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

Capman

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
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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.

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Partners Group acquires CB16 office tower in La Défense

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Partners Group acquires CB16 office tower in La Défense

Paris Partners Group, the global private markets investment manager, has agreed to acquire an office building, CB16Tower, in the La Défense business district of Paris, France, on behalf of its clients.

The purchase price for the building is EUR 170million. CB16 Tower is a 28-story building with a total floor area of 30,000 square meters situated in one of Paris’ prime business Districts, with excellent public transport links to the Greater Paris area. Constructed in 1971, the building underwent a complete renovation In 2003 to provide an efficient, modern, high -standard property with green certification.

Partners Group will partner with local operator Aquila Asset Management in order to actively manage the property on behalf of existing and future tenants, with plans to execute a value-added business plan including renovation in order to improve the property’s occupancy.

Mike Bryant, Managing Director, Co-Head Private Real Estate, Partners Group, comments: “La Défense is experiencing a steady recovery in demand for office space compared to previous years and the acquisition of CB16 Tower is a great way to gain exposure to the area at a good point in the cycle.

Given the visibility on income this investment brings and the quality of the building, the tower fits well with Partners Group’s relative value focus on acquiring office property below replacement cost in decentralized locations in Tier 1 cities, where pricing does not yet reflect attractive fundamentals.”

About Partners Group

Partners Group is a global private markets investment management firm with over EUR 57 billion (USD 66billion) in investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland and has offices in San Francisco, Denver, Houston, New York, São Paulo, London,

Guernsey, Paris, Luxembourg, Milan, Munich, Dubai, Mumbai, Singapore, Manila, Shanghai, Seoul, Tokyo and Sydney. The firm employs over 950 people and is listed on the SIX Swiss Exchange (symbol: PGHN) with a major ownership by its partners and employees.

 

Investor relations contact

Philip Sauer

Phone: +41 41 784 66 60

Email: philip.sauer@partnersgroup.com

 

Media relations contact

Jenny Blinch

Phone: +41 41 784 65 26

Email: jenny.blinch@partnersgroup.com

www.partnersgroup.com

 

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EURAZEO enters into exlusive negotiations to sell its stake in ANF IMMOBILIER to ICADE

Eurazeo has entered into exclusive negotiations with the real estate group Icade to sell its majority stake in ANF Immobilier -50.48% of share capital and 53.73% of voting rights- to be followed by an Icade takeover bid for the remaining capital. The proposed takeover price of €22.15 per share represents a premium of 10.2% on the average price overthe past three months.

In an intrinsically linked process, ANF Immobilier also entered into exclusive negotiations with Primonial REIM, a leading French real estate investment manager, for the sale of ANF Immobilier’s historic housing and commercial portfolio, mainly located in Marseille, and a building in Lyon, for €400 million.

Linking ANF Immobilier with a commercial property investor and a property developer such as Icade will accelerate ANF Immobilier’s presence in dynamic regional cities, as sector consolidation advances.

Eurazeo would realize a disposal gain of €213 million on this sale, an investment multiple of 2.3x and an IRR of13%.

The employee representative bodies and the decision-making bodies concerned will be consulted regarding these transactions.Given the time required for these consultations and decisions, the parties believe the transactions could be finalized in the 4th quarter of 2017. The takeover bid for the remaining ANF capital would be filed subsequent to the sale of the controlling stake.

Eurazeo CEO Patrick Sayer said:

“As a long-term responsible shareholder, Eurazeo is proud to have Accompanied ANF Immobilier’s development for 13 years. With the consolidation of the real estate sector in France and Europe, it’s time to write the next chapter in this company’s history And accelerate its pure player strategy centered on tertiary real estate in regional cities. This development matches perfectly with the investment policy conducted by Icade. With Eurazeo Patrimoine, Eurazeo retains a number of real estate assets through its different companies(Grape Hospitality,CIFA) and will continue to monitor opportunities in this fast-Changing sector.”

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, ANF Immobilier, As modee, 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 Flash Europe International, as well as start-ups such as Farfetch and Vestiaire Collective.

> Eurazeo is listed on Euronext Paris.

 

 

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KKR, Altamar Capital Partners, Deutsche Finance and other investors create Elix Vintage Residencial Socimi to invest in the Spanish residential sector

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KKR, Altamar Capital Partners, Deutsche Finance and other investors create Elix Vintage Residencial Socimi to invest in the Spanish residential sector

KKR, a leading global investment firm, and a group formed by local and international investors including Altamar Capital Partners and Deutsche Finance Group have created, together with Elix, a specialist residential real estate firm, an investment platform to invest €100 million in the Spanish residential real estate market.

The new platform, Elix Vintage Residencial Socimi, S.A., has been created in a Socimi vehicle and aims to invest its capital within the next three years to create a diversified portfolio of residential assets, mainly located in Madrid and Barcelona, which will be refurbished and rented. Elix will be the property manager, owing to its successful track record in similar investments since it was founded in 2003 by Jaime Lacasa and Jorge Benjumeda. Elix also has a large project team with diverse skills along the value creation chain and a recognized brand and style.

Guillaume Cassou, Member and Head of European Real Estate at KKR and Chairman of the Socimi commented: “We are delighted with this new investment in Spain, where KKR has built up a strong presence and investment track record over the last years, and in a sector which we believe has a long-term upside. We also look forward to working closely with our partners Altamar and Elix.”

Jaime Lacasa and Jorge Benjumeda, founders of Elix added: “This deal represents a milestone for Elix’s development due to the cooperation with renowned international investors who will support the growth and institutionalization of our company.”

The advisors to the transaction have been Freshfields, RCD (Rousaud Costas Durán) and BDO Abogados.

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Partners Group to provide over 1,700 residential apartments in Greater Stockholm, Sweden

Partners Group, the global private markets investment manager, has agreed on behalf of its clients to develop over 1,700 residential apartments in the Greater Stockholm area in a joint venture with SSM, a leading Stockholm-based residential developer. The total value of the completed properties is expected to be in excess of EUR 700 million.

The project comprises three separate residential developments, Tellus Towers, Järla Station and Metronomen, all located within a 15-minute train ride from central Stockholm. The developments seek to provide small, but fully-functional residential units at an affordable price. Tellus Towers will be the largest of the three projects and will include two high-rise residential towers, a hotel, retail space and a preschool over a total floor area of 57,000 square meters. At 78 stories, the taller of the two towers is expected to be among the highest residential buildings in Northern Europe. Completion of the three developments is anticipated between 2019 and 2021.

Stuart Keith, Vice President, Private Real Estate Europe, Partners Group, states: “Stockholm is one of Europe’s fastest growing cities in terms of population growth. However, housing supply has not kept up with demand and there is a substantial shortfall of residential units across the city. With this project, we are catering to a fundamental market need and look forward to adding a substantial amount of efficient, modern and affordable housing to the city’s real estate market.”

Mike Bryant, Managing Director, Co-Head Private Real Estate, Partners Group, adds: “In Europe, the residential segment continues to be one of our key focus areas for investment, supported by demographic shifts and continued urbanization. To address rising population densities and higher rents and land prices, cities like London, Frankfurt, Berlin and Stockholm are moving towards the adoption of smaller, more efficient forms of housing. This development project fits squarely within this trend.”

 

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CapMan Nordic Real Estate exits mixed residential & retail properties in Copenhagen

CapMan Nordic Real Estate fund has sold eleven properties along Amagerbrogade, a well-known high street in Copenhagen, to a Swedish residential property company Akelius. CapMan acquired the properties in 2013 and 2014.

The properties comprise lettable space of 15,022 sqm, of which 70 % is residential and 30 % retail. The properties were the second investment of the CapMan Nordic Real Estate fund.

“We are very pleased to complete another successful exit from our Nordic Fund. We have executed the business plan of upgrading the properties; reducing the retail vacancy, and increasing the Net Operating Income by 140 % over a 4-year period,” comments Torsten Bjerregaard, Managing Partner at CapMan Real Estate.

The transaction was done in co-operation with Keystone Investment Management and with legal advice from Plesner. RED was the broker on the transaction.

CapMan Nordic Real Estate fund acquires mainly office, retail and residential properties located in established submarkets of major Nordic cities. The fund was established in 2013 with €273 million of equity. This exit is the 9th the fund has completed.

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CapMan Nordic Real Estate acquires its first property in Oslo

CapMan Oyj

CapMan Nordic Real Estate fund has acquired a mixed use commercial property located at St. Olavs Gate 23 in central Oslo from Aberdeen Property Nordic Fund I

St. Olavs Gate 23 was originally constructed in 1900 and today provides 4,548 square meters of commercial space with retail on the ground floor and office space on the four upper levels. The property is well located, being only 400 meters from the prime retail street, Karl Johans Gate. Nationaltheatret train and metro station, with excellent local connections and a direct train to Oslo Airport, is within a 5-minute walk. In addition, the law faculty of the University of Oslo is currently building a new facility in the immediate vicinity, which will add approximately 4,000 students to the area.

“We are excited about completing our first acquisition in Norway. We have been actively searching the Oslo market for the past 18 months and are delighted to have secured this opportunity which fits our value-add strategy extremely well. We are looking forward to refurbishing the property in the near term and creating a modern high-quality retail and office building in a rapidly developing part of the city,” comments Ed Williams, Managing Partner at CapMan Real Estate.

CapMan Real Estate was assisted in its acquisition by CBRE and CLP. Financing was provided by Danske Bank.

St. Olavs Gate 23 is CapMan Nordic Real Estate fund’s 21st investment. The focus of the €273 million fund is to acquire mainly office, retail and residential properties located in established submarkets of major Nordic cities. The fund was established in 2013.

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Ratos AB: Ratos divests Serena Properties

Ratos has signed an agreement to divest all of the shares in its subsidiary Serena Properties AB, a real estate company with a portfolio of 21 commercial retail properties in Finland, to Fastighets AB Balder. The enterprise value amounts to EUR 206m and Ratos will receive approximately EUR 50m for its shareholding. The divestment generates an exit gain of approximately SEK 90m and an average annual return (IRR) of approximately 30% as well as a money multiple of 1.5x. 

Serena Properties AB (Serena) owns and manages 21 commercial retail properties located across 14 mid-size towns in Finland. The properties are located in established retail areas with attractive tenants and largely comprise of grocery and discount retailers.  

During nearly two years under Ratos’s ownership, Serena has developed into a focused retail property company. As a property owner, Serena has succeeded in reducing vacancies, establishing favourable relations with key tenants, commencing development projects in several retail areas, and streamlining its property portfolio through the sale of properties not compatible with its strategy. Serena’s sales and EBITA amounted to SEK 172m and SEK 129m, respectively, for the rolling 12 months as at 31 March 2017.

“In a short time, Serena’s CEO Marc von Melen has, together with his management team, succeeded in implementing several value-generating initiatives that Ratos identified in conjunction with our investment. The efficiency of the ongoing operation of properties has been enhanced and in most of the retail areas, the tenant mix has been improved and the leases has been extended. Offering competitive and sustainable retail areas has been a priority for Serena. Since the property market has continued its strong performance and Ratos, with its current return requirement, would have difficulty in expanding Serena’s portfolio, it is a natural step for us to now sell the company. Balder is offering a valuation that reflects the future potential of the portfolio and we are certain that Serena, with Balder, Varma and Redito as its future owners, has favourable prospects for developing well,” says Johan Rydmark, Investment Director at Ratos.


The selling price for 100% of the shares (equity value) amounts to EUR 90m and the enterprise value to EUR 206m. Ratos’s share of the equity value is approximately EUR 50m and the exit gain amounts to a total of approximately SEK 90m, calculated on the book value in Serena at 31 March 2017. The annual average internal rate of return (IRR) is approximately 30%. Ratos’s holding in Serena Properties amounts to 56%. The divestment is subject to approval by the relevant authorities and is expected to be completed in the third quarter of 2017.

For further information, please contact:

Johan Rydmark, Investment Director, Ratos, +46 8 700 17 00

Helene Gustafsson, Head of IR and Press, Ratos, +46 8 700 17 98

Financial calendar from Ratos:

Interim report January-June 2017                  17 August 2017
Interim report January-September 2017         14 November 2017

Ratos is an investment company that owns and develops unlisted medium-sized companies in the Nordic countries. Our goal as an active owner is to contribute to long-term and sustainable business development in the companies we invest in and to make value-generating transactions. Ratos’s portfolio consists of 17 medium-sized Nordic companies and the largest segments in terms of sales are Construction, Industrials and Consumer goods/Commerce. Ratos is listed on Nasdaq Stockholm and has a total of approximately 14,200 employees.

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Lasalle and Ardian acquire EUROPA, A 26,500 SQ M. building in Levallois, PARIS

    LaSalle Investment Management Logo

Paris, June 28, 2017

– LaSalle Investment Management (“LaSalle”), the global real estate investment manager, and Ardian, the independent private equity investment company, have acquired the Europa building in Levallois, one of the major business districts in the West of Paris. This has been acquired from Lagardère, the French media group, as a joint venture on behalf of the two pan-European funds. This is the first acquisition made by Ardian Real Estate in France.

Europa is a striking office building with a 180 met re-long façade on a prime street in Levallois, and is located right by the metro station ‘Pont de Levallois’, making the centre of Paris easily accessible.

Built in 1993, Europa is a 26,500 sq m. eight-store y headquarters-style building, offering flexible floor plates of 2,700 sq m., underground parking, numerous in-house services, gardens and terraces.

The building will be subject to a complete refurbishment after the departure of the Lagardère Group, with the aim of redeveloping it as a Grade A building, in line with the highest international building standards.

 

ABOUT LASALLE INVESTMENT MANAGEMENT

LaSalle Investment Management is one of the world’s

leading real estate investment managers with approximately $58 billion of private and public equity and private debt investments under management (as of Q1 2017). LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Inc. (NYSE: JLL), one of the world’s largest real estate companies.

 

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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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