Ardian Real Estate and Prelios SGR set-up the first Italian multi-compartment and externally managed Real Estate SICAF, authorized by Bank of Italy

Ardian

The new SICAF is fully operative and has already acquired an office building in Milan from Sator Immobiliare SGR

Milan, August 1st, 2019 – Ardian, a world-leading private investment house, together with Prelios SGR, announce that they have set-up a new multi-compartment and externally managed fixed-capital investment company (“SICAF”), the first one authorized by Bank of Italy. The new SICAF is entirely owned by an investment fund managed by Ardian and managed by Prelios SGR S.p.A.

The SICAF has already acquired from Sator Immobiliare SGR an office building located in via Roncaglia 12 – 14, in the south-west central part of Milan.

Built in the 1960s, the property covers around 9,300 sqm of gross area. The building is in a sought-after district in close proximity to the new CityLife business district, with excellent public transport links to the city centre. The building will be completely renovated, delivering to the market a Grade A product in line to the latest international construction, health and energy standards.

Rodolfo Petrosino, Managing Director at Ardian Real Estate, said: “The launch of this second real estate SICAF is the result of a partnership with a major operator such as Prelios with whom we are working in synergy. It is a new investment tool that we are the first to offer our investors and thanks to which we can continue to select the best opportunities in the core plus-value added segment on the market, as demonstrated by the recent acquisition of the real estate property of via Roncaglia 12 – 14. This construction project is an ideal addition to our existing portfolio in Italy. Given the property’s proximity to the new business district CityLife, and excellent transport links to the city centre, we expect demand for office space in this area to continue to grow. With its thriving and diverse corporate landscape, Milan is a key market for Ardian Real Estate as we continue to acquire and develop attractive properties in core European cities.”

“The new SICAF is the second one set up by Ardian and managed by Prelios SGR, and the first externally managed multi-sector real estate SICAF in Italy” adds Andrea Cornetti, General Manager of Prelios SGR. “This initiative strengthens the relationship with Ardian, one of the main players in the European market. With this transaction, Prelios SGR confirms its pioneering role in the range of investment products managed, and its leadership in the management of innovative products dedicated to leading institutional investors”.

The investment was completed with the support of GVA Redilco as commercial advisor, Gattai, Minoli, Agostinelli, Partners for the administrative due diligence and REAAS for the technical and environmental due diligence. Chiomenti, with a multi-disciplinary team coordinated by its partner Umberto Borzi, assisted Ardian in the process of authorising and setting up of the SICAF, as well as Prelios SGR in the first investment.

With this acquisition Ardian Real Estate’s owns seven properties in Italy and two in Milan, following its sale of two buildings in Via Giorgio Washington 70 and Corso Italia 13 in October 2018.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$96bn 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 610 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 around 970 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

ABOUT PRELIOS SGR

Prelios SGR is the management company of the Prelios Group. Among the main Italian real estate SGRs, it is active in the promotion and management of investment funds and separate accounts, in advisory services to support the main national and international investors in defining and implementing the best investment and management strategies in the real estate sector throughout Italy. In December 2018, the company managed assets of approximately Euro 4.4 billion for 34 funds, including two multi-sector compartment funds, a SICAF and four separate accounts.

PRESS CONTACT

ARDIAN
HEADLAND CONSULTANCY
Victoria Nelmes
vnelmes@headlandconsultancy.com
Tel: +44 20 3435 7478

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KKR Acquires Salesforce Tower in Atlanta

KKR

New Investment Underscores Commitment to Sunbelt Growth

NEW YORK–(BUSINESS WIRE)–Aug. 1, 2019– KKR, a leading global investment firm, today announced that it has acquired Salesforce Tower in Atlanta. KKR made the acquisition together with Banyan Street Capital in a joint venture valued at $205 million.

Salesforce Tower is a 631,808 square foot, 34 story, Class A office tower located in Atlanta’s Buckhead submarket, one of the Southeast’s strongest and most desirable office submarkets. Salesforce Tower recently underwent $14 million of upgrades and renovations. Major tenants include the regional hub for Salesforce.com and the corporate headquarters for RentPath and Rubicon Global. Salesforce Tower offers immediate public transportation accessibility as it sits directly on the MARTA line and interstate system.

KKR and Banyan Street Capital are planning an additional $5 million in capital improvements which will address enhancements to the fitness center, retail concourse, outdoor plaza and tenant elevator landings and corridors.

“We’re long term believers in the Atlanta growth story,” said Roger Morales, KKR Member and Head of Commercial Real Estate Acquisitions in the Americas. “We believe Atlanta’s young and educated workforce and affordable cost of doing business will lead to continued outsized performance, particularly in infill, highly amenitized, increasingly 24-hour submarkets like Buckhead.”

Salesforce Tower is positioned to benefit from nearly 1,500 new urban, upscale residential units in Buckhead as well as a new six-acre park and Nobu Hotel. Buckhead continues to draw big-name tech tenants including Amazon and Fleetcor Technologies, which recently announced the relocation of its headquarters into the submarket.

KKR’s partner on the transaction, Banyan Street Capital, was already invested in the asset with a prior partner. “We are delighted to partner with KKR in the next chapter of this iconic tower’s history,” said Rudy Touzet, Founder and CEO of Banyan Street Capital. “We continue to believe in Atlanta’s momentum and the dynamic ecosystem of the Buckhead office market. Ongoing improvements to the tower will further solidify its position as a top tier destination for talent in Buckhead and across Atlanta.”

A CBRE team of Chris Port, Nicole Goldsmith and Kyle Kenyon have been retained to lease the tower. Banyan Street Capital will manage the property directly.

KKR is making the investment through its Real Estate Partners Americas Fund II.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Banyan Street Capital

Banyan Street Capital is a premier owner and operator of office buildings in the eastern United States. As a full-service, vertically-integrated real estate investment firm, Banyan Street Capital always seeks to add value and deliver attractive risk-adjusted returns to its investors. With its headquarters in Miami, Florida, and regional offices in New York, Atlanta, Boston and Jacksonville, Florida, as of June 30, 2019, Banyan Street Capital owned and managed a portfolio of over 13 million square feet, with an estimated value of over $3 billion.

Source: KKR

Kristi Huller or Cara Major
212-750-8300
media@kkr.com

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