, we consider the current upheaval to global trade as more significant than the Covid stimulus and even the global financial crisis,' he wrote, describing that volatility as possibly 'the most significant event' to impact the economy long-term. (Updates to correct company name in 10th paragraph.) More stories like this are available on
Mint
24-05-2025
- Business
- Mint
Sixth Street's Easterly Sees ‘Complacency' in Private Credit
(Bloomberg) -- Sixth Street Partners Co-Chief Investment Officer Josh Easterly warned shifting fundamentals within credit markets present a risk that many investors and money managers are overlooking. 'Private credit markets are relatively complacent,' Easterly said in a Bloomberg Television interview Tuesday, attributing the problem to a mismatch between capital pouring into the sector and valuable opportunities to deploy it. 'Spreads aren't moving as much as they should,' he said. Investors flooding into private debt and credit overall are underestimating the impact of both interest rate and credit spread risk, according to Easterly, who is also co-president of Sixth Street and chief executive officer of the firm's direct lending platform, Sixth Street Specialty Lending Inc. 'Today's yields are not tomorrow's yields,' he said, adding that as rates are presumably cut in the future, floating-rate credit will return less. Plus, 'we're in an environment of lower growth, which is bad for all investors,' he said. 'Credit is honestly really tricky right now.' Easterly also said Tuesday that Sixth Street, which manages more than $100 billion of assets, sees opportunity in providing rescue debt financing to stressed businesses as growth slows and rates remain higher for longer, but it has to be a little 'complex' to be worth it. 'In regular-way sponsor finance, we don't see value there at the moment,' he said. 'There is a great opportunity on the more complex side.' Easterly has previously emphasized how Sixth Street's direct lending fund is finding opportunities to structure bespoke financings directly to companies. On a May 1 call discussing first-quarter earnings for the direct lending platform, he said that 84% of its new fundings during that period were originated outside the sponsor channel. He cited the fund's largest first-quarter investment, made to Bourque Logistics, as one example. Last month, the co-CIO said in a letter to stakeholders that Sixth Street Partners anticipates a world of lower growth and return on capital, given higher rates, elevated volatility and increased risk premiums. 'In the long arc of the economy, we consider the current upheaval to global trade as more significant than the Covid stimulus and even the global financial crisis,' he wrote, describing that volatility as possibly 'the most significant event' to impact the economy long-term. (Updates title in fourth paragraph. A previous version corrected company name in 10th paragraph.) More stories like this are available on
Bloomberg
24-05-2025
- Business
- Bloomberg
Junkiest Junk Is Offering a Warning Sign for Debt
For much of the year, money managers have embraced optimism and snatched up corporate bonds, sending valuations to ever more expensive levels. Now, Wall Street titans are saying it's time to focus on how bad things can get. Jamie Dimon, chief executive officer of JPMorgan Chase & Co., and Josh Easterly, co-founder and co-chief investment officer of Sixth Street Partners, are among those warning that the credit market may not be pricing in enough risk. And the lowest rung of junk bonds are flashing warnings that the US economy could soon face slower growth and higher inflation, as well as the possibility of a recession.
