CapMan Residential Fund makes its first Swedish investment through its acquisition of a forward funding project in Örebro

Capman

CapMan Real Estate press release
June 10 2022 at 09:45 EEST

CapMan Residential Fund makes its first Swedish investment through its acquisition of a forward funding project in Örebro

CapMan Residential Fund acquires the forward funding project from the Swedish developer Serneke at a price of SEK 314 million. The project includes 139 apartments scheduled for completion in Q4-2024. The project, situated in the new urban area Tamarinden, is located 2 km to the south of central Örebro, Sweden’s sixth largest city.

The project has high sustainability ambitions and a clear green profile which includes onsite solar collector systems and rainwater collection areas for re-cycling rainwater within the local green areas. The project will pursue Miljöbyggnad green building certification at Silver level.

“This first acquisition in Sweden fits very well with the fund’s investment criteria to invest in modern sustainable residential properties located in major Nordic cities. Through this investment in space efficient, high-quality apartments, we continue on our path to develop a diversified Nordic core residential rental portfolio with stable risk-adjusted returns for our investors,” says Mikael Hjorth, Partner and Fund Director for CapMan Residential Fund.

CapMan Real Estate currently manages approximately EUR 4.0 billion in real estate assets. The Real Estate Team comprises over 60 real estate professionals in Helsinki, Stockholm, Copenhagen, Oslo and London.

The Örebro investment is the 4th acquisition for the CapMan Residential Fund, a core fund launched in June 2021, targeting €1.0 billion of equity during 2023.

For more information, please contact:

Mikael Hjorth, Partner and Fund Director, CapMan Residential Fund, tel: +44 7741 873 663

Magnus Berglund, Partner and Head of CapMan Real Estate Sweden, tel: +46 70 786 68 08

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 over €4.7 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. 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 and Luxembourg. We have been listed on the Nasdaq Helsinki since 2001. Read more at www.capman.com

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Ardian invests in Odealim alongside TA Associates

Ardian
  • 01 June 2022 Buyout France, Paris
  • Ardian, a world-leading private investment house, announces today it has signed an agreement with TA Associates (“TA”), a global growth private equity firm, to become a co-controlling shareholder of Odealim, a leader in real estate insurance and credit brokerage in France. The Group, managed by Xavier Saubestre (Chairman and CEO) and Xavier Paturel (CEO), has revenues of over €160m.

TA, Odealim’s majority shareholder since 2018, will reinvest in the transaction alongside Raise Investissement, an existing minority shareholder, and the management team. The investment, made by the Buyout team at Ardian, will enable the company to move into the next phase of its development and consolidate its position as an integrated leader in the real estate sector through the continuation of its organic growth, diversification and geographic expansion, notably through strategic acquisitions.

Founded in 1998, the company became the leading insurance brokerage specialist for real estate professionals (primarily property managers, institutional investors, co-ownerships, etc.) by developing insurance solutions for their properties (including multi-risk building insurance, structural damage policies and unpaid rent guaranties).

Backed by TA, the Group has grown revenues from €30m in 2018 to €160m today and increased its geographic coverage across France, through multiple acquisitions, including Ripert de Grissac and Pisano in Marseille, Brun, Assurgérance and BVD in Lyon, Fidentialp in Grenoble and Bâti-assure in Tours.

More recently, Odealim has also diversified into mortgage brokerage and mortgage insurance by investing in Digital Insure (2020), an insurtech focused on mortgage insurance, and via the acquisition of real estate mortgage broker Artémis Courtage (2021). Through those two acquisitions, the Group further strengthened its position across the real estate vertical and developed the opportunity for cross-selling synergies between its activities.

Thanks to this new investment, the company will be positioned to continue its strong organic growth, further integrate the recently acquired companies, and capitalize on its extensive M&A pipeline. Ardian and TA, both with proven track-records in financial services, will support the Group in further consolidating its positions in existing markets, notably in construction (policies covering structural damage, decennial liability etc.), as well as in new sectors of activities like the institutional real estate market.

“We have followed Odealim closely for several years and have been impressed by the development project led by Xavier Saubestre and Xavier Paturel. We are convinced of the company’s future growth prospects as the French leader in insurance and financing brokerage for real estate professionals. Odealim has demonstrated an impressive organic growth during this period and strong resilience throughout the COVID-19 pandemic, as well as in the current inflationary market context.” Yann Bak, Managing Director in the Ardian Buyout team

“Odealim is a key player in insurance and real estate financing brokerage in France. The Group benefits from a recurring business model, significant organic growth prospects, and is a natural consolidator in its different sectors of activity. We are extremely pleased to continue being part of the Odealim story alongside the management team and Raise, and to welcome Ardian, an experienced investor in insurance brokerage.” Patrick Sader & Jeremy Drean, Managing Director & Principal, TA Associates

“The investment from Ardian, alongside TA, will enable us to continue delivering on our ambitious expansion plans. I am proud of how far we have come with TA whom I would like to thank for their renewed trust. Our teams are working to offer to our clients and partners a high level of expertise and proximity. I would also like to thank Odealim’s executive committee members, who have been involved in this project for several years and have made it a successful, innovative and dynamic company.” Xavier Saubestre, Chairman and CEO, Odealim

Parties to the transaction

  • Odealim

    • Xavier Saubestre, Xavier Paturel
  • Ardian

    • Yann Bak, Edouard Level, Jean-Baptiste Hunaut, Anaïs Robin
  • TA Associates

  • RAISE Investissement

    • Alexandra Dupont, Aymeric Marraud des Grottes
  • Sell-side advisors

    • Financial advisors: Lazard
    • Legal corporate & structuring advisors: Latham & Watkins
    • Financial due diligence: Deloitte
    • Legal & Labor due diligences: Latham & Watkins
    • Tax due diligences: Deloitte Avocats
  • Buy-side advisors

    • Financial advisors: Nomura, Mirabaud Advisors
    • Legal corporate & structuring advisors: Weil, Gotshal & Manges
    • Commercial due diligence: Roland Berger
    • Financial due diligence: KPMG
    • Digital due diligence: Magellan Consulting
    • Legal, Labor & Tax due diligences: KPMG Avocats
    • ESG due diligence: Indefi

ABOUT ODEALIM

Created from the consolidation of several regional insurance brokers, active on real estate markets, Odealim is the first specialist in real estate insurance brokerage on the French market today.
With a strong geographical footprint and a powerful network of partner insurers, Odealim can guarantee to its customers, professionals and individuals, a real support and customized solutions.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$130bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 880 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,300 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

ABOUT TA ASSOCIATES

TA is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – the firm invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 550 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $47.5 billion in capital since its founding in 1968. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong.

Media Contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.co.uk +44 (0) 020 3805 4822

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CapMan Real Estate acquires a portfolio of four office properties located in midtown Helsinki

Capman

CapMan Real Estate press release
25 May 2022 at 14.00 pm EEST

CapMan Real Estate acquires a portfolio of four office properties located in midtown Helsinki

The CapMan Nordic Real Estate III fund (“Fund”) acquires four office properties located in the midtown Helsinki neighbourhoods of Pasila, Vallila and Kalasatama from Goldman Sachs Asset Management and Cromwell Property Group. CapMan aims to modernise the spaces and improve the energy efficiency of the assets. The assets complement the existing value-add strategy of the Fund.

The assets have a total lettable area of 35,000 square metres and are located in vibrant and accessible mid-town office areas of Helsinki. The central locations combined with unbeatable public transport connections make the assets very attractive to perspective tenants, for example, Pasilanraitio 5 is located adjacent to the Tripla shopping centre and certain key transit connections, Kumpulantie 3 is located in Vallila, close to Pasila, Elimäenkatu 26 is located in the heart of Vallila and Vanha Talvitie 11 is located in the fast-growing Kalasatama area which is located close to the metro station.

Commenting on the acquisition, Sampsa Apajalahti, Investment Director at CapMan Real Estate stated “the Pasila-Vallila-Kalastama commuter area is one of the largest office hubs in Helsinki. The prime location and availability of public rail transport offer plenty of opportunities to companies seeking office space. That said, many of the offices in the area are in need of upgrades. Our goal is to create attractive workplaces by modernising the spaces and improving their energy efficiency, with the ultimate aim of obtaining energy certificates for each of the assets. Overall, the assets are a great strategic fit for our fund”.

The EUR 564 million Fund was established in 2020 and it primarily invests in office, retail, and residential real estate in the Nordic regions.

CapMan Real Estate currently manages approximately EUR 4.0 billion in real estate assets and the Real Estate Team comprises over 60 real estate professionals located in Helsinki, Stockholm, Copenhagen, Oslo and London.

For more information, please contact:

Sampsa Apajalahti, Investment Director at CapMan Real Estate, +358 40 575 2363

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 over 4.7 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. 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 and Luxembourg. We have been listed on the Nasdaq Helsinki since 2001. Read more at www.capman.com.

About Goldman Sachs Asset Management Real Estate

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2022. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure.  Established in 1991, the Real Estate business within Goldman Sachs Asset Management is one of the largest investors in real estate with over $50 billion in capital invested since 2012 across the spectrum of investment strategies from core to opportunistic. Our global team invests across all sectors with deep expertise across the capital structure, in assets ranging from single properties to large portfolios, through senior mortgages, mezzanine debt and equity. Follow us on LinkedIn

 


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Zibber acquires Topr thanks to collaboration with Mentha

Mentha Capital

akeover makes Zibber the largest player in real estate presentation

Zibber, specialist in real estate presentation and related services to real estate agents, will partner with Mentha to achieve accelerated, sustainable growth. Mentha will play an active role in this strategy by contributing knowledge and resources. The first step is the acquisition of industry peer Topr, making Zibber the largest provider of visual content for real estate promotion.

Zibber provides services to support brokers and project developers in the sale of real estate, such as attractive images, detailed floor plans and measurement reports using 3D laser scanning. These services are in high demand and the company has the ambition to continue to grow, driven by an optimal customer experience and employee satisfaction. It wants to expand its presence in the Netherlands, Belgium and Germany and also make inroads into other countries. Mentha has extensive experience in exploiting the growth potential of profitable companies, has supported many organizations in comparable international expansion and has previously invested in related business models, in which visual content plays an important role.

The first step in the collaboration is the acquisition of Topr, which provides comparable services and has a great deal of knowledge of 3D visualization in-house. The 3D service developed by Topr visualizes, among other things, project-based new construction. Zibber’s pointcloud technology, which uses 3D laser scans to create highly accurate floor plans and measurement reports, offers a high degree of accuracy and efficiency. Customers of both companies can now benefit from the combination of these services.

Dogan Kahveci, co-founder of Zibber: “We always look ahead and have big plans. With Mentha on board, we can execute these plans even faster. Their knowledge and experience is of great value, and they understand our vision. The acquisition of Topr is a clear example of this. Thanks to the good relationship between all the parties involved, this deal was concluded quickly and smoothly. We are looking forward to a bright future!”

Edo Pfennings, partner at Mentha: “End-to-end visual content services are playing an increasingly important role for real estate agents in the sales success of real estate, and Zibber is a forerunner in this. The ambition that Dogan and Hans and their team have is ample motivation for us to enter into a collaboration and to take their growth plans to an even higher level.”

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EQT Exeter to acquire portfolio of six purpose-built student accommodation assets in the UK

eqt
  • EQT Exeter to acquire six flagship student accommodation assets in two separate transactions from subsidiaries of Watkin Jones PLC and Tide Construction
  • The transactions total 2,313 beds in high-quality developments and will improve the availability of student housing in central locations in top-tier university cities in the UK
  • Bringing its European student housing portfolio to a total of 5,222 beds, EQT Exeter continues to execute on its strategy of providing a high-quality, high value-for-money housing offering with strong sustainability features in university cities that are underserved by the wider residential market

EQT is pleased to announce that the EQT Real Estate II fund (“EQT Exeter”) has agreed to acquire six flagship student accommodation assets in two separate transactions from subsidiaries of Watkin Jones PLC (“Watkin Jones”) and Tide Construction. The transactions amount to 2,313 beds, 1,254 of which are currently operating with a further 1,059 beds that will be developed by Watkin Jones and delivered during 2023 and 2024.

From Watkin Jones, EQT Exeter has agreed to acquire five assets with a total of 2,063 beds in Bath, Nottingham, Swansea, Bristol and Glasgow, top-tier university cities with severe supply shortages of student accommodation. Watkin Jones is the UK’s leading developer of student housing, having delivered 123 developments with 46,000 beds since 1999. In line with EQT Exeter and Watkin Jones’ high ESG standards, the three development assets are set to achieve BREEAM Excellent with the operating assets having already achieved BREEAM Very Good. Upon completion, Watkin Jones’ in-house operator, Fresh, will manage the five schemes on behalf of EQT Exeter. Covering 32 cities in the UK and Ireland with over 22,000 beds under management, Fresh has a proven ability to provide the full suite of services ranging from pre-opening advisory through to day-to-day management of the delivered projects.

From Tide Construction, EQT Exeter has agreed to acquire 250 beds in an operating asset known as Great Court, located in South Bermondsey, London, which is within close commute to all of the top-tier London universities and easy access to South Bermondsey rail station and Bermondsey tube station. It provides a high-specification offering to students including 24/7 reception, gym, study space, courtyard, cinema and lounge. The development was built with excellent sustainability credentials, achieving BREEAM Excellent and EPC A. The asset will be operated by CRM, an award-winning operator in the UK and EU with approximately 25,000 beds under management and a history dating back to 2003. Under CRM’s management, the asset achieved full occupancy when it opened in 2021.

UK student housing benefits from demographic-driven tailwinds with the 2020/21 academic year seeing its highest ever intake of first-year students on record. Coupled with a dwindling supply pipeline and an increasing obsolescence of older stock, UK students are expected to face increasing housing pressure. Despite global uncertainty, Brexit and the Covid pandemic, the number of international students in the UK continues to rise, largely driven by increasing demand from students who continue to seek entry to best-in-class universities that the UK has to offer. Yet, the new construction pipeline has declined significantly in recent years due predominantly to rising construction costs, restrictive planning policies, affordable housing requirements and competing land use.

These six purpose-built assets are important cornerstone investments as EQT Exeter seeks to aggregate a large portfolio of student housing assets across Europe with high-quality, high value-for-money offerings for students who are underserved by the wider residential market. EQT Exeter sees significant growth potential across the European student housing sector and has a significant pipeline of additional acquisition opportunities in markets with acute demand / supply imbalances and compelling demographic profiles.

Russell Petrie, Head of Student Housing – Europe, at EQT Exeter said, “These transactions mark a significant milestone for EQT Exeter’s expansion in the European student housing sector, bringing the total number student beds in operation or in development to 5,222 and adding a new country to our European footprint. By selecting the best locations in undersupplied markets coupled with an unwavering focus on tenant experience, we expect these assets to be highly attractive to students by providing an environment where they can thrive both educationally and socially.”

Henrik Orrbeck, Head of Transactions – Europe, at EQT Exeter said, “As a global leader in the Sheds, Beds and Meds sectors, student housing is a key pillar to growing EQT Exeter’s thematic investment strategy focused on providing direct-to-consumer real estate solutions in the thriving “living” sector. We are excited to work with Fresh and CRM to deliver a best-in-class product for the students.  We continue to investigate a number of exciting acquisition opportunities as we build upon this success and continue our European expansion efforts with a goal of being one of the leading European student housing investors.”

EQT Exeter was advised by DLA Piper and Capita on the transaction with Watkin Jones.

EQT Exeter was advised by Harris Associates, Taylor Wessing and Arcadis on the transaction with Tide Construction.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT Exeter
EQT Exeter is a global real estate solutions provider serving corporate and consumer tenants with scope and scale. EQT Exeter is among the largest real estate investment managers in the world, focused on acquiring, developing and managing logistics/industrial, office, life science and residential properties in Europe, the Americas and Asia. EQT Exeter was created through the combination of EQT Real Estate and Exeter Property Group.

A global leader in sheds, beds, and meds, EQT Exeter currently oversees a portfolio totaling over 350 million square feet across 1,800 buildings, while executing a tenant-centric strategy. The EQT Exeter Team comprises more than 300 experienced professionals operating in 44 offices around the globe. Together, they have consummated over 850 real estate investments. As part of EQT, the team leverages the firm’s industry-leading sustainability credentials and framework and in-house digitalization skills to generate increased value for its investor clients.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Watkin Jones
Watkin Jones is the UK’s leading developer and manager of residential for rent, with a focus on the build to rent, student accommodation and affordable housing sectors. The Group has strong relationships with institutional investors, and a reputation for successful, on-time-delivery of high-quality developments. Since 1999, Watkin Jones has delivered 46,000 student beds across 136 sites, making it a key player and leader in the UK purpose-built student accommodation market, and is increasingly expanding its operations into the build to rent sector. In addition, Fresh, the Group’s specialist accommodation management business, manages over 22,000 student beds and build to rent apartments on behalf of its institutional clients.

The Group’s competitive advantage lies in its experienced management team and capital-light business model, which enables it to offer an end-to-end solution for investors, delivered entirely in-house with minimal reliance on third parties, across the entire life cycle of an asset.

Watkin Jones was admitted to trading on AIM in March 2016 with the ticker WJG.L. 

For additional information please visit www.watkinjonesplc.com

About Tide Construction
Tide Construction Limited is a unique development and contracting company, utilising both traditional and Offsite Manufacturing Methodologies (OSM). It provides full turnkey building solutions using highly advanced offsite techniques and is a market leader in modular construction.

For additional information please visit www.tideconstruction.co.uk

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KKR Grows Self-Storage Portfolio With Five New Acquisitions

KKR

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the acquisition of five new self-storage properties totaling approximately 4,100 units for an aggregate purchase price of approximately $98 million. The properties were acquired from four different sellers in three separate transactions and are located in: Phoenix, Arizona; Dallas, Texas; San Antonio, Texas; and Palm City, Florida.

“We continue to expand our portfolio of high-quality self-storage properties across Sunbelt markets that are experiencing strong population growth and in-migration,” said Ben Brudney, a Director in the Real Estate group at KKR. “We track sector fundamentals closely and believe these assets are located in submarkets that are well positioned to benefit from outsized demand over the medium to long term.”

The purchases were made through KKR’s Americas opportunistic equity real estate fund, KKR Real Estate Partners Americas III.

Since launching a dedicated real estate platform in 2011, KKR has grown its real estate assets under management to approximately $59 billion across the U.S., Europe and Asia Pacific as of March 31, 2021. KKR’s global real estate team consists of over 135 dedicated investment professionals, spanning both the equity and credit business, across 13 offices and 10 countries.

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.

Media:
Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

Source: KKR

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Lodha Announces US $1 billion Green Digital Infrastructure Partnership with Ivanhoé Cambridge and Bain Capital

BainCapital

Mumbai, May 11, 2022 – Lodha, India’s No.1* real estate developer, today announced a partnership with Bain Capital and Ivanhoé Cambridge to develop a next-generation green digital infrastructure platform. The platform will establish a pan-India presence in the digital infrastructure space that includes logistics and light industrial parks as well as in-city fulfillment centers. The platform will jointly invest ~USD 1 billion to create ~30 million sq. ft. of operating assets to serve India’s digital economy. Each of the 3 partners will have a ~33% equity interest in the property ownership, whilst Lodha will lead the development, operations and management of the assets.

Commenting on the partnership, Abhishek Lodha, MD & CEO, Lodha said; “With the rapid digitization of our economy and the progress of ‘Make in India’ combined with the China + 1 strategy of most global manufacturers, we see that there is a huge demand for Grade-A digital infrastructure in our country. Following the government’s focus on improving logistics efficiency and creating jobs in different parts of the country, the platform will plan the development of industrial and logistics parks as well in-city fulfillment centers across multiple cities in India. And we will focus on building and operating this infrastructure to the highest levels of environmental sustainability with the view to creating a global benchmark. We’re delighted to expand our partnership with 2 marquee global investors –  Ivanhoé Cambridge and Bain Capital, who bring extensive experience in this asset class and dedicated resources to support the growth of this platform.”

The first project is a 110-acre logistics and industrial park development at Palava, an established location for digital infrastructure in Mumbai. Additionally, the platform has already started looking at the pan-India acquisitions of land and developed/ under-development projects in these asset classes.

“This is an exciting partnership that brings together an experienced real estate developer with deep digital infrastructure capabilities with the complementary support of global investors with long track records of success in commercial real estate,” said Ali Haroon, a Managing Director at Bain Capital. “We see a sustained, thematic opportunity to support India’s journey to a digital-first economy with high-quality infrastructure, which we believe can have a very positive impact on communities, consumers and businesses throughout the country” he added.

“This partnership opens up new perspectives for expansion of our logistics portfolio in India, a high conviction thesis well supported by strong sector fundamentals as India enters a digital super cycle”, commented Chanakya Chakravarti, Vice President & Managing Director, India, at Ivanhoé Cambridge. “We believe the Indian logistics ecosystem continues to offer opportunities driven by positive trends in urbanization, domestic consumption, new impetus to the light manufacturing sector, modernizing multi-modal infrastructure and the rapidly evolving e-commerce sector, which remains largely underpenetrated, compared to other major economies globally. We look forward to expanding our logistics footprint by leveraging Lodha’s proprietary in-city sites, access to land pads in key warehousing nodes and their execution capabilities. The new partnership potentially enables Ivanhoé Cambridge access to near city logistics opportunities as operators pivot to establish same day delivery solutions thus creating differentiated value in our portfolio construct and its scale”, he added.

Bain Capital is a leading global investment platform with deep experience supporting the development of best-in-class logistics, industrial, warehousing and digital assets. Real estate is a core focus of Bain Capital Asia’s Special Situation business and this transaction follows the firm’s approach to building value-added partnerships with skilled local developers.

Ivanhoé Cambridge, a global real estate industry leader and subsidiary of Caisse de dépôt et placement du Québec (CDPQ), a global investment group, is involved in developing and investing in high-quality real estate properties.

Lodha is already developing 300 acres of Industrial and Logistics Park near Navi Mumbai, which is almost completely leased out. The company had recently announced a JV with Morgan Stanley Real Estate Investing (MSREI) for developing 72 acres at the park.  The park is home to global clients such as FM Logistic, Flyjac Logistics, Aptar Pharma and many more, testifying the unique proposition of Grade-A industrial and warehousing park with high-quality infrastructure.

* By residential sales for FY 16-22

About Lodha: 
Lodha is among the largest real estate developer in India that delivers with scale since 1980s. Core business of Lodha is residential real estate development with a focus on affordable and mid-income housing. The company also has a growing industrial & logistics park business where in a short span of time, it has scaled up and made its mark with JVs already signed with marquee investors. Lodha has delivered more than 85 million square feet of real estate and is currently developing ~95 million square feet under its ongoing and planned portfolio. The Group has approximately 4,400 acres of land beyond its ongoing and planned portfolio which will be utilized in developing further Residential, Commercial and Industrial & Logistics spaces. Thriving at building the world’s finest developments, Lodha has created several iconic landmarks across the MMR notable among which are The World Towers, Lodha Altamount, Lodha Park, Lodha New Cuffe Parade and Palava City.

About Bain Capital:  
Bain Capital is a global private investment firm with offices on four continents, more than 1,350 employees and approximately $160 billion in assets under management. Bain Capital’s Special Situations has $15 billion in assets under management and has invested $28 billion since its founding. We provide bespoke capital solutions to meet the diverse needs of companies, entrepreneurs and asset owners – in all market cycles. We partner with companies through their growth journey to raise capital for expansion or M&A, to provide liquidity or for capital structure change. Our dedicated, global team of 100 investment and portfolio professionals contribute the local expertise and capabilities that enable complex investments across markets and cycles.

About Ivanhoé Cambridge:     
Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. It does so responsibly, with a view to generate long-term performance. Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint.
Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds that are leaders in their markets. Through subsidiaries and partnerships, the Company holds interests in more than 1,200 buildings, primarily in the industrial and logistics, office, residential and retail sectors. Ivanhoé Cambridge held C$69 billion in real estate assets of December 31, 2021 and is a real estate subsidiary of Caisse de dépôt et placement du Québec (cdpq.com), a global investment group. For more information: ivanhoecambridge.com

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Blackstone Completes €21 Billion Recapitalization of Mileway

Blackstone

London, April 29, 2022 – Blackstone (NYSE: BX) today announced that existing investors in Mileway have completed the previously announced €21 billion recapitalization of the company alongside Blackstone’s Core+ perpetual capital vehicles.

Morgan Stanley & Co. International plc provided a fairness opinion with respect to the consideration to be received and Eastdil Secured International Limited provided a real estate value fairness opinion, in each case to the selling funds in connection with the transaction. Morgan Stanley & Co. International plc also completed a “go-shop” process on the selling funds’ behalf.

BNP Paribas, BofA Securities, Deutsche Bank AG, Eastdil Secured International Limited, Goldman Sachs International, Jones Lang LaSalle Limited, JP Morgan Securities plc, Morgan Stanley & Co. International plc, RBC Capital Markets, and Rothschild & Co served as financial advisors to the selling funds. Simpson Thacher & Bartlett LLP served as legal advisor to Blackstone.

The transaction was announced on February 15, 2022.

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has $298 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, residential, office, hospitality and retail. Our closed-ended funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT), a U.S. non-listed REIT, as well as Blackstone’s European strategy tailored for non-U.S. individual investors. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

About Mileway
Mileway is the largest owner of last mile logistics real estate assets in Europe. It has a pan-European footprint, with over 1,600 assets across 10 major European countries. Mileway’s largest markets include the UK, Germany, the Netherlands, Sweden and France, and it has a significant presence in Denmark, Italy, Spain, Finland and Ireland. Mileway has a dedicated team of over 360 employees across 26 offices. To find out more, visit: www.mileway.com.

Media Contact
Louis Clark
Louis.Clark@Blackstone.com
+44 7867 930156

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CapMan Real Estate leases unique office space to Boston Consulting Group in Copenhagen

CapMan Real Estate press release
8 April 2022 at 9:00 a.m. EEST

CapMan Real Estate leases unique office space to Boston Consulting Group in Copenhagen

CapMan Nordic Real Estate II fund has signed a long-term lease for approx. 10,000 sqm of refurbished office space and historic basement with Boston Consulting Group Denmark (BCG), a leading global management consulting firm.

The fund acquired the iconic Red Warehouse building located in Carlsberg Byen in Copenhagen in 2019. The 140-year-old building, originally used as a storage and brewery for Carlsberg, is undergoing a complete transformation into high-end office premises. When finalised, the property will combine the original structure and atmosphere of the building with contemporary sought-after elements and features, such as plenty of natural light and a roof terrace.

“It has been quite the privilege to be involved in the work with transforming this unique building into a modern office while still ensuring the preservation of the values and history from the old building. We have had an overwhelming tenant interest for this property and are very happy with having now signed a lease with BCG, whom we believe the building will be a very good fit for. A special thanks to BCG and all advisors on their side that have been part of this process and made this possible. On our side we have worked very close together with Ulrik Larsen from Revco, Steen Niebling from SN consult and Mikkel Westfall and his team of architects. They all deserve a lot of credit to make this possible,” says Peter Gill, Partner and Head of CapMan Real Estate Denmark.

The office space covers 6,000 sqm over three floors and in addition BCG will be occupying approx. 4,000 sqm of historic basement space. These rooms, complete with vaulted ceilings, were originally used as cold storage for ingredients used in beer production and are an integrated part of the original basement that runs under the old section of Carlberg Byen.

“This basement space conveys the vibrant history of the building and the entire Carlsberg Byen area and holds as such special significance for both us and for the tenant,” concludes Gill.

CapMan expects that the conversion will be completed during the second quarter of 2023 with the new tenants scheduled to move in in June 2023.

CapMan Real Estate currently manages over EUR 4.0 billion in real estate assets. The Real Estate Team comprises over 60 real estate professionals in Helsinki, Stockholm, Copenhagen, Oslo and London.

For more information, please contact:

Peter Gill, Partner, Head of CapMan Real Estate Denmark, +45 20 43 55 63

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. Our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. 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 160 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001.

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Partners Group invests in LogCap, a last mile logistics platform in Oslo

Partners Group
  • Portfolio comprised of 19 assets with a combined GAV of EUR 442 million
  • High demand for last mile assets and limited supply underpinning strong rental growth
  • Partners Group plans to grow LogCap’s platform to over EUR 1 billion in size

Partners Group, a leading global private markets firm, has agreed to invest in LogCap, a last mile logistics platform in Oslo, on behalf of its clients. The seed portfolio is comprised of 19 assets with a combined GAV of EUR 442 million. Following the transaction, Partners Group will be the largest shareholder in the LogCap portfolio with a 50% stake.

LogCap’s portfolio is strategically located in the Drammen-Langhus-Lillestrøm logistics triangle, which is considered the most attractive area for last mile logistics assets in Oslo. Around two million people can be reached within a one-hour drive of this area, representing 37% of Norway’s population. The portfolio has over 100 tenants from a range of industries, which provides strong diversified cashflows and insight into demand dynamics. It is 96% occupied and the average remaining contract period is 4.9 years with 100% annual inflation adjustment leases. A limited supply of logistics space combined with strong demand due to rising e-commerce sales volumes is underpinning rental growth in Oslo. The conversion of industrial premises to residential and office space in recent years has reduced existing stock whilst natural geographic barriers are restricting new urban developments. Meanwhile, the Norwegian e-commerce market is projected to grow at a 13.8% CAGR between 2022 and 2025.

Partners Group will work with LogCap on a value creation plan and seek to expand the portfolio to over EUR 1 billion in size. LogCap has already identified a strong pipeline of potential add-on targets. In addition, Partners Group will also look to enhance the ESG credentials of underlying assets in line with its commitment to stakeholder impact.

Anne-Jan Jager, Managing Director, Private Real Estate Europe, Partners Group, says: “We have been tracking the logistics sector in Norway for some time through our thematic investing approach and following LogCap’s development since early 2021. We plan to capitalize on strong occupier demand and limited new stock to create a leading last mile logistics platform in the country. This investment in LogCap is a great starting point as it provides instant access to scale, vertical depth, and sourcing capabilities in the capital.”

Anders Brustad-Nilsen, Chief Executive Officer, ORO, adds: “We are very excited to welcome Partners Group as the largest investor in LogCap. The firm’s extensive expertise in the sector will be very valuable as we look to scale our existing logistics platform around the greater Oslo area.”

Partners Group’s Private Real Estate business has USD 18 billion in assets under management globally. The firm deployed USD 4 billion of equity across private real estate in 2021, of which c. 40% was in the logistics sector.

Arctic Securities structured the acquisition of the LogCap platform, with Advokatfirmaet Schjødt as legal advisor.

Kirkland & Ellis, Thommessen, and PwC advised Partners Group. DnB is providing the debt financing for the transaction.

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