KKR Expands Industrial Real Estate Portfolio in the Inland Empire

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KKR

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that KKR has purchased 6300 Providence Way, a Class A warehouse property located in Eastvale, California, a highly infill submarket of the Inland Empire.

The building was delivered in 2017 and totals approximately 281,000 square-feet (SF) of warehouse space with 32-foot clear heights, a 148-foot truck court and ample trailer parking and dock high doors. 6300 Providence Way is located in close proximity to I-15 and offers access to major trucking routes, as well as being approximately one hour from Los Angeles International Airport, the Port of Los Angeles and The Port of Long Beach.

“We are pleased to announce the purchase of 6300 Providence Way, an acquisition that adds to our Inland Empire footprint,” said Ben Brudney, a Director in the Real Estate group at KKR who oversees the firm’s industrial investments in the United States. “We are continuing to invest in high-quality industrial real estate in strategically located, irreplaceable locations which we believe will continue to remain a mission-critical part of the supply chain for businesses of all sizes.”

KKR acquired the property through KKR Real Estate Partners Americas III, KKR’s Americas opportunistic equity real estate fund. Across its funds in the U.S., KKR has committed or acquired approximately $7 billion of logistics assets in the industrial sector since 2018 and currently owns over 45 million SF of industrial real estate in major U.S. metropolitan areas.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Miles Radcliffe-Trenner and Emily Cummings
212-750-8300
media@kkr.com

Source: KKR

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Blackstone completes acquisition of Crown Resorts in the firm’s largest investment to date in Asia

Blackstone

Melbourne, June 24, 2022 – Blackstone (NYSE: BX) today announced that real estate funds and private equity funds managed by Blackstone (“Blackstone”) have completed the acquisition of Crown Resorts Limited (“Crown”) in the largest transaction to date for the firm in Asia Pacific. The transaction comprises three premium resort and casino properties in Melbourne, Perth and Sydney. Blackstone will work with the management team at Crown and its thousands of dedicated employees, as well as their representatives from the United Workers Union and other partner unions, to transform these properties into world-class entertainment destinations and continue Crown’s transformation to operate at the highest standards of compliance, governance, and integrity.

As one of Australia’s largest entertainment groups, Crown makes a major contribution to the Australian economy. Crown’s core businesses include two of Australia’s leading integrated resorts, Crown Melbourne and Crown Perth, as well as Sydney’s latest premium hotel resort and dining precinct at Crown Sydney.

Alan Miyasaki, Head of Real Estate Acquisitions Asia, Blackstone, said: “We are thrilled to become the new owner of Crown, bringing our expertise in hospitality to help the company achieve its full potential as a leading travel and leisure company. We first invested in Crown two years ago, seeing the tremendous underlying potential of the company and its people. We look forward to working with the teams at Crown and applying our experience in owning and operating marquee hospitality brands around the globe with the highest levels of ethics and integrity to create something unique for employees, local communities, and visitors.”

Chris Tynan, Head of Real Estate Australia, Blackstone, said: “This is a great opportunity that plays to Blackstone’s strengths – investing significant capital and resources to rebuild Crown into an iconic destination for travel and leisure that everyone can be proud of. Blackstone has built a strong Australian presence over the last 12 years. We look forward to supporting the local economy, creating jobs, and attracting visitors to Crown’s exceptional properties.”

Steve McCann, Crown Resort’s Chief Executive Officer, said: “Today, Crown emerges as part of the Blackstone family, which is the start of a new era for this great company and its 20,000 team members. Over recent times, Crown has undergone immense transformation, and we know under Blackstone’s ownership, we will realize our vision to deliver world-class entertainment experiences and a safe and responsible gaming environment.

“Australian tourism has entered a recovery phase, and we believe this trend will continue. Crown’s suite of outstanding assets has built a loyal customer base over the past 28 years, and we are excited about the opportunities ahead of us as we revitalize Melbourne and Perth and celebrate the addition of Sydney. With Blackstone’s investment and expertise, we’re confident Crown will cement its place on the global stage as one of the world’s leading owners and operators of integrated resorts,” he said.

Blackstone has built a strong track record in the wider hospitality, travel, and leisure sectors. The firm completed the sale of The Cosmopolitan of Las Vegas this year, after transforming the property into one of the most vibrant destinations on the Las Vegas Strip. During its 8-year ownership, Blackstone implemented significant operational changes, developed best-in-class management team, and invested significant capital to renovate 3,000 guest rooms and enhance F&B offerings. In addition, Blackstone owned Hilton Hotels Corporation for 11 years, during which it helped double the size of the company to more than 5,300 properties and 400,000 employees worldwide. Its other recent investments in these sectors include the acquisition of an 8-hotel portfolio across Japan’s top tourist destinations; acquisition of Bourne Leisure, a premier British holiday company; and joint acquisition of Extended Stay Hotels.

For more information, please contact:

Crown Resorts Media Contacts

Danielle Keighery
Chief Brand & Corporate Affairs Officer | Crown Resorts
Danielle.keighery@crownresorts.com.au | +61 400 223 136

Libby Armstrong
General Manager, Crown Foundation & Communications | Crown Resorts
Libby.armstrong@crownresorts.com.au | +61 472 729 434

Blackstone Media Contacts
Ellen Bogard
Blackstone
Ellen.Bogard@blackstone.com | +852 3651 7737

Hayley Morris
MorrisBrown Communications Pty Ltd
Hayley@morris-brown.com.au | +61 407 789 018

About Crown Resorts
Crown Resorts is one of Australia’s largest entertainment companies, owning and operating a suite of world-class integrated resorts. Its property portfolio includes three award-winning resorts in Melbourne, Perth and Sydney, as well as London’s prestigious Crown Aspinalls, a high end, boutique casino in the West End.

For 25 years, Crown Melbourne has been Australia’s leading luxury integrated resort and casino, offering guests a range of exceptional entertainment and event experiences; premium hospitality, dining, spa and retail; and gaming. Crown Perth is Western Australia’s only integrated resort and casino, and features a combined 1188 hotel-room capacity, expansive lagoon and private pools, and 33 bars and restaurants. Crown’s newest property, Crown Sydney, opened in December 2020 setting a new standard in luxury hotel and dining experiences. Crown Sydney is the tallest building in New South Wales, and features 349 hotel rooms and villas, 13 signature restaurants, a VIP, members only casino which is due to open shortly, two pools, a spa, and Crown’s first ever luxury serviced apartment offering.

As one of Australia’s largest hospitality employers, Crown’s properties support the employment of a diverse mix of over 20,000 people.

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 $915 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 LinkedIn, Twitter, and Instagram.

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Blackstone Real Estate Income Trust Completes $5.8 Billion Acquisition of Preferred Apartment Communities, Inc.

ATLANTA & NEW YORK, June 23, 2022 – Blackstone (NYSE: BX) and Preferred Apartments Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced that Blackstone Real Estate Income Trust, Inc. (“BREIT”) has completed its previously announced acquisition of PAC for $25.00 per share of common stock, without interest, in an all-cash transaction valued at approximately $5.8 billion. The holders of each series of PAC’s preferred stock will receive the $1,000 per share liquidation preference for each share of preferred stock plus accrued but unpaid dividends thereon, without interest. As a result of the transaction, PAC’s common stock will no longer be listed on any public market.

Joel T. Murphy, PAC’s Chairman and Chief Executive Officer, said, “Today’s closing of BREIT’s acquisition of PAC marks the beginning of an exciting new chapter for PAC. This outcome, with over 99% of voting stockholders supporting the acquisition, reinforces the merits of this transaction and the value of the hard work our team has done leading up to and throughout this process. I would like to thank the Blackstone team for being so collaborative as we worked together to achieve this result.  We look forward to the next phase for PAC.”

Jacob Werner, Co-Head of Americas Acquisitions for Blackstone Real Estate, said, “We are pleased to complete this acquisition on behalf of our BREIT investors and welcome the talented PAC team to Blackstone. Inclusive of this transaction, approximately half of BREIT’s portfolio comprises residential properties largely located in the West and South regions of the U.S., which are seeing robust demand and stable occupancy. PAC’s portfolio of high-quality multifamily in key SunBelt markets and grocery anchored retail centers is a complementary addition to BREIT’s portfolio of stabilized, income-generating assets, and we look forward to being long-term owners of these properties.”

Jones Lang LaSalle Limited, BofA Securities, Lazard Frères & Co. LLC and Wells Fargo Securities LLC served as BREIT’s financial advisors, and Simpson Thacher & Bartlett LLP acted as BREIT’s legal counsel.

Goldman Sachs & Co. LLC served as PAC’s lead financial advisor. KeyBanc Capital Markets, Inc. and JonesTrading Institutional Services, LLC. also served as financial advisors to PAC. King & Spalding LLP and Vinson & Elkins LLP served as the Company’s legal counsel.

The transaction was announced on February 16, 2022.

About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery-anchored shopping centers. Preferred Apartment Communities’ investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating real estate loans. As of March 31, 2022, the Company owned or was invested in 113 properties in 13 states, predominantly in the Southeast region of the United States. Learn more at www.pacapts.com.

About Blackstone Real Estate Income Trust, Inc.  
Blackstone Real Estate Income Trust, Inc. (“BREIT”) is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors. BREIT invests primarily in stabilized, income-generating U.S. commercial real estate across key property types and to a lesser extent in real estate debt investments. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $298 billion in investor capital under management. Further information is available at www.breit.com.

Contacts

Preferred Apartment Communities, Inc. Contacts

Investors

Preferred Apartment Communities, Inc.
John A. Isakson, Chief Financial Officer
770-818-4109
jisakson@pacapts.com

Paul Cullen, Executive Vice President-Investor Relations
(770) 818-4144
PCullen@pacapts.com

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CapMan Real Estate acquires airside logistics and last mile asset at Turku Airport

Capman

CapMan Real Estate press release
21 June 2022 at 3.00 p.m. EEST

CapMan Real Estate acquires airside logistics and last mile asset at Turku Airport

CapMan Nordic Real Estate III fund has acquired an airside logistics and last mile asset from AVIA Real Estate Oy, a property investment and development company. The property is unique due to its location at Turku Airport adjacent to the airport’s runway. It serves both air and ground freight and is a significant node in the Finnish and Nordic logistics network. The main tenants are TNT FedEx and DHL Express.

“We are very pleased with the acquisition of the first logistics property for the fund in this sought-after segment. We are looking forward to the co-operation with the property’s tenants to develop this strategically located asset further. Logistics assets serve strong demand trends such as e-commerce, and we see great potential in the development of well-located and high-quality warehouse and logistics properties through e.g. sustainability aspects and leasing activities,” says Aleksi Konsti, Investment Manager at CapMan Real Estate. Helix Real Estate and Hannes Snellman Attorneys acted as advisers for CapMan in the transaction.

“We have clear strategy to focus on developing the Avia City as an urban airport city and now was the right time to divest this asset. We are very pleased that the asset found a great new owner who understood the importance of the property to the whole logistics network of Finland as a hub of air-, maritime- and road transportation of cargo. The domesticity of the buyer was also important for AVIA Real Estate”, comments Ilkka Pitkänen, CEO of AVIA Real Estate Oy.

JLL Capital Markets Finland and HPP Attorneys acted as advisers for AVIA Real Estate in the transaction.

CapMan Real Estate currently manages approximately €4.0 billion in real estate assets and the Real Estate Team comprises over 60 real estate professionals located in Helsinki, Stockholm, Copenhagen, Oslo and London.

For additional information, please contact:

CapMan Real Estate: Aleksi Konsti, aleksi.konsti@capman.com, +358 400 815 123

AVIA Real Estate Oy: Ilkka Pitkänen, ilkka.pitkanen@aviarealestate.fi, +358 40 667 0906

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. Our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We have been listed on the Nasdaq Helsinki since 2001. Read more at www.capman.com

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CapMan Buyout invests in award-winning Finnish architectural firm SARC Architects

Capman

 

Sarc2

21 June 2022 at 12:00 EEST

CapMan Buyout invests in award-winning Finnish architectural firm SARC Architects

CapMan Buyout has agreed to invest in award-winning Finnish architectural firm SARC Architects. SARC is one of the leading architectural firms in Finland, specialised in demanding architectural projects and the development of urban environments. CapMan Buyout aims to support SARC in further developing and growing their business. The current owners of the firm, Sarlotta Narjus and Antti-Matti Siikala, will continue as significant shareholders in the company, while SARC also appoints new employee partners.

SARC Architects, founded in 1965, is specialised in the design and planning of both new builds and renovations of office, retail, and residential real estate. The firm also has competence and experience in designing hospitals, laboratories, universities, museums, and public spaces. SARC has received multiple awards for their work in Finland and abroad. For instance, the firm was awarded the Finlandia architecture prize for their design of the new children’s hospital in Helsinki. The firm employs around 80 employees.

“We are very impressed by the development of SARC and its people. Over the years, the team has built an admired and ambitious firm with several long-term client relationships and very competent personnel. The company’s current position and competitive advantages are an excellent foundation for future development, and we are pleased to support the team in their aspirations towards becoming an even more prominent player in their field.” says, Antti Karppinen, Partner at CapMan Buyout.

”I am very satisfied with this next step on our firm’s journey. CapMans’ investment will provide us with stronger resources for continuous development over the coming years, and as such grant us better opportunities to focus on our core work, architecture. Going forward, as over the past 50 years, we continue to feel a sense of responsibility towards our clients and society to confront architectural and societal challenges with ambition and expertise – while listening to our clients,” comments, Sarlotta Narjus, CEO at SARC.

In the transaction, CapMan acquires a majority equity share in the company. The company’s founding partners remain significant shareholders and the company appoints three current employees as partners. The investment is made from the CapMan Buyout XI fund, which was established in 2019, and is the fund’s fifth investment. The transaction is expected to close on 30 June 2022.

The CapMan Buyout team includes investment professionals working in Helsinki and Stockholm. The funds managed by CapMan Buyout invest in mid-sized, unlisted companies in the Nordic countries.

For more information, please contact:

Antti Karppinen, Partner, CapMan Buyout, +358 50 534 0614

Sarlotta Narjus, CEO and Partner, SARC Architects, +358 40 502 0351

Antti-Matti Siikala, Partner, SARC Architects, +358 40 580 5650

About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With over to €4.7 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Read more at www.capman.com.

About SARC

SARC is a Finnish architectural firm with over 50 years of wide-ranging and diverse experience within the different fields of architectural planning and design. SARC designs prominent urban and functionally challenging new buildings and renovation projects. Besides office, retail and residential projects, we design and plan hospital, university and public buildings as well as laboratories and museums. Demanding renovation projects, changes in use and development projects for protected sites and investment properties are our strengths. Many of our buildings have started with broader urban and town planning projects. SARC employs over 80 architecture professionals.

In the picture: The New Children’s Hospital

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Ratos company HENT signs major contract to build 70,000 square metres of office premises in Stavanger

Ratos

The construction company HENT has been appointed as general contractor for the Valhall project, where 70,000 square metres of modern, flexible and energy-efficient office premises will be completed in the middle of 2025 in Jåttåvågen, Stavanger. The land is owned by Hinna Park Utvikling (HPU), and the buildings will be, among other things, home to the new headquarters of Aker BP and Aker Solutions in Stavanger.

The project, which is worth NOK 2 billion, will be carried out with HENT as general contractors after a collaboration phase within HENT’s “Project agreement model”.

Ratos strongly believes in partnering and collaboration in construction contracts. Partnering leads to more satisfied customers, lower total costs for customers and significantly fewer miscommunications.

“As the company’s owner, we are proud that HENT will be involved in building another landmark in an important region in Norway. We will do our utmost to live up to the trust invested in us,” says Christian Johansson Gebauer, Chairman of the Board of HENT and President, Business Area Construction & Services, Ratos.

“We are very pleased that after a good and constructive phase of collaboration, we can realize the project as general contractors. The building will, in line with the best sustainability standards, be certified to BREEAM Excellent and WELL GOLD and thus become an office building adapted to current and future sustainability requirements. Rogaland is a region that HENT will continue to invest in moving forward,” says Jan Jahren, CEO of HENT.

For further information and media contact:
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21

About Ratos
Ratos is a business group consisting of 14 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2021, the companies have approximately SEK 25 billion in net sales. Our business concept is to own and develop companies that are or can become market leaders. We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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Catalyst Healthcare Real Estate and Bain Capital Real Estate Break Ground on 60,000 Square Foot Medical Office Building in Laurel Maryland

BainCapital

Pensacola, FL, June 13, 2022 –  Catalyst Healthcare Real Estate (“Catalyst”), a national, full-service healthcare real estate investment firm and Bain Capital Real Estate, the real estate investing business of Bain Capital, today announced the groundbreaking of a 60,000 square foot multi-tenant medical office building (MOB)in Laurel, Maryland.

The University of Maryland Medical System purchased Laurel Regional Hospital and its 42-acre campus from Prince George’s County in 2017 and selected Catalyst to redevelop the medical campus. Through the selection process, Catalyst proposed placemaking, an innovative approach to designing and managing a hospital and/or MOB space whereby the spaces promote the health and well-being of a community. This MOB is the first phase of the master plan which will include the development of 11 buildings, community focused retail, restaurants, and green space.

“Catalyst is grateful for the opportunity to partner with the University of Maryland Capital Region Health,” said Anthony Lampasona, Chief Development Officer of Catalyst. “This MOB is creating the foundation for a vibrant healthy-living campus within the community. This is only the beginning of providing quality care for patients in Laurel and the surrounding communities.”

The property is connected to the University of Maryland Capital Region Health Hospital by an enclosed skyway. The facility will offer a wide range of outpatient services, including: Family Medicine, Health & Wellness, Imaging, Internal Medicine, Oncology, Orthopedics, Pharmacy, Physical Therapy, Vascular, OB/GYN, and Dialysis.

“This best-in-class MOB is being developed to meet the changing needs of healthcare and will enable medical professionals to set the standard for patient care,” said Beth Thomas, a Managing Director at Bain Capital Real Estate. “We are excited to bring this high-quality facility to the Laurel community.”

About Catalyst Healthcare Real Estate
Catalyst is a national, full-service healthcare real estate investment firm. Our platform of integrated real estate deliverables is specifically designed for the ever-evolving landscape of healthcare. Our team seeks to positively impact healthcare with strategic investment in development, acquisition, and strategy services. For more information, please visit catalysthre.com.

About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested over $6.1 billion of equity in more than 500 assets across multiple sectors. Bain Capital Real Estate focuses on small to mid-sized assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. For more information, visit https://www.baincapital.com/businesses/real-estate.

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CapMan Residential Fund makes its first Swedish investment through its acquisition of a forward funding project in Örebro

Capman

CapMan Real Estate press release
June 10 2022 at 09:45 EEST

CapMan Residential Fund makes its first Swedish investment through its acquisition of a forward funding project in Örebro

CapMan Residential Fund acquires the forward funding project from the Swedish developer Serneke at a price of SEK 314 million. The project includes 139 apartments scheduled for completion in Q4-2024. The project, situated in the new urban area Tamarinden, is located 2 km to the south of central Örebro, Sweden’s sixth largest city.

The project has high sustainability ambitions and a clear green profile which includes onsite solar collector systems and rainwater collection areas for re-cycling rainwater within the local green areas. The project will pursue Miljöbyggnad green building certification at Silver level.

“This first acquisition in Sweden fits very well with the fund’s investment criteria to invest in modern sustainable residential properties located in major Nordic cities. Through this investment in space efficient, high-quality apartments, we continue on our path to develop a diversified Nordic core residential rental portfolio with stable risk-adjusted returns for our investors,” says Mikael Hjorth, Partner and Fund Director for CapMan Residential Fund.

CapMan Real Estate currently manages approximately EUR 4.0 billion in real estate assets. The Real Estate Team comprises over 60 real estate professionals in Helsinki, Stockholm, Copenhagen, Oslo and London.

The Örebro investment is the 4th acquisition for the CapMan Residential Fund, a core fund launched in June 2021, targeting €1.0 billion of equity during 2023.

For more information, please contact:

Mikael Hjorth, Partner and Fund Director, CapMan Residential Fund, tel: +44 7741 873 663

Magnus Berglund, Partner and Head of CapMan Real Estate Sweden, tel: +46 70 786 68 08

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With over €4.7 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We have been listed on the Nasdaq Helsinki since 2001. Read more at www.capman.com

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Ardian invests in Odealim alongside TA Associates

Ardian
  • 01 June 2022 Buyout France, Paris
  • Ardian, a world-leading private investment house, announces today it has signed an agreement with TA Associates (“TA”), a global growth private equity firm, to become a co-controlling shareholder of Odealim, a leader in real estate insurance and credit brokerage in France. The Group, managed by Xavier Saubestre (Chairman and CEO) and Xavier Paturel (CEO), has revenues of over €160m.

TA, Odealim’s majority shareholder since 2018, will reinvest in the transaction alongside Raise Investissement, an existing minority shareholder, and the management team. The investment, made by the Buyout team at Ardian, will enable the company to move into the next phase of its development and consolidate its position as an integrated leader in the real estate sector through the continuation of its organic growth, diversification and geographic expansion, notably through strategic acquisitions.

Founded in 1998, the company became the leading insurance brokerage specialist for real estate professionals (primarily property managers, institutional investors, co-ownerships, etc.) by developing insurance solutions for their properties (including multi-risk building insurance, structural damage policies and unpaid rent guaranties).

Backed by TA, the Group has grown revenues from €30m in 2018 to €160m today and increased its geographic coverage across France, through multiple acquisitions, including Ripert de Grissac and Pisano in Marseille, Brun, Assurgérance and BVD in Lyon, Fidentialp in Grenoble and Bâti-assure in Tours.

More recently, Odealim has also diversified into mortgage brokerage and mortgage insurance by investing in Digital Insure (2020), an insurtech focused on mortgage insurance, and via the acquisition of real estate mortgage broker Artémis Courtage (2021). Through those two acquisitions, the Group further strengthened its position across the real estate vertical and developed the opportunity for cross-selling synergies between its activities.

Thanks to this new investment, the company will be positioned to continue its strong organic growth, further integrate the recently acquired companies, and capitalize on its extensive M&A pipeline. Ardian and TA, both with proven track-records in financial services, will support the Group in further consolidating its positions in existing markets, notably in construction (policies covering structural damage, decennial liability etc.), as well as in new sectors of activities like the institutional real estate market.

“We have followed Odealim closely for several years and have been impressed by the development project led by Xavier Saubestre and Xavier Paturel. We are convinced of the company’s future growth prospects as the French leader in insurance and financing brokerage for real estate professionals. Odealim has demonstrated an impressive organic growth during this period and strong resilience throughout the COVID-19 pandemic, as well as in the current inflationary market context.” Yann Bak, Managing Director in the Ardian Buyout team

“Odealim is a key player in insurance and real estate financing brokerage in France. The Group benefits from a recurring business model, significant organic growth prospects, and is a natural consolidator in its different sectors of activity. We are extremely pleased to continue being part of the Odealim story alongside the management team and Raise, and to welcome Ardian, an experienced investor in insurance brokerage.” Patrick Sader & Jeremy Drean, Managing Director & Principal, TA Associates

“The investment from Ardian, alongside TA, will enable us to continue delivering on our ambitious expansion plans. I am proud of how far we have come with TA whom I would like to thank for their renewed trust. Our teams are working to offer to our clients and partners a high level of expertise and proximity. I would also like to thank Odealim’s executive committee members, who have been involved in this project for several years and have made it a successful, innovative and dynamic company.” Xavier Saubestre, Chairman and CEO, Odealim

Parties to the transaction

  • Odealim

    • Xavier Saubestre, Xavier Paturel
  • Ardian

    • Yann Bak, Edouard Level, Jean-Baptiste Hunaut, Anaïs Robin
  • TA Associates

  • RAISE Investissement

    • Alexandra Dupont, Aymeric Marraud des Grottes
  • Sell-side advisors

    • Financial advisors: Lazard
    • Legal corporate & structuring advisors: Latham & Watkins
    • Financial due diligence: Deloitte
    • Legal & Labor due diligences: Latham & Watkins
    • Tax due diligences: Deloitte Avocats
  • Buy-side advisors

    • Financial advisors: Nomura, Mirabaud Advisors
    • Legal corporate & structuring advisors: Weil, Gotshal & Manges
    • Commercial due diligence: Roland Berger
    • Financial due diligence: KPMG
    • Digital due diligence: Magellan Consulting
    • Legal, Labor & Tax due diligences: KPMG Avocats
    • ESG due diligence: Indefi

ABOUT ODEALIM

Created from the consolidation of several regional insurance brokers, active on real estate markets, Odealim is the first specialist in real estate insurance brokerage on the French market today.
With a strong geographical footprint and a powerful network of partner insurers, Odealim can guarantee to its customers, professionals and individuals, a real support and customized solutions.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$130bn 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 880 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 1,300 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

ABOUT TA ASSOCIATES

TA is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – the firm invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 550 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $47.5 billion in capital since its founding in 1968. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong.

Media Contacts

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CapMan Real Estate acquires a portfolio of four office properties located in midtown Helsinki

Capman

CapMan Real Estate press release
25 May 2022 at 14.00 pm EEST

CapMan Real Estate acquires a portfolio of four office properties located in midtown Helsinki

The CapMan Nordic Real Estate III fund (“Fund”) acquires four office properties located in the midtown Helsinki neighbourhoods of Pasila, Vallila and Kalasatama from Goldman Sachs Asset Management and Cromwell Property Group. CapMan aims to modernise the spaces and improve the energy efficiency of the assets. The assets complement the existing value-add strategy of the Fund.

The assets have a total lettable area of 35,000 square metres and are located in vibrant and accessible mid-town office areas of Helsinki. The central locations combined with unbeatable public transport connections make the assets very attractive to perspective tenants, for example, Pasilanraitio 5 is located adjacent to the Tripla shopping centre and certain key transit connections, Kumpulantie 3 is located in Vallila, close to Pasila, Elimäenkatu 26 is located in the heart of Vallila and Vanha Talvitie 11 is located in the fast-growing Kalasatama area which is located close to the metro station.

Commenting on the acquisition, Sampsa Apajalahti, Investment Director at CapMan Real Estate stated “the Pasila-Vallila-Kalastama commuter area is one of the largest office hubs in Helsinki. The prime location and availability of public rail transport offer plenty of opportunities to companies seeking office space. That said, many of the offices in the area are in need of upgrades. Our goal is to create attractive workplaces by modernising the spaces and improving their energy efficiency, with the ultimate aim of obtaining energy certificates for each of the assets. Overall, the assets are a great strategic fit for our fund”.

The EUR 564 million Fund was established in 2020 and it primarily invests in office, retail, and residential real estate in the Nordic regions.

CapMan Real Estate currently manages approximately EUR 4.0 billion in real estate assets and the Real Estate Team comprises over 60 real estate professionals located in Helsinki, Stockholm, Copenhagen, Oslo and London.

For more information, please contact:

Sampsa Apajalahti, Investment Director at CapMan Real Estate, +358 40 575 2363

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With over 4.7 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We have been listed on the Nasdaq Helsinki since 2001. Read more at www.capman.com.

About Goldman Sachs Asset Management Real Estate

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2022. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure.  Established in 1991, the Real Estate business within Goldman Sachs Asset Management is one of the largest investors in real estate with over $50 billion in capital invested since 2012 across the spectrum of investment strategies from core to opportunistic. Our global team invests across all sectors with deep expertise across the capital structure, in assets ranging from single properties to large portfolios, through senior mortgages, mezzanine debt and equity. Follow us on LinkedIn

 


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