CapMan Nordic Real Estate acquires its first property in Oslo

CapMan Oyj

CapMan Nordic Real Estate fund has acquired a mixed use commercial property located at St. Olavs Gate 23 in central Oslo from Aberdeen Property Nordic Fund I

St. Olavs Gate 23 was originally constructed in 1900 and today provides 4,548 square meters of commercial space with retail on the ground floor and office space on the four upper levels. The property is well located, being only 400 meters from the prime retail street, Karl Johans Gate. Nationaltheatret train and metro station, with excellent local connections and a direct train to Oslo Airport, is within a 5-minute walk. In addition, the law faculty of the University of Oslo is currently building a new facility in the immediate vicinity, which will add approximately 4,000 students to the area.

“We are excited about completing our first acquisition in Norway. We have been actively searching the Oslo market for the past 18 months and are delighted to have secured this opportunity which fits our value-add strategy extremely well. We are looking forward to refurbishing the property in the near term and creating a modern high-quality retail and office building in a rapidly developing part of the city,” comments Ed Williams, Managing Partner at CapMan Real Estate.

CapMan Real Estate was assisted in its acquisition by CBRE and CLP. Financing was provided by Danske Bank.

St. Olavs Gate 23 is CapMan Nordic Real Estate fund’s 21st investment. The focus of the €273 million fund is to acquire mainly office, retail and residential properties located in established submarkets of major Nordic cities. The fund was established in 2013.

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Korona Invest Fund becomes a major shareholder in digital agency Wunder

Korona

Wunder, an international full-service digital agency operating in several European countries, will boost its growth with Korona.

Operating in Finland, UK, Germany, Estonia, and Latvia, Wunder is seeking strong growth opportunities. Today, a fund managed by Korona Invest, will become a major shareholder of Wunder. The company, which focuses on online business, agile methods and open source systems, aims to increase its turnover many times over.

We promote openness, humane approach and agile behaviour in all our activities, both within the company and in our customer relations. This is how we shake up the usual habits of working and leave a positive footprint as both an employer, and as a service provider. This footprint will and should be expanded!” says Joonas Kiminki, who continues as the CEO of the company. “The collaboration with Korona will help us to grow by bringing in both professional governance and financial backing. There has been a strong common will and trust from the very beginning” he continues.

The goal is to increase net sales of the Wunder companies’ in the coming years – from the current EUR 7 million to EUR 25 to 35 million“, says Korona Invest’s partner Jouni Pohjonen. “Skilful, thriving and satisfied staff is a key success factor in a successful consultancy. By growing and developing, Wunder’s current team of more than 120 experts will be nearly tripled, as skilled talent will be offered more great employment opportunities in international development projects“, he continues.

In addition to Joonas Kiminki, the remaining shareholders working in the company will continue to be significant shareholders. Solita’s founder and former CEO Heikki Halme will become a shareholder and the company’s new chairman of the Board of Directors.

Due to digitalisation, Wunder is in a great position in the fast-growing ICT service market. The company has often been ranked among the top companies in the Great Place to Work-survey. I myself am excited by the opportunity to work with motivated professionals in a company that’s based on a modern flat organizational structure. Since its inception, Wunder has been growing into an international company, which offers a wealth of opportunities for the company’s growth and development“, says Heikki Halme.

Wunder includes Wunder Finland Oy, Wunderkraut GmbH, Wunder Ltd, Wunder Estonia Oü and Wunder Latvia SIA. Wunder is an international company specialising in web services. We focus on e-business, agile methods, and the open source Drupal system. The company’s net sales are approximately EUR 7 million and they employ more than 120 permanent staff.


Korona Fund III Ky
Korona Fund III Ky is a venture capital fund specialised in financing growing companies, looking for growth-oriented and desirable companies in need of both capital and business management skills to achieve growth potential.

Korona Invest Oy
Korona Invest is an entrepreneurial venture capital management company specialising in financing growth companies with EUR 2-20 million euro turnover. www.koronainvest.fi


For more information:

Wunder:
Managing Director Joonas Kiminki, tel. +358 40 900 4725
Chairman of the Board Heikki Halme, tel. +358 40 581 3000

Korona Invest, partner Jouni Pohjonen, tel. +358 50 3263 904

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APG and Vasa Vind to build Sweden’s largest onshore wind power project

APG and Vasa Vind announced today the launch into construction of the 288MW Åskalen onshore wind power project. Located in the central Sweden region of Jämtland, the project will comprise 80 Vestas V136 3.6MW turbines, making it the largest onshore wind power project in Sweden. The total construction investment will amount to approximately EUR 300m, and commissioning will be completed in 2020 delivering a total power production close to 1TWh/year, equivalent to 50.000 Swedish households.

The cost to build Scandinavian wind power generation is among the lowest in Europe. The peninsula has strong and steady winds, and its scarce population density allows construction at a larger scale and with higher towers than in most European countries. Thanks to its industrial scale and excellent wind resource, the Åskalen project will be one of the most efficient wind farms in Europe.

In April 2017 Sweden announced the extension of its green certificate system for renewable power until 2030, adding 18TWh to the target to be reached by this date; Åskalen is one of the first projects to be launched in construction after this extension.

Pension funds ABP and PPF APG, the assets of which are managed by APG, will be the owners of the wind farm. This investment will contribute to ABP’s goal of increasing its investments in renewable energy fivefold (to € 5 bln) by 2020. Vasa Vind, a portfolio company of HgCapital’s Renewable Power Partners 2 fund, will be responsible for the construction and operations project management. Vestas will be responsible for the operations and maintenance of the wind farm through a 20-year contract.

Swedbank, Roschier and Sweco advised APG on the transaction. DNB Markets, White & Case, Advokatfirman Oebergs and DNV-GL advised Vasa Vind and HgCapital. DNB Markets also provided long-term hedging for power and Elcertificates.

We are delighted to partner with APG for the construction of this flagship project. After many years spent developing and optimizing this project to make it as competitive as possible, it is very exciting to now move into construction with such a strong financial partner“, said Annette Eriksson, CEO of Vasa Vind.

Dirk Hovers, Sr. Portfolio Manager Infrastructure at APG said: “Our clients’ aim is to increase strongly their investments in renewable energy while contributing to their risk-adjusted financial returns, therefore APG will take a leading role in initiating new projects. Scandinavian power is a strategic area for our infrastructure investments in renewables. We are looking forward to working with Vasa Vind and Vestas to bring into operations this project and add it to our infrastructure portfolio.

Allister Sykes, of HgCapital’s Renewable Power Team added: “Launching Åskalen into construction is a major milestone for our Swedish wind platform. We see ever more opportunities opening up for Vasa Vind to focus on developing more large scale, efficient projects, and further potential for market consolidation“.

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Financial services provider APG Group provides services such as executive consultancy, asset management, pension administration, pension communication and employers services. APG performs these activities on behalf of (pension) funds and employers in the sectors of education, government, construction, cleaning and glass cleaning, housing associations, energy and utility companies, sheltered employment and medical specialists.

APG manages € 452 billion (April 2017) in pension assets for its clients in these sectors. It also offers supplementary income products for individuals as well as the administration of defined contribution schemes for Premium Pension Institutions (PPIs), (company) pension funds, insurance companies and asset managers. APG works for over 40,000 employers, providing the pension for one in five families in the Netherlands (approximately 4.5 million participants).

HgCapital is a long-established sector-focused private equity investor. Since 2006 HgCapital has been a leading European investor in renewable power projects, managing over €845 million on behalf of 30 global institutional clients across two dedicated funds: RPP1 and RPP2. In May 2016 HgCapital announced a plan to gradually transfer its renewable power business to Asper Investment Management, a new real asset investment platform set up and owned by the RPP management team.

Vasa Vind is a Swedish onshore wind developer and operator acquired by RPP2 in 2013. It manages 200MW of operating projects and has a development pipeline of over 700MW. The team are headquartered in Stockholm and have a regional office in Umea, central Sweden.

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FSN Capital III exits Lagkagehuset

FSN Capital III exits Lagkagehuset

FSN Capital III has signed an agreement to sell its majority shareholding in Lagkagehuset.

Lagkagehuset is the leading premium bakery chain with 66 stores in Denmark and a presence in the UK. The company operates a premium concept focusing on high-quality artisanal breads, cakes and pastries as well as other food, teas and coffee. Its attractive quality products and proven concept is based on a business model with own bakery production and a scalable roll-out strategy. The stores in the UK under the “Ole & Steen” brand are the first phase of an international roll out, proving that the business model is highly scalable.

After several years of significant growth in the Danish market, and a recent launch in London, Lagkagehuset is now well positioned for further internationalisation with Nordic Capital as the new owner of the company. Nordic Capital will acquire the entire FSN Capital’s majority shareholding in Lagkagehuset A/S. At the same time, Nordic Capital will also acquire the two founders, Ole Kristoffersen’s and Steen Skallebæk’s shares in Lagkagehuset.

“Nordic Capital has in recent years made several investments in the food industry and sees great potential in supporting Lagkagehuset in its further expansion. Lagkagehuset has a great customer-oriented concept that delivers quality products every day and has created strong preferences for consumers in Denmark. Following a recent launch in London, the next step is now to evaluate and develop a plan for further internationalisation where we will level further with Nordic Capitals industry expertise within the retail sector. Nordic Capital is looking forward to support Lagkagehuset’s continued development and expansion in partnership with the the company’s strong management team,” says Michael Haaning, Partner at NC Advisory A/S, advisor to the Nordic Capital Funds.

“We started with Ole and Steen and two stores. Today, eight years later, there are 68 stores in Denmark and two in London. Lagkagehuset is above all a fantastic company with a unique culture and quality products. The two stores in London are the first expansion beyond Denmark’s borders. There will be 200 employees in London before this year’s end, so it’s gone far beyond our expectations. Against this background, I can proudly look back on our ownership period,” says Thomas Broe-Andersen, Partner at FSN Capital, advisor to the FSN Capital Funds.

“We have had a really great cooperation with our owners FSN. We are looking forward to the new ownership and we are exited to have found a strong partner in Nordic Capital with both the experience, industry knowledge and capital to support us in our continued growth journey to bring Lagkagehuset to the rest of the world. We have amazing employees and products and we expect continued high growth in the coming years”, says Jesper Friis, CEO of Lagkagehuset

Lagkagehuset has over the last couple of years professionalised the fresh bakery industry and has taken its concept international as a response to the increasing public focus on healthy quality food products. The Lagkagehuset chain has a high degree of flexibility of concept, ranging from large traditional bakery to smaller urban food-to-go outlets. Lagkagehuset’s business model which enables high quality at scale, has along with its strong brand and modern retail concept, been highly successful in the Danish market where the company now has 68 stores. The company reported revenues of DKK 665 million in 2016 and a total of 1,800 employees. The company grew by 20 per cent in 2016.

FSN Capital was advised by FIH Partners, Accura, PwC, and BCG.

The parties have agreed not to disclose the financial terms of the transaction.

The investment is subject to approval by the relevant authorities.

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Ardian Infrastructure Invests in Tolve Windfarms Holding

Milan, 29th June 2017:

Ardian, the independent private equity investment company, today announces its investment in Tolve Windfarms Holding, through a dedicated capital increase. The deal will see Ardian holding 80% of Tolve Windfarms Holding which owns three vehicles for the construction of three wind farms in the Tolve Municipality, Potenza Province, Italy.

Acquired from PLC System Srl, an Italian firm which specializes in developing renewable energy, the portfolio of three wind farms will have a total installed power of 37.2MW and are eligible, following the GSE (the Italian public energy manager) auction of December last year, for a Feed-in-Tariff which will guarantee a minimum price of €66/MWh for the electricity sold to the national transmission grid for 20 years from the date of start of operation.

PLC System Srl, together with a private investor, will hold the remaining 20% stake in the company until completion of the construction. PLC System, controlled by PLC Group SpA, is an Italian leader in the construction of alternative energy power stations and electrical systems, with over 20 years of experience.

Tolve owns three separate authorizations in the southern Basilicata region for the construction and operation of the portfolio, comprised of Forleto Nuovo 2 (12MW), C&C Acquafredda (14.7MW) and Serra Energia (10.5MW).

Construction will start in July and shall be completed during the second half of 2018.

Ardian Infrastructure has invested within the renewable energy industry in Italy since 2007. Outside of Italy, Ardian has numerous green energy assets in Norway, Sweden, Chile and Perù, making it a major international player with 1GW of installed capacity in the wind, solar, biogas and biomass sectors.

Mathias Burghardt, Head of Ardian Infrastructure, said: “Ardian infrastructure is committed to develop renewable energy plants, among its various technologies, at world scale. Tolve project illustrates our unique sourcing capability thanks to our local partnerships.”

ABOUT ARDIAN

Ardian, founded in 1996 and led by Dominique Senequier, is an independent private investment company with assets of US$62bn managed or advised in Europe, North America and Asia. The company, which is majority- owned by its employees, keeps entrepreneurship at its heart and delivers investment performance to its global investors while fuelling growth in economies across the world. Ardian’s investment process embodies three values: excellence, loyalty and entrepreneurship.

Ardian maintains a truly global network, with more than 450 employees working through twelve offices in Paris, London, Frankfurt, Milan, Madrid, Zurich, New York, San Francisco, Beijing, Singapore, Jersey, Luxembourg. The company offers its 580 investors a diversified choice of funds covering the full range of asset classes, including Ardian Funds of Funds (primary, early secondary and secondary), Ardian Private Debt, Ardian Buyout (including Ardian Mid Cap Buyout Europe & North America, Ardian Expansion, Ardian Growth and Ardian Co-Investment), Ardian Infrastructure, Ardian Real Estate and Ardian Mandates.

 

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Markus Hökfelt will head Almi Invest’s new Green Tech Fund

Markus Hökfelt, current Vice President at Fortum Charge & Drive, has been recruited to Almi Invest. Where he takes up August 21 in service as Fund Manager at Almi Invest’s new National Green Tech fund of 650 million.

Markus Hökfelt, who is an engineer in the ground, has built its expertise and experience from a number of senior positions at Fortum, founder of start-up companies as well as a management consultant at Accenture.

The purpose of Almi Invest Green Tech fund is to bridge the marknadsgap that exists between demand and supply of venture capital investments in innovative companies that contribute to the reduction of greenhouse gases. Fund is open for investment in a variety of areas such as renewable energy, smart grid, biogas, Agritech, advanced environmentally friendly materials, sensor networks like. Co-financiers to fund the ALMI, Almi Invest Energy Agency and the European Regional Development Fund.

At Almi Invest will also be responsible for investment in green tech area. The fund aims to invest in 50 companies until the 2023rd

I am driven by the combination of innovation, entrepreneurship and sustainability creates new business opportunities. Green Tech Fund offers great opportunities to work with some of Sweden’s most promising growth companies in the energy and environmental sector where the need for venture capital is high. We look forward to co-invest with private venture capital firms and business angels to double capital to companies and share the financial risk. The fund will be ready to invest in early growth in Q4, says Markus Hökfelt, incoming Fund Manager at Almi Invest Green Tech Fund

We are delighted to welcome Markus Hökfelt to us. In recent years we have focused more and more on the importance of sustainable investments, both at the time of investment, and as we develop the portfolio companies until the exit. With Mark’s extensive background and our new fund, we will strengthen our skills and and increase our investments in green tech area, says Mikael Karlsson, CEO Almi Invest

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DIF to acquire 55% stake in French fiber project from Infravia

DIF

Paris, 29 June 2017 – DIF Core Infrastructure Fund I (“DIF CIF I”) and Infravia are pleased to announce that they have reached an agreement on the sale of Infravia’s 55% stake in the French fiber company ADTIM.

ADTIM operates a wholesale telecom network in the Ardèche and Drôme departments under a 25-year concession won in 2008, which is fully operational since 2011. In December 2016, ADTIM, together with its partners Axione, Bouygues E&S and Caisse des Dépôts et Consignations, won the Fiber to the Home concession in the region. This second project plans to realize 310,000 FttH connections in association with the public local authority Syndicat mixte ADN as part of France’s 2012 Ultra-Fast Broadband Plan, the nationwide plan to implement ultra-fast internet connections across the country by 2022.

Infravia and DIF CIF I expect to complete the equity transaction in September 2017.

About DIF

DIF is an independent and specialist fund management company, managing funds of approximately €4.2 billion across seven closed-end investment funds and several co-investment vehicles. DIF invests in the global infrastructure market through two differentiated and complementary strategies.

DIF CIF I targets small to mid sized infrastructure assets in the telecom infrastructure, rail, energy and utility sectors that generate stable and predictable cash flows that are contracted over the mid term with highly rated entities. The fund targets both greenfield and operational projects in Europe, North America and Australasia.

DIF’s other funds target PPP / PFI / P3, regulated infrastructure assets and renewable energy projects in Europe, North America and Australasia.

DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

About Infravia Capital Partners

Infravia Capital Partners is an investment manager dedicated to the infrastructure and energy sectors which manages €1.7 billion of assets across three infrastructure funds. Infravia Capital Partners is positioned as a long-term investor across the infrastructure sectors in Europe including transportation, energy, utilities, social infrastructure as well as communications.

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Ratos AB: Ratos divests Serena Properties

Ratos has signed an agreement to divest all of the shares in its subsidiary Serena Properties AB, a real estate company with a portfolio of 21 commercial retail properties in Finland, to Fastighets AB Balder. The enterprise value amounts to EUR 206m and Ratos will receive approximately EUR 50m for its shareholding. The divestment generates an exit gain of approximately SEK 90m and an average annual return (IRR) of approximately 30% as well as a money multiple of 1.5x. 

Serena Properties AB (Serena) owns and manages 21 commercial retail properties located across 14 mid-size towns in Finland. The properties are located in established retail areas with attractive tenants and largely comprise of grocery and discount retailers.  

During nearly two years under Ratos’s ownership, Serena has developed into a focused retail property company. As a property owner, Serena has succeeded in reducing vacancies, establishing favourable relations with key tenants, commencing development projects in several retail areas, and streamlining its property portfolio through the sale of properties not compatible with its strategy. Serena’s sales and EBITA amounted to SEK 172m and SEK 129m, respectively, for the rolling 12 months as at 31 March 2017.

“In a short time, Serena’s CEO Marc von Melen has, together with his management team, succeeded in implementing several value-generating initiatives that Ratos identified in conjunction with our investment. The efficiency of the ongoing operation of properties has been enhanced and in most of the retail areas, the tenant mix has been improved and the leases has been extended. Offering competitive and sustainable retail areas has been a priority for Serena. Since the property market has continued its strong performance and Ratos, with its current return requirement, would have difficulty in expanding Serena’s portfolio, it is a natural step for us to now sell the company. Balder is offering a valuation that reflects the future potential of the portfolio and we are certain that Serena, with Balder, Varma and Redito as its future owners, has favourable prospects for developing well,” says Johan Rydmark, Investment Director at Ratos.


The selling price for 100% of the shares (equity value) amounts to EUR 90m and the enterprise value to EUR 206m. Ratos’s share of the equity value is approximately EUR 50m and the exit gain amounts to a total of approximately SEK 90m, calculated on the book value in Serena at 31 March 2017. The annual average internal rate of return (IRR) is approximately 30%. Ratos’s holding in Serena Properties amounts to 56%. The divestment is subject to approval by the relevant authorities and is expected to be completed in the third quarter of 2017.

For further information, please contact:

Johan Rydmark, Investment Director, Ratos, +46 8 700 17 00

Helene Gustafsson, Head of IR and Press, Ratos, +46 8 700 17 98

Financial calendar from Ratos:

Interim report January-June 2017                  17 August 2017
Interim report January-September 2017         14 November 2017

Ratos is an investment company that owns and develops unlisted medium-sized companies in the Nordic countries. Our goal as an active owner is to contribute to long-term and sustainable business development in the companies we invest in and to make value-generating transactions. Ratos’s portfolio consists of 17 medium-sized Nordic companies and the largest segments in terms of sales are Construction, Industrials and Consumer goods/Commerce. Ratos is listed on Nasdaq Stockholm and has a total of approximately 14,200 employees.

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Nordic Capital acquires leading bakery and food-service chain Lagkagehuset

Nordic Capital Fund VIII “Nordic Capital” acquires Lagkagehuset, a leading premium Danish bakery and food-service chain from FSN Capital who is selling its majority shareholding in the company after eight years of ownership. Lagkagehuset has stores throughout Denmark and a newly established presence in London. Nordic Capital sees great potential in supporting the acceleration of Lagkagehuset’s continued growth in Denmark as well as internationally.

Lagkagehuset is a leading premium bakery and food-service chain in Denmark with 67 stores, and a newly established presence in the UK. The company operates a premium concept focusing on high-quality artisanal breads, cakes and pastries as well as other food, teas and coffee. Its unique offering, quality products and proven concept are based on a business model with in-house bakery production and a scalable roll-out strategy. The stores in the UK, trading under the “Ole & Steen” brand, are the first phase of an international roll out and prove that the business model is highly scalable.

After several years of significant growth in the Danish market and a recent launch in London, Lagkagehuset is now well positioned for further internationalisation with Nordic Capital as the new owner of the company. Nordic Capital will acquire FSN Capital’s entire majority shareholding in Lagkagehuset A/S, as well as the stakes held by the two founders, Ole Kristoffersen and Steen Skallebæk.

“Nordic Capital has a track record of investments in the food industry and sees great potential in supporting Lagkagehuset in its further expansion. Lagkagehuset has a great customer-oriented concept that delivers high quality products every day and is a preferred brand for consumers in Denmark. Nordic Capital’s will leverage its industry expertise within the retail sector to further develop the company internationally supporting Lagkagehuset’s continued progress and expansion in partnership with the company’s strong management team,” says Michael Haaning, Partner, NC Advisory A/S, advisor to the Nordic Capital Funds.

“We started with Ole and Steen and two stores. Today, eight years later, there are 67 stores in Denmark and 2 in London. Lagkagehuset is above all a fantastic company with a unique culture and quality products. The 2 stores in London are the first expansion beyond Denmark’s borders. There will be 200 employees in London before year end, so it’s it has gone far beyond our expectations. I can proudly look back on our ownership period,” says Thomas Broe-Andersen, Partner at FSN Capital.

“We have had a really great cooperation with our owners FSN. We are excited to have found a strong partner in Nordic Capital, which has the experience, industry knowledge and capital to support us bringing Lagkagehuset to the rest of the world and we are looking forward to the new ownership. We have amazing employees and products and expect continued high growth in the coming years” says Jesper Friis, CEO of Lagkagehuset.

Lagkagehuset has professionalised the fresh bakery industry responding to the increasing public focus on healthy quality food products, a concept that resonates internationally. The Lagkagehuset chain has a high degree of flexibility of concept, ranging from large traditional bakeries to smaller urban food-to-go outlets. Lagkagehuset’s business model enables high quality at scale, and its strong brand and modern retail concept has been highly successful in the Danish market where the company now has 67 stores. The company has a total of 1,800 employees, reported revenues of DKK 665 million and growth of 20% in 2016.

The parties have agreed not to disclose the financial terms of the transaction.

The investment is subject to approval by the relevant authority.

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Markus Hökfelt will head Almi Invest’s new Green Tech Fund

Markus Hökfelt, current Vice President at Fortum Charge & Drive, has been recruited to Almi Invest. Where he takes up August 21 in service as Fund Manager at Almi Invest’s new National Green Tech fund of 650 million.

Markus Hökfelt, who is an engineer in the ground, has built its expertise and experience from a number of senior positions at Fortum, founder of start-up companies as well as a management consultant at Accenture.

The purpose of Almi Invest Green Tech fund is to bridge the marknadsgap that exists between demand and supply of venture capital investments in innovative companies that contribute to the reduction of greenhouse gases. Fund is open for investment in a variety of areas such as renewable energy, smart grid, biogas, Agritech, advanced environmentally friendly materials, sensor networks like. Co-financiers to fund the ALMI, Almi Invest Energy Agency and the European Regional Development Fund.

At Almi Invest will also be responsible for investment in green tech area. The fund aims to invest in 50 companies until the 2023rd

I am driven by the combination of innovation, entrepreneurship and sustainability creates new business opportunities. Green Tech Fund offers great opportunities to work with some of Sweden’s most promising growth companies in the energy and environmental sector where the need for venture capital is high. We look forward to co-invest with private venture capital firms and business angels to double capital to companies and share the financial risk. The fund will be ready to invest in early growth in Q4, says Markus Hökfelt, incoming Fund Manager at Almi Invest Green Tech Fund

We are delighted to welcome Markus Hökfelt to us. In recent years we have focused more and more on the importance of sustainable investments, both at the time of investment, and as we develop the portfolio companies until the exit. With Mark’s extensive background and our new fund, we will strengthen our skills and and increase our investments in green tech area, says Mikael Karlsson, CEO Almi Invest

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