CapMan Real Estate acquires Seminaari school, located in central Hämeenlinna, Finland

Capman

CapMan Real Estate acquires Seminaari school, located in central Hämeenlinna, Finland

The CapMan Nordic Real Estate III fund (CMNRE III) acquires the Kauriala buildings and a plot belonging to the Seminaari school located in Hämeenlinna, Finland, from the University Properties of Finland. The Seminaari school is located in the Kauriala neighbourhood of Hämeenlinna, and it is the largest primary school in Hämeenlinna with approximately 750 pupils. The entire property is under a long-term lease to the City of Hämeenlinna. This investment supports the fund’s strategy very well due to its central location and long-term lease. Amongst other things CapMan Real Estate plans to renovate one of the buildings and improve the energy efficiency and accessibility of the other buildings.

The Seminaari school property in Kauriala consists of eight buildings, all built at different times between 1930 and 1984. The property is leased by the City of Hämeenlinna under a long-term lease. Hämeenlinna is a city of 68,000 inhabitants and in the middle of the main highway from Helsinki to Tampere at c.1 hour drive away from both cities. Most of the buildings have undergone renovations in recent years. One building, originally completed in 1953, is currently undergoing a thorough renovation, which has been agreed upon with the City of Hämeenlinna. CapMan Real Estate will finalise this renovation as well as other already agreed upon investments and repairs. In addition, CapMan Real Estate is planning energy-saving investments, aiming to improve the properties energy class, as well as accessibility related improvement measures. As a result of these improvements CapMan Real Estate will apply for BREEAM In-Use environmental classification of the properties, targeting at least level Very Good.

Attached to the property and as part of the acquired asset is also an unbuilt plot, designated for residential use in the master plan. CapMan Real Estate has agreed with the City of Hämeenlinna to discuss development opportunities for the plot supporting the development of the surrounding area, during this spring.

“We are very pleased with this investment, which fits our fund’s investment strategy well. As the largest primary school in Hämeenlinna and due to its central location, the Seminaari school is a strategically important asset for the city. Our goal is to further develop the property for school use together with the City of Hämeenlinna, in order for the property to serve students and teachers in the area far into the future, something which the long lease agreement provides good basis for,” comments Aleksi Konsti, Investment Director at CapMan Real Estate.

“We are pleased to start this cooperation with CapMan Real Estate. For us it is important to have a good partner taking care of the very good condition of the building related to the services we provide as a city,” says Tarja Majuri, Director of Urban Structure at the city of Hämeenlinna.

”It’s wonderful, that the City of Hämeenlinna gets an active owner as its new landlord. The Seminaari school was no longer in the core of the University Properties of Finland’s real estate strategy which is why we decided to sell the asset. We are pleased that the school will now become part of CapMan Real Estate’s portfolio”, says Sanna Sianoja, CEO at University Properties of Finland.

The investment is the fourteenth of the CapMan Nordic Real Estate III fund, which invests in the Nordic countries. The real estate assets managed by CapMan Real Estate currently amount to approximately EUR 4.2 billion. The real estate investment team employs more than 70 real estate investment professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo and London.

For further information, please contact:

Aleksi Konsti, Investment Director, CapMan Real Estate, +358 400 815 123

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With approx. 5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London, Luxembourg and Jyväskylä. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.

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KKR Acquires Two Multi-Family Blocks At Wembley Park From Quintain

KKR
  • Part of KKR’s continued ambitions through its European Real Estate Core+ Strategy
  • Supports Quintain’s strategy to sell stabilised BtR buildings and recycle capital
  • Deal follows the sale of Alto, Dakota and Montana blocks to Goldman Sachs in 2023

London, 22 January 2024 – KKR, a leading global investment firm, today announces the acquisition of two high-quality, purpose Build-to-Rent (BtR) multi-family buildings from Quintain, the developer and asset manager behind Wembley Park, for an undisclosed sum.

Alameda and Beton, completed in 2019 and 2020 respectively, comprise 490 BtR units across two buildings and circa 40,000 sq ft of retail and leisure space. The buildings hold BREEAM “Excellent” and WiredScore “Platinum” ratings.

KKR is making the investment through its European Core+ Real Estate strategy, which invests in high-quality, substantially stabilised assets with medium-term value growth potential. Residential is a thematic priority for KKR’s overall European real estate strategy, given its strong structural growth drivers, including population growth and urbanisation to support greater demand for rental housing. The transaction builds on KKR’s strong Real Estate platform in the UK and across Europe where the team also invests across logistics, industrial and commercial real estate through KKR’s platforms.

As part of the investment, KKR has appointed Quintain to manage both the residential and retail elements of both buildings, marking Quintain’s commitment to manage properties as a third-party manager for investors in BtR through its Quintain Living management platform.

The transaction forms part of Quintain’s wider strategy to dispose of stabilised, early-generation residential assets at Wembley Park, repay debt and to invest in ongoing development, with a focus on BtR, neighbourhood retail and placemaking.

Charles Tutt, Head of UK Real Estate at KKR, commented: “We are pleased to acquire two high-quality assets in Wembley Park, one of London’s most exciting residential neighbourhoods. This investment underscores our conviction that residential real estate will continue to benefit from structural growth drivers. Located within an established submarket with excellent connectivity to Central London, the assets are well positioned to benefit from the favourable dynamics of the London residential market.”

Ian Williamson, Head of Core+ Real Estate in Europe at KKR, added: “This acquisition expands on our European real estate strategy, which includes investing in high-quality residential assets. The Core+ sector is proving to be a strong strategy given its ability to structurally grow in areas where there is an imbalance in supply and demand, particularly as investors seek attractive risk adjusted returns in a dynamic macro-environment. KKR is well positioned in a competitive market given our global track record, the strength of the KKR platform and our sophisticated investment approach.”

James Saunders, Quintain CEO, said“This deal underlines our commitment to recycling capital from non-core and stabilised assets to re-invest in new homes at Wembley Park, where we have two new buildings underway and on track to be delivered by 2025. We are also delighted that KKR has appointed Quintain Living to continue managing Alameda and Beton. This marks the first step in the roll-out of our Quintain Living management platform to third-party operators.” 

-ENDS-

Media enquiries:

FGS Global (KKR)

Alastair Elwen
KKR-Lon@FGSGlobal.com
Tel: +44 (0) 20 7251 3801

Quintain

Harriet Pask
hpask@quintain.co.uk
Tel: +44 (0) 77 3331 1824

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Quintain

Quintain is the award-winning development and asset management company behind Wembley Park, one of London’s most exciting new neighbourhoods.

Quintain celebrated its 30th anniversary in 2022, with 20 years since acquiring its interest in Wembley Park. To date, the 85-acre development has seen over £2.8bn invested and welcomes on average 16 million visitors a year.

Asset management has been one of Quintain’s key strengths for the last 20 years, not only for its wholly owned properties, but also in joint ventures and for third party landlords.

Quintain has been managing residential properties on behalf of other landlords at Wembley Park since 2008. Its success in this market led to the 2016 launch of award-winning residential management business, Quintain Living, now focused on the management of Quintain’s institutional quality, Build-to-Rent (BtR) asset and property management platform and pipeline. In 2022 Quintain Living was named EG’s BTR Specialist and RESI’s Property Manager of the Year.

Quintain is delivering approximately one third affordable housing at Wembley Park with its Discount Market Rent BtR homes pepper-potted, tenure-blind amongst its Quintain Living developments. Quintain’s sustainability strategy falls under the pillars of People, Place, and Property. More information can be found at www.quintain.co.uk/sustainability.

 

 

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KKR And Mirastar Acquire Prime Big Box Logistics Development In Widnes From Marshall CDP

KKR

The transaction is Mirastar and KKR’s fourth deal with CDP and first with financing provider CBRE Lending


London, 17 January 2024 – KKR and Mirastar, KKR Real Estate’s industrial and logistics platform in Europe, have entered into a forward funding agreement to speculatively develop a prime logistics building (known as XDock) in Widnes, North West UK. This off-market acquisition marks the fourth development deal for KKR and Mirastar with Marshall CDP, a market leading developer specialising in the logistics, industrial and commercial sectors. The development will be financed by a loan made by CBRE Lending on behalf of Greater Manchester Property Venture Fund and Merseyside Pension Fund.

The c.550,000 sqft XDock building will be developed to a best in class specification, targeting a BREEAM Excellent certification, EPC A rating and will benefit from double sided loading. The property is strategically located for both regional and national distribution with immediate access to the national motorway network via the M62, M57, M6 and M56 motorways. Situated in the Liverpool Freeport Zone, XDock benefits from both Freeport Customs and Tax Status, which could provide significant cost savings to qualifying occupiers.

Kris Britland, Development Director for Northern Europe at Mirastar, said: “This transaction marks the fourth deal with Marshall CDP, demonstrating the strong relationship that Mirastar and KKR have built with the developer. We look forward to building this Grade-A scheme with Marshall CDP and delivering another high-quality development to the market.”

Ekaterina Avdonina, CEO and Co-Founder at Mirastar, added: “KKR and Mirastar remain acquisitive for best-in-class developments and funding projects across our key high-conviction markets. In this challenging environment, it is a testament to the team to be able to get such a large deal over the line. We remain committed to the UK logistics and industrial sector and are excited to partner with the team at Marshall CDP on this project.”

Seb d’Avanzo, Managing Director and Head of Real Estate Acquisitions for KKR in Europe, said: “We are pleased to complete this acquisition, which forms part of our strategy to develop state-of-the-art logistics assets in markets with compelling supply-demand dynamics. We will continue to provide capital solutions and leverage our relationships to unlock value in an environment where capital availability is disconnected from attractive fundamentals.”

Peter Wallach, Director of Pensions at Merseyside Pension Fund, said: “We are pleased to be working with our Northern LGPS pool partners in supporting the regeneration and levelling up of this key development zone in the North West with energy efficiency and sustainability at the forefront of the scheme design.”

Andrew Antoniades, Head of Lending at CBRE Lending said: “We’re pleased to have made this loan from two of our key lending programmes. It is our first loan under our new role investing for the Greater Manchester Property Venture Fund and builds on our track record for lending to strategically important developments for the Merseyside Pension Fund’s Catalyst Fund.”

Simon Marshall, Chief Executive Officer at CDP, said: “Following our previous successful partnerships with Mirastar-KKR at Widnes Gorsey Point and Speke, CDP are now pleased to have agreed a deal to deliver the flagship logistics development of XDock at our strategic HBC Fields site in Widnes.”

The development has been acquired through a forward-funding structure by KKR Real Estate Partners Europe II, a US$2.2 billion fund dedicated to value add and opportunistic real estate investments in Western Europe.

KKR and Mirastar were advised by Carrick RE and Cushman & Wakefield (commercial); BCLP (legal – real estate, construction, planning and finance); Maples (Jersey legal); Savills (technical due diligence); Nova Ambiente (environmental due diligence); Arcadis (ESG due diligence); Syzygy (Solar advisory); and Deloitte for (tax).

— Ends —

About Mirastar

Mirastar is a pan-European logistics developer, investor and asset manager, founded in 2019 by Ekaterina Avdonina, Chief Executive Officer, and Anthony Butler, Chief Investment Officer. The team currently comprises 39 senior real estate professionals and has offices in London, Madrid, Amsterdam, Stockholm and Milan. The team at Mirastar have deployed over €20bn of capital across key European markets and have built and constructed in excess of 3.0m sqm of logistics assets collectively.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

 

Media Contacts

 

FGS Global

Alastair Elwen / Sophia Johnston

KKR-Lon@FGSGlobal.com

Tel: +44 (0) 20 7251 3801

 

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CapMan Real Estate participates in the Science Based Targets initiative’s pilot test for the development of the Buildings Science-Based Target-Setting Guidance and Tool

Capman

CapMan Real Estate has been selected among the first companies globally to participate in the Science Based Targets initiative (SBTi) Buildings pilot test, putting CapMan on the forefront of developing tools for decarbonisation of buildings. The SBTi Buildings Project is developing science-based target-setting tools and guidance to help companies in the building sector to meet the 1.5°C climate goal – a goal which CapMan has committed to as well. The Pilot is central for the development of the tools we need to truly put the real estate industry on a science-based decarbonisation pathway.

The Science Based Targets initiative (SBTi) is a global body that helps companies set ambitious science-based emissions reductions targets in line with the latest climate science. As the building sector is responsible for over one third of the global energy consumption and emissions, the SBTi has initiated the Buildings Project to find pathways for buildings emissions to align with the 1.5 °C goal of the Paris Agreement.

The SBTi’s Buildings Project holds a pilot phase in which companies and financial institutions in the buildings value chain test its science-based target-setting guidance and tool drafts. By testing the guidance and tool drafts using real world data, the companies contribute to developing the guidance and help identify potential challenges in implementing it. The goal is to develop robust, clear, and practical resources that support building companies in setting 1.5°C-aligned science-based targets.

“We are thrilled to have been selected for this pilot test project as we get to be among the first ones in the world to test out best-practices for decarbonizing the building sector. We are looking forward to extending our existing greenhouse gas (GHG) reduction target scope from operational to embodied emissions and from near-term to long-term targets. This is to reach our net-zero targets which we are about to publish soon”, comments Anna Rannisto, Sustainability Manager at CapMan Real Estate.

In 2023, the SBTi validated CapMan’s near-term climate targets. The validated real estate specific targets are to reduce GHG emissions from residential buildings within the direct investment portfolio 50% per square meter by 2032 from a 2021 base year and from service (commercial) buildings within the direct investment portfolio 72% per square meter by 2032 from a 2021 base year.

CapMan, including CapMan Real Estate, has set long-term net-zero targets that will be communicated shortly. CapMan Real Estate plans to align these targets with the SBTi Building guidelines once they are finalised. In 2023, CapMan Real Estate prepared roadmaps to reach net-zero emissions including both operational and embodied emissions. The decarbonization work has already started.

CapMan Real Estate manages approximately €4.2 billion in real estate assets and the Real Estate Team comprises over 70 real estate professionals located in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo and London.

For more information, please contact:

Anna Rannisto, Sustainability Manager, CapMan Real Estate, +358 40 6266 383

Mika Matikainen, Managing Partner, CapMan Real Estate, +358 40 519 0707

About the Science Based Targets initiative

The Science Based Targets initiative (SBTi) drives corporate climate action by enabling businesses and financial institutions globally to set science-based greenhouse gas (GHG) emissions reduction targets. It was formed as a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI), the World Wildlife Fund (WWF), and the We Mean Business Coalition. The SBTi’s goal is to enable companies worldwide to do what climate science requires of the global economy: to halve emissions by 2030, and achieve net-zero before 2050. The SBTi develops criteria and provides tools and guidance to enable businesses and financial institutions to set GHG emissions reduction targets in line with what science tells us is needed to keep global heating below 1.5°C.

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With approx. €5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London, Luxembourg and Jyväskylä. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.  

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CapMan Social Real Estate Fund invests in daycare and school assets in central Helsinki, Finland, continues fundraising

Capman

CapMan Social Real Estate Fund invests in daycare and school assets in central Helsinki, Finland, continues fundraising

The newly established CapMan Social Real Estate Fund (CMSRE) makes its first investment, investing in two daycare and one school asset in central Helsinki, Finland. Two of the buildings house the French Jules Verne kindergarten and school and one, once refurbished, will house daycare facilities operated by the City of Helsinki. All three buildings are under long-term leases. As energy performance certificates are obtained the properties will become EU Taxonomy aligned. After this first investment, the fund continues fundraising targeting EUR 500 million of equity commitments and total investment capacity of nearly EUR 1 billion over the coming years.

All three historical buildings under long lease agreements are located within the same block in Helsinki city centre, close to Hietalahti market square with excellent traffic connections. Two buildings were recently refurbished to modern standards and are under a long-term lease with the French Jules Verne kindergarten and school while the third building is designated for day care use by the City of Helsinki and is currently undergoing a thorough refurbishment, which is expected to be completed in 2025. The buildings will accommodate some 350 children living in the surrounding areas.

CapMan Real Estate will invest in energy saving measures and perform accessibility related improvements in the buildings. Energy Performance Certificates will be obtained for each building after which the properties will be EU Taxonomy aligned. The properties will pursue LEED green building certifications targeting Gold rating (existing buildings, operations and maintenance, schools, building design and construction).

“We are very happy to invest in these three centrally located assets which represent the first investment for our social real estate fund. Educational properties are one of the main target sectors for CMSRE and the assets fit the investment criteria and the strategy of the fund well. We look forward to our long-term co-operation with the assets’ two tenants in the early childhood education sector and providing great premises for the children and personnel. The surrounding Hietalahti area is expected to develop favourably in the future further improving the quality of the assets”, comments Aleksi Konsti, Investment Director at CapMan Real Estate.

CapMan acquired the assets from HGR Property Partners.

CMSRE continues fundraising, looks for new investments

This is the first investment for CMSRE which continues fundraising, targeting EUR 500 million of equity commitments and total investment capacity of nearly EUR 1 billion over the coming years. The fund is looking to build a well-diversified portfolio of social real estate properties across Sweden, Finland, Denmark and Norway.

CMSRE invests in properties that are used for providing essential public services in sectors such as health care, education, civic services and emergency. Through long-term tenant relations, active leasing, operating expense management, targeted capex and ESG improvements, long-term value growth is created.

“The Nordic countries represent an attractive investment market where the volume of social real estate investments can be seen increasing rapidly. Currently, we continue fundraising while actively looking for investment opportunities across the Nordic countries which all present unique prospects within social real estate”, shares Mika Matikainen, Managing Partner and Head of CapMan Real Estate.

The fund is classified as an Article 8 financial product under the Sustainable Finance Disclosure Regulation (EU). The fund is a German special investment fund and it is primarily targeted to German institutional investors. HANSAINVEST Hanseatische Investment-Gesellschaft mbH acts as the alternative investment fund manager (“AIFM) of the fund. CapMan Real Estate acts as advisor for the fund.

CapMan Real Estate manages approximately €4.2 billion in real estate assets and the Real Estate Team comprises over 70 real estate professionals located in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo and London.

For more information, please contact:

Aleksi Konsti, Investment Director, CapMan Real Estate, +358 400 815 123

Mika Matikainen, Managing Partner, CapMan Real Estate, +358 40 519 0707

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With approx. 5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London, Luxembourg and Jyväskylä. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.  

 

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CapMan Residential Fund acquires two newly built residential assets in Helsinki Metropolitan Area, Finland

Capman

CapMan Residential Fund acquires two newly built residential assets in Helsinki Metropolitan Area, Finland

CapMan Residential Fund (CMRF) acquired two high-quality residential assets at the end of 2023. The transaction is the seventh investment for CapMan’s pan-Nordic core residential fund.

The two buildings with 82 apartments in total were completed in 2023 and are located in the districts of Olari and Soukka, in Espoo. The assets are well-connected to public transport and about 20 minutes from Helsinki city centre. The Olari property is also just a short walk from one of the dominant shopping and service centres in the Helsinki region, Iso Omena.

“We are delighted to add these exceptionally well located newly built assets to our fund, which focuses on investing in high-quality and middle-income residential properties in established and well-connected locations in the Nordic metropolitan areas. While the asset in Olari is already EU taxonomy aligned, also the property in Soukka is targeted to be EU taxonomy aligned once its energy performance certificate rating (EPC) is improved from B to A. The fund’s portfolio in Finland has expanded to 31 assets with this acquisition”, comments Juhani Erke, Partner at CapMan Real Estate.

These assets complement our existing portfolio very well, and the transaction demonstrates that despite subdued market activity, there are attractive opportunities for well capitalised investors”, shares Mikael Hjorth, Partner at CapMan Real Estate and Fund Director of CMRF.

CapMan Real Estate has approximately €4.2 billion of real assets under management, and the team comprises over 70 professionals located in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo and London.

For more information, please contact:

Juhani Erke, Partner, CapMan Real Estate, +358 505 495 104

Mikael Hjorth, Partner, CapMan Real Estate, +44 7741 873 663

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics, it has built value in unlisted businesses, real estate, and infrastructure for over three decades. With approx. EUR 5 billion in assets under its management, its objective is to provide attractive returns and innovative solutions to investors. An example of this are the greenhouse gas reduction targets that it has set under the Science Based Targets initiative in line with the 1.5°C scenario. It has a broad presence in the unlisted market through its local and specialised teams. Its investment strategies cover minority and majority investments in portfolio companies and real estate, as well as infrastructure assets. It also provides wealth management solutions. Its service business includes procurement services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London, Luxembourg and Jyväskylä. It has been listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.

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ETCHE sells the Gallic Portfolio, consisting of five assets in the Lyon Region

KKR

Paris, 18 December 2023 – Etche, KKR’s logistics real asset platform in France, has sold a portfolio of five assets located in the Lyon region, with a total area of approximately 29,000 square meters.

Situated on the outskirts of Lyon, in Meyzieu, Saint-Quentin-Fallavier, Saint-Priest, Décines-Charpieu, and Chassieu, the portfolio consists of five commercial and logistics buildings strategically located in prime logistics zones that serve the city of Lyon and its surrounding area. The buildings are fully leased to national and local brands.

Vincent Lauret, President of Etche, commented: “This latest sale ends an extremely active year for Etche, and demonstrates our ability to continue creating value in the sectors we are focused on, including logistics. In the midst of a challenging market environment, we have successfully completed a quick sales process without compromising on our ambitious value objectives, reflecting the quality and prime location of this portfolio and our focus on active asset management since acquiring the buildings.”

The Gallic assets were acquired between 2021 and 2022 through KKR Real Estate Partners Europe II, the same European value-add strategy used for the Big Deal portfolio. This portfolio, sold to Alderan earlier this year, comprised of 29 business park and logistics assets spread across France.

Etche also sold its retail assets this year, while also continuing to acquire strategically located buildings. In October, Etche announced the acquisition of the Scott portfolio from Ivanhoé Cambridge, comprising five buildings strategically located in prime logistics zones in the ‘Dorsale’ on the outskirts of Lyon, Grenoble, Orléans, Compiègne and Strasbourg. The acquisition was Etche’s first transaction in France through KKR’s European Core+ real estate strategy, which focuses on investing in high quality, substantially stabilised assets with medium-term value growth potential.

For the sale of the Gallic portfolio, Etche engaged commercial advisers JLL and CBRE, legal advisor Lacourte Raquin Tatar, and the notary office R&R Notaires.

About Etche
Founded in 2010, Etche is a French private real estate asset management company owned by the global investment company KKR. With a portfolio of around forty assets throughout France in corporate real estate (business parks, industrial, and logistics), Etche is currently refocusing its activities to prioritize logistics real estate through arbitrages or the acquisition of existing or planned buildings. With a strongly affirmed ESG strategy, the company has initiated an ambitious decarbonization plan for its heritage, encouraging its suppliers and collaborators to identify more environmentally friendly innovative solutions.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Media contacts

ETCHE
Iduskia Communication
Grégoire Darricau – +33 6 72 10 58 57 – gdarricau@iduskia-communication.com

KKR
FGS Global
Laura de Carné – +33 7 89 07 82 73 – laura.decarne@fgsglobal.com

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Blackstone Strategic Partners Closes Eighth Real Estate Secondaries Fund at $2.6 Billion

Blackstone

New York, New York, November 30, 2023 – Blackstone (NYSE:BX) announced the final close on $2.6 billion for its latest real estate secondaries fund, Strategic Partners Real Estate VIII L.P., and its related committed program vehicles.

Verdun Perry, Global Head of Strategic Partners, said: “We are incredibly grateful to our investors for their continued support. We remain committed to generating strong risk-adjusted returns for the millions of beneficiaries that our investors represent. With our substantial scale and private market footprint, we believe we are well-positioned to capitalize on the substantial, and growing, opportunities in the real estate secondaries market.”

Mark Burton, Senior Managing Director and Head of Real Estate Secondaries said: “We have one of the market’s largest real estate portfolios, spanning interests in over 540 underlying real estate funds managed by over 220 GPs. With the growing need for liquidity among GPs and LPs, we are excited about the real estate secondaries market opportunity ahead of us.”

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors. We do this by relying on extraordinary people and flexible capital to help strengthen the companies we invest in. Our over $1 trillion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis.  Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Strategic Partners 
Blackstone Strategic Partners is a global leader in illiquid fund investing including secondaries, co-investments and primary advisory. Founded in 2000, Blackstone Strategic Partners has $68 billion of investor capital under management (as of September 30, 2023) and is one of the most prolific secondary market participants in the world, having closed over 2,000 transactions across its private equity, infrastructure, and real estate platforms, representing more than 5,400 underlying fund interests managed by over 1,600 managers. Blackstone Strategic Partners provides a range of solutions across illiquid asset classes for investors and financial sponsors, including LP liquidity solutions and GP-focused solutions such as GP-led secondaries and co-investments.

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646-482-8774

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Second largest office letting in Hamburg in 2023: Ardian lets 15,000 sqm to new Fielmann headquarters

Ardian

Ardian, a world-leading private investment house, has signed a rental agreement for almost 15,000 m² of office space with Fielmann Group AG (“Fielmann”). Fielmann will relocate its headquarters to the Q21 Offices, located at Fuhlsbüttler Str. 399 in Hamburg-Barmbek, in mid-2025 and lease all of the office space on a long-term basis. The signing of the contract is the second largest office rental in Hamburg this year to date.

Ardian acquired the office and commercial building at the end of 2021. The current main tenant of the office space is Hochtief AG (“Hochtief”), which will remain in the building until March 2024.

Built in 2012, the building is being extensively upgraded by Ardian, with a focus on sustainability. The partially defective facade is currently being completely replaced by an attractive clinker brick facade with modern insulation, while  the common areas will be revised and the underground car park will be completely renovated. As part of the upgrade program, the existing DGNB Gold certification is to be expanded to include a BREEAM Excellent certification. Following Hochtief vacating the premises at the beginning of 2024, the office space will also be expanded to a modern, high-quality finish in line with Fielmann’s requirements.

In addition to the office space, there is attractive retail space for tenants on the ground floor of the complex with branches of Rewe, Denns Biomarkt, Budnikowsky and Targobank. There are also attractive dining options, which will soon be supplemented by another restaurant.

“We are pleased to have won Fielmann Group AG as a long-term tenant with the concept for the office space in Q21. The new lease is a perfect example of the current corporate trend of reducing office space and moving to higher quality, sustainably developed properties in locations with strong infrastructure. At the same time, the new rental is a positive signal for the Hamburg rental market.” Bernd Haggenmüller, Senior Managing Director Real Estate, Ardian

“With the comprehensive modernization, the property will be significantly upgraded, meeting Fielmann’s high standards regarding ESG criteria. We are also confident that the area around our building will benefit in the long term from this well-known anchor tenant.” Moritz Pohlmann, Director Real Estate, Ardian

LIST OF PARTICIPANTS

  • ARDIAN

    • ARCHITECTS BUILDING IMPROVEMENT: SHE ARCHITECTS
    • TENANT EXPANSION: OFFICE GROUP
    • ADVISOR TO LANDLORD: BNP PARIBAS REAL ESTATE
    • ADVISOR TENANT: CBRE
    • LAWYER LANDLORD: CLIFFORD CHANCE
    • TENANT ATTORNEY: NORTON ROSE

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $156bn of assets on behalf of more than 1,470 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 17 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

PRESS CONTACT

ARDIAN

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Ardian and Prelios SGR complete sale of Milan office building at the Milanofiori Business Park

Ardian

The building has undergone major renovation, including the complete renewal of most spaces across its six floors
• The property reached 100% occupancy as a result of the improvements, attracting leading tenants

Ardian, a world-leading private investment house, and Prelios SGR, one of Italy’s most important real estate and securities asset management companies, have completed the sale of an office building located at the Milanofiori Business Park in Milan’s Assago district to Inovalis, a major French real estate investment manager.

The transaction was conducted through a closed-end investment company (SICAF) wholly owned by Ardian and managed by Prelios SGR.

The building has a commercial area of approx. 18,000 sqm and 125 parking spaces. It consists of 6 floors for executive use, 1 ground floor with two food & beverage units serving the tenants, and a basement floor providing parking and archive facilities. The building is located in Milan’s Milanofiori Business Park, a mixed-use real estate complex including offices, residential properties, shops, a multi-screen cinema, hotel, fitness centre and university campus in the south-west of Milan. The area is strategically connected to the rest of the city via the M2 metro line, which provides access to the city’s three main railway stations (Garibaldi, Centrale and Cadorna), and is a 20-minute drive from Linate international airport.

Ardian and Prelios SGR completed major renovation plan on the property between 2018 and 2021. This included a total renovation of the spaces not yet leased and the complete redevelopment of the ground floor. A new double-height lobby was added to the building, alongside the refurbishment of the common areas. The maximum capacity of the floors was also increased. The building has obtained BREEAM certification.

The redevelopment has boosted rental activity and increased occupancy in the building, attracting leading national and international companies which have rewarded the quality level of the property compared to other buildings in Business Park. As a result, occupancy has increased from 51% at the time of purchase in 2017 to 100% today.

“While some parts of the office market outside of city centres have faced challenges in recent months, the redevelopment and extensive improvements completed on this property have seen it reach full occupancy and attract leading international tenants. This highlights the strong demand from the market for Grade A space and Ardian’s ability to enhance the value of its real estate assets. The sale of the property to Inovalis is an excellent signal for the market and demonstrates how Grade A office space with excellent tenant covenants continues to attract interest from institutional investors”. Matteo Minardi, Head of Real Estate Italy, Ardian

“We are pleased to have completed the renovation, improvement and sale of the Assago property, which included the significant improvement of the building’s rental profile and sustainability credentials. Against the current market backdrop, this transaction reiterates Prelios SGR’s experience in implementing targeted asset management that helps to improve quality and attractiveness for international investors. We are particularly proud to have created value for Ardian through this process”. Nicola Sajeva, Director Asset&Development Management, Prelios SGR

Savills acted as commercial advisor for the transaction. Ardian and Prelios SGR were supported by Studio Legale Gattai, Minoli, Partners as legal and tax advisor. CBRE acted as technical advisor.

ABOUT ARDIAN
Ardian is a world-leading private investment house, managing or advising $156bn of assets on behalf of more than 1,470 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 17 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com
ABOUT PRELIOS SGR
Prelios SGR is part of the Prelios Group and is one of the leading asset management companies in Italy. The company is active in the promotion, establishment and management of real estate and credit alternative investment funds, advisory and management of separate accounts, on behalf of leading Italian and international institutional investors. Prelios SGR plays a pioneering role in the innovation of investment products, both in terms of asset classes and types, including the management of one of the first heterogeneous SICAFs, and the largest UTP fund in Italy and among the largest in Europe. Prelios SGR has developed high standards and control systems in terms of governance, risk management and transparency, while maintaining operational flexibility. The Company is also committed to the promotion of sustainability values, as demonstrated by its adherence already in 2019 to the UN PRI – Principles for Responsible Investment and, from 2020, to the GRESB.

prelios.com
PRESS CONTACTS

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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