Ratos sells property to Swedish state

Ratos

As previously announced, Ratos has been in negotiations with the National Property Board of Sweden regarding a possible transfer of ownership of its Stockholm Lejonet 4 property to the Swedish state. Following these negotiations, an agreement has now been reached for the Swedish state to purchase the property. The agreement is conditional on the National Property Board receiving authorisation to complete the agreement from the Swedish government, upon approval from parliament, by 19 July 2019 at the latest.

Ratos will receive 550 MSEK in conjunction with the sale. The consolidated book value for the property at 31 December 2018 was 56 MSEK.

“The Stockholm Lejonet 4 property was acquired by Söderberg & Haak in 1938 and by Ratos AB (publ) in 1980. The security requirements in the area surrounding the property have gradually increased, resulting in a number of restrictions and obstacles in terms of how the property can be used, including entry and exit restrictions. Allowing the National Property Board to take over the property is therefore a logical alternative”, says Jonas Wiström, CEO of Ratos.

Ratos has the option to remain in the property until the end of 2021.

For further information, please contact:
Jonas Wiström, CEO, Ratos, +46 8 700 17 00
Helene Gustafsson, Head of IR and Press, Ratos, +46 70 868 40 50

About Ratos:
Ratos 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 operational development in the companies we invest in and to make value-generating transactions. Ratos’s portfolio consists of 12 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 approximately 12,300 employees.

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Unico and Partners Group acquire Portland office portfolio from Bill Naito Company

Partners Group

Unico Properties LLC, a subsidiary of Unico Investment Group LLC, a real estate investment and operating company, and Partners Group, the global private markets investment manager, announced today that they have purchased Montgomery Park, an 18-acre, 745,000-square-foot urban property in Portland’s Northwest/Slabtown district. The acquisition was part of a joint venture partnership between the two firms, in which Partners Group has invested on behalf of its clients. In December 2018, Unico and Partners Group also purchased the Galleria, a 5-story, 195,000-square-foot office building over street-level retail in the heart of downtown Portland. Both properties were acquired from the Bill Naito Company.

The Montgomery Park site consists of a 9-story, 745,000-square-foot office building, which was originally constructed in 1921 as Montgomery Ward’s department store. The site also contains a 335,000-square-foot historic warehouse and a 3-acre development site capable of accommodating more than 800,000 square feet of new development.

The Montgomery Park office building is currently 94 percent leased to high-profile tenants including Adidas, Daimler Trucks North America, WebMD, OnPoint Community Credit Union, Wells Fargo, and Kaiser Permanente.  The property features a full height, 9-story glass atrium at the center of an 84,000-square-foot “U” shaped floor plate.

Unico and Partners Group plan to make significant capital investments to reposition, redevelop and develop the site, transforming it into a preeminent urban campus and bringing a first-class, amenity-rich tenant experience to the property.

“Purchasing one of Portland’s landmark office properties in the Northwest district presents a unique opportunity to build and shape a premier neighborhood,” said Brian Pearce, Unico Properties Executive Vice President of Real Estate Services. “With Montgomery Park’s size and scale, its abundance of development options and our vision to deliver unrivaled amenities, our goal is to help evolve this industrial district into a vibrant extension of Slabtown and ultimately, a live-work-play neighborhood.”

The Northwest district is primed for responsible development and growth with the recent sale of the adjacent, 22-acre ESCO property to a group of prominent Portland real estate investors, the new 60,000-square-foot Redfox Commons creative office development, and the City of Portland pursuing the expansion of the Streetcar to the Northwest.

Separately acquired by Unico and Partners Group in December 2018, the 5-story, 195,000-square-foot Galleria office building in downtown Portland was built in 1910 and was originally known as the Olds, Wortman & King department store. Spanning a full city block directly on the MAX transit line at SW 9th & Morrison, the Galleria is located in the West End, a vibrant and emerging downtown neighborhood that brings energy to the urban core.

The Galleria is currently 46 percent leased to an 89,000-square-foot “City Target” store, with 106,000-square-feet of available office space on the upper floors. Unico and Partners Group plan to make significant capital investments to transform the existing office space, and bring a sophisticated tenant experience to the building with a new lobby and new common area amenities.

“We are very pleased to have expanded our relationship with Unico to acquire these high-quality office buildings which will appeal to a broad range of tenants looking for best-in-class creative office space in Portland,” said Marcus Day, Partners Group’s Senior Vice President of Private Real Estate Americas.

Partners Group’s Co-Head Private Real Estate Americas, Fabian Neuenschwander, added: “These recent Portland acquisitions reflect our investment strategy of acquiring real estate assets with significant value-add potential and optionality. Both of these assets offer an attractive combination of income and growth from further lease up and potential development and the ability to create value through proactive asset management.”

“We could not be more pleased to complete this transaction with Unico and Partners Group because they absolutely support our vision for the property. With abundant redevelopment potential, the planned Streetcar expansion and the right development partners, the property has tremendous potential to bring great vibrancy to the area,” said Diane McMahon, CEO of the Bill Naito Company.  “Portland has always attracted bold thinkers and its success has been defined by them. This transaction is a catalyst that will support the next chapter of our own bold future at The Bill Naito Company.”

The brokers who represented the seller in both acquisitions are Graham Taylor and Charles Safley of CBRE. Acquisition financing was arranged by Nick Santangelo, also from CBRE.

“It will be exciting to watch this property continue to transform and add to the already booming NW Portland,” said Charles Safley, CBRE Portland.

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artners Group leads Ascent Real Estate Investors and Sigma Delta Partners Investment-fronted consortium to acquire Beijing’s Dinghao Plaza

Partners Group

Partners Group, the global private markets investment manager, has acquired a majority equity stake in Dinghao Plaza, a large mixed-use office and retail complex in Beijing, on behalf of its clients. The firm has partnered with a consortium including Ascent Real Estate Investors, Sigma Delta Partners Investment and the Family Office Company in the off-market acquisition, which had a total transaction value of USD 1.34 billion.

Dinghao Plaza is a 176,976 square meter mixed-use building complex situated in the heart of Beijing’s ZGC area, known as the ‘Silicon Valley of China’, with direct underground access to the ZGC metro station. Constructed in 2003, the property currently contains a large retail podium and two office towers. It offers a value creation proposition that is focused on repositioning under-used retail space for office use and undertaking a large-scale refurbishment of the existing office towers to bring them to Grade A standard.

Rahul Ghai, Managing Director, Private Real Estate Asia, Partners Group, states: “Dinghao Plaza is ideally located in ZGC, Beijing’s vibrant tech and media area, where demand for large, contiguous, and premium office space is high and supported by the strong growth of China’s technological sector. The acquisition of Dinghao Plaza is a great fit with our longstanding ‘buy, fix and sell’ strategy, whereby we seek out properties in prime locations that can benefit from repositioning with sufficient time and capital. Together with our consortium partners, we plan to undertake a multi-year value creation program which will transform Dinghao Plaza into a core real estate asset.”

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InfraRed NF successfully deploys capital committed to Hong Kong self-storage investment

InfraRed Capital Partners

  • USD$55m of initial capital committed to RedBox successfully deployed
  • Three properties acquired in last year have expanded the GFA of the RedBox portfolio by 116%
  • Further growth opportunities with compelling market dynamics

InfraRed NF, the leading Greater China real estate investment manager, is pleased to announce that it has successfully deployed its committed capital in RedBox Storage Limited (“RedBox”), the premium self-storage provider in Hong Kong.

InfraRed NF acquired a 90% stake in RedBox in 2018 committing USD$55 million for property acquisitions across Hong Kong. This capital has now been successfully deployed in three property purchases in Yau Tong, Tuen Mun and Tsuen Wan districts. The most recent purchase in Tsuen Wan district involved the acquisition of eight consecutive floors in the uppermost levels of the Metropolitan Industrial Building. The purchase of the floors also included the acquisition of the self-storage business of Canaan Mini Storage Company Limited which operated from the site. Under InfraRed NF’s ownership, RedBox has expanded the Gross Floor Area of its portfolio by 116% and is now considered by RedBox management to be the fourth largest self-storage operator in Hong Kong when measured by GFA.

InfraRed NF and RedBox are seeing favourable market dynamics with self-storage one of the fastest growing asset classes in alternative real-estate. Demand is driven by high residential prices, Hong Kong has the highest residential prices in the world with the average resident living in just 160 sq feet of space, combined with rising incomes and an increasingly consumption-driven society. Further, supply is constrained by a shortage of self-storage space – self-storage per capita in Hong Kong is 0.6 sq feet, as compared to other developed markets such as New York (3.4 sq feet), Sydney (1.9 sq feet) and London (1.3 sq feet).

Stuart Jackson, CEO of InfraRed NF, said: “Self-storage in Hong Kong continues to show significant growth potential with smaller residential unit sizes, higher income levels and an increasingly consumption-driven society driving the sector. RedBox Storage is growing rapidly and we look forward to deploying further capital to achieve our goal of making RedBox the market leader in Hong Kong.

Simon Tyrrell, CEO of RedBox, said: “As one of the largest self-storage operators in the market we are proud of the work we do to lead the industry in terms of security and innovation. The support of InfraRed NF has allowed us to expand the portfolio as we continue to deliver bespoke and flexible storage solutions for our customers.” 

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Negotiations with the National Property Board of Sweden concerning Ratos property

Ratos

Ratos AB (publ) owns and has its headquarters in the Stockholm Lejonet 4 property located between the Rosenbad building (the prime minister’s office) and Sagerska Palatset (the prime minister’s official residence) on Drottninggatan in Stockholm. Security requirements in the area have increased, and are expected to continue to increase, resulting in a number of restrictions and obstacles for the operations at Ratos AB’s (publ) headquarters on Drottninggatan, including entry and exit restrictions. Ratos is therefore currently in negotiations with the National Property Board of Sweden regarding a possible transfer of ownership to the Swedish state.

The Stockholm Lejonet 4 property was acquired by Söderberg & Haak in 1938 and by Ratos AB (publ) in 1980 and had a book value in the company’s balance sheet of SEK 56m as of 31 December 2018.

For further information, please contact:
Jonas Wiström, CEO, Ratos, +46 8 700 17 00
Helene Gustafsson, Head of IR and Press Ratos, +46 70 868 40 50

About Ratos:
Ratos 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 operational development in the companies we invest in and to make value-generating transactions. Ratos’s portfolio consists of 12 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 approximately 12,300 employees. 

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Gaw Capital Partners Completes Acquisition of 12 Shopping Centers in Hong Kong from Link REIT

Gaw Capital

March 13, 2019, Hong Kong – Real estate private equity firm Gaw Capital Partners today announced that the firm, through a fund under its management, and consortium partners, including Goldman Sachs, have completed the acquisition of a retail portfolio comprising 12 shopping centers in Hong Kong from Link Real Estate Investment Trust, which was bought for HK$12.01 billion – amounting to an average price of around HK$7,839 per sq. ft. excluding parking – following an agreement signed on December 12, 2018.
Gaw Capital Partners’ asset management team will be responsible for overseeing the operation of the 12 shopping malls and car parks from today, and will ensure a smooth handover to maintain service quality.
The portfolio is comprised of a number of strategically-located properties across Hong Kong Island, Kowloon and the New Territories that sit in the heart of densely-populated communities. The GFA of the portfolio totals 1.1 million sq. ft. of prime retail space and comes with over 4,700 parking spaces that are connected to highly-convenient transport links. Their excellent accessibility and holistic shopping environments have made them attractive destinations for retailers and hubs of community life for residents.
Goodwin Gaw, Chairman and Managing Principal of Gaw Capital Partners, said, “We and our partners are delighted to complete the acquisition today. We will utilize our experience to rejuvenate these malls and transform them into hubs that serve the needs of the local community and are natural extensions of residents’ homes.”
The shopping centers included in the portfolio are: the retail and car park within the Ap Lei Chau Estate, Chun Shek Shopping Centre, Fortune Shopping Centre, King Lam Shopping Centre, Lei Tung Commercial Centre, Ming Tak Shopping Centre, Shan King Commercial Centre, Siu Hei Commercial Centre, the retail and car park within the Tai Ping Estate, Wah Ming Shopping Centre, Wah Sum Shopping Centre and Wang Tau Hom (Wang Fai Centre).

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Ceetrus Sells a Portfolio of 9 Commercial Assets in France to Carlyle and Othrys Asset Management

Carlyle

Paris – Global investment firm The Carlyle Group (NASDAQ: CG) and Othrys Asset Management today announced they have finalised the joint acquisition of the Canyon portfolio from Ceetrus.   Equity for the investment came from Carlyle Europe Realty (CER), a fund which makes investments in real estate and real estate related assets and companies.

The portfolio, mainly composed of shopping malls or co-owned lots adjacent to Auchan hypermarkets, includes malls at Nancy Laxou, Châtellerault, Domérat, Mers-les-Bains and the Dieppe retail park. 

With this transaction, Carlyle continues to strengthen its presence in France and this acquisition represents a new strategy focused in particular on the acquisition and active management of local shopping malls, focusing on a range of convenience services and products.

Carlyle was advised by DLA Piper, Wargny Katz and Darrois Villey Maillot Brochier. 

* * * * *

About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with $216 billion of assets under management across 343 investment vehicles as of December 31, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,650 people in 31 offices across six continents.

Web: www.carlyle.com
Videos: www.youtube.com/onecarlyle
Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/about-carlyle/market-commentary

About Carlyle Europe Realty
Carlyle Europe Realty (CER) is focuses on investments in a thematic and targeted way in real estate and real estate related assets and companies primarily in the United Kingdom, France and Germany, as well as Belgium, Denmark, Finland, Ireland, Italy, Luxembourg, Norway, Portugal, Spain, Sweden and the Netherlands pursuing an opportunistic investment and management strategy. The CER investment team is led by European real estate veteran Peter Stoll and a senior team that averages over 17 years of European principal investing experience. The CER investment team has an on-the-ground presence in key locations in the United Kingdom, France and Germany and a pan-European investment team based in London, as well as benefitting from the global resources of Carlyle.

About Ceetrus
Established in 1976, Ceetrus is a global real-estate actor known as Immochan until June 2018.  Ceetrus operates a transformation since 2016 to become a global real-estate development company. With 295 shopping centres worldwide and thanks to strong partnerships within citizens and territories, Ceetrus builds animating places integrating commerce, housing, offices and urban infrastructures. By creating sustainable, smart and lively places, Ceetrus’ statement is to build or enhance a real human link between people to make tomorrow’s city. Its fields of expertise are from development, promotion, investment, site administration to innovation.

Key figures :  10 countries, 295 shopping centres, 10 700 trade partnerships, 39 000m² of housing & 89 000 m² of office in 2018, 900 employees.

*****

Media Contacts

Steele &Holt for The Carlyle Group 
Daphné Claude & Dominic Riding
Email : carlyle@steeleandholt.com 
Téléphone : +33 (0)6 66 58 58 81 92 / +33 (0)6 57 48 83 24

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H.I.G. Capital Closes H.I.G. Europe Real Estate Fund Well Above Target

H.I.G. Europe

LONDON – February 19, 2019 – H.I.G. Capital (“H.I.G.”), a leading global alternative asset management firm with over $30 billion of equity capital under management, is pleased to announce the closing of H.I.G. Europe Realty Partners II (the “Fund”). The Fund closed with aggregate capital commitments of €673 million* ($760 million), well above its target. The Fund will principally make value-add investments in the small and mid-cap real estate sector in Europe.

Sami Mnaymneh and Tony Tamer, Co-CEOs of H.I.G., commented: “We are delighted with the success of H.I.G. Europe Realty Partners II. The Fund will continue to build on our local, on the ground pan-European presence and is already 16% committed. We continue to find compelling opportunities to invest in the region.”

Riccardo Dallolio, Managing Director and Head of H.I.G. Europe Realty Partners, commented: “This closing validates H.I.G. Europe Realty’s differentiated strategy. The Fund will invest in Europe across the capital structure and asset classes with a particular focus on its target market of small and mid-cap real estate opportunities. It will utilize H.I.G.’s hands-on, value-added and operationally focused approach to generate substantial asset appreciation.”

Added Jordan Peer, Head of H.I.G. Capital Formation, “The Fund was supported by a premier group of real estate institutional investors across the U.K., Germany, Nordics, Switzerland, Spain and Italy, as well as from international investors across the U.S., Asia and Middle East. We are grateful for these long-standing partners for their commitment to multiple H.I.G. real estate strategies, globally. Our Limited Partners consist of consultants, sovereign wealth funds, endowments, foundations, insurance and financial institutions and public and private pensions.”

About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over $30 billion of equity capital under management.** Based in Miami, and with European offices in London, Hamburg, Madrid, Milan, Paris, and U.S and Latin American offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Stamford, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:

  1. H.I.G.’s equity funds invest in growth investments, management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
  3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Includes commitments from the Fund’s general partner and related parties, as well as a funded co-investment.
** Based on total capital commitments managed by H.I.G. Capital and affiliates.

 

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InfraRed NF closes US$92.2m mezzanine financing deal

InfraRed Capital Partners

InfraRed NF, the leading Greater China real estate investment manager, is pleased to announce the closing of a US$92.2m financing investment with Fullsun International Holdings Group (“Fullsun International”), a Hong Kong listed property developer. The loan will be used by Fullsun International to fund further construction and the acquisition of projects from smaller developers to support the further growth of the company.

The loan is secured on a portfolio of two ring-fenced partially completed residential development projects in Changsha, with additional credit enhancement provided from a mature office asset in Hong Kong. Changsha is the provincial capital of Hunan, which has a population of around 70 million people, and is a major logistics hub for inner China. The estimated gross portfolio value of the ring-fenced collateral is more than US$380m.

Fullsun International is the offshore listed vehicle of a large mainland Chinese developer, Fusheng Group whose sales achieved approximately US$9bn in 2018 according to third party database Soufun. The loan was structured with the additional benefit of recourse to the Hong Kong listed parent company.

InfraRed NF, co-invested with Firewave Management Limited, an indirect wholly-owned subsidiary of Metro Holdings Limited, a Singapore listed company.

InfraRed NF was able to execute the transaction in under two months due to its expertise and reputation in mezzanine financing. To date, InfraRed NF has completed 10 mezzanine investments, seven of which have been repaid, that committed over US$650m of capital to mezzanine transactions in China. This new loan forms part of InfraRed NF’s investment strategy to focus its lending activity on projects in regional hubs, benefiting from infrastructure investment, with strong economic fundamentals and sizeable population bases.

Grant Chien, Head of Special Situations Financing at InfraRed NF Investment Advisers, commented:

“Our track record of working with our portfolio companies on-the-ground combined with our operational know-how gave us the insight and ability to close the deal in under two months. Focusing on positive, long-term trends enables the team to look beyond short-term residential sector cyclicality and recent capital market volatility. Fullsun International has a strong acquisition pipeline of distressed opportunities and we look forward to continue working with them across Tier One and select Tier Two cities.”

Stuart Jackson, CEO of InfraRed NF Investment Advisers, added:

“A window of opportunity has arisen for InfraRed NF from the well-publicised contraction of available credit within China. China’s deleveraging is creating an attractive investment environment for us resulting in a healthy pipeline of mezzanine and value-add deals.”

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CapMan Real Estate leases 5,000 sqm in Gärdet to Swedish Defence Recruitment AgencyCapMan Real Estate leases 5,000 sqm in Gärdet to Swedish Defence Recruitment Agency

CapMan Real Estate press release         7 February 2019 at 8.00 a.m. CET

CapMan Real Estate leases 5,000 sqm in Gärdet to Swedish Defence Recruitment Agency

Government entity Swedish Defence Recruitment Agency has signed a lease with CapMan for approx. 5,000 sqm in the property Lybeck 2 in Gärdet, Stockholm. CapMan Nordic Real Estate II Fund acquired Lybeck in December 2017 and has since actively worked with the management of the property.

“It is very exciting that the Swedish Defence Recruitment Agency has decided to relocate to Lybeck and it fits in well with our strategy to improve the quality of the existing office building,” says Anna Reuterskiöld, Investment Director at CapMan Real Estate.

“We are looking forward to moving into new premises which will be well suited for our operations. To have all of our premises in one coherent floor is very positive for both our employees and for everyone who visits us in order to try out for different educations and positions,” says Annika Fahlvik, head of the operational support at the Swedish Defence Recruitment Agency.

For more information please contact:
Anna Reuterskiöld, Investment Director, CapMan Real Estate, tel. +46 731 54 22 31

About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value-creation in its target companies and assets. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate and created substantial value in these businesses and assets over the last 30 years. CapMan employs today approximately 120 private equity professionals and has approximately €3 billion in assets under management. We mainly manage the assets of our customers, the investors, but also make investments from our own balance sheet. Our objective is to provide attractive returns and innovative solutions to investors. Our current investment strategies cover Buyout, Growth, Real Estate, Infra, Credit and Russia. We also have a growing service business that currently includes procurement services (CaPS), fundraising advisory (Scala Fund Advisory), and fund management services. www.capman.com

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