ValueAct Sells Some KKR and CBRE Group ~ market folly

Wednesday, September 18, 2019

ValueAct Sells Some KKR and CBRE Group

Jeff Ubben's investment firm ValueAct Capital has been active in markets recently.  We just highlighted how they went activist on LKQ and also sold some Arcosa.  Well, they've now also revealed two other portfolio moves.

ValueAct Trims KKR Stake

First, ValueAct has filed an amended 13D with the SEC regarding its stake in KKR (KKR).  It notes they sold shares in late July and also now in early September, with the bulk of their recent sales coming on September 13th at a weighted average price of $28.23. 

Per the filing, ValueAct now owns 8.8% of the company with 48.1 million shares.

Per Yahoo Finance, KKR is "a private equity and real estate investment firm specializing in direct and fund of fund investments. It specializes in acquisitions, leveraged buyouts, management buyouts, credit special situations, growth equity, mature, mezzanine, distressed, turnaround, lower middle market and middle market investments"

ValueAct Sells Some CBRE Group

Second, Ubben's firm has filed a Form 4 with the SEC regarding its position in CBRE Group (CBRE).  They sold 3 million shares on September 12th at $53.86.  After this transaction, they now own 10.22 million shares.

Per Yahoo Finance, CBRE Group is "operates as a commercial real estate services and investment company worldwide. It operates through Americas; Europe, Middle East and Africa; Asia Pacific; Global Investment Management; and Development Services segments. The company offers strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing; integrated property sales, and mortgage and structured financing services under the CBRE Capital Markets brand; and valuation services that include market value appraisals, litigation support, discounted cash flow analyses, and feasibility studies, as well as consulting services, such as property condition reports, hotel advisory, and environmental consulting. It also provides facilities management, project management, transaction management, and strategic consulting services to occupiers of real estate; and property management services comprising construction management, marketing, building engineering, accounting, and financial services for owners of and investors in office, industrial, and retail properties. In addition, the company provides investment management services under the CBRE Global Investors brand to pension funds, insurance companies, sovereign wealth funds, foundations, endowments, and other institutional investors; and development services under the Trammell Crow Company brand name primarily to users of and investors in commercial real estate. CBRE Group, Inc. was founded in 1906 and is headquartered in Los Angeles, California."

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