We are thrilled to announce our latest investment in real-estate tech pioneer Adfenix. Together with Notion Capital, we are co-leading the $6 million Series A round. Starbright Invest and Goodfellows also participated in the round.

The financing will fuel continued innovation and acceleration of Adfenix’s cloud-based customer services offering to real-estate agencies across Europe, and entrance into the US market during 2018.

Founded on a vision that today’s real-estate market is highly inefficient and that customers should expect a significantly better experience when buying or selling a home, Adfenix today services 85+ real estate agents globally. Leaders including RE/MAX, Sotheby’s, Harcourts are using the Adfenix B2B cloud platform to automatically reach significantly more potential home buyers, increase viewings, maximise end price and ultimately empower their agents to shorten sales cycles and sell more homes with less manual effort.

– The real estate industry is ripe for disruption: massive, broken, yet clearly defined. We believe Adfenix has the opportunity to up-end this industry with its platform offering, and catch massive value in the meantime. The team’s achievements so far in terms of growth is very impressive – also taking into account they bootstrapped up until now. Together with an excellent international investor syndicate, we are very excited to help build the global suite for the real estate industry, says John Sjölander, Industrifonden investment lead.

The global real estate industry presents a massive market, being worth more than $217 trillion. While digital transformation has already disrupted many sectors, the real estate industry has been very slow to move with the times – until now. As a result, agents are now open to using tech platforms to reach and grow their relationship with buyers and sellers. The market for value-added services within property tech is growing fast, enabled by megatrends including AI, big data and social marketing.

– We are equipping real estate agents and their clients with the power to sell and buy homes easier and quicker. I believe that the real estate agents of tomorrow are all going to be tech-enabled, and we want to help both traditional agencies to make this leap as well as boosting the new class of hybrid online agencies with their value proposition, says Gabriel Kamienny, co-founder of Adfenix.

– We have had the great pleasure of having many awesome people joining our force lately, and this is a key reason for our success. We are delighted to have Notion Capital, Industrifonden, Starbright and Goodfellows as investors as we continue our quest to help the worlds’ estate agents reinvent themselves, Gabriel adds.

Eurazeo announces the completion of the sale of Eurazeo’s majority stake in ANF Immobilier at €22.15 per share, following satisfaction of the conditions precedent set-out in the sales agreement of October 10, 2017 (see Eurazeo press release of October 11, 2017). As a long-term responsible shareholder, Eurazeo is proud to have accompanied ANF Immobilier’s development for 13 years.  With this support, ANF Immobilier successfully restructured its historical assets in Marseille and Lyon. The real estate investment company also implemented an active development policy in its two historic cities, as well as Bordeaux and Toulouse, becoming a pivotal tertiary real estate player in the French regions.

Eurazeo realizes a disposal gain of €213 million, an investment multiple of 2. 3x and an IRR of 13%. Pro forma of this transaction and taking account of recently announced transactions, Eurazeo has net cash of nearly €700 million.

ANF Immobilier also signed today provisional sales agreements with Two companies controlled by Primonial REIM for its historic housing and commercial real estate portfolio mainly located in Marseille, and a building in Lyon. These agreements were entered into for a total consideration of €400 million, excluding transfer taxes payable by the purchaser.

The sale of Eurazeo’s majority stake will be followed by a mandatory public takeover bid(the “Public Takeover Bid”) by Icade for the remaining ANF Immobilier shares at €22.15 per share, representing a 10.2% premium on the average price over the three months preceding the start of exclusive negotiations announced on July 24, 2017.

The Public Takeover Bid is expected to be launched in November 2017, subject to publication by the AMF of a compliance notice.

***

About Eurazeo

With a diversified portfolio of approximately €6 billion in assets under management, of which €1 billion is from third parties, Eurazeo is one of the leading listed investment companies in Europe. Its purpose and mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. The Company covers most private equity segments through its five business divisions – Eurazeo Capital, Eurazeo Croissance, Eurazeo PME, Eurazeo Patrimoine and Eurazeo Brands. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. Eurazeo is notably a shareholder in AccorHotels, Asmodee, CIFA, CPK, Desigual, Elis, Europcar, Fintrax, Grape Hospitality,Iberchem,Les Petits Chaperons, Rouges, Moncler, Neovia, Novacap, Sommet Education, Trader Interactive, and also SMEs such as Péters Surgical and Groupe Flash, as well as start-ups such as Farfetch and Vestiaire Collective.

About Eurazeo

With a diversified portfolio of approximately €6 billion in assets under management, of which €1 billion is from third parties, Eurazeo is one of the leading listed investment companies in Europe. Its purpose and mission is to identify,accelerate and enhance the transformation potential of the companies in which it invests. The Company covers most private equity segments through its five business divisions–Eurazeo Capital, Eurazeo Croissance, Eurazeo PME, Eurazeo Patrimoine and Eurazeo Brands. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. Eurazeo is notably a shareholder in AccorHotels, Asmodee, CIFA, CPK,Desigual, Elis, Europcar, Fintrax, Grape Hospitality, Les Petits Chaperons Rouges, Moncler, Neovia, Novacap, Sommet Education, Trader Interactive, and also SMEs such as Péters Surgical and Groupe Flash, as well as start-ups such as Farfetch and Vestiaire Collective.

On October 6, 2017, Segulah IV LP’s portfolio company Balco Group AB (publ) was listed on Nasdaq Stockholm. The Initial Public Offering attracted strong interest both from Nordic and international institutional investors, as well as from the general public in Sweden. The offering was several times over-subscribed.

The offering was set at a fixed price of SEK 56 per share, corresponding to a total market value of all issued shares of SEK 1,200 million. Assuming the over-allotment option is exercised in full, the offering will comprise 14,785,853 shares, corresponding to SEK 828 million or 69 percent of the total number of shares upon completion of the offering. Segulah IV will remain as the largest shareholder and hold approximately 19 percent of the shares after the IPO, assuming the over-allotment option is exercised in full.

Eight cornerstone investors, consisting of Erik Selin, Swedbank Robur Fonder AB, Vätterleden Aktiebolag, Lazard Asset Management GmbH, Stiftelsen Riksbankens Jubileumsfond, Taiga Fund Management AS, the Hamrin family and LMK Venture Partners AB, have in aggregate acquired 34.2 percent of the outstanding shares in Balco.

”Segulah IV is very satisfied with Balco’s strong development in recent years and it has been a pleasure working together with management and the board. During Segulah IV’s ownership, Balco has created a robust operational platform from which to continue to grow profitably for several years to come in the Nordics and in Europe. The listing is an important milestone in Balco’s 30 years history and an opportunity for also new shareholders to participate in the next growth phase of the Company”, says Percy Calissendorff, Partner, Segulah Advisor AB.

Carnegie Investment Bank acted as Global Coordinator and Joint Bookrunner, and Danske Bank as Joint Bookrunner.

For more information, please visit www.segulah.com or contact:

Percy Calissendorff, Partner, Segulah Advisor AB, phone +46 73 347 62 81

Marcus Planting-Bergloo, Partner, Segulah Advisor AB, phone +46 702 29 11 85

Balco in brief:

Since Balco was founded in 1987 in Växjö, Sweden, the Company has grown from being a local product-oriented supplier of concrete balconies into a leading market-oriented supplier of glazed balcony solutions. Balco primarily offers customized, innovative balcony solutions under its own brand to tenant-owner associations, private landlords, the public housing sector and construction companies. Balco operates on its Main Markets, which comprise Sweden, Denmark and Norway, as well on its Other Markets, which comprise Germany, Finland, the UK and the Netherlands.

Balco’s core expertise is in delivering glazed balconies and balcony solutions, primarily on the renovation market and to tenant-owner associations. The company is specialized in replacing existing balconies with new glazed balconies in accordance with the Balco-method. The method provides many advantages for the customer, such as lower energy costs, enhanced living standard and an increase in the value of the property. Balco has a successful sales process which means that the Company assumes overall responsibility and guides the customer through the entire construction process, from project planning to concluded final inspection and aftermarket service. The Company is one of few complete balcony suppliers on its Main Markets who has the ability to provide customized and high-quality balcony solutions, irrespective of order size and complexity, with short delivery times.

Since its inception, Balco has expanded to several European countries and has today 18 sales offices in seven countries. The Company has three wholly-owned production facilities in Sweden, Denmark and Poland, and is part-owner of a strategic Polish subcontractor which, together with the large sales force, constitutes the platform from which Balco delivers its balcony solutions to customers around northern Europe. The Company has made significant investments in its operational platform, thereby creating positive conditions for continued growth in both sales and earnings.

Balco is today the market leader in the balcony market on its Main Markets. Balco is a strong challenger in the Company’s Other Markets.

Balco’s strong market position within the Renovation segment, combined with its high quality balcony solutions, operational platform and positive underlying market trends, has contributed to a positive development in recent years. During the period 2014 to the twelve-month period ending 30 June 2017, the Group’s sales increased from SEK 568.4 million to SEK 929.0 million and adjusted EBIT increased from SEK 41.0 million to SEK 109.8 million, equivalent to an increase in adjusted EBIT margin from 7.2 percent to 11.8 percent. This makes Balco one of the most profitable companies in the balcony market. 

CapMan Real Estate press release 4 September 2017 at 10.00 a.m. EEST

CapMan Real Estate closes its second pan-Nordic fund at hard cap with EUR 425 million of equity commitments

CapMan Real Estate holds the first and final closing of CapMan Nordic Real Estate II (CMNRE II), its second pan-Nordic value-add fund, at EUR 425 million of equity commitments from Nordic, European and US institutional investors. With leverage CMNRE II reaches an investment capacity of over EUR 1 billion to be invested primarily across the office, retail and residential sectors in the most liquid real estate markets in the Nordics following the successful strategy of its predecessor fund.

With continued support from the investors in the previous fund and a strong demand from new investors, CMNRE II quickly became oversubscribed. In line with the previous fund, the investors are equally distributed from the Nordics, the rest of Europe and the US, with each region representing roughly a third of the invested capital. The fund has a total of 30 investors.

CMNRE II follows the proven investment strategy of its predecessor fund by focusing on established office submarkets; necessity anchored retail; and residential opportunities in the capital cities as well as other growth centres in Sweden, Finland, Denmark and Norway. CMNRE II will also selectively invest in other real estate sectors supported by increasing urbanization, changing demographics and other prevailing macro themes.

“We are extremely pleased for the strong support from both our existing and new investors. Our disciplined and prudent investment approach towards selecting the best assets and managing them hands-on by our local teams has provided great results over time. We continue to see interesting opportunities throughout the Nordics in our focus areas and believe we can continue providing good returns to our investors by maintaining our disciplined approach,” says Mika Matikainen, Managing Partner of CapMan Real Estate.

“I am satisfied to see the positive development continue in our Real Estate business. The closing of this new fund is an important part of CapMan’s growth strategy and a strong expression of trust among our investors,” comments Joakim Frimodig, CEO of CapMan.

CMNRE II fund generates management fees and carry according to private equity real estate fund standards.

CapMan Real Estate was advised by Scala Fund Advisory, Wren Capital LLC and Ashurst LLP in the establishment of CMNRE II fund.

CapMan Real Estate has a team consisting of over 30 real estate professionals in Helsinki, Stockholm and Copenhagen. CapMan Real Estate currently has over EUR 1.7 billion of assets under management and the first fund was established in 2005.

Additional information:
Mika Matikainen, Managing Partner, CapMan Real Estate, +358 40 519 0707
Joakim Frimodig, CEO, CapMan Plc, tel. +358 50 529 0665

CapMan
www.capman.com
twitter.com/CapManPE

CapMan is a leading Nordic investment and specialised asset management company. As one of the Nordic private equity pioneers we have actively developed hundreds of companies and real estate and thereby created substantial value in these businesses and assets over the last 25 years. CapMan has today 110 private equity professionals and manages €2.3 billion in assets. We mainly manage the assets of our customers, the investors, but also make direct investments from our own balance sheet in areas without an active fund. Our objective is to provide attractive returns and innovative solutions to investors and value adding services to professional investment partnerships, growth-oriented companies and tenants. Our current investment strategies cover Buyout, Growth Equity, Real Estate, Russia, Credit, Infrastructure and Tactical Opportunities. We also have a growing service business that currently includes fundraising advisory, procurement activities and fund management.

Partners Group acquires CB16 office tower in La Défense