CapMan Real Estate Press Release
June 30, 2021 at 18:00 EET

CapMan Real Estate sells office property in Oslo to SiO

CapMan Nordic Real Estate Fund has agreed to sell St. Olavs gate 23, a 4,500 sqm vacant office building located in central Oslo, to the Norwegian student organisation SiO. The agreed property value is approximately NOK 290 million.

The historic property, originally constructed in 1900, was acquired by CapMan in June 2017 and was its first acquisition in Norway. The previously outdated office space has since then been stripped to its structure and prepared for a complete renovation which will reinstate the historical value of the property. A building permit has also been obtained, allowing for an extension of approximately 500 sqm into the rear courtyard.

“When we purchased this property in 2017, we were very much drawn towards the value-add opportunities we saw in this location. We could also see that the development of the adjacent new facilities for Oslo University at Tullinkvartalet would further strengthen the area itself as a cluster for higher education. The current high demand for modern properties and increased interest from organisations in the education and innovation sector makes the timing and result of this transaction optimal,” says Magnus Berglund, Investment Director at CapMan Real Estate.

“We are very pleased with the sale to SiO and their plans for long-term establishment in the property, which will contribute greatly to the entire area and provide a fantastic opportunity for the students in Oslo,” says Andreas Wang, Investment Director at CapMan Real Estate.

Akershus Eiendom and CLP assisted CapMan Real Estate on the sale.

St. Olavs gate 23 is the 15th exit of the 2013 vintage value-add fund, CapMan Nordic Real Estate I, which has seven assets left in the portfolio. The team’s third Nordic value-add fund, CapMan Nordic Real Estate III, was established in September 2020 and has completed its final close with equity of EUR 564 million, exceeding its target size of EUR 500 million and reaching its hard cap.

CapMan Real Estate currently manages a total of EUR 3.6 billion in real estate assets. The Real Estate Team comprises over 40 real estate professionals in Helsinki, Stockholm, Copenhagen, Oslo and London. The team was awarded UK & European Opportunistic Property Manager of the Year at the 2020 Professional Pensions Investment Awards.

For further information, please contact:

Magnus Berglund, Investment Director, CapMan Real Estate, tel. +46 70 786 68 08

Andreas Wang, Investment Director, CapMan Real Estate, tel. +47 932 28 700

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. Our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, wealth management, and analysis, reporting and back office services. Altogether, CapMan employs around 150 people in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at www.capman.com.

ntermediate Capital Group (ICG), the global alternative asset manager, announces it has acquired Newground Capital Partners (Newground) an Australian real estate debt investor.

Newground is an arranger, investor, and manager of real estate financing solutions in the Australian mid-market, investing across the capital structure, with offices in Brisbane, Sydney, and Melbourne. The team of seven led by Daniel Erez has closed 30+ transactions, deployed more than A$200m of capital and currently manages investments on behalf of over 100 clients, largely Australian-based.

Trading as ICG-Newground, the business will leverage the strength of ICG’s balance sheet and its institutional LP base to underwrite loans of $30m – $200m offering more flexible terms and gearing to owners of value-add, stabilised and construction assets. The business will launch an institutionally focused fund in Q3 of this year to capitalise on the growing interest in real estate debt amongst Australian investors.

Commenting on the transaction, Martin Wheeler, Co-Head of ICG’s real estate business, said “We are excited about the acquisition of Newground, which is a further positive step in the growth of ICG’s real estate strategy and footprint in Australia. We are looking forward to working with such an entrepreneurial management team to realise the attractive opportunities in the Australian real estate market.”

Martin added “Dan and the Newground team share our investment philosophy and the deal builds upon our track record of hiring and retaining the best talent and helping them develop and grow a leading franchise.”

Daniel Erez who joins as Head of Real Estate Australia and New Zealand said, “The Newground team is delighted to be joining ICG. We are looking forward to combining our deep experience of investing in Australian real estate, and benefitting from ICG’s breadth of, experience, rigorous investment culture and its institutional investment management infrastructure”.

Greg Fendler, Managing Director and Head of Institutional Clients, Australia and New Zealand said, “The acquisition of Newground is a natural extension of ICG’s differentiated real estate platform and enhances our offering to local clients and potential investors. It’s been a pleasure to work with Dan and Martin on this transaction and I look forward to building a successful real estate business in Australia and New Zealand together.”

-Ends-

For further details please contact:

Olivia Montgomery

Corporate Communications
Tel: +44 (0)203 545 1543
Mobile: +44 (0)7812 045188
Email: olivia.montgomery@icgam.com

About ICG

ICG provides capital to help companies grow. We are a global alternative asset manager with over 30 years’ history, managing €47.2bn of assets in private debt, credit, and equity, principally in closed-end funds.

We develop long-term relationships with our business partners to deliver value for shareholders, clients, and employees, and use our position of influence to benefit the environment and society. We operate across four strategic asset classes: corporate, capital market, real asset, and secondary investments. In addition to growing existing strategies, we innovate and pioneer new strategies where the market opportunity exists.

ICG’s real estate division has over €4.9bn of private debt and private equity assets under management in its core strategies of Senior Debt, Partnership Capital (providing whole loans, mezzanine, and preferred equity), Residential Development Finance and Sale and Leaseback.

ICG is listed on the London Stock Exchange (ticker symbol: ICP).

Further details are available at: www.icgam.com. You can follow ICG on LinkedIn.

Investment to enhance TEC’s position as one of the leading premium flexible workspace providers across the fast-growing economies of Asia Pacific and the Middle East, with more than 32,000 members in 32 cities

HONG KONG & SINGAPORE–(BUSINESS WIRE)– The Executive Centre (“TEC” or the “Company”), KKR and TIGA Investments today announced the signing of definitive agreements under which a consortium led by KKR and TIGA Investments will acquire TEC.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210531005344/en/

The Executive Centre is the leading provider of premium flexible office space solutions in markets including Greater China, North Asia, Southeast Asia, Australia, India, Sri Lanka, and the Middle East. The Company has expanded rapidly across Asia Pacific since it was founded in 1994, fueled by steady demand for premium workspace in prime, central locations from its client base of leading MNCs. It now serves more than 32,000 members across over 150 centers in 32 cities and 14 markets, including Greater China, Japan, South Korea, Southeast Asia, Australia, India, Sri Lanka, and the Middle East, with an annual turnover in excess of US$237 million. The Executive Centre’s offerings include high-quality enterprise solutions, premium private offices, coworking and virtual spaces, each equipped with meeting & event facilities, and a broad range of full IT support and corporate concierge services.

As part of the transaction, funds advised by HPEF Capital Partners and CVC Capital Partners will exit their investments in the Company. Members of TEC’s management team will continue to own shares in the Company.

Paul Salnikow, founder and CEO of The Executive Centre stated, “We are pleased to welcome KKR and TIGA Investments to The Executive Centre as our new investors. It’s a powerful partnership, well matched to drive the continued performance and growth of TEC. I also extend a big thank you to HPEF Capital Partners and CVC Capital Partners for their investment tenure, during which we increased the size of the business, sevenfold.”

SJ Lim, a Managing Director at KKR, added, “As we look ahead to the market’s evolving needs, flexibility will be key in companies’ future workplace strategies. We believe The Executive Centre is well placed to capture new growth opportunities and build on its longstanding leadership position in Asia’s premium workspace segment. KKR is excited to support The Executive Centre, Paul and his team at this exciting time for the market.”

“We are thrilled to invest in the growth of The Executive Centre alongside KKR,” said G. Raymond Zage III, Founder of TIGA. “As the future of work increasingly shifts towards a hybrid model, we look forward to partnering with Paul and his team and helping to elevate the company to its next phase of growth for the benefit of businesses, tenants and landlords across the region.”

KKR makes its investment through its investment funds. Additional details of the transaction were not disclosed.

About The Executive Centre

The Executive Centre (TEC) was founded by Paul Salnikow, in 1994 in Hong Kong and today serves over 32,000 members daily across 150+ centres in 32 cities and 14 markets. TEC is Asia’s third largest flexible office space with annual turnover in excess of US$237 million.

The Executive Centre caters to ambitious professionals and industry leaders looking for more than just an office space – they are looking for a place for their organization to thrive. TEC has cultivated an environment designed for success with a global network spanning Greater China, Southeast Asia, North Asia, India, Sri Lanka, the Middle East, and Australia, with sights to go further and grow faster. Each Executive Centre offers a prestigious address with the advanced infrastructure to pre-empt, meet, and exceed the needs of its Members. Walking with Members through every milestone and achievement, The Executive Centre empowers ambitious professionals and organizations to succeed.

Privately owned and headquartered in Hong Kong, TEC provides first class Private and Shared Workspaces, Business Concierge Services, and Meeting & Conference facilities to suit any business’ needs.

For more information please contact Pebble_Lee@ExecutiveCentre.com or visit www.executivecentre.com

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 TIGA Investments

TIGA Investments (TIGA) is a Singapore based company focused on making long-term investments in differentiated businesses with strong management teams. TIGA brings its deep global relationships, extensive industry expertise and agility in decision making to help businesses achieve their maximum potential. TIGA is also the sponsor of TIGA Acquisition Corp, an NYSE listed special purpose acquisition company. TIGA is led by G. Raymond Zage, III and Ashish Gupta, who have more than 46 years of combined investment experience.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210531005344/en/

Media:
For The Executive Centre
Chelsea Perino
+852 9103 7236
Chelsea_perino@executivecentre.com

For KKR
KKR Asia Pacific
Anita Davis
+852 3602 7335
Anita.Davis@kkr.com

For KKR Americas
Cara Major or Miles Radcliffe-Trenner
+1 212-750-8300
Media@kkr.com

For TIGA Investments
Diana Luo
dluo@tigainvestments.com

Source: KKR

• EQT Exeter, the global real estate solutions provider, and Group Moraval, a leading Spanish developer, have formed a joint venture to create a portfolio of high-quality, sustainable and affordable student accommodation facilities in Spain
• The joint venture has already secured two initial sites in Seville and Málaga comprising approximately 1,500 beds and is actively working on a strong pipeline of future opportunities
• The joint venture constitutes EQT Exeter’s first investment in Spain and combines its ‘business to consumer’ strategy, which is focused on taking advantage of demographic changes occurring across Europe, and its social impact approach to value creation

EQT Exeter is pleased to announce that the EQT Real Estate II fund (“EQT Exeter”) has launched a joint venture (the “JV”) with Grupo Moraval (“Grupo Moraval”), a leading Spanish developer with an approximate 30 percent market share of the “purpose-built student accommodation” (“PBSA”) facilities that have been or are currently being developed in Spain between 2020 and 2022. The JV is expected to have an initial capacity to establish an investment portfolio valued at over EUR 300 million and has aspirations to ultimately grow the portfolio to a value in excess of EUR 500 million.

The student housing market in Spain has experienced rapid growth due to favorable demographic trends such as a steadily growing population of 18-24-year-olds and an increase of young people pursuing higher education. Despite this, many of the country’s university cities suffer from a lack of high-quality student housing with large groups of young people in need of accommodation. The population of people within this age group has increased consistently since the 2015/2016 academic year at a compound annual growth rate of 5.7 percent¹.

The JV will focus on delivering a portfolio of PBSA facilities in Spanish cities with growing student housing demand and a relatively low percentage of the respective city’s students who can be accommodated under currently available student housing, also referred to as the provision rate. An example of this is Málaga, where the educational offering is expected to grow even further as the municipality recently offered public land for the establishment of two new universities. Through Grupo Moraval’s in-house market intelligence platform that analyzes the need for student accommodation in university cities across Spain together with EQT’s digitization team, the JV expects it will be able to identify important market trends and future housing demand in an efficient and concise fashion.

The JV’s two initial sites in Seville and Málaga comprise approximately 1,150 and 350 beds, respectively. Located next to two of University of Sevilla’s largest campuses, Pirotecnia and Ramón y Cajal, the Seville site is also within walking distance to the main faculties and the city center and next to the San Bernardo public transportation hub. The Málaga site will be located in the University of Málaga Teatinos campus and is within walking distance to the main faculties and to the public transportation hub which provides easy access to the city center. Construction of the Seville site has already commenced and is expected to be finished by the beginning of the 2022/2023 academic year while the Málaga site is currently anticipated to be delivered by the beginning of the 2024/2025 academic year.

The JV’s assets will be let at market-rate rents under the newly created “Nodis” brand. Nodis expects to embody strong values of dynamism, vitality and safety in its operations. As such, the residences will be equipped with state-of-the-art facilities, high-quality amenities and premium services including but not limited to gyms, private lounges, living and gaming areas, libraries, work and study spaces, cinemas, parking, free high-speed internet and rooftop terraces.

Consistent with other EQT Exeter transactions, the JV’s assets will be developed with strong sustainability credentials and seek to achieve green certifications such as LEED (Leadership in Energy and Environmental Design) and GRESB (Global ESG Benchmark for Real Assets). The buildings will promote sustainable living practices and utilize photovoltaic panels on the roof, provide electric vehicle charging stations and spaces for carpool vehicles, use native or adapted plants which don’t require a permanent irrigation system and employ high efficiency- low consumption fixtures and fittings.

Carlos Molero, Managing Director, Investment Advisor to EQT Exeter, said, “We are excited to enter the Spanish student housing market alongside market leader Grupo Moraval. This joint venture is an excellent example of EQT Exeter’s ‘local with locals’ approach of sourcing attractive opportunities and investing in thematic trends which are decoupled from the financial cycle. We see a clear opportunity to deliver a portfolio of high social impact, purpose-built student accommodation in Spanish cities which are experiencing a supply-demand imbalance. In addition to the joint venture’s initial sites in Seville and Málaga, we are evaluating a growing pipeline of projects to build a large-scale, resilient and downside-protected portfolio.”

Rob Rackind, Partner and Investment Advisor to EQT Exeter, said, “This joint venture with Grupo Moraval marks a landmark entrance into Spain for EQT Exeter. It is an example of our ‘business to consumer’ efforts which are focused on taking advantage of the demographic transformations that are occurring across Europe. This strategy is manifesting itself through the delivery of over 8,000 beds across Europe over the next few years via a number of additional platforms that we have established. These include the delivery of a GBP 1bn+ private rented residential portfolio in Greater London, a EUR 400m+ mobility-impaired rental housing portfolio across France and a EUR 300m senior care portfolio in Northern Italy, all of which are expected to benefit from continued favorable supply-demand dynamics, urbanization and population growth.”

Alvaro Soto, CEO of Grupo Moraval, said, “Grupo Moraval is delighted to partner with EQT Exeter, which is well-known for its hands-on value creation strategies, in this ambitious project. Together, we will aim to further advance the purpose-built student housing offering in one of the most dynamic and fastest-growing higher education markets in Europe. Students both nationally and internationally are increasingly seeking tailored, cost-efficient housing options and EQT Exeter and Moraval share the same vision on how to build and manage sustainable and digitally innovative accommodation for this segment.”

Berta Guillamón, Chief Marketing Officer of Nodis, said, “Nodis student residences will be aligned with today’s youth: dynamic, vibrant and with a spirit of self-improvement. With a team experienced in managing accommodation for students, Nodis creates spaces to live, learn and create new connections in an enriching and creative environment with sustainability at its core.”

¹Source: JLL, “Student Housing: From Consolidation to Institutionalization” (2020).

Contacts
EQT Exeter media enquiries:
UK: Greenbrook, eqt@greenbrookpr.com, +44 20 7952 2000
Spain: Grupo Albion, Maribel Alonso, malonso@grupoalbion.net, +34 91 531 23 88
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

Grupo Moraval media enquiries:
Christopher Bjork, christopher.bjork@bjork-brown.com, +34 60 639 60 93

About EQT
EQT is a purpose-driven global investment organization with more than EUR 67 billion in assets under management across 26 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About EQT Exeter
EQT Exeter, a part of EQT, is a global real estate solutions provider serving both consumer and tenants with scope and scale. EQT Exeter is among the largest real estate investment managers in the world and is focused on acquiring, developing and managing logistics / industrial, office, life science and residential properties in Europe, the Americas and Asia. EQT Exeter was created through the combination of EQT Real Estate and Exeter Property Group.

The EQT Exeter Team comprises around 260 experienced professionals, including investment and leasing officers, asset managers and operational professionals, operating in close to 40 regional offices around the globe. Collectively they have consummated over 830 real estate investments. As part of EQT, the team has access to the full EQT Network including more than 500 industry advisors across the globe as well as the EQT’s industry-leading sustainability credentials and framework, and in-house digitalization skills.

About Grupo Moraval
Grupo Moraval is the leading developer of student residences in Spain with a portfolio of around 6,600 beds representing investment volume of EUR 300 million and located in Madrid, Barcelona, Málaga, Bilbao, San Sebastian, Pamplona, Salamanca, Seville and Zaragoza. It pioneered new models of accommodation for students and co-living spaces over the past decade together with leading institutional and private wealth investors. With a track record of over 400,000 sqm developed in real assets of different kinds, Grupo Moraval specializes in the design and execution of state-of-the-art accommodation focusing on new technologies and student welfare. Committed to continuous improvement, its developments introduce innovations in areas such as sustainability and digitalization.

About Nodis
Nodis is a newly created brand which embodies the strong values of dynamism, vitality and sustainability, allowing its residents to lead the lifestyle they are looking for and offering residences with state-of-the-art facilities in a completely safe environment: fully equipped studios, common areas cared for down to the last detail, gym, private lounges, living areas, gaming area, library, work and study spaces, cinema, parking and more.

More info: www.nodis.es

EQT is today announcing that the EQT Public Value Fund (“EQT Public Value”) has signed an irrevocable undertaking to accept the Tender Offer made today through Palace Bidco Oy by West Street Global Infrastructure Partners IV, L.P., an infrastructure fund managed by Goldman Sachs Asset Management for the shares in Adapteo Plc (“Adapteo”).

The price amounts to SEK 165.0 per Adapteo share, representing a 53 percent bid premium compared to the closing price per 14 May 2021, the last day of trading prior to the Tender Offer announcement, and a 66 percent premium to the volume-weighted average trading price of the Adapteo share during the six-month period prior and up to the announcement of the Tender Offer.

The offer is the result of a competitive process driven by the Adapteo board of directors with support from EQT Public Value as the largest owner of Adapteo with 17.6 percent of the shares. Furthermore, the attractive valuation implied by the offer reflects Adapteo’s market leading position within Northern European social infrastructure, its leading ESG position as well as the long-term attractiveness and future potential in both Adapteo and the industry.

Commenting on the Tender Offer, Niklas Ringby, Partner and Co-Head of the EQT Public Value advisory team, said:

“With EQT Public Value as the largest shareholder and Peter Nilsson as the chairman, Adapteo became an independent company through the successful spin-off from Cramo in 2019. Adapteo has during the last two and a half years more than doubled revenues and EBITDA, through organic growth and the three strategic acquisitions of Nordic Modular Group, Stord Innkvartering and Dutch Cabin Group. Today, Adapteo is a leader in the essential social infrastructure sector in Northern Europe with a leading ESG profile through the provision of flexible, reusable and low-carbon footprint modular space solutions”.

Niklas Ringby continues: “EQT Public Value has supported the board of directors in creating a competitive process including relevant European infrastructure funds with long-term investment horizons, attracted by Adapteo’s strong infrastructure characteristics. After several rounds of indicative bids, this has ultimately resulted in Palace Bidco launching an offer representing a 53 percent bid premium. We believe the offer is an attractive opportunity for Adapteo’s shareholders to crystallize their investment in the company at a compelling valuation and significant premium.”

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

About EQT and EQT Public Value
EQT is a purpose-driven global investment organization with more than EUR 67 billion in assets under management across 26 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

EQT Public Value targets publicly listed mid-market companies in Northern Europe, applying a constructivist approach intended to create value through board representation and hands-on engagement leveraging EQT resources and platform.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

May 3, 2021