Monthly Archives: December 2018

EQT Real Estate expands French portfolio with office acquisition in Paris for EUR 42 million

eqt

  • The transaction represents EQT Real Estate’s fourth acquisition in Paris – a 9,050 square metre vacant office property for a price of EUR 42 million
  • The property is located on rue Mozart in Clichy Saint-Ouen, North Paris, less than 200 metres away from a new Metro station due to open in 2020
  • The investment represents the EQT Real Estate I fund’s ninth investment to date

The EQT Real Estate I fund (or “EQT Real Estate”) continues to invest in established European office markets and today announces the acquisition of a vacant office property located in Clichy Saint-Ouen, North Paris. The property was acquired from a French pension fund advised by investment manager AEW.

Clichy Saint-Ouen is a mature sub-market in Paris with strong transport links. It will be further improved by the extension of Metro line 14 in 2020, which will place it just three stops from Paris’ Central Business District. The asset, built in 2001, comprises 9,050 square metres of office and storage space, and 199 parking spaces. The property is fully vacant and has been recently stripped out. The acquisition aligns with the firm’s strategy to focus on gateway cities with strong demographics driving sustainable GDP and office-based employment growth.

Olivier Astruc, Managing Director at EQT Partners and Investment Advisor to EQT Real Estate I, says: “This investment in Clichy, North Paris, further demonstrates the strategy to create modern offices suited to occupiers’ needs for affordable and accessible grade A office space. EQT Real Estate has now completed four transactions in Paris, building a portfolio exceeding 60,000 square metres and EUR 500 million in gross development value. We continue to see strong demand from institutional investors, and EQT Real Estate’s strategy will allow us to continue to unlock value in key European sub-markets.”

During the acquisition process, EQT Real Estate I was advised by Savills, George V Notaires, De Pardieu Brocas Maffei, JLL Project & Development Services and Beadmans. Funds managed by ACOFI Gestion financed the acquisition, advised by Etude Panhard and Allen & Overy. The vendor was advised by Prud’homme & Baum and investment manager AEW.

Contacts
Olivier Astruc, Managing Director at EQT Partners, Investment Advisor to EQT Real Estate I, +44 20 8432 5426
EQT Real Estate I, +44 207 430 5555
EQT Press Office +46 8 506 553 34

About EQT
EQT is a leading investment firm with more than EUR 50 billion in raised capital across 28 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About EQT Real Estate I
The EQT Real Estate I fund will seek to make direct and indirect controlling investments in real estate assets, portfolios and operating companies that offer significant potential for value creation through repositioning, redevelopment, refurbishment and active management. The investments will typically range between EUR 30 million and EUR 65 million. The fund is advised by an experienced team from EQT Partners, with extensive knowledge of property investment, development and intensive “hands-on” asset management, and with access to the full EQT Industrial Network, including 10 European offices and more than 500 core Industrial Advisors.

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Priveq – new growth partner of Metenova

Priveq

Metenova, a MedTech company delivering products and solutions for the pharmaceutical and biotech production of aseptic and sterile products, has chosen to incorporate Priveq Investment (“Priveq”) as a new growth partner for the future. Founder, CEO and Management will continue to be a part of the ownership group to a large proportion.

Metenova was founded ten years ago, consisting of a management and founders with over four decades of experience within product design and development of mixer solutions for aseptic and sterile pharmaceutical production. The customer base is mainly leading pharmaceutical companies and biological drug producing companies. The portfolio consists of mixers adapted to different types of applications based on the company’s patented technologies. Metenova operates globally with sales in more than 30 countries, mainly through a distributor network with headquarters in Mölndal, in the south of Sweden and a subsidiary in New Jersey, USA.

With an increasing proportion of biological pharmaceuticals, a large proportion of traditional pharmaceuticals such as block busters, as well as high growth in the Chinese market as a result of a shift to defined pharmaceuticals, there is a high underlying growth for products and knowledge from Metenova. New potent pharmaceuticals and personalized pharmaceuticals also give increased interest in new products within Metenova’s focus area. Through the partnership with Priveq, good conditions are created for taking advantage of the opportunities that can arise in the market as well as continued growth and development of the company.

”We are impressed by how Metenova has managed to establish itself as a technology leader in a relatively short period of time with a strong offering and a unique position in the market. We know the founders and management since we owned the company NovAseptic together and therefore have great respect for the knowledge that exists and being built in Metenova. We are looking forward to working with the owners and management of Metenova and actively supporting the company in the future.” says Louise Nilsson, CEO and partner at Priveq.

”We are very happy to bring Priveq in as growth partner in Metenova. Priveq has a broad experience from 125 growth companies and we are convinced that Priveq will help us take the next step in our development. In addition, we have previously worked together with Priveq and therefore we look forward to a new journey together with confidence.” says Johan Westman, CEO at Metenova.

“With Priveq as a strong owner, we see great opportunities to continue our planned growth. This gives us a good position to realize the opportunities we see in the market and to carry through the ventures we want in order to reach maximum potential.” says Lennart Myhrberg, one of the founders of Metenova.

 For more information, please contact:

Louise Nilsson, CEO and partner, Priveq Investment
Tel: +46 (0)709 50 95 50
louise.nilsson@priveq.se

Johan Westman, CEO Metenova
Tel: +46 (0)706 02 41 21
johan.westman@metenova.com

 

About Metenova

Metenova is a global supplier of critical products and solutions for production of aseptic and sterile pharmaceuticals. The company has a long experience of product development, manufacturing and sales within this area with high regulatory requirements. Metenova operates globally with leading companies within pharmaceutical and biotech industries mainly through a distributor network. The headquarters are located in Mölndal, in the south of Sweden and there is also a subsidiary in New Jersey, USA.

More information is available at www.metenova.com

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For further information, please contact

Louise Nilsson medarbetare

Louise Nilsson

Partner & CEO
Phone: +46 8 459 67 63
Mobile: +46 70 950 95 50

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Priveq Investment

P.O. Box 5295
SE-102 46 Stockholm
Visit us at
Humlegårdsgatan 20
Phone: +46 8 459 67 60
Fax: +46 8 20 35 66
E-mail: info@priveq.se

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Verdane portfolio company Bellman Group AB acquires Samgräv Holding AB

Verdane Capital

Bellman Group AB (publ) (the ‘’Company’’ or ‘’Bellman Group’’) has entered into an agreement regarding acquisition of the machine contracting company Samgräv Holding AB (‘’Samgräv’’).

On 13 December 2018, Bellman Group entered into an agreement with the owner of Samgräv regarding acquisition of all shares in the company and indirectly its subsidiaries. The initial purchase price for the acquisition amounts to SEK 144.0 million and will consist of a cash payment in the amount of SEK 100.0 million and newly issued shares in Bellman Group valued at SEK 44.0 million, after the new issue resulting in an ownership for Samgräv’s owner in Bellman Group of approximately 6.8 %. In addition, an additional purchase price may be payable, depending on the development of Samgräv’s EBITDA during the period and each of the years 2019 through 2022. Payment of any additional purchase price (if any) for each respective year is expected to be made during the second or third quarter of the following year. The total aggregated additional purchase price may amount to a maximum of SEK 96.5 million.

Samgräv is a company focused on contracting and leasing of construction machinery, trucks, crane trucks, tractors, rollers, machine operators and constructors. Samgräv is a strong player in the market of western Sweden by having its own inert landfills, recycling facilities and rock quarries, as well as transport and machinery contracting. The combination of own facilities as well as transport and machinery contracting entails an important competitive advantage in order to create cost effective and environmentally friendly transports for customers. For the financial year 2017/18, Samgräv’s sales amounted to SEK 221 million and the adjusted EBITDA for the same period amounted to SEK 31 million. The group’s sales for the financial year 2017, calculated pro forma including Samgräv’s sales for the financial year 2017/18, amounted to SEK 1,606 million and EBITDA for the same period, calculated pro forma including Samgräv, amounted to SEK 188 million.1

Through the acquisition, Bellman Group strengthens its position within inert landfills and broadens its operations to western Sweden. This will significantly positively affect the possibility for other companies within Bellman Group to increase (numerically and in size) their businesses in the Gothenburg area.

“It is very fun and exciting that Samgräv now becomes a part of Bellman Group. Through the acquisition of Samgräv, Bellman Group obtains a strong position also in western Sweden. This acquisition is very much in line with Bellman Group’s business and strategic plan; to develop its operations in Gothenburg as well as within inert landfills and recycling facilities. We see good opportunities to continue to create value in the new group, as all subsidiaries report a strong profit development”, says Håkan Lind, CEO of Bellman Group.

The intention is that Samgräv will continue to operate as a separate business following the acquisition.

“Samgräv has had a short-term plan to take a strong position in Västra Götaland and a long-term plan to expand in Stockholm and Malmö. We have had an ambition to enter into a broader context that gives us ability to act and new collaborations. During the process, we have always cared for our customers, suppliers and staff and kept them in mind in order to make Samgräv the number one choice in the contracting branch. In the Bellman Group, we have found common values and thoughts about the future. I am very pleased that this is now becoming reality and I really look forward to jointly create a strong group within the Bellman Group”, says Roger Hansson, owner of Samgräv.

Bellman Group intends to finance the acquisition primarily by issuance of new bonds under the Company’s existing bond loan. The Company will provide further information in relation to this by way of a separate press release if/when such issuance of new bonds has taken place.

The acquisition is conditional upon that Bellman Group obtains required financing and that the Swedish Competition Authority approves the transaction. Closing of the transaction is expected to take place during the first quarter of 2019.

For additional information, please contact:
Håkan Lind, CEO, Bellman Group, +46 (0) 70 669 80 28, hakan@bellmans.se

Roger Axelsson, CFO and Head of Communications, Bellman Group, +46 (0) 70 874 50 41, roger@bellmans.se

Roger Hansson, CEO, Samgräv, +46 (0) 70 677 65 53, roger@samgrav.se

About this information: 
This information is information that Bellman Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the Company’s CEO, at 12.00 CET on 13 December 2018.

About Bellman Group 
Bellman Group AB is comprised of Bellmans Åkeri & Entreprenad AB and Grundab Entreprenader i Stockholm AB, who are haulage contractors, as well as of Modern Sprängteknik i Norden AB with the subsidiaries Uppländska Bergkrossnings AB, Uppländska Bergborrnings AB and Sprängarbeten i Trönödal AB, who undertake blasting operations, and VSM Entreprenad AB with its subsidiaries VSM AS, Munthers Specialtransporter AB and VSM Rental AB, which are machine contracting companies. The group’s sales for the financial year 2017, calculated pro forma including VSM, amounted to SEK 1,385 million and the adjusted EBITDA for the same period, calculated pro forma including VSM, amounted to SEK 157 million. The group has approximately 360 employees and 500 subcontractors.

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Peter Hofvenstam appointed new CEO of Nordstjernan

Nordstjernan

The Board of Directors of Nordstjernan AB has appointed Peter Hofvenstam as the new CEO. Peter Hofvenstam is currently Deputy CEO and head of the Unlisted Holdings business area, which represents approximately half of Nordstjernan’s operations. He was born in 1965, has an MSc Economics, and has held various positions at Nordstjernan since 1999. He is a board member of Rosti and Swedol, as well as the chairman of Nordstjernan Kredit. Tomas Billing will continue as CEO until the transition, which will take place at the Annual General Meeting in May 2019.

“Taking Nordstjernan forward will be an exciting challenge. I look forward to work closely with our professional team to further reinforce our model of active long-term ownership in order to develop our companies and to create good returns,” says Peter Hofvenstam.

“As the chairman of Nordstjernan, it is a pleasure to present a strong internal successor to Tomas Billing. Peter has a genuine understanding of long-term value creation. He is responsible for Nordstjernan’s Unlisted Holdings, a business area that has developed very well through both growth in profits and sound business transactions. I look forward to working with Peter in his new role,” says Viveca Ax:son Johnson.

Outgoing CEO Tomas Billing will continue to work at Nordstjernan after the transition, in a role as senior advisor. He will work on nomination committees and boards in Nordstjernan’s holdings.

“I would like to thank Tomas Billing, who has been CEO for a full 20 years. When he started, Nordstjernan’s net asset value was SEK 2.7 billion, and we had one investment – NCC. Today, our net asset value is SEK 30 billion and we have 15 active investments. Two unlisted companies – Rosti and Etac – currently comprise Nordstjernan’s largest holdings. That is quite an achievement,” says Viveca Ax:son Johnson.
Questions will be answered by:

Viveca Ax:son Johnson
Chairman of Nordstjernan AB
Telephone: +46 8 788 50 18
E-mail: vaj@nordstjernan.se

Stefan Stern
Senior advisor, responsible for communications, Nordstjernan AB
Telephone: +46 70 636 74 17
E-mail: stefan.stern@nordstjernan.se
Nordstjernan AB is a family-controlled investment company whose business concept is to be an active owner that creates long-term and positive value growth. More information about Nordstjernan can be found on www.nordstjernan.se.

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L Brands announces sales agreement for La Senza

Regent

Columbus, Ohio (Dec. 13, 2018) — L Brands, Inc. (NYSE: LB) today announced that following its previously announced comprehensive review process, it has signed a definitive agreement to transfer ownership and operating control of La Senza – inclusive of the home office organization, North American stores and e-commerce and international partnerships – to an affiliate of Regent LP, a global private equity firm.  The company will sell 100 percent of its assets in La Senza in exchange for the buyer’s agreement to assume La Senza’s operating liabilities and provide L Brands potential future consideration upon the sale or other monetization of La Senza, as defined in the agreement.  The company expects to complete the transaction and transfer ownership in early January.

Operating results for La Senza are included in the company’s Other segment for financial reporting. The company estimates that La Senza’s 2018 revenues and operating loss will be approximately $250 million and $40 million (approximately $0.12 per share), respectively.

L Brands was advised on the sale by Financo.

 

ABOUT L BRANDS:

L Brands, through Victoria’s Secret, PINK, Bath & Body Works, La Senza and Henri Bendel, is an international company.  The company operates 3,115 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China, and its brands are sold in more than 800 additional franchised locations worldwide.  The company’s products are also available online at www.VictoriasSecret.com, www.BathandBodyWorks.com, www.HenriBendel.com and www.LaSenza.com.

 

ABOUT REGENT:

Regent is a global private equity firm focused on innovating and transforming businesses. The firm’s mission is to create long-term value for its partners, the companies it invests in and the communities in which it works. Regent’s investments span the globe and operate in a wide array of industry verticals including technology, media, consumer products, industrial, retail and entertainment.

Selected investments include Sassoon, Sunset Magazine, Lillian Vernon and a media portfolio comprised of 18 newspapers, magazines and television platforms including Military Times, Army Times, Navy Times, Defense News, PBS TV’s Defense News Weekly, Federal Times and the HistoryNet Magazines. Regent is based in Beverly Hills, California.

For more information, please visit www.regentlp.com.

For further information, please contact:

Regent LP:
Media Relations
Graydon Sheinberg
(310) 299-4108
gs@regentlp.com

L Brands:
Investor Relations
Amie Preston
(614) 415-6704
apreston@lb.com

Media Relations
Tammy Roberts Myers
(614) 415-7072
communications@lb.com

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Silver Lake to Acquire Majority Stake in ServiceMax from GE Digital

Silverlake

Strategic partnership to accelerate growth of leading provider of Field Service Management software
GE to continue as minority investor

SAN RAMON, CALIF. & MENLO PARK, CALIF. – DECEMBER 13, 2018 – GE Digital (NYSE: GE) and Silver Lake announced today an agreement for GE Digital to sell a majority stake in ServiceMax, a leading provider of cloud-based software productivity tools for field service technicians, to Silver Lake, the global leader in technology investing. Under the agreement, GE will retain a 10% equity ownership in ServiceMax. Since GE Digital acquired the company in 2016, ServiceMax has continued to invest in its technology and delivered growth that has outpaced the market over the past two years. ServiceMax and GE Digital have also entered into a reseller agreement to ensure ongoing collaboration to serve their joint customers, including GE’s industrial business units, and plan to continue to deeply integrate their technology offerings.

In collaboration with Silver Lake, ServiceMax will enjoy increased agility to accelerate its growth initiatives, pursue new strategic partnerships and execute a dedicated Field Service Management agenda. ServiceMax offers cloud software tools that improve the productivity of complex service and equipment-centric business operations for over 400 corporate customers across dozens of industries. As a separate company, ServiceMax will have the strategic focus required to penetrate the vast $34 billion global Field Service Management software market opportunity. The majority of the approximately 39 million field technicians globally who install, maintain and repair machines do not currently have access to any Field Service Management software such as ServiceMax.

“ServiceMax has a strong foundation of customers inside and outside the GE customer base,” said Scott Berg, CEO, ServiceMax. “In Silver Lake, we have found a partner with a technology growth mindset and unique expertise in separating companies into standalone businesses. Joining the Silver Lake family will provide the investment we need in continued technology development and market expansion in areas where we have seen significant traction, such as medical devices, construction and manufacturing industries. The new company structure gives us both the flexibility to provide solutions to all industrial manufacturers and the strategic backing of GE to continue to pursue the industrial asset operator markets.”

“Field Service Management is a core element in the digital transformation of industrial operations, and ServiceMax’s innovative platform provides field technicians with next-generation, business-critical software and technology,” said Kenneth Hao, Managing Partner and Managing Director of Silver Lake. “We look forward to working with ServiceMax and GE to bring ServiceMax’s technology to a broader customer base, increase investments in product development and help the company achieve its long-term potential.”

As part of GE Digital, ServiceMax accelerated market reach into new regions, expanded its Field Service Management capabilities and introduced its offerings to new industries. With this new relationship, GE Digital and ServiceMax will continue to work together to provide solutions that help companies transform how they operate and manage their industrial assets across the entire asset lifecycle. The two
companies will continue to advance the integration between GE Digital’s Predix Asset Performance Management suite and ServiceMax’s field service management solution – arming customers with a complete solution for proactive and predictive maintenance.

For almost 20 years Silver Lake has invested behind enterprise technology leaders in partnership with management. ServiceMax joins current and prior Silver Lake portfolio companies such as Broadcom (then Avago Technologies), Cast & Crew, the Dell Technologies family of businesses (including Pivotal, SecureWorks and VMware), GoDaddy, NXP, Red Ventures, Skype, SolarWinds and Unity.
The transaction is expected to close in early 2019. Financial terms of the deal were not disclosed.
Morgan Stanley & Co. LLC served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Silver Lake.

About GE Digital
GE Digital is reimagining how industrials build, operate and service their assets, unlocking machine data to turn valuable insights into powerful business outcomes. GE Digital’s Predix portfolio – including the leading Asset Performance Management and Field Service Management applications, as well as Predix Private Cloud – helps its customers manage the entire asset lifecycle. Underpinned by Predix, the leading application development platform for the Industrial Internet, GE Digital enables industrial businesses to operate faster, smarter and more efficiently, wherever their operations require. For more information, visit www.ge.com/digital.

About Silver Lake
Silver Lake is the global leader in technology investing, with about $45.5 billion in combined assets under management and committed capital and a team of approximately 100 investment and value creation professionals located in Silicon Valley, New York, London and Hong Kong. Silver Lake’s portfolio of investments collectively generates more than $225 billion of revenue annually and employs more than 390,000 people globally. The Silver Lake portfolio includes leading technology and technology-enabled businesses such as Alibaba Group, Ancestry, Broadcom Limited, Cast & Crew, Ctrip, Dell Technologies, Endeavor, Fanatics, Global Blue, GoDaddy, Motorola Solutions, Red Ventures, Sabre, SoFi, SolarWinds, Symantec, Unity, Weld North Education and WP Engine. For more information about Silver Lake and its entire portfolio, please visit www.silverlake.com.

Media Contacts
For GE Digital:
Amy Sarosiek
925-968-7871
amy.sarosiek@ge.com
For Silver Lake:
Patricia Graue
212-333-3810
silverlake@brunswickgroup.com

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KRAMP and JOHN DEERE expand strategic partnership in Europe

NPM Capital

Following a successful launch in Germany, Kramp and John Deere will expand their strategic partnership into France, Poland, Portugal and Spain during the course of 2019. As a result John Deere dealers in these countries will, in addition to the John Deere accessories, be able to order Vapormatic parts and the extensive Kramp product portfolio more easily. They will also be able to keep these products in stock and sell them via one online channel.

Kramp (agricultural machinery parts distributor) and John Deere (tractor and agricultural machinery manufacturer) are leading companies in their sectors. The shared objective is to enter into the collaboration with their dealers in order to guarantee their success by, among other things, making the parts ordering process as simple as possible. This led to good results in Germany for both farmers and dealers. After the expansion into four countries in 2019, other European countries will follow in the years to come.

Kramp, an NPM Capital portfolio company, is a total supplier of parts, technical services and business solutions and a strategic partner for companies in the agricultural, garden & park, earthmoving and OEM sectors. Kramp offers dealers a range of more than 700,000 products. Kramp has 21 locations in 19 countries and more than 2,600 employees.

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CapMan Nordic Property Income Fund (non-UCITS) acquires a mixed-use industrial property in Copenhagen

CapMan Nordic Property Income Fund (non-UCITS), has acquired Stamholmen 70, a light production and office property, in a sale and lease back transaction.

The approx. 14,000 sqm property is situated in Avedøre Holme, a mixed industrial and commuter suburb to Copenhagen. The property is fully let with a long lease agreement to the seller Intermail A/S, a Danish publicly listed communications company. The property is located close to the E20 highway, which provides easy access to Kastrup Airport and Copenhagen city centre.

“The Danish market provides many opportunities in line with CapMan Nordic Property Income fund’s cash flow focused investment strategy. We are very pleased with this acquisition and the continued co-operation with Intermail. The flexible layout of the property combined with its logistics capabilities are attractive for potential future tenants. The excellent location and good income outlook make it a perfect fit for the CapMan Nordic Property Income fund,” says Sampsa Apajalahti, Investment Director and Fund Director of CapMan Nordic Property Income Fund.

CapMan Nordic Property Income Fund (non-UCITS) is an open-ended special investment fund which accepts new subscriptions on a quarterly basis. The Fund focuses on stable income generating properties in the largest and most liquid Nordic cities with solid long-term growth fundamentals. CMNPI fund targets mainly offices and necessity-driven retail assets. In addition, the fund will also invest in other real estate sectors providing stable and predictable income. The acquisition of Stamholmen 70 is the fund’s fifth transaction and its second in Denmark.

CapMan Real Estate has a team consisting of over 30 real estate professionals in Helsinki, Stockholm and Copenhagen. CapMan Real Estate was established in 2005 and it currently has over EUR 1.7 billion of assets under management deploying four different investment strategies.

For further information, please contact:
Sampsa Apajalahti, Investment Director, Fund Director, CapMan Real Estate, tel. +358 40 575 2363
Peter Gill, Investment Director, CapMan Real Estate, tel. +45 20 43 55 63

About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value-creation in its target companies and assets. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate and created substantial value in these businesses and assets over the last 30 years. CapMan employs today approximately 120 private equity professionals and has approximately €2.8 billion in assets under management. We mainly manage the assets of our customers, the investors, but also make investments from our own balance sheet. Our objective is to provide attractive returns and innovative solutions to investors. Our current investment strategies cover Buyout, Growth, Real Estate, Infra, Credit and Russia. We also have a growing service business that currently includes procurement services (CaPS), fundraising advisory (Scala Fund Advisory), and fund management services. www.capman.com

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Gaw Capital Partners and Consortium Partners Win Bid to Acquire 12 Shopping Centers in Hong Kong

Gaw Capital

December 12, 2018, Hong Kong – Gaw Capital Partners today announced that the firm, through a fund under its management, and consortium partners, including Goldman Sachs, have won a bid to acquire a retail portfolio comprising 12 shopping centers in Hong Kong from Link Asset Management Limited at HK$ 12.01 billion and an average price of around HK$7,839 per sq. ft. excluding parking.

The portfolio is comprised of a number of strategically-located properties across Hong Kong Island, Kowloon and the New Territories that sit in the heart of densely-populated communities. The GFA of the portfolio totals 1.1 million sq. ft. of prime retail space and comes with over 4,700 parking spaces that are connected to highly-convenient transport links. Their excellent accessibility and holistic shopping environments have made them attractive destinations for retailers and hubs of community life for residents.

The shopping centers included in the portfolio are: Retail and Car Park within Ap Lei Chau Estate, Chun Shek Shopping Centre, Fortune Shopping Centre, King Lam Shopping Centre, Lei Tung Commercial Centre, Ming Tak Shopping Centre, Shan King Commercial Centre, Siu Hei Commercial Centre, Retail and Car Park within Tai Ping Estate, Wah Ming Shopping Centre, Wah Sum Shopping Centre, Wang Tau Hom (Wang Fai Centre).

Goodwin Gaw, Chairman and Managing Principal of Gaw Capital Partners, said, “We and our partners are confident about Hong Kong’s future, and believe these malls will continue to serve important functions in the community. Followed by the bid we won together with our consortium partners to acquire 17 shopping malls in 2017, we will further leverage our experience to evolve these malls into refreshed and renewed centers of local life and collaborate with the local NGOs and existing tenants to build a better neighborhood for themselves.”

Kenneth Gaw, President and Managing Principal of Gaw Capital Partners, commented, “We worked closely with the community over the past 12 months and implemented a series of initiatives to better make use of these malls for the community. We look forward to applying our expertise in repositioning commercial property to add significant strategic value to this additional portfolio.”

Gaw Capital has over 13 years of experience investing in and/or turning around commercial properties in Greater China, including Hong Kong. The firm successfully transformed and repositioned properties such as 133 Wai Yip Street in Hong Kong, a former 12-storey industrial building turned creative office space; Sky Bridge HQ, a mixed-use project located in the heart of Linkong Economic Park in Shanghai; Pacific Century Place in Beijing, a 170,000 sqm (1.8 million sq. ft.) renovated mixed-use commercial property with two office towers and two serviced apartment blocks on a retail podium; Cross Tower in Shanghai, a 22-storey office with a two-storey retail podium; Ciro’s Plaza in Shanghai, a mixed-use property with a 39-storey office building and a 28,000 sqm (302,000 sq. ft.) retail mall; Plaza 353 in Shanghai, a 40,000 sqm (430,000 sq. ft.) renovated mall with historical heritage status; Popark Plaza in Guangzhou, a 92,400 sqm (994,000 sq. ft.) retail mall connected to the Guangzhou East Railway Station, with high-speed trains to Shenzhen and Hong Kong, and access to two major subway lines; and Metropolitan Plaza in Guangzhou, a 88,800 sqm (956,000 sq. ft.) mall located above two subway lines.

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East Capital Holding acquires Monyx Asset Management

East Capital

East Capital Holding acquires Swedish fund management company Monyx, consisting of Monyx Asset Management and Nordic Fund Services S.A. from its owner NewCap Holding A/S. Monyx manages more than 3bn EUR in Nordic and global equity and fixed income funds. Monyx will remain as a separate entity within the group.

Once the transaction is completed Monyx will become a fully-owned subsidiary of East Capital Group. Monyx will continue to operate as a separate entity focusing on Nordic and Global strategies and East Capital Asset Management will retain its focus on emerging and frontier markets.

 

East Capital and NewCap cite a strong industrial logic as the driving force behind the transaction. There are significant economies of scale to be achieved in support functions and in the procurement of administrative and other external services linked to portfolio management. Reducing administration costs will provide vital additional resources to East Capital’s continued sustainability efforts and enable further investments in management teams and other core capabilities across both businesses. East Capital and Monyx also have offices and operations in Sweden and Luxembourg, further supporting seamless coordination between the two entities.

 

“We are pleased to be the new owner of Monyx, adding a new business line to the East Capital Group. We see a great opportunity in sharing our institutional investment management experience, as well as our strong sustainability and governance expertise. We plan to develop and support Monyx by providing additional resources to the investment team.”says Albin Rosengren, Partner at East Capital.

Ole Rosholm, CEO NewCap: “East Capital is one of the strongest independent investment managers in Northern Europe, with some of the world’s largest institutions among its clients and a wide European distribution network. East Capital has also been in the market for over 20 years, demonstrating both continuity and stability. We look forward to the mutual benefits our partnership will bring.”

 

This acquisition entails a change of ownership that requires approval by Swedish Financial Supervision Authority before the deal completes. Until then, East Capital refrains from providing any further details.

 

About East Capital

East Capital is an independent asset manager with various investment specializations all characterised by active management and a strong focus on responsible ownership. The main operations are East Capital Asset Management, an investment company which specialises in emerging and frontier markets, and East Capital Real Estate, which manages cash-flow generating commercial properties. Further, the securities company East Capital Direct offers a platform for transactions and investment custody. East Capital also owns a substantial part of the listed real estate company Eastnine (STO:EAST), which is an associated company in the group. East Capital was founded in Sweden in 1997 and has offices in Dubai, Hong Kong, Luxembourg, Moscow, Oslo, Stockholm and Tallinn. The company manages EUR 2.9bn for an international investor base including leading institutions.

Contact information:

Ilze Johnston, Marketing Communications Manager, East Capital

+46 8 505 88 550 mediaenquiries@eastcapital.com  

 

Andrew Fleming/ Georgie Rudkin, MHP Communications, Europe

+44 203 128 8100  eastcapital@mhpc.com  

 

Ruby Lo / Judith Bence, MHP, Asia

+852 6255 8133 / +61 415 903 849 eastcapital@mhpc.com

 

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