EQT closes its first real estate fund

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  • EQT closes the EQT Real Estate I fund with commitments totaling EUR 420 million
  • Strengthens EQT’s Real Assets investment strategy – leveraging the wider EQT platform
  • Around 35% of the total commitments have already been invested in four assets

EQT today announces the successful closing of its first real estate fund, EQT Real Estate I (“the fund”), with total commitments of EUR 420 million. The fund will invest in value-add real estate assets with a focus on repositioning high-yielding properties, predominantly in the office sector, in gateway cities in western Europe.

To date, four investments have been made across the fund’s core geographies:

  • Rue Lauriston in central Paris, an office refurbishment project
  • Smart Parc in western Paris, a refurbishment project of two office buildings
  • Technologiepark Köln in Cologne, a portfolio of seven income-producing office assets to be repositioned
  • Täby Terass in the Stockholm area, a residential scheme of studio apartments

Edouard Fernandez, Partner at EQT Partners, Co-Head of EQT Real Estate and Investment Advisor to the fund, comments: “The European real estate segment has long been dominated by North American private equity firms. With this fund, the market gets a new and exciting pan-European challenger that will be able to take advantage of the EQT signature combination of global reach and local people on the ground.”

Robert Rackind, Partner at EQT Partners, Co-Head of EQT Real Estate and Investment Advisor to the fund, adds: “The market outlook is very promising. There is a continued supply-demand imbalance combined with rental growth in gateway cities across Europe, and we see a big “hands-on” valuecreation potential.”

Lennart Blecher, Deputy Managing Partner at EQT, Head of EQT Real Assets and Investment Advisor to the fund, comments: “EQT Real Estate is a natural next step in the EQT Real Assets investment strategy. The responsible, sustainable development approach has always been a clear differentiator for EQT, and it’s going to be exciting to see the team apply this mindset also to the property sector.”

The fund is backed by a global investor base, and in addition received strong backing from Investor AB, EQT Partners and its affiliates. Jussi Saarinen, Partner at EQT Partners and Head of Investor Relations, says: “This is yet another important milestone for EQT, being an integrated alternative investments firm with multiple investment strategies. The new fund has attracted great interest among investors, once again reflecting the trust in the EQT industrial approach and clear focus on value
creation.”

The fundraising for the EQT Real Estate I has now closed. As such, the foregoing should in no way betreated as any form of offer or solicitation to subscribe for or make any commitments for or in respectof any securities or other interests or to engage in any other transaction.

Contacts:
Edouard Fernandez, Partner at EQT Partners, Co-Head of EQT Real Estate and Investment Advisor to EQT Real Estate, +46 766 414 290
EQT Press Office, +46 8 506 55 334

About EQT
EQT is a leading alternative investments firm with approximately EUR 36 billion in raised capital across 23 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
EQT Real Estate I 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 50 million and EUR 200 million. The fund is advised by an experienced team from EQT Partners, with extensive knowledge of property development and asset management, and will have access to the full EQT network, including 10 European offices and more than 250 industrial advisors.

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Successful Issue of Credit Suisse Real Estate Fund International

To the Credit Suisse Homepage

Zurich, June 15, 2017

The capital increase for the Credit Suisse Real Estate Fund International has been successfully completed. The issue has resulted in an inflow of new assets in the maximum amount of CHF239.2mn.

The issue was carried out on a best-effort basis as part of a public subscription offer in Switzerland. Regular, over -the- counter subscription rights trading took place through Credit Suisse (Switzerland) Ltd. from May 29 to June 7, 2017. With a subscription ratio of ten to one (ten subscription rights entitle holders to purchase one new unit), 228897 new units are being issued at a net price of CHF 1,045.00 per unit. This is equivalent to a subscription rate of 100 %. Thus new assets of CHF 239.2 mn are accruing to Credit Suisse Real Estate Fund International (CS REF International, security no. 1968511).

The payment date for the new units is June 16, 2017. The number of units in circulation will now be 2,517,867 with net fund assets of CHF 2,593.8mn. The issuance proceeds will be used to further expand and diversify the high-quality real estate portfolio.

CS REF International is the first Swiss real estate fund to invest directly in real estate all over the world. The fund exclusively targets qualified investors, offers access to an international portfolio, and enables even greater diversification of total assets. The investment focus is on high-quality commercial real estate in attractive locations in Europe, Asia Pacific, and North, Central, and South America. The currencies in the statement of net assets are largely hedged against the Swiss franc.

Further information at www.credit-suisse.com/ch/realestate

Current annual and semi-annual reports at www.credit-suisse.com/ch/realestate/download

Information Thomas Vonaesch, Head of Real Estate Fund Management, Credit Suisse Funds AG,telephone +41 44 334 43 30

Marc-Oliver Tschabold, Fund Manager CS REF International, Credit Suisse Asset Management (Switzerland) Ltd., telephone +41 44 333 11 35

Eva Randegger, Marketing & Communication, Credit Suisse Asset Management (Switzerland) Ltd., telephone +41 44 333 82 04, eva.randegger@credit-suisse.com

 

Credit Suisse AG

Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as ‘Credit Suisse’). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking,

investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is

headquartered in Zurich and operates in over 50 countries worldwide. The

group employs approximately 46,640 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

 

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CapMan Real Estate exits the Skanssi shopping centre in Turku

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CapMan Oyj

CapMan RE II -fund has sold the Skanssi shopping centre in Turku to a fund managed by CBRE Global Investors.

“We have been involved in Skanssi since its development, and it has been pleasure to see how the shopping centre and its neighbouring area have evolved. The shopping centre has played a key role in the attractiveness and design of Skanssi district. Several retail stores have moved to the area and residential construction is proceeding quickly. We are particularly proud of the ecological activity of Skanssi. The shopping centre favours green values and actions, including the use of solar power, efficient recycling and an active carbon footprint reduction. In January, Skanssi earned the LEED Platinum rating, the highest available LEED rating, and is as such the first shopping centre in Europe with both a LEED Platinum rating and LEED certification from the construction phase. We are very pleased that we have found a professional new owner for Skanssi, who will continue developing the shopping centre from these good premises,” comments Kalle Myllymäki, Partner at CapMan Real Estate.

Skanssi shopping centre is located five kilometres from Turku downtown, by the busy Turku-Helsinki freeway. The shopping centre contains a wide range of stores specializing in fashion, home décor and leisure, as well as several services, including citizen service, restaurants, a bank and a hypermarket. Skanssi has a lettable area of 37,230 of which 33,700 is retail space, 130is office space and 3,400 is in other use. CapMan RE II -fund invested in Skanssi in 2007 when the property was still in the construction phase. Skanssi opened its doors to the public in April 2009.

For further information, please contact:
Kalle Myllymäki, Partner, CapMan Real Estate, tel. +358 20 720 7618

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Oakley Capital acquisition of Casa.it & atHome.lu

Oakley Capital acquisition of Casa.it & atHome.lu

Oakley Capital Private Equity III (“Fund III”) has agreed to acquire a portfolio of European real estate websites including Casa.it in Italy and atHome.lu in Luxembourg (collectively “the business”). Oakley is backing the existing management team to acquire the business in a carve-out from its parent company, REA Group (ASX:REA).

oakleycapital

The transaction builds on Oakley’s experience in the online consumer sector through its previous investments in Facile.it, Parship Elite Group and Verivox.de. Oakley is attracted to these business models because of the strong underlying structural market growth in these segments, their asset-light nature which leads to strong cash conversion, and the ability to accelerate performance through effective KPI management, especially around marketing.

Established in 1996, Casa.it is the number two player in the online real estate advertising market in Italy. The Italian residential property market is estimated to be worth over €75 billion annually, and the penetration of online property portals is expected to grow strongly as the market develops.

Established in 2001, atHome.lu has established a market leading position in the online real estate advertising market in Luxembourg, with over 90% coverage of real estate agents.

Both Casa.it and atHome.lu are well-positioned to replicate the success of leading property portal players in more mature markets such as the UK, Germany and Australia. Under the new ownership structure, the acquired businesses will be integrated more closely to achieve synergies and Oakley will use its experience in similar online business models to improve marketing efficiency and operating performance.

As a subsidiary of REA Group, the business generated revenues of €33.3 million and reported EBITDA of €6.0 million for the year ended 30 June 2016. Fund III intends to partly fund the acquisition with third party debt.

Mediobanca acted as financial advisor to Fund III on the transaction. Completion is expected to take place in Q1 2017.

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Sino-Ocean and KKR Invest in Capital Juda

HONG KONG– Leading Chinese property developer Sino-Ocean Group Holding Limited (“Sino-Ocean”; HKEx: 3377) and global investment firm KKR have entered into a definitive agreement to invest in China leading retail outlets developer and operator Beijing Capital Juda Limited (“Capital Juda” or “The Company”; HKEx: 1329) through a combination of new ordinary shares and perpetual convertible bond securities for a total consideration of HKD1,477 million (US$191 million).

Following completion of the transaction, Sino-Ocean will own an approximate 16% stake in Capital Juda and KKR will own an approximate 12% stake in Capital Juda, in each case on a fully diluted basis.

Capital Juda is a Hong Kong-listed subsidiary of Beijing Capital Land (“BCL”), a leading Chinese real estate developer listed in Hong Kong and controlled by Beijing Capital Group (“Capital Group”). The Company leverages on BCL’s experience and network in real estate development in China as well as its own expertise in commercial development and operations to focus on integrated outlets projects across China.

Sino-Ocean sees great potential for China’s outlets sector given the segment’s defensive fundamentals through economic cycles. It views Capital Juda and KKR as high-caliber partners with established track records that will further develop and grow its property businesses in China.

Beichen Zhong, Executive Director and CEO of Capital Juda, said, “Sino-Ocean and KKR are experienced investors in China’s real estate market and their investment in Capital Juda recognizes the future potential of China’s commercial real estate market, especially in the outlets sector. Combining their resources and extensive industry expertise with our experience in developing and managing outlets will bring along synergies to accelerate the development of the Company’s business.”

Rob Yang, Managing Director at KKR Asia, said, “Capital Juda is a leading real estate developer in China’s outlets space with a strong management team. We are excited about this opportunity and believe the sector will continue to benefit from a rising middle class, growing consumption and urbanization in China.”

The investment marks the second collaboration between Sino-Ocean and KKR, which first established a Chinese real estate joint venture in 2011.

KKR makes its investment from its China Growth Fund. The transaction is subject to customary regulatory and Capital Juda shareholder approvals.

The Hongkong and Shanghai Banking Corporation Limited is the sole financial adviser to Capital Juda.

About Beijing Capital Juda Limited (1329.HK)

BCL and its controlling shareholder Capital Group have completed the acquisition of Beijing Capital Juda in December 2013. Since completion of such acquisition, BCL became the controlling shareholder of Capital Juda. Following the successful acquisition of Xi’an First City Project in 2015, the proposed injection of outlets from BCL, and various ongoing development projects, Capital Juda plans to leverage on BCL’s experience and network in real estate development in China and its own expertise in commercial complex operation to focus on the development of integrated outlets and commercial projects and its strategic deployment in 20 target cities. Capital Juda is committed to develop outlets projects in 20 cities within the next 5 years. For additional information about Capital Juda, please visit Capital Juda’s website at www.bcjuda.com.

About Sino-Ocean Group Holding Limited (3377.HK)

Founded in 1993, Sino-Ocean Group was listed on the Main Board of the Hong Kong Stock Exchange on September 28, 2007 and has become one of the top ten Mainland real estate companies listed in Hong Kong. In March 2008 Sino-Ocean Group was selected as a constituent of the Hang Seng Hong Kong Composite Index and the Hang Seng China-Affiliated Corp Index. The Company is mainly engaged in four business sectors which are respectively the development of mid to high-end residential properties, premium office buildings and retail properties, real estate financing and customer services which consisting of property management and senior living business. For additional information about Sino-Ocean, please visit Sino-Ocean’s website at www.sinooceangroup.com.

About KKR

KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world‐class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners’ capital and brings opportunities to others through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

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IK Investment Partners and Five Arrows complete the acquisition of I@D

IK Investment Partners (“IK”) and Five Arrows Principal Investments (“FAPI”) are pleased to announce they have completed the acquisition of I@D Holding (“I@D” or the “Company”), a services platform dedicated to the first network of independent real estate agents in France. The founders Malik Benrejdal, Jade Benrejdal and Jerome Chabin as well as NAXICAP Partners, shareholder since 2012, are reinvesting 37% alongside IK and FAPI.

Founded in 2008 with the ambition to offer an alternative way of buying and selling residential property, I@D is a fast-growing digital platform offering a large range of value-added support services to independent real estate agents. The Company has demonstrated a stellar track record of organic growth since inception and has grown to become the largest network in France with ca. 3,200 local agents and over 11,800 transactions intermediated last year. I@D posted revenues of ca. €80 million for fiscal year ending June 2016.

“We are delighted to have the opportunity to contribute to the future success of I@D. We have been very impressed with the Company’s achievements so far and believe that I@D has tremendous growth potential with further market penetration in France, expansion of its real estate service offering and potential development in selected countries in Europe. We will support the management team in the implementation of its strategic plan, and aim to preserve the entrepreneurial spirit of the Company,” said Dan Soudry, Partner at IK and advisor to the IK VII Fund.

“We are very proud to support I@D in the next stage of its development. We are looking forward to collaborating with the management team and helping the Company to further scale its operations in France and accelerate its recent international expansion,” said Emmanuel Roth, Co-Managing Partner at Five Arrows Principal Investments.

“We are very pleased to welcome IK and Five Arrows who share our long term strategic vision for the business and plan to support our successful track record of delivering strong growth of the network domestically, as well as expand to adjacent segments or new geographies,” said Malik Benrejdal, CEO of I@D France.

“Since 2012, we have appreciated the quality of the management and have recorded the relevance of I@D’s business model whose turnover has increased from €23m to €80m. We are convinced of the potential of development in France that is still high and of the success of the model’s duplication worldwide. That’s why NAXICAP Partners is very pleased to support I@D in this new project,” said Laurent Sallé, Managing Partner at NAXICAP Partners.

Parties involved

IK Investment Partners – Dan Soudry, Rémi Buttiaux, Vincent Elriz, Thibaut Richard
Financial advisor: goetzpartners (Guillaume Piette, Cedric Hawthorn, Adrien Hautefeuille, Julien Pascal, Leo Fallourd)
Strategic DD: ATKearney (Jerome Souied, Hugo Azerad, Nicholas Veg, Charlotte Lescop)
Financial DD: KPMG (Vincent Delmas, Stephanie Taupin, Maroua Bouchareb)
Legal advisor: Willkie Farr & Gallagher (Eduardo Fernandez, Gregory De Saxce, Gil Kiener, Stanislas Curien, Mathilde de Wiljes)
Debt financing: Permira (David Hirschmann, Roy Awad)

Five Arrows Principal Investments – Emmanuel Roth, Nicolas Robin, Brahim Ammor, Stéphane Gaudard
Financial advisor: UBS (Jerome Pin, Anne-Sophie Serre)
Legal advisor: De Pardieu Brocas Maffei (Jean-François Pourdieu, Matthieu Candia)

I@D France Founders – Malik Benrejdal, Jade Benrejdal, Jérôme Chabin
NAXICAP Partners – Laurent Salle, Clemence Rousselet
Financial advisor: Edmond de Rothschild Corporate Finance (M&A: Christophe Marchand, Inès Reinmann-Toper, Sebastien Auger, Sara Napolitano, Arthur Pignot; financing: Gregory Fradelizi, Paul O’Mahony)
Strategic DD: Eleven (Ambroise Huret, Thomas Littee)
Financial DD: Accuracy (Arnaud Lambert, Florence Westermann)
Legal advisor: Pinot de Villechenon & Aassociés (Gilles Roux, Tristan Segonds)
IT advisor: Octo Technology (Jean-Damien Blanc, Stephen Perin)
Founders’ special advisor: Hoche Société d’Avocats (legal: Guillaume Martinet, Alexia Berbain Faguer; tax: Eric Ginter, Julien Bellet), Groupe Pictet (Paul Puech), Banque Privée 1818 (Pierre-Emmanuel Eveillard)

For further questions:

I@D France
Malik Benrejdal, CEO
Phone: +33 1 64 43 49 50

 

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Varma, CapMan Nordic Real Estate Fund and Cavendo partnership acquires Heron City in Stockholm

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Capman

CapMan press release 1 September 2016 at 8.30 a.m. EEST

Varma, CapMan Nordic Real Estate Fund and Cavendo partnership acquires Heron City in Stockholm

Varma, CapMan Nordic Real Estate Fund and Cavendo have purchased Heron City, the 49,400 sqm landmark retail centre located in Kungens Kurva, Stockholm from NIAM for SEK 930 (EUR 98) million.

“We are delighted to have completed this acquisition with both our long standing partner and investor Varma and our new partner Cavendo, who will take responsibility for asset management at the centre. With all of the opportunities it presents, Heron City is a great fit with our value-add strategy,” comments Ed Williams, Senior Partner at CapMan Real Estate.

Kungens Kurva is 15 minutes South of Stockholm’s city centre and is the busiest retail area in the Nordics with approximately 20 million visitors a year. The area is anchored by the largest IKEA store in the world and the catchment area includes 1.5 million people within a 30-minute drive.

Heron City’s main tenants include Sweden’s largest cinema operated by SF Bio, home electronics retailer Media Markt, interior design and furniture retailer Mio, Willys supermarket and sports & outdoor retailer XXL. With a distinct retail and leisure offering, Heron City complements the other retail centres in the area and has benefited from increasing visitor numbers and turnover as Kungens Kurva has expanded in recent years. Visitors to Heron City in 2015 amounted to 7.2 million. The property will benefit from significantly improved accessibility and catchment area over the coming years with the completion of the the Stockholm bypass infrastructure project.

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CapMan Real Estate acquires a 50% stake in the leading outlet centre in Denmark

The CapMan Nordic Real Estate fund has acquired a 50% stake in the Ringsted Outlet centre and forms a partnership with the Danish real estate company TK Development. Ringsted Outlet is the first and leading outlet centre in Denmark. The aim of the investment is to further develop the centre and its services to correspond to the increasing demand.

“We are delighted to have the opportunity to participate in this retail niche that has truly been on the rise in recent years. The growth prospects for the outlet centre are steady and there are several value creation opportunities through improving occupancy and brand offering, among others,” comments Torsten Bjerregaard, Senior Partner at CapMan Real Estate.

“We have previous experience with TK Development working on BROEN Shopping in Esbjerg and we are looking forward to realising the full potential of the Ringsted Outlet with them,” Bjerregaard adds.

The Ringsted Outlet, awarded Denmark’s best outlet centre in 2015, covers 12,500 square meters and is the only architect-designed outlet city in Denmark following the concept of successful international outlet villages. The centre has a unique location along the E20 motorway in Sealand, a 45-minute drive from Copenhagen, with a direct rail link to Copenhagen city centre.

Ringsted Outlet has 44 Danish and some of the world’s largest international brands, including Nike, Hugo Boss, Calving Klein and many more. Currently the outlet is 85% occupied and is expected to be fully let in one year’s time. The centre had 1.5 million visitors in 2015 and has experienced double-digit growth in recent years, both in terms of visitors and turnover.

The focus of the €273 million CapMan Nordic Real Estate fund is to acquire mainly office, retail and residential properties located in established submarkets of major Nordic cities. The fund was established in 2013 and has made 17 investments of which eight are located in Denmark.

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