Infrastructure Associate

Harrison Street Asset Management has agreed to acquire a majority stake in Vicinity Energy, the largest US provider of district energy solutions, valuing the company at $2.92 billion enterprise value. The seller is Antin Infrastructure Partners. Boston-based Vicinity operates district heating and cooling systems across 12 major US cities, including Boston and Philadelphia. The company serves over 700 customers across approximately 1,000 buildings, covering roughly 250 million square feet through more than 140 miles of underground piping. Harrison Street, which manages over $110 billion in assets, plans to complete the acquisition through a joint venture with Kenon Holdings. This marks the firm's sixth district energy investment and represents a significant expansion in the sector. The transaction requires regulatory approvals and is expected to close in the first half of 2027.

Harrison Street Asset Management to acquire majority stake in Vicinity Energy, largest U.S. Provider of district energy solutions. CHICAGO, Sept. 30, 2026 (GLOBE NEWSWIRE) - Harrison Street Asset Management ("Harrison Street"), a leading alternative global investment management firm with over $110 billion in assets under management through highly differentiated assets across infrastructure, real estate, and credit strategies, today announced that it has agreed to acquire a majority equity position in Vicinity Energy, Inc. ("Vicinity"), the largest provider of district energy solutions in the United States, from Antin Infrastructure Partners. The transaction values Vicinity at a total enterprise value of $2.92 billion. Boston-headquartered Vicinity is a leading U.S. district energy infrastructure utility platform providing district heating and cooling services across 12 major cities, including Boston and Philadelphia. The platform supplies steam, hot water and chilled water to a diverse customer base spanning commercial properties, hospitals and healthcare facilities, colleges and universities, residential buildings and other institutions. Vicinity, which is vertically integrated with in-house commercial, operating, engineering, and asset management capabilities, serves more than 700 customers across approximately 1,000 buildings. Vicinity has established the blueprint for decarbonizing cities with district energy through its proprietary eSteam(TM) offering. The platform represents roughly 250 million square feet of space and operates through a network of more than 140 miles of underground piping. District energy systems are a longstanding and essential component of the infrastructure supporting many U.S. cities, with some networks operating for more than 150 years. The asset class comprises a core component of Harrison Street's infrastructure strategy, and the firm has nearly a decade of experience investing in and operating these assets. Today's acquisition of Vicinity represents a significant expansion of Harrison Street's presence in the sector. "We're thrilled to announce our plans to acquire Vicinity Energy and support the platform's continued growth trajectory. District energy is an important area of focus for Harrison Street's infrastructure strategy, and we see compelling opportunities to continue investing in these systems essential to meeting the critical utilities needs of the largest university, healthcare and government users," said Carolyn Arida, Partner - Infrastructure at Harrison Street. "Vicinity's scale, diversified customer base and critical role within the communities and institutions it serves make it a highly attractive addition to our portfolio, and we look forward to working with Vicinity's leadership team to support the platform's continued growth and to creating durable, long-term value for our investors." "This new partnership with Harrison Street Asset Management creates an opportunity to amplify our momentum through continued investment, innovation, and growth, while remaining steadfast in our commitment to operating safely, serving our customers reliably, and supporting the communities that depend on us," added Kevin Hagerty, President and CEO of Vicinity. "We are grateful for the dedication of our employees, the trust of our customers and to Antin for its partnership throughout this chapter of our growth. Together, we have built a strong foundation for success." The investment further advances Harrison Street's strategy of investing in essential infrastructure and real estate assets supported by durable demand and long-term growth trends. Since inception, Harrison Street has completed five district energy system investments, including three with universities, one with a government entity and one with a municipal system. Harrison Street plans to make the acquisition through a joint venture partnership with Kenon Holdings. The transaction remains subject to customary regulatory approvals and is expected to close in the first half of 2027. National Bank of Canada Capital Markets served as financial adviser to Harrison Street and Kenon and Sidley Austin LLP served as legal counsel. About Harrison Street Asset Management Harrison Street Asset Management is a leading global alternative investment management firm with $110 billion in assets under management across infrastructure, real estate, and credit strategies. Headquartered in Chicago, Toronto, and London with over 600 employees in offices across North America, Europe, Asia and the Middle East, the firm offers innovative solutions across a variety of closed-end, open-end and specialized vehicles on behalf of over 1,100 institutional investors and over 300 Registered Investment Advisors.[1] [1] HSAM data and descriptions of HSAM's business are generally comprised of the aggregated data and business activities of investment advisors that are owned in whole or in part by HSAM. Assets under management ("AUM") reflects the AUM for the investment advisory and asset management clients of such investment advisors and is inclusive of the regulatory AUM of such investment advisors that is reported in their respective Form ADVs. HSAM Media Contacts: Doug Allen/Ellie Johnson Dukas Linden Public Relations 646-722-6530 [email protected]

Harrison Street eyes senior housing platform growth with PGIM hires. Harrison Street Asset Management is set to grow its healthcare real estate platform as senior housing investment opportunities abound. With $16 billion invested across 46,000 units, Harrison Street remains one of the largest private owners of senior housing in the U.S. and is looking to expand the business. Former PGIM Real Estate executive Jon Glass has joined the $110 billion firm along with two other hires, a move set to expand Harrison Street's ability to develop, refinance and sell assets and pursue value-add initiatives across its senior housing portfolio. Alongside Glass, senior associate Michael Corsini and senior associate Hardie Jackson have also joined the team from PGIM Real Estate. Glass will lead the team as managing director. He has been tasked with leading portfolio asset management, value creation initiatives and relationship management with operating partners and third-party property managers. Through these partnerships, he will guide property-level business plans and capital improvements. Glass will also work closely with Harrison Street's transactions team. The new hires bring experience managing institutional senior housing portfolios at a time when growth in the 80-plus population is spurring investment in the sector. That backdrop is also translating into more activity across Harrison Street's portfolio. Over the summer, Harrison Street announced it had closed or was in the process of closing 10 investments in new developments valued at more than $1.2 billion over the previous 18 months. To date, the firm has completed $7.3 billion in senior housing sales across 190 properties since inception. Late last year, Harrison Street formed a joint venture with Oakmont Senior Living and Blue Mountain Enterprises to acquire and develop a six-property senior housing portfolio across California, comprising five operating communities and one development slated for completion in 2027. The 669-unit portfolio includes hair salons, coffee and gelato bars, and movie theaters.