Ardian Real Estate raises €1.2bn for second fund

Ardian

25 JANUARY 2022 REAL ESTATE FRANCE, PARIS

Fundraise underlines the strength in European real estate as Covid-19 pandemic accelerates the evolution in work and lifestyle behaviors, driving new areas for investment

Ardian, a world-leading private investment house, today announces it has raised €1.2bn for its second real estate fund (AREEF II), confirming its leading position at a time of strength for the European real estate market, as changes in the way people live and work drive new investment opportunities.

The fund has a strong and diversified LP base with nearly 100 investors – more than 50 of which are institutional – from around the world, attracting capital from 13 countries across the Americas, Europe, and the Middle East.

The fundraise demonstrates strong investor appetite in the European real estate market, where Ardian has significantly grown its presence in the past five years since the inception of Ardian Real Estate.

Building on progress already made with AREEF I – which attracted more than 50 investors from 11 different countries – this fund will also invest in commercial property assets, mainly in office buildings in strategic locations in Europe.

AREEF II, which met its initial target size, represents an increase of more than 60% on Ardian Real Estate’s inaugural fund, AREEF I, which totaled €737m. The fund also saw a re-up rate of 84%.

AREEF II, which is already more than 50% deployed, will invest in assets valued between €50m and €250m, capitalizing on the long-term structural changes of working trends. Ardian Real Estate will use its operational capabilities to transform obsolete assets into “Green+” assets, which means with strong sustainability credentials, answering the new needs of tenants in key city-centers across Europe.

“Companies have been re-thinking ways of working for a number of years, but this shift was accelerated by the pandemic. It brings significant opportunities for real estate investors. Tenants are increasingly demanding high-quality and green spaces in strategic locations with strong sustainability credentials or what we call “Green+” buildings. With our expertise and now proven track record in the market, our “Build-to-Green+” strategy ensures our investments meet the needs of the workforce of the future.” STÉPHANIE BENSIMON, HEAD OF ARDIAN REAL ESTATE

Even before the pandemic, corporates were reassessing their workspace needs with a preference for well-located and high-quality spaces to attract talent. Covid-19 accelerated this trend, with companies now upgrading their office footprint to attract and retain talent in spaces fostering innovation, collaboration and social bonding.

Ardian Real Estate is putting sustainability as the core pillar of its investment strategy to match the new tenants needs for workspace having strong ESG credentials and to contribute to create more sustainable cities. Ardian embeds ESG considerations into every stage of their asset lifecycle. As a leading European player, the team strives to constantly imagine the future of offices and be at the forefront of the market in this field. “Green+” buildings emit on average 40% less CO2 than other office assets on the market. Our carbon reduction trajectory is in line with the 1.5 degree Celsius target set by the Paris agreement in 2016.

The fund has already successfully deployed significant amounts of capital, with more than half of the fund invested or under investment in the core markets of France, Germany, Spain and Italy:

  • AREEF II has already performed 11 transactions, including one exit
  • AREEF II manages over 230,000sqm across 8 European cities

“Not only does this fundraise show the resilience of European real estate, it is a significant moment for Ardian Real Estate. Following the success of our investments from the first fund, delivering strong returns to our investors, this second-generation fund has seen an even stronger response from investors and we see significant opportunity for creating value ahead.” STÉPHANIE BENSIMON, HEAD OF ARDIAN REAL ESTATE

The Real Estate team counts 21 investment professionals located across four offices. In 2021, Ardian strengthened the team with the appointment of four new Managing Directors: Matteo Minardi in Italy, Sébastien Bégué and Omar Fjer in France and Nico Rheims in Germany.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$120 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 800 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

HEADLAND CONSULTANCY

ardian@headlandconsultancy.com

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Blackstone Infrastructure Partners Acquires Stake in Phoenix Tower International

Blackstone
  • Blackstone Infrastructure’s capital will enable Phoenix Tower International to accelerate growth
  • Digital Infrastructure – which enables mobile connectivity and cloud-based computing for the businesses driving today’s economy – has long been a high conviction investment theme for Blackstone, with COVID-19 accelerating the sector’s growth and required investment  
  • PTI’s expansion is focused throughout the Americas and Europe

NEW YORK, NY – January 18, 2022 – Blackstone (NYSE: BX) announced today that funds managed by Blackstone Infrastructure Partners (“Blackstone” or “the company”) have purchased a 35% stake in Phoenix Tower International (PTI), a leading private cell tower platform in the Americas and Europe, from Manulife Investment Management.

Founded in 2013, Phoenix Tower International operates over 14,000 cell towers across 18 countries. PTI owns and operates high quality wireless infrastructure sites in markets experiencing strong wireless usage growth around the world. PTI’s expansion is focused throughout the Americas and Europe.

Commenting on the announcement, Greg Blank, Senior Managing Director in Blackstone’s infrastructure business said, “We are thrilled to partner with Dagan Kasavana and the entire PTI team. Cell towers represent one of the highest-quality and most durable infrastructure asset classes given their mission critical nature and long-term growth tailwinds. We look forward to supporting PTI’s continued growth and expansion by leveraging Blackstone’s scale and resources.”

Commenting on the announcement, CEO of Phoenix Tower International, Dagan Kasavana said, “There is a massive growth opportunity in the wireless infrastructure sector across the world, and I am pleased to have world-class partners from Blackstone on my team to continue to expand the business. We are excited to continue the growth journey for PTI with Blackstone Infrastructure.”

Commenting on the transaction, Recep Kendircioglu, Head of Infrastructure Investments at Manulife Investment Management said: “The Manulife Investment Management team is pleased to have had the opportunity to partner with Dagan and the entire Phoenix Tower International team over the years.  Our investment in PTI supported our goal to expand digital connectivity globally, and, together with the PTI team, we achieved a great outcome.  We look forward to watching that growth continue through a new partnership.”

Today’s investment in Phoenix Tower International is the most recent example of digital infrastructure platform investments for Blackstone. Digital Infrastructure – which enables mobile connectivity and cloud-based computing for the businesses driving today’s economy – has long been an area of focus for Blackstone, with COVID-19 accelerating the sector’s growth and required investment. Most recently, Blackstone invested in QTS, a leading data center company and Hotwire, a leading provider of fiber-to-the-home in the United States.

Rothschild & Co acted as financial advisor to Blackstone Infrastructure Partners, while Simpson Thacher & Bartlett served as legal advisor.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $731 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Blackstone Infrastructure Partners
Blackstone Infrastructure Partners is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.

Phoenix Tower International
PTI owns and operates over 14,000 towers and other wireless infrastructure and related sites across 18 countries in the Americas and Europe.  PTI was founded in 2013 with a mission to be a premier site provider to wireless operators across high-growth international markets.  PTI’s investors include funds managed by Blackstone and various members of the management team and is headquartered in Boca Raton, Florida. For more information, please visit www.phoenixintnl.com.

About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement.

Contact
Paula Chirhart
Paula.Chirhart@Blackstone.com
347-463-5453

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KKR and Velero expand residential real estate portfolio with the acquisition of around 14,400 units from Adler Group

KKR

January 13, 2022

• KKR acquires c. 14,400 residential and commercial real estate units in an asset deal from Adler Group
• The portfolio will be managed by KKR’s portfolio company Velero, and is complementary to Velero’s existing footprint with units located in eastern Germany, the greater Berlin area and North Rhine-Westphalia
• All existing rental agreements and leases as well as c. 170 employees connected to the portfolio will be assumed

Frankfurt, Berlin, 13 January 2022 – KKR, a leading global investment firm, today announced that KKR has signed definitive agreements to acquire a portfolio of c. 14,400 residential and commercial real estate units from Adler Group. The vast majority of the units are residential. The properties will be managed by KKR’s portfolio company Velero, a fully integrated platform for residential property and asset management. Most of the acquired units are located in strong and stable markets in which Velero is already active, including the cities of Cottbus, Leipzig, Halle, Erfurt, Jena, Dresden and Chemnitz, as well as other cities in eastern Germany, the greater Berlin area and North Rhine-Westphalia.

As a result of the transaction, the managed portfolio has grown to more than 23,000 residential real estate units, making it one of the largest privately-held real estate companies in the German residential real estate market (by number of managed residential units).

Jan Baumgart, Managing Director and Head of Real Estate Germany at KKR, commented: “The acquisition of this portfolio is a testament to our ability to execute on highly attractive opportunities in the German residential real estate market. We look forward to working with Velero to enhance the quality of living, improve the energy efficiency, reduce vacancy and drive operational improvements. We will invest substantially into the properties to achieve these objectives.”

Sascha Giest and Thomas Lange, co-CEOs and founders of Velero, added: “We are very proud to have, together with KKR, sourced such an attractive and rare portfolio through our long-standing network within the German real estate community. This transaction marks a milestone in the growth journey of Velero. The acquired units make for a valuable addition to our existing portfolio of managed properties and our location strategy. The acquisition of the portfolio will enable us to leverage economies of scale in property management – all while ensuring a smooth transition and high-quality services to our tenants.”

In addition, Velero will take on all c. 170 Adler employees performing operational and other asset-related tasks in relation to the acquired portfolio. This will ensure that on-site support for tenants will continue to be provided by the staff that is already well-acquainted with both the properties and tenants.

Lease contracts for all tenants of the portfolio will remain unchanged by the transaction in order to continue providing high-quality housing at affordable rates.

KKR makes its investment from Real Estate Partners Europe II (REPE II) and other managed funds. The transaction is structured as an asset deal and subject to customary closing conditions for an asset deal and clearance by the German Federal Cartel Office.

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.

About Velero
Founded in 2015, Velero is a Berlin-based asset manager specializing in the acquisition and management of German residential real estate with a focus on affordable housing. With the acquisition of a majority stake by leading global private equity firm KKR in 2020 the company has evolved into a fully integrated residential real estate platform. Together with its partners, Velero invests in residential portfolios in emerging cities and regions across Germany. In addition to transactions and financing, the range of services includes the complete value chain of asset management, property management and facility management. The portfolio managed by Velero consists of more than 23,000 residential units with a current focus on the eastern German states and North Rhine-Westphalia.

Media Contacts

KKR Germany

Finsbury Glover Hering
Thea Bichmann
Mobile: +49 172 13 99 761
Email: thea.bichmann@fgh.com

Finn Bode
Mobile: +49 151 16 30 36 59
Email: finn.bode@fgh.com

Velero

Jürgen Herres
Feldhoff & Cie.
Mobile: +49 176 60 73 86 82
E-Mail: jh@feldhoff-cie.de

Anke Sostmann
Feldhoff & Cie.
Mobile: +49 159 04 02 85 05
E-Mail: as@feldhoff-cie.de

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CBRE with Devar Claims and Overlord SPV sell NPL portfolio with €60m GBV in the secondary market to vehicles advised by AnaCap

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Anacap

CBRE, a worldwide leader in real estate advisory services announces it has supported Guber Banca and securitisation vehicles Devar Claims and Overlord SPV in the disposal of a NPL portfolio with a Gross Book Value (“GBV”) of more than €60 million to vehicles advised by AnaCap Financial Partners (“AnaCap”).

For the process, CBRE structured two phases to enable the secondary market sale of the real estate secured loans. The portfolio, which comprises 6 borrowers, is characterised by a large component of Cash-in-Court strategy.

Andrea Calzavacca, Head of Loan Advisory & Alternative Investments at CBRE Italy, commented: “Distressed credit opportunities linked to secondary market trades represent a key part of the current market dynamics which will follow on from the deleveraging activity witnessed in recent years.”

He continued: “This deal also demonstrates the depth of secondary market sales, as well as our ability to select suitable investors interested in such products. The clear appetite for these opportunities paved the way to structure the process in the two phases that were ultimately executed. Strong interest in these opportunities, together with the participation of institutional parties on both sides of the transaction, has meant the process closed in less than two months which is a testament to all parties involved.”

Natalia Joubrina, Investment Director, Credit at AnaCap, commented: “AnaCap continues to be a key player in the lower to mid-market space where we see attractive opportunities across the credit landscape in the Italian market, including secondary NPL market opportunities. AnaCap has been a very active investor in the Italian market since 2012 and we look forward to deal flow in the geography across different asset classes including Non-Performing Loans, Performing Loans, Direct Real Estate and Corporate Credit. Our extensive knowledge of the Italian market combined with a local presence has enabled us to deliver consistently with regular seamless and efficient execution. Our ability to provide flexible and tailored solutions in the Italian market where we have strong track record enabled us to secure this deal in a limited competition process.”

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KREST Purchases Industrial Distribution Properties in Charleston and Chicago

KKR

January 11, 2022

Acquires over 1.9 million square feet of modern warehouse assets in key U.S. logistics markets

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that KKR Real Estate Select Trust Inc. (“KREST” or the “Fund”) has completed the purchases of two state-of-the-art industrial distribution properties, growing the Fund’s logistics real estate portfolio to approximately six million square feet (SF) across the United States and South Korea.

The latest additions to KREST’s portfolio include a newly constructed, one million SF, cross-dock industrial warehouse located in Charleston and a three-building, 2020-vintage industrial park totaling approximately 923,000 SF in Chicago.

“High-quality logistics properties continue to be a key conviction for KREST as part of our strategic focus on investing in thematically driven, income-oriented real estate,” said Roger Morales, KKR Partner and Head of Real Estate Acquisitions in the Americas. “KKR’s experience, having acquired approximately 50 million SF of industrial property across the United States over the past few years, enables us to be front-footed in purchasing attractive properties directly from the developers.”

“We are pleased to complete the purchases of these marquee assets in Chicago and Charleston – two key logistics markets where we have significant experience,” said Ben Brudney, a Director in the Real Estate group at KKR who oversees the firm’s industrial investments in the United States. “We believe that state-of-the-art distribution centers in close proximity to major population centers and key transportation hubs will have significant staying power and are a great match for KREST’s long-term capital.”

The Charleston asset is located within the Charleston Trade Center, a Class A industrial campus in Summerville, South Carolina. The property features state-of-the-art physical characteristics and has direct interstate access to The Port of Charleston, the deepest port on the East Coast. Delivered in December 2021, the warehouse is 100 percent leased on a long-term basis. KREST acquired the property from the developer, a joint venture between The Keith Corporation and Singerman Real Estate. JLL represented the seller on the transaction.

The Chicago industrial park was completed in 2020 and is located in Bolingbrook, Illinois, approximately 30 miles from Chicago’s Central Business District and 25 miles from Midway International Airport. The property includes three Class A buildings: a cross-dock warehouse, a rear-load warehouse and a truck terminal. The property is 100 percent leased on a long-term basis to four established tenants. KREST acquired the property from the developer, Crow Holdings Industrial. The seller was represented by CBRE.

About KREST

KKR Real Estate Select Trust Inc. (“KREST”) is a continuously offered, registered closed-end fund that thematically invests in high quality, stabilized, income-oriented commercial real estate equity and debt. The fund is open to all investors with daily subscriptions and its primary investment objective is to provide attractive current income, with a secondary objective of long-term capital appreciation. KREST is managed by KKR Registered Advisor LLC, an affiliate of KKR & Co. Inc., and utilizes the experience and reach of KKR’s global real estate team and the resources available through the KKR platform. For additional information about KREST, please visit its website at www.krest.reit.

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.

For KKR:
Miles Radcliffe-Trenner
+1 212-750-8300
media@kkr.com

Source: KKR

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KKR-Mirastar Logistics Platform Expands European Portfolio with Investments in the Netherlands – Transaction is KKR’s first in Europe via its Core Plus Real Estate strategy

KKR

January 10, 2022

This transaction is KKR’s first via its pan-European Core Plus Real Estate strategy, which focuses on investing in high quality, substantially stabilised assets with long-term value growth potential.

The four assets are located in Eindhoven and Wijchen, strategic locations that comprise the South Netherlands’ primary logistics distribution corridor between Rotterdam and the German border. Both cities are attractively sited for logistics assets, with strong industrial sub-markets benefiting from multi-modal transportation close to major transport routes in the Netherlands. Mirastar will manage the assets.

Ian Williamson, Managing Director and Head of Core Plus Real Estate in Europe at KKR, said: “KKR’s Core Plus platform in Europe was launched to meet long-term investor demand for high quality assets in structurally growing areas of the real estate sector. These logistics assets are an excellent fit with our strategy and we expect logistics to remain a core thematic focus for KKR in Europe through our Core Plus platform. The assets have strong ESG credentials and our business plan includes transitioning them to the highest level by supporting de-carbonisation in-line with the Paris Climate Agreement.”

Diederik Schol, Principal in KKR’s European Real Estate team, added: “We are excited to continue growing our industrial portfolio in one of Europe’s top distribution markets with this high-quality portfolio. We believe these assets benefit from strong levels of occupier demand and a structural under-supply, driving long-term value appreciation. The Netherlands continues to be a key market for us across both Core Plus and Value-Add, particularly in the industrial and residential sectors.”

KKR is an active investor in logistics real estate across Europe and has a strong track record of investing across real estate sectors in the Netherlands. In 2018, KKR acquired two major student housing developments in Groningen and Utrecht, exiting the investment last year, and continues to actively seek investment opportunities in the Netherlands across all sectors. The KKR-Mirastar platform currently manages approximately 150,000 square meters of prime logistics assets in the Netherlands, which were acquired and developed in 2021 in Bleiswijk, Schiphol and Roosendaal.

-ends-

Media Enquiries

KKR: EMEA
Alastair Elwen / Sophia Johnston
Finsbury Glover Hering
+44 20 7251 3801
KKR_LON@finsbury.com

KKR: Netherlands
Corina Holla
Meines Holla
+31 6 12 75 40 36
corinaholla@meinesholla.nl

Notes to Editors

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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TPG Real Estate completes acquisition of Studio Babelsberg AG

TPG Capital

January 3, 2022 – TPG Real Estate Partners (“TREP”), the dedicated real estate equity investment platform of alternative asset firm TPG, today announced it has completed the acquisition of Studio Babelsberg AG (“Studio Babelsberg”). Dr. Carl L. Woebcken and Mr. Christoph Fisser, CEO and COO of Studio Babelsberg, respectively, maintain a minority stake in the business.

On 16 September 2021, TREP announced that it agreed to acquire a stake in Studio Babelsberg via acquisition of the company’s main shareholder, Filmbetriebe Berlin Brandenburg GmbH (FBB), which was controlled by Mr. Woebcken and Mr. Fisser. As part of the agreement, FBB launched a public tender offer to acquire a majority of the shares in Studio Babelsberg for a cash offer price of EUR 4.10 per Studio Babelsberg Share. The offer was subject to a minimum acceptance threshold, which was fulfilled on 29 October 2021 following a successful acceptance period. All closing conditions of the transaction have now been fulfilled.

With the closing of the transaction, Studio Babelsberg has become part of TREP’s global studio platform, Cinespace Studios (“Cinespace”). Cinespace is the second largest sound stage operator in North America. With Studio Babelsberg, Cinespace will now operate 90 stages, furthering its strategy of building a best-in-class studio platform for premier content makers across the globe. Studio Babelsberg will continue to operate as an independent brand but benefit from the resources and networks provided by the global platform. Studio Babelsberg has a long history of hosting best-in-class content production, including recent German local language series such as Dark, Babylon Berlin, and 1899, as well as world renowned feature films such as Inglorious Basterds, V for Vendetta, Bridge of Spies, and recently The Matrix Resurrections.

“Across the globe, Studio Babelsberg is known for its quality and as a symbol of Berlin’s and Brandenburg’s creative culture,” said Michael Abel, Partner at TREP. “With Studio Babelsberg, we saw an opportunity to invest behind a leading studio facility that is well positioned to benefit from secular growth trends in media and content consumption. We support the company’s strategy and direction and look forward to growing the business.”

“We are excited to announce a successful completion of the transaction, and to welcome TREP as Studio Babelsberg’s new partner,” said Dr. Woebcken and Mr. Fisser. “The team values our rich history and brings significant insight and business building capabilities to Studio Babelsberg’s next chapter. We look forward to working together to further solidify our position as Europe’s premier studio.”  

“Studio Babelsberg has a strong tradition of film making that has served some of the most iconic films ever made,” said Eoin Egan, COO of Cinespace. “As appetite for high-quality content continues to increase, we look forward to working with the Studio Babelsberg and TREP teams to grow Berlin into a global hub for content production.”

About TPG Real Estate Partners 

TPG Real Estate Partners (“TREP”) is the dedicated real estate equity investment platform of global alternative asset firm TPG. Today, TREP has $5.5 billion of assets under management. Since its inception in 2009, TREP has built a differentiated investment portfolio comprised primarily of real estate-rich platforms and portfolios located in the United States and Europe. TPG was founded in 1992 and now has approximately $109 billion of assets under management with investment and operational teams in 12 offices around the world. For more information, visit www.tpg.com.

Media Contacts

TPG Real Estate Partners 

Deutschland:
Thomas Katzensteiner, Peter Steiner, Tobias Eberle
tpg-cb@charlesbarker.de

Europe: 
Alex Jones, Michael Russell, Daniel Oliver
tpg@greenbrookpr.com

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H.I.G. Realty Recapitalizes 20 Carlton House Terrace in St. James, London

LONDON – December 22, 2021 – H.I.G. Capital, LLC (“H.I.G.”), a leading global alternative investment firm with over $45 billion of equity capital under management, announced today that an affiliate has provided financing for the redevelopment of 20 Carlton House Terrace, an office building totalling approximately 160,000 square feet in the core office market of St. James’s in London.

Riccardo Dallolio, Managing Director and Head of H.I.G. Europe Realty in London, commented: “We are delighted to complete this transaction in line with our strategy of investing in institutional quality value-add projects in central London. We believe this asset has the potential of becoming one of the best buildings in Mayfair and St. James’s where supply-demand dynamics are particularly favourable for best-in-class office buildings”.

Chris Zlatarev, Principal at H.I.G. Europe Realty Partners, added: “The transaction demonstrates our ability to structure joint ventures with high quality partners focused on creating best-in-class buildings. 20 Carlton House Terrace is a build-to-core re-development to provide state-of-the-art office space with futureproof ESG credentials”.

About H.I.G. Capital
H.I.G. is a leading global alternative assets investment firm with over $45 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Rio de Janeiro, São Paulo and Bogotá, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:

  1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
  3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
  4. H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

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EQT Exeter completes EUR 3.0 billion logistics portfolio sale – among the largest in European history

eqt
  • One of the largest European industrial real estate transactions ever, the portfolio consists of 132 high-quality, modern logistics properties totalling 2.2 million square metres, assembled through 102 transactions
  • During EQT Exeter’s ownership, the team executed 79 lease events, generating EUR 70.2 million in rental income; EQT Exeter will continue to lease, property manage, and asset manage the portfolio
  • The deal, which marks EQT Exeter’s fifth multi-billion sale, continues its record as the leading logistics investment manager and landlord globally

EQT Exeter is pleased to announce it has closed a EUR 3.0 billion, 2.2 million square metre logistics portfolio sale on behalf of its private real estate fund, EQT Exeter European Value Venture III. These properties serve the supply chains of major corporations, including facilities for “big box” regional distribution, e-commerce fulfillment, and last mile distribution. The portfolio spans major population centres and key e-commerce and air cargo hubs across Western and Central Europe.

With 16 European offices, EQT Exeter mobilized its deep local market knowledge and expansive industry relationships to assemble the portfolio through 102 transactions executed over three years. These investments were made on behalf of logistics value fund investors who sought value growth through development and leasing activities. With its unique vertical integration, including highly localized, fully in-house execution of design, development, and leasing, EQT Exeter: developed 762,000 square metres of the portfolio; leased 715,000 square metres of vacancy; and signed 205,000 square metres in renewals during the fund’s ownership period.

In line with EQT Exeter’s commitment to creating sustainable, future-proofed assets for its tenants, the 762,000 square metres of newly constructed properties will be environmentally accredited and are equipped with the newest renewable design features in the industry. As part of the reletting of existing space, EQT Exeter has taken several steps to reduce environmental impact and improve energy performance, including installing LED lighting and reflective roof materials, improving natural light features, and introducing sustainable urban drainage via stormwater retention schemes and pervious parking features.

Paul Rubincam, Partner and Head of EQT Exeter Europe, said, “This transaction, which marks our fifth multi-billion sale, builds on EQT Exeter’s decade-long track record as the leading logistics investment manager and landlord in Europe. We are proud to deliver another transformational deal for EQT Exeter’s investors, and we look forward to our continued collaboration with the buyer, which has engaged us to continue managing and leasing the properties.”

Clifford Chance advised EQT Exeter, and Eastdil Secured and CBRE served as procuring brokers in this transaction.

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

About EQT Exeter
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KKR adds healthcare real estate assets to Krest Portfolio

KKR

NEW YORK–(BUSINESS WIRE)–KKR, a leading global investment firm, today announced that KKR Real Estate Select Trust Inc. (“KREST”) has acquired a portfolio of core medical office buildings and ambulatory surgery centers located in seven Sun Belt states (the “Portfolio”). The Portfolio was assembled by Montecito Medical, a leading player in the medical office space, and FCA Partners, a real estate investment management company. The transaction will recapitalize the Portfolio with Montecito Medical retaining its interest in and operational responsibility for the properties.

The purchase marks KREST’s first acquisition of core healthcare real estate assets, further diversifying the fund’s portfolio following its recent first-time multifamily property investment, as well as its first international property acquisition. The investment aligns with KREST’s focus on thematically-driven, stabilized, income-generating commercial real estate, which is one of the fund’s three primary investment strategies.

The Portfolio consists of 15 outpatient medical office buildings and ambulatory surgery centers totaling approximately 400,000 square feet. The properties are located across the southern United States in growth submarkets within Arkansas, Florida, Georgia, North Carolina, Tennessee, Texas and South Carolina. The Portfolio is over 99% leased to a mix of leading investment grade health systems and specialist medical groups in practice areas including orthopedics and ophthalmology, with a weighted average lease term greater than 10 years.

“We are pleased to invest in mission-critical real estate for a premium group of tenants who are providing in-demand medical care to high-growth communities across the Sun Belt,” said Peter Sundheim, a senior leader on KKR’s real estate team. “We believe these properties operated by Montecito Medical are positioned to benefit from long-term trends in healthcare and population growth, making them a great match for KREST.”

“This transaction places our Southern Core Medical Office Portfolio in the hands of a great long-term owner with deep expertise across healthcare and real estate sectors,” said Chip Conk, Chief Executive Officer of Montecito Medical. “We are happy to deliver a great outcome for our investors while continuing to maintain and grow our operational platform.”

“This acquisition represents a meaningful diversification of our KREST investment portfolio, and we are thrilled to expand the portfolio with new exposure to healthcare real estate,” said Billy Butcher, Chief Executive Officer of KREST and Chief Operating Officer of KKR Global Real Estate.

“We appreciate the great work of our partners at Montecito Medical in assembling this portfolio of quality medical office assets,” said Al Lindemann, Managing Partner of FCA Partners. “We continue to believe in the long-term value of medical office assets as part of our client portfolios.”

Newmark’s Healthcare Capital Markets Group advised Montecito Medical and KKR on the transaction and provided advice to KKR on debt financing. BMO Harris Bank’s Healthcare Real Estate group provided financing for the transaction. Simpson Thacher & Bartlett LLP acted as legal counsel to KKR, and Allen Matkins Leck Gamble Mallory & Natsis LLP acted as legal counsel to Montecito Medical and FCA.

About KREST

KKR Real Estate Select Trust Inc. (“KREST”) is a continuously offered, registered closed-end fund that thematically invests in high quality, stabilized, income-oriented commercial real estate equity and debt. The fund is open to all investors with daily subscriptions and its primary investment objective is to provide attractive current income, with a secondary objective of long-term capital appreciation. KREST is managed by KKR Registered Advisor LLC, an affiliate of KKR & Co. Inc., and utilizes the experience and reach of KKR’s global real estate team and the resources available through the KKR platform. For additional information about KREST, please visit its website at www.krest.reit.

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.

About Montecito Medical

Montecito Medical is one of the nation’s largest privately held companies specializing in healthcare-related real estate acquisitions and funding the development of medical real estate. Montecito is a leading resource for both medical real estate owners and healthcare providers seeking to monetize or expand their holdings. Since 2006, it has completed transactions across the United States involving more than $5 billion in medical real estate. Headquartered in Nashville, TN, Montecito has been named as a “key influencer in healthcare real estate” by GlobeSt.com and the editors of Healthcare Real Estate Insights. For more information about Montecito Medical, please visit www.montecitomac.com.

About FCA Partners

FCA Partners is a Charlotte, NC based real estate investment advisor with a focus on identifying high quality assets and operating partners in the growth markets of the Southeast and TX. The firm has assembled a portfolio of over 50 assets with value in excess of $2 billion on behalf of its institutional clients since its founding in 2014.

CONTACTS

Media Contacts:
For KKR:
Miles Radcliffe-Trenner
+1 212-750-8300
media@kkr.com

For Montecito Medical:
Brandi Meeks
+1 615-921-3850 x3878

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