Story that Drove the Weekend

Harris Blitzer Sports & Entertainment and Creative Artists Agency (CAA) have invested in Sports & Entertainment Real Estate Global Holdings (Seregh), a new firm that will focus on partnering with venue owners to develop real estate projects.

Why it matters: Led by Jonathan Fascitelli who was most recently the CEO of HBSE Real Estate, the firm has kicked off talks about venue projects with more than two dozen US sports teams, as well as four teams located in the UK & Europe.  

Scale: Seregh sees an opportunity to develop $1 to $3 billion of mixed-use properties located near venues, with a focus on experiential retail, residential, office and hotel assets. The firm is seeking to work on projects worth a combined $100 billion over the next 15 years.

Opportunity set: By Fascitelli’s count, more than 30 US teams are currently weighing renovation, relocation or new-build options. 

Fundraising: Seregh, which has capital from its strategic investors including the ownership group behind the 76ers & Devils along with CAA, plans to raise an additional $2 billion from institutions. 

Heard on the Street: Fascitelli: “Team owners and venue owners know there’s an opportunity to monetize real estate around venues but are often ill-equipped to do so.” (Bloomberg+PR)