BDC exits investment in Groupe CIR

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Bridgepoint

BlackFin Capital Partners, leading European investor in the financial services sector with €2 billion euros in assets under management, has signed an agreement to become majority shareholder of Groupe CIR, French leader in design, structuring and distribution of savings products based on underlying city-center real estate. BlackFin will replace Bridgepoint Development Capital to support the management team led by CIR founders François Larrère and Franck Temim as they embark on a new phase of growth.

Founded in 1988, Groupe CIR has established its position as independent specialist in city-center real-estate investment. The Group provides French savers and institutional investors with products based on underlying high-quality city-center real estate through three offers: CIR for direct investment in Malraux products, land deficits and historic monuments, Urban Premium for indirect investment through housing and yield real estate investment companies, and Agarim for bare ownership investment. The Group markets more than 1250 investment packages a year through a network of over 800 banking partners and asset management advisors.

Since 2017, with Bridgepoint’s support, CIR has more than doubled in size, boosting its revenue to over €25 million while consolidating its core business and accelerating diversification, notably through integration of Agarim and partnerships signed with top-flight institutional investors.

BlackFin will become the majority shareholder in Groupe CIR and its subsidiaries, alongside its founders, François Larrère and Franck Temim and the management team. They share the same ambition to accelerate the Group’s growth with the aim of offering more high-quality products to the savers and institution investors making up its customer base. Completion of the operation is subject to regulatory approval.

Francois Larrere Chairman of Groupe CIR:

“In this press release we talk about the year – 1998 – in which CIR was created.

It is legitimate to ask questions about the reasons behind a company’s long-term success.

Why do some achieve excellence over all these years? How do they continue to thrive despite the troubled periods that inevitably arise in the natural course of events?

GROUPE CIR has become leader in its business sector by consistently fostering development, change and renewal and setting itself challenging targets.

Most important, it has forged its character through a corporate culture whose first principle defines ‘Quality’ as nothing other than customer satisfaction.

This success is built on the skills and motivation of all the partners who have collaborated with us in a spirit of shared success.

During these five years of collaboration with Bridgepoint Development Capital, CIR Groupe has enjoyed significant growth in every aspect of its business.

Today, alongside BlackFin Capital Partners, we are ready to embark on a new period of strong growth. Our relationship is established, based on agreements setting the ‘Course to Follow’ for shared prosperity.“

Franck Temim, CEO of Groupe CIR: “Capitalizing on our Group’s unique positioning in France, we are keen to participate in growth of a savings market fueled by strong demand from private and institutional investors by proposing a broad range of high-quality and environmentally sustainable investment opportunities based on underlying real-estate assets.

The arrival of a major specialist such as BlackFin Capital Partners as new shareholder gives us the enthusiasm and ambition to accelerate our growth and diversification.“

Bertrand Demesse, Partner at Bridgepoint Development Capital : “We are very proud to have had the opportunity to accompany Groupe CIR in its ambitious development over the last few years. From the beginning of our collaboration at end 2017, Groupe CIR has considerably accelerated its growth, doubling in size by strengthening its core business and accelerating its diversification. Today, more than ever, Groupe CIR has all the strengths it needs to continue growing under the leadership of a talented management team.”

Bruno Rostain, Founding Partner at BlackFin Capital Partners: “We are very enthusiastic about the idea of working with CIR’s management team to write the next page of the Group’s history. We will support its growth initiatives, particularly as concerns institutional investors, digitization and a policy of targeted acquisitions.”

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Ardian launches Real Estate Debt strategy

Ardian

09 MARCH 2022 REAL ESTATE FRANCE, PARIS

The strategy deepens Ardian’s expertise and presence in European real estate.

Ardian, a world-leading private investment house, today announced the creation of a Real Estate Debt activity to manage funds and mandates related to finance pan-European real estate projects.

Ardian Real Estate Debt will be managed by Arnaud Chaléac, as Head of Ardian Real Assets Debt. With more than twenty years’ experience in finance, and Co-Head of Group Finance at Ardian since 2008, he has developed a strong expertise in structured financing. Arnaud Chaléac joined Ardian fourteen years ago after working with major French groups across the sector, including Air Liquide, Kering, and Crédit Agricole.

He will be supported in this new activity by Sandrine Amsili, Managing Director, who will develop the platform alongside him. Sandrine has 20 years’ experience in the real estate sector, including 17 years in real estate debt. Prior to joining Ardian in 2021, she held several management positions, including at Europhypo, CBRE Global investors, and most recently as Director of real estate debt at SCOR Investment Partners, where she helped create the company’s platform.

The Real Estate Debt activity will focus on senior debt and will seek to finance, alongside banks, in European real estate projects. All investments will have a strong ESG angle – in line with Ardian Real Estate’s wider strategy – to create spaces and places for more sustainable and decarbonized cities. This strategy complements Ardian’s Real Estate activity, which is led by Stéphanie Bensimon.

With significant experience in financing, the team has access to a broad and diversified internal platform that includes the entire Ardian network and all its resources. It will also draw on the expertise of Ardian local teams in France, Germany, Italy and Spain.

“Real estate is an important growth driver for Ardian. We have great ambitions so the launch of our new Real Estate Debt activity is a logical next step in our development. The team, led by Arnaud Chaléac with the support of Sandrine Amsili and our European network, combines in-depth knowledge of the sector with expertise in debt structuring. Our ambition is for Ardian to become a key player in real-estate debt management and I am confident in our ability to meet growing demand from investors to access projects that contribute to the real economy.” Dominique Senequier, Founder and President of Ardian

“With the creation of the real estate debt activity we will be able to support major real estate investors with project financing, especially as leading banks increasingly need alternative lenders like Ardian Real Estate Debt as partners. With a team of recognized experts, excellent market access and the confidence of financial partners, we are well positioned to offer our clients an attractive risk/return profile and contribute to the growth of the real estate debt market in Europe.” Arnaud Chaléac, Head of Ardian Real Assets Debt and Co-Head of Group Finance of Ardian

“Since 2016, Real Estate at Ardian has grown significantly. Equity investments through two generations of value added funds have enabled the deployment of more than €3.7 billion of real estate assets in major European capitals, with a balanced risk profile and excellent performance. This new real estate debt platform complements our offer and will help meet the needs of investors seeking a secure debt return with a major real estate focus. For the coming years, our real estate development ambitions remain strong across the different risk profiles offered by our real estate markets in Europe.” Stéphanie Bensimon, Head of Real Estate at Ardian

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$125 billion 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 850 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 1,200 clients through five pillars of investment expertise: Secondaries, Direct Funds, Infrastructure, Real Estate and Private Debt.

PRESS CONTACT

ARDIAN

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Ardian acquires Berlin’s “Ritterhof” office building

Ardian

Fourth investment in Berlin and eighth in Germany strengthens Ardian Real Estate’s position in the German real estate market

Ardian, a world-leading private investment house, today announces it has signed an agreement for the acquisition of the “Ritterhof” office and administration building, located at Ritterstrasse 11 in Berlin-Kreuzberg, from an undisclosed family office. This acquisition marks Ardian Real Estate’s eighth investment in Germany. The parties have agreed not to disclose financial details of the transaction.
Built during 1905 and 1906, the office complex is characterized by its historic industrial architecture, with reddish-black bricks and the white brick façade of its courtyards. The architectural monument, which was modernized by the seller in 2015, is one of the few surviving historical buildings in Berlin’s former “export quarter”, or “Rollkutscherviertel” – named after the high-volume of horse drawn carriages once used to transport goods. The property consists of three courtyards, eight staircases and three covered passageways, with around 13,000 square meters of space available to rent. Ritterhof is centrally located in Berlin-Kreuzberg, just a few stops on the underground from Potsdamer Platz and in the immediate vicinity of the Moritzplatz and Kottbusser Tor underground stations.
About one-third of the building was recently leased by the finance and business portal Wallstreet Online, and the remaining two-thirds are to be leased after extensive improvements. Ardian Real Estate intends to upgrade the courtyards and common areas, for example, with strong sustainability credentials that match the changing requirements of the modern workforce.

“We expect to see continued demand for office space in Berlin that meets the needs of a changing work world and fulfills high sustainability standards. The Ritterhof building complex is therefore an ideal fit for the investment strategy of our second real estate fund, AREEF II, which recently closed and through which we are investing into office buildings with the potential for strong rental and value growth in Europe’s core cities.” Nico Rheims, Managing Direction Ardian Real Estate.

Ardian Real Estate has already acquired three office properties in Berlin in recent years. These include the STORE office building at Spichernstrasse 2-3 in Berlin’s City-West and the CARL office complex at Lützowstrasse 105-106 in Berlin Mitte, which were acquired by Ardian Real Estate in 2018, and in 2019 the ELISA “3 Höfe work” office building at Lützowstrasse 107-112 in Berlin Mitte, which is leased on a long-term basis to the interdisciplinary Forschungszentrum Jülich and the pharmaceutical company Sanofi.

Ardian Real Estate’s investment focus is on office properties in major European cities in Germany, France, Italy and Spain, where Ardian is already active through various direct investments. Ardian is targeting commercial properties – in particular, office buildings and mixed-use properties in inner-city locations – with an average of more than EUR 100 million in the Core Plus and Value Added segments. In Germany, WestendCarree (Frankfurt), Quartier 21 (Hamburg) and “3 Höfe work” (Berlin) are among its best-known investments.

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KKR partners with the Vision Group in Germany

KKR

February 23, 2022

Mannheim, 23. February 2022 – Vision Group, a residential real estate investor and asset manager based in Mannheim, Germany, is laying the foundation for further growth through a strategic partnership with KKR, a leading global investment firm.

Vision will work together with KKR to provide real estate units as investment opportunities to private investors, family offices and institutional investors. Vision and KKR will purchase residential properties and invest in them to enhance the quality of living for tenants through operational upgrades while also reducing their energy footprint. The professionally managed real estate units will then be offered for sale to private investors, providing an attractive long-term savings and retirement opportunity for clients. All rental agreements will remain in place throughout; both at acquisition as well as at the sale of the units.

The strategic partnership will focus on prospering mid-sized cities throughout Germany, with Vision Group and KKR actively looking to identify assets that will enable them to build on their strategy.

Established in 2016, Vision Group is an investor, developer and residential property owner with a portfolio currently comprising of more than 500 apartments.

“Seven years after Vision Group’s founding, we are entering the next phase of our company’s development. With this strategic partnership with KKR, we are preparing the company for future growth. Our market expertise as well as our sustainable and digital business model are the cornerstones of our success. We look forward to working with KKR to further build on this and meet the demands of private investors looking to build wealth or secure their retirement”, said Felix Balck, founder and CEO of Vision Group.

Niclas Wallrafen, COO and Partner of Vision Group, commented: “Our full-service solutions along the entire real estate value chain make our business model unique. Our investment into creating quality properties is an integral part of our approach, with a particular focus on measures to increase energy efficiency and tenant satisfaction.”

 

About Vision Group

Vision Group, headquartered in Mannheim, is a residential real estate investor and asset manager with a focus on the German market. The company is characterised by its digitalised full-service business model, which offers all services along the entire real estate value chain: from acquisition to refurbishment and modernisation to exit and tenant search. Target markets of the company are B and C locations in German metropolises and economic centres.

Press contact

Anke Sostmann

Feldhoff & Cie. GmbH

T: +49 (0) 69 2648677 – 14

M: +49 (0) 159 04028505

E: as@feldhoff-cie.de

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EQT Infrastructure to acquire Stockland Retirement Living, one of the largest providers of senior living communities in Australia

eqt
  • EQT Infrastructure acquires Stockland Retirement Living, a leading provider of community living and support for over 10,000 senior Australians
  • Stockland Retirement Living will benefit from EQT’s significant experience in the healthcare space globally as the demand for high-quality retirement living and aged care services is expected to grow in Australia over the coming years
  • EQT Infrastructure is committed to investing in Stockland Retirement Living’s continued growth, broadened service offering, and further strengthening its digital backbone

EQT is pleased to announce that EQT Infrastructure V fund (“EQT Infrastructure”) has agreed to acquire Stockland Retirement Living (the “Company”) from Stockland Group, one of Australia’s largest diversified property management operators. The transaction valued Stockland Retirement Living at AUD 987 million.

Stockland Retirement Living is one of the largest providers of retirement living in Australia, with over 10,000 residents in 58 villages across Australia’s eastern seaboard, and a pipeline of 1,300 new units to be developed in attractive retirement locations.

Demand for high-quality retirement living in Australia has demonstrated consistent strong growth over recent years, underpinned by Australia’s aging population and the increased value placed on the sense of security and community offered by retirement villages. As demand for retirement living increases, it is also expected that the growing requirement for higher levels of care services within retirement villages will continue.

EQT has a well-established track record in the aged care sector, globally as well as within Australia and New Zealand. EQT will focus on leveraging this experience and its global network of industry advisors to support Stockland’s Retirement Living portfolio in growing its footprint, increasing the range of services provided to its residents, and investing in technology and digital initiatives to further improve the Company’s offering.

Tarun Gupta, CEO of Stockland Group said “I am delighted that we have found a strong Retirement Living owner and operator to acquire Stockland’s Retirement Living platform. EQT is a purpose-led organisation with a well-established track record in healthcare, aged care and retirement living. We are confident that EQT will be the right custodian for the residents and employees, and are well placed to support the continued growth of the high quality Retirement Living platform.”

“We have an accomplished and dedicated team in our Retirement Living business, who will transfer to EQT at completion of the transaction. They continue to be focused on providing the best possible care and resident experience across the portfolio.”

“The announcement today does not impact on any of the arrangements with our residents. It will be business as usual for our residents, noting on completion they will have a new partner with significant experience in running industry leading retirement living villages.”

Ken Wong, EQT’s Head of Asia Pacific, Infrastructure said, “Stockland Retirement Living is a clear leader in the Australian retirement living space and we are excited about partnering with the company and supporting its ability to continue to develop and operate high-quality retirement villages. With an aging Australian population and increased focus on enabling Australians to age in place, we are excited to have the opportunity to use our significant global experience in the aged care sector to enhance the range of services provided to current and future residents of Stockland’s villages.”

The transaction is subject to customary conditions and approvals, including the approval of the Foreign Investment Review Board. It is expected to close in late Q2 2022.

EQT Infrastructure was advised by Goldman Sachs and King & Wood Mallesons.

With this transaction EQT Infrastructure V is expected to be 70 – 75 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) and subject to customary regulatory approvals.

Contact
Australian media inquiries: Roger Newby, roger@domestiqueconsulting.com.au, 61 401 278 906
International media inquiries: EQT Press Office, press@eqtpartners.com , +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with EUR 73.4 billion in assets under management across 28 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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

About Stockland
About Stockland: Stockland (ASX: SGP) was founded in 1952 and has grown to become Australia’s largest diversified property group – owning, developing and managing a large portfolio of shopping centres, residential communities, retirement living villages, office and industrial assets. Stockland is consistently recognised by the S&P Dow Jones Sustainability Indices (DJSI) as a global real estate leader, demonstrating world leadership across the areas of corporate governance, stakeholder engagement, climate strategy, social integration and regeneration and corporate citizenship. Stockland has been identified as a global leader for its actions and strategies in response to climate change and has been awarded a position on the Climate A List by CDP and recognised as the Regional Sector Leader for Diversified Property Companies on the Global Real Estate Sustainability Benchmark (GRESB). Stockland has also been recognised as an Employer of Choice for Gender Equality by the Australian Government’s Workplace Gender Equality Agency (WGEA).

More info: www.stockland.com.au

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Drawbrigde Realty recapitalizes $1.7B innovation -focused office portfolio and expands KKR partnerschip with long-term funding from Global Atlantic

February 17, 2022

NEW YORK & SAN FRANCISCO–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that Global Atlantic Financial Group (“Global Atlantic”), on behalf of its affiliated insurance companies, has recapitalized an approximately $1.7 billion portfolio of 95% leased, Class A office properties held by investment vehicles managed by Drawbridge Realty (“Drawbridge”). In connection with the transaction, KKR and Drawbridge have established a new venture that will enable Drawbridge’s investment platform to source a pipeline of attractive investment opportunities for Global Atlantic. With committed long-term insurance capital from Global Atlantic, Drawbridge is positioned to accelerate its investments in high-quality, innovation-focused, net-leased office properties in growth markets nationwide with a goal to more than double the size of its portfolio over the next two to three years.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220217005813/en/

Drawbridge is a real estate investment manager focused on acquiring, developing and managing strategically important properties leased to large corporate users, emphasizing well-located, predominately single tenant office, R&D, life science and industrial buildings in technology and innovation markets with secular growth. The company has a more than 20-year history of executing on its investment strategy and assisting major public and private corporations, as well as institutional owners of commercial property, with their real estate needs while creating value for investors. As a result of the new venture, Drawbridge expects to significantly expand its pace of acquisitions in its existing markets while also entering several new markets.

KKR’s insurance business Global Atlantic is recapitalizing the entirety of Drawbridge’s portfolio which comprises approximately 5.4 million square feet of Class A office assets in innovation-driven growth markets, currently concentrated across the West Coast and Sunbelt regions. The properties are over 95% leased to high-quality corporate tenants, predominantly under triple net leases. Under the terms of the agreement, Drawbridge will continue to oversee and manage the portfolio following the recapitalization.

“This transaction delivers a great outcome for our fund investors. My partners and I are excited to enter the next chapter of our strategic alliance with KKR,” said Mark Whiting, Drawbridge’s Co-Founder and CEO. “Since 2014, with KKR’s support, we have scaled our differentiated operating model and portfolio of high-quality corporate real estate. The stability of capital provided by Global Atlantic’s insurance company balance sheet will enable us to deliver enhanced solutions for our corporate clients and positions Drawbridge for accelerated growth.”

“Drawbridge’s high-quality portfolio is a great fit for our rapidly expanding sources of real estate capital. We are pleased to deepen our relationship with Drawbridge and its experienced team,” said Billy Butcher, Chief Operating Officer of KKR’s global real estate business. “Our new partnership will help to expand Drawbridge’s market presence further and provide KKR and Global Atlantic with access to a growing, diversified portfolio of well-leased, strategically important corporate properties.”

KKR and Drawbridge initially partnered in 2014 to recapitalize a portfolio alongside strategic institutional investors. Since then, the portfolio has tripled in total value while delivering attractive returns to investors. KKR will maintain its ownership stake in the investment manager alongside Drawbridge’s management team following the transaction.

About Drawbridge Realty

Drawbridge Realty is a San Francisco-based real estate investment company focused on acquiring, developing and managing commercial property investments in high growth technology and innovation driven markets across the U.S. Its portfolio primarily consists of strategically important office and research properties leased long-term to large corporations. Drawbridge has a successful history of creating value for corporate clients and investors and has completed transactions with many major companies including Apple, Bayer, Broadcom, Collectors Universe, IBM, Google, Johnson & Johnson, L3Harris Technologies, Lockheed Martin, Medtronic, NI, Northrop Grumman and Take-Two Interactive. https://www.drawbridgerealty.com

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:
For Drawbridge Realty:
Andrew Neilly and Nancy Amaral
925-930-9848
andrew@gallen.com / nancy@gallen.com

For KKR:
Julia Kosygina and Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

Source: KKR

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KKR acquires three self-storage properties serving the Atlanta, ST. Petersburg and Washington D.C. markets

KKR

Acquisitions Grow KKR’s Self-Storage Platform to Over 13,500 Units Across the U.S.

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that KKR has acquired three Class A self-storage properties in high-growth U.S. markets totaling approximately 2,000 units. The properties were acquired in three separate transactions with different sellers for an aggregate purchase price of approximately $70 million.

The newly acquired properties are located in Atlanta, Georgia, St. Petersburg, Florida and Alexandria, Virginia. Two of the assets were built between 2018 and 2020, while the third was built in 2001. The purchases mark KKR’s first self-storage real estate acquisitions in St. Petersburg and the Washington D.C. metropolitan statistical area (MSA), as well as the latest addition to KKR’s self-storage portfolio serving the Atlanta MSA.

“We are excited to expand our self-storage portfolio with the addition of these three high-quality properties, which deepen our presence in Atlanta and establish new foundations for growth in St. Petersburg and Washington D.C.,” said Ben Brudney, a Director in the Real Estate group at KKR. “We believe the self-storage sector has attractive long-term, through-cycle fundamentals and look forward to growing our footprint further in the space by investing in great properties located in markets with strong demand tailwinds.”

The purchases were made through KKR’s Americas opportunistic equity real estate fund, KKR Real Estate Partners Americas III. The transactions follow KKR’s announcement last year of the launch of Alpha Storage Properties (ASP) to acquire and manage a portfolio of self-storage assets in high-growth markets and strategic infill locations across the country. KKR’s self-storage portfolio currently includes properties serving the Austin, Atlanta, Charlotte, Denver, Inland Empire, Nashville, Orlando, Phoenix, St. Petersburg and Washington D.C. markets.

Since launching a dedicated real estate platform in 2011, KKR has grown real estate assets under management to approximately $41 billion across the U.S., Europe and Asia as of December 31, 2021. The global real estate team consists of over 135 dedicated investment professionals, spanning both the equity and credit businesses.

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 The 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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Renta Corporación to develop last-mile logistics asset in Barcelona for KKR-Mirastar

KKR
  • The asset, located in Barcelona’s first logistics ring, has a surface area of 10,000 square meters
  • This is the first investment in Spain made by the KKR-Mirastar logistics platform
  •  The project seeks to comply with the most advanced certifications on environmental sustainability and energy efficiency

 

London/Barcelona, 25 January, 2022. Renta Corporación has begun the development of a last-mile logistics asset with a surface area of 10,000 square metres in Ripollet (Barcelona). This is a turnkey project that Renta Corporación will carry out for Mirastar, KKR Real Estate’s industrial and logistics platform in Europe, and is expected to be delivered in the third quarter of 2023. The sale values the logistics asset at just over 13 million euros.

The project represents a new commitment by Renta Corporación to environmental sustainability and energy efficiency. The development will target attaining both an “Excellent” rating for the BREEAM sustainable building certificate and an “A” rating for the Energy Efficiency Certificate.

The deal is the first in Spain for Mirastar, which is also actively investing and developing projects in other European countries such as the United Kingdom, the Netherlands and Italy. The company is also looking to expand into new markets in 2022. The investment is being made through KKR’s second European real estate fund, Real Estate Partners Europe II.

 

Strategic location

Situated in Barcelona’s first logistics and industrial ring, the asset is located in the town of Ripollet. This is a strategic hub within the Barcelona metropolitan area, which is perfectly connected to the main transport routes in the area and located within a conurbation of more than 5 million people, which allows for great capillarity and efficiency for a last-mile asset.

 

Anthony Butler, CIO & Co-Founder of Mirastar, said: “Mirastar has been committed to investing and developing in Spain since we launched. We look forward to completion of this well-positioned scheme, with strong ESG credentials, in a supply constrained sub-market and to add to our strong pipeline of opportunities.”

 

Diederik Schol, Principal in EMEA Real Estate at KKR, said: “We are pleased that we have been able to expand the platform into Spain as we continue to invest in quality logistics assets across Europe. This acquisition is a high-quality last-mile asset in an undersupplied market, and fits perfectly with our strategy of working with best-in-class local developers.”

 

Luis Guardia, director of Commercial Assets at Renta Corporación, said: “Logistically, the asset is very well located, which allows for efficient links between the hub and the rest of Spain and Europe. In recent years, the Barcelona metropolitan area has become an attractive market for logistics land due to high demand, limited supply and high occupancy rates. For Renta Corporación, this is a new commitment to the logistics sector, in which significant deals have been made in recent years”.

Renta Corporación was advised by the real estate consulting firm Savills Aguirre Newman, while Mirastar was advised by Garrigues, Savills Aguirre Newman and Nova Ambiente on the legal, technical and environmental aspects, respectively.

 

About Renta Corporación

Renta Corporación is a listed real estate company with a differential business model based on the creation of value through the acquisition of real estate assets for their transformation and adaptation to the needs of the market, for subsequent sale to third parties. The real estate company focusses its business on the Madrid and Barcelona markets, the two markets with the most liquidity and activity in Spain. The company complements its business model through its property business, managing real estate assets of different types, both its own and those of investee companies, mainly Vivenio, which generates recurring income for the company.

About KKR

KKR is a leading global investment firm that offers alternative asset management and 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 The 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.

 

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EQT Exeter strengthens footprint in Asia – adds logistics real estate specialists in Japan and Korea

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eqt

EQT AB (publ) is pleased to announce that Bear Logi, a value-add logistics investment manager headquartered in Tokyo, Japan, and Seoul, Korea, will join EQT Exeter to further strengthen its footprint in Asia.

Bear Logi, founded in Tokyo, Japan in 2009, is a value-add logistics investment manager with around 25 employees focused on acquisitions, development, construction and leasing, with extensive knowledge of the Japanese and Korean logistics markets. To date, Bear Logi has invested capital based on single asset funding, and will as part of EQT Exeter create a fund-setup within logistics properties similar to EQT Exeter’s existing structure in the US and Europe.

The Bear Logi team, including its co-CEOs Matthew Zann and James Muir will, together with EQT Exeter’s China Logistics team, create an EQT Exeter APAC Logistics platform. The ambition is to build on existing strategies of acquiring and developing logistics properties in Tier 1 cities and logistic hubs across Japan, Korea and China.

Strategic rationale

  • Bear Logi’s skilled team, with deep local market knowledge and relationships, will provide EQT Exeter with direct access to the attractive logistics markets in Japan and Korea, with strong scalability potential in the broader APAC region, for example, Australia
  • Bear Logi will leverage EQT Exeter’s global track record and 1,200+ strong tenant relationships, as well as EQT’s 2,000+ corporate relationships and broader platform, including fundraising support, sustainability and digitalization expertise, and operating platform benefits
  • The combination with EQT Exeter’s existing operations in China will provide larger investment opportunities, with an integrated development and investor operating platform, in APAC logistics for EQT’s fund investors
  • EQT Exeter and Bear Logi have a strong cultural fit and similar investment philosophies, focused on vertically integrated real estate investments and a commitment to sustainability and ESG principles

Ward Fitzgerald, Partner and Head of EQT Exeter, said, “We are thrilled to welcome Matthew, James and the rest of the Bear Logi team to the EQT Exeter family, as we continue to expand our logistics real estate platform in the APAC region. With their complementary local market knowledge and expansive industry relationships, our combination with Bear Logi is the next step in EQT Exeter’s journey, strengthening our position as a multi-strategy, global real estate leader.”

Matthew Zann, co-CEO of Bear Logi, said, “We are excited to join forces with Ward, EQT Exeter, and the broader EQT platform to further build out the APAC logistics platform. The partnership will create new growth opportunities in the region as we leverage our local insights and relationships and combine it with EQT Exeter’s global expertise within logistics real estate.”

James Muir, co-CEO of Bear Logi, added, “The partnership with EQT Exeter not only accelerates our opportunities, but also strengthens our operating platform and ability to offer a broader set of clients access to the growing APAC logistics market.”

Bear Logi is estimated to generate approximately USD 1 million in revenues during 2021. The transaction is not deemed to have a material impact on EQT AB’s financial numbers and will not add any assets under management to EQT AB at closing. Closing took place on 27 January 2022.

Disclaimer
This press release contains forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward- looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond EQT’s control, which may cause actual results to differ significantly from those expressed in any forward- looking statement. All forward-looking statements reflect EQT’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, EQT disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 33

About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. Uniquely, EQT is the only large private markets firm in the world with investment strategies covering all phases of a business’ development, from start-up to maturity. EQT today has EUR 73.4 billion in assets under management across 28 active funds within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in 24 countries across Europe, Asia-Pacific and the Americas and approximately 1,200 employees.

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

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 and is 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. 

The EQT Exeter Team comprises more than 300 experienced professionals operating in close to 40 regional offices around the globe. Collectively they have consummated over 830 real estate investments. As part of EQT, the team has access to the full EQT Network including more than 600 industry advisors across the globe as well as EQT’s industry-leading sustainability credentials and framework, and in-house digitalization skills.

About Bear Logi
Bear Logi is an industrial property firm based in Tokyo and Seoul with a track record of delivering quality real estate solutions in Japan and Korea. Bear Logi provides real estate investment advice, property due diligence and full design, project and construction management services for industrial property projects.

The Bear Logi team comprises 25 employees operating in Japan and South Korea. The group has consulted and co-invested to build large multi-tenant and infill properties as well as last mile distribution centers to primarily serve the needs of growing e-commerce tenants.

More info: www.bearlogi.com

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Resource REIT to be Acquired by Blackstone Real Estate Income Trust in $3.7 Billion Transaction

Blackstone

Philadelphia, PA, January 24, 2022 – Resource REIT, Inc. (the “REIT” or the “Company”), a publicly registered non-traded real estate investment trust, announced today that it has entered into a definitive agreement with Blackstone Real Estate Income Trust, Inc. (“BREIT”), under which BREIT will acquire all of the outstanding shares of common stock of the REIT for $14.75 per share in an all-cash transaction valued at $3.7 billion, including the assumption of the REIT’s debt.

Under the terms of the agreement, BREIT will acquire the REIT’s portfolio of multifamily, garden-style assets comprised of 42 apartment communities totaling more than 12,600 units. The assets feature significant green space and amenities and are located in some of the strongest and fastest growing submarkets spanning 13 states, including Arizona, Colorado, Florida, Georgia and Texas.

“We are very pleased to reach this agreement with BREIT, as it will provide significant and certain value to our stockholders,” said Alan F. Feldman, Chairman and CEO of Resource REIT. “The transaction’s premium represents the cumulative hard work and dedication of our talented team of professionals, and we are confident that these communities are in good hands with Blackstone.”

Asim Hamid, Senior Managing Director at Blackstone Real Estate, said, “This transaction represents a continuation of our high-conviction investing in top-quality multifamily communities in growth markets across the U.S. Blackstone intends to capitalize on our expertise, scale, and best-in-class management practices to ensure these properties are well maintained and provide an exceptional experience for residents.”

The transaction has been unanimously approved by the REIT’s Board of Directors and represents a premium of 63 percent to the REIT’s most recently published Net Asset Value of $9.06 per share, which was initially determined twelve months ago by the REIT’s Board of Directors as of January 28, 2021. The transaction is expected to close in the second quarter of 2022, subject to customary closing conditions, including the approval of the REIT’s common stockholders. The transaction is not contingent on receipt of financing.

Lazard Frères & Co. LLC is acting as exclusive financial advisor to the REIT and DLA Piper LLP (US) is acting as legal counsel. BofA Securities, BMO Capital Markets Corp., Eastdil Secured Advisors LLC and RBC Capital Markets LLC are acting as financial advisors to BREIT and Simpson Thacher & Bartlett LLP is acting as legal counsel.

About Resource REIT, Inc.
Resource REIT, Inc. (the “REIT” the “Company”) is a self-managed real estate investment trust that owns a diverse portfolio of suburban apartment communities in targeted markets across the United States. The REIT owns 42 (excluding three properties previously agreed to be sold) multifamily properties across 13 states as of December 31, 2021. For more information, visit the REIT’s website at www.ResourceREIT.com.

About Blackstone Real Estate Income Trust, Inc.
Blackstone Real Estate Income Trust, Inc. (“BREIT”) is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors. BREIT invests primarily in stabilized, income-generating U.S. commercial real estate across key property types and to a lesser extent in real estate debt investments. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $230 billion in investor capital under management. Further information is available at www.breit.com.

Additional Information and Where to Find It
This communication relates to the proposed merger transaction involving the Company. In connection with the proposed merger, the Company will file relevant materials with the Securities and Exchange Commission (the “SEC”), including a proxy statement on Schedule 14A (the “Proxy Statement”). This communication is not a substitute for the Proxy Statement or for any other document that the Company may file with the SEC and send to the Company’s stockholders in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the Proxy Statement and other documents filed by the Company with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed by the Company with the SEC will be available free of charge on the Company’s website at www.resourcereit.com, or by contacting the Company’s Investor Relations Department at 866-469-0129.

Participants in the Solicitation
The Company and its directors and executive officers may be considered participants in the solicitation of proxies with respect to the proposed transaction under the rules of the SEC. Information about the directors and executive officers of the Company is set forth in its Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the SEC on March 25, 2021, its proxy statement for its 2021 annual meeting of stockholders, which was filed with the SEC on April 26, 2021 and subsequent documents filed with the SEC. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will also be included in the Proxy Statement and other relevant materials to be filed with the SEC when they become available. Investors should read the Proxy Statement carefully when it becomes available before making any voting or investment decisions.

Forward-Looking Statements
The forward-looking statements contained in this communication, including statements regarding the proposed merger transaction and the timing and benefits of such transaction, are subject to various risks and uncertainties. Although the Company and BREIT believes the expectations reflected in any forward-looking statements contained herein are based on reasonable assumptions, there can be no assurance that such expectations will be achieved. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or other similar expressions. Such statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results of the Company or BREIT to differ materially from future results, performance or achievements projected or contemplated in the forward-looking statements.  Some of the factors that may affect outcomes and results include, but are not limited to: (i) risks associated with the Company’s ability to obtain the stockholder approval required to consummate the merger and the timing of the closing of the merger, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all or that the closing of the merger will not occur, (ii) the outcome of any legal proceedings that may be instituted against the parties and others related to the merger agreement, (iii) unanticipated difficulties or expenditures relating to the transaction, the response of business partners and competitors to the announcement of the transaction, and/or potential difficulties in employee retention as a result of the announcement and pendency of the transaction, (iv) the possible failure of the Company to maintain its qualification as a REIT, and (v) those additional risks and factors discussed in reports filed with the SEC by each of the Company and BREIT from time to time, including those discussed under the heading “Risk Factors” in their respective most recently filed Annual Report on Form 10-K, as updated by subsequent Quarterly Reports on Form 10-Q and other reports filed with the SEC. Neither the Company nor BREIT undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Investors should not place undue reliance upon forward-looking statements.

Resource REIT Contact
Marianne McGuire
(267) 256-5964
mmcguire@resourcereit.com

Blackstone Media Contact
Jeffrey Kauth
(212) 583-5395
Jeffrey.Kauth@Blackstone.com

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