CapMan Real Estate acquires a brownfield logistics development project outside Gothenburg, Sweden

Capman

 

CapMan Real Estate acquires a brownfield logistics development project outside Gothenburg, Sweden

The CapMan Nordic Real Estate III fund (“CMNRE III”) has signed an agreement with Mitsubishi Logisnext Europe AB to acquire a brownfield logistic development project situated in the Gothenburg region which is the highest ranked logistics hub in the Nordics. The plan is to demolish the current outdated industrial buildings and, in their place, construct an EU taxonomy aligned modern logistics facility. This new facility will provide high-quality logistics spaces suitable for multiple tenants, thereby bolstering CapMan Real Estate’s footprint in the Swedish logistics market.

The project is situated in Mölnlycke along highway 40 outside central Gothenburg, a city which houses the largest port in the Nordics and is central to the “Logistic Triangle” connecting the Nordic capitals. As a result, the demand for logistics space in the area is typically very high coupled with low vacancy rates.

The project site holds two outdated buildings which CapMan Real Estate plans to demolish and replace with an EU Taxonomy aligned logistics facility of approx. 43,000 m2. The new facility will allow for up to six different units and is planned to welcome new tenants by summer 2026. The development project targets BREEAM-SE v.6 New construction certification at least on level Excellent as well as energy performance certificate rating B. The construction site will target a minimum 90% waste recycling rate aiming to reuse as much as possible within the new development.

“We’re very happy to acquire this project in such an excellent logistic location outside central Gothenburg, increasing our presence in the Swedish logistics segment. We look forward to developing a sustainable*, top-of-the-art logistic facility and attract tenants who value the unique opportunity to lease space in this location”, comments Marcus Lotzman, Head of Transactions at CapMan Real Estate Sweden.

The acquisition is expected to close during Q1 2025. Mannheimer Swartling acted as legal advisors for CapMan Real Estate in this transaction.

CapMan Real Estate manages approximately €4.4 billion in real estate assets, with a team of over 80 professionals located in Helsinki, Stockholm, Copenhagen, Oslo, London and Jyväskylä. This is the 6th investment in Sweden for CMNRE III, a value-add fund investing mainly in Nordic office, logistics and selected residential assets.

*EU Taxonomy aligned.

For more information, please contact:

Marcus Lotzman, Head of Transactions at CapMan Real Estate Sweden, +46 706 806 081

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 6 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

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Kering and Ardian sign an investment agreement regarding prime real estate assets in Paris

Ardian

Kering and Ardian today announced the signature of a binding investment agreement pertaining to three highly prestigious real estate properties in Paris. This portfolio comprises Hôtel de Nocé, located 26, place Vendôme, and two buildings located on avenue Montaigne, at 35-37 and 56.

Kering is contributing these assets to a newly created joint venture. Ardian, a world-leading private investment house, will hold a stake of 60% in this unique prime real estate portfolio, Kering retaining 40% of the ownership. Net proceeds for Kering will amount to €837 million.

This transaction is part of Kering’s selective real estate strategy, aimed at securing exceptional retail locations for its Houses for the long term in the world’s most emblematic luxury districts.

For Ardian, this long-term partnership is a rare opportunity to further establish its real estate footprint in Paris through an investment in three real estate assets located on the most prestigious high streets, offering its clients access to a very exclusive real estate market.

The deal is expected to close in the first quarter of 2025, pending the fulfillment of customary conditions for real estate transactions.

“We are very pleased with this partnership, which allows us to secure for the long term highly prominent retail locations while preserving our financial flexibility. With Ardian, a leading investment firm, we have found a quality partner with whom we share a French heritage and a common vision.” Jean-Marc Duplaix, Kering Deputy CEO and Chief Operating Officer

“We are proud to partner with Kering, a global leader in luxury, to invest in iconic, stabilized properties on the premier luxury streets of Paris. This long-term, innovative joint venture embodies a transformative approach to real estate strategies for luxury groups like Kering, while opening new avenues for growth and leveraging our expertise to deliver exceptional value for our investors.” Stéphanie Bensimon, Mmeber of the Executive Committee, Member of the Board of Ardian France and Head of Real Estate, Ardian

ABOUT KERING

A global Luxury group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods and Jewelry: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin and Ginori 1735, as well as Kering Eyewear and Kering Beauté. By placing creativity at the heart of its strategy, Kering enables its Houses to set new limits in terms of their creative expression while crafting tomorrow’s Luxury in a sustainable and responsible way. We capture these beliefs in our signature: “Empowering Imagination”. In 2023, Kering had 49,000 employees and revenue of €19.6 billion.

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $176bn of assets on behalf of more than 1,720 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

Contacts

HEADLAND

KERING

Emilie Gargatte

emilie.gargatte@kering.com+33 (0)1 45 64 61 20

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CVC Credit supports Cinven in its acquisition of a majority stake in idealista

CVC Capital Partners

CVC Credit, the global credit management business of CVC, recently provided debt facilities to fund the acquisition of a majority stake in idealista, the leading online real estate classifieds platform in southern Europe, by Cinven.

Founded in 2000 and headquartered in Madrid, idealista provides online real estate classifieds portals for real estate agents and private individuals across southern Europe where they can advertise their property portfolio for sale and for rent. idealista’s online platform also offers a range of additional digital services including mortgage brokerage, CRM software, rental and agency services, and insurance brokerage to assist and facilitate real estate transactions.

Quotes

idealista will now look to accelerate the digitalisation of the consumer journey and real estate agent workflows.

Moris NachmiasManaging Director at CVC Credit

Moris Nachmias, Managing Director at CVC Credit, commented: “idealista is the leading online real estate classifieds platform in southern Europe, which  comprises both large addressable and growing markets. Under Cinven’s stewardship, idealista will now look to accelerate the digitalisation of the consumer journey and real estate agent workflows. CVC Credit is pleased to be supporting this journey over the coming years.”

Miguel Toney, Partner at CVC Credit, said: “The depth of CVC Credit’s platform means that we already had experience of investing in idealista’s markets, in both our Private Credit and Performing Credit businesses. This knowledge, coupled with the ability to access the expertise of CVC’s local teams was crucial in accessing this opportunity.”

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1211 Avenue of the Americas

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RXR Acquires 49% Stake in 1211 Avenue of the Americas from Ivanhoé Cambridge

Real EstateNew York (U.S.) and Montreal (Canada), 

RXR, a fully integrated real estate company and one of the largest owners of commercial and residential properties in the New York region, announced today the closing of the acquisition of a 49% interest in 1211 Avenue of the Americas, one of the most recognizable and distinguished office buildings in New York City. The stake was acquired from Ivanhoé Cambridge, the global real estate group of CDPQ.

RXR and Ivanhoé Cambridge will continue the program to reposition the asset by investing over $300 million into the two million-square-foot property, launching a building modernization program designed to meet the demands of today’s leading global companies. The transformation will feature a reimagined multi-tenant lobby and a revitalized plaza. Improvements will also include a new amenity center, conference rooms, a wellness center, and other enhancements.

With this transaction, RXR and Ivanhoé Cambridge are creating a new partnership where both companies will work on the repositioning of this iconic office property. As the new operator of the building, RXR will also elevate the tenant experience through its signature RXO program, bringing a dedicated hospitality team to curate a dynamic programming calendar, including lobby activations, educational workshops, and wellness initiatives.

The lease extension by FOX and News Corp signed in 2023 secures approximately 55% of the building’s occupancy through 2042. However, the upcoming departure of a law firm in 2028 creates a rare opportunity in one of the most sought-after neighborhoods in New York City: over 600,000 square feet of contiguous premium space.

The availability of this space represents a unique ‘building within a building’ offering in the coveted Rockefeller Center/Midtown submarket, where space is increasingly scarce as availability rates remain well below the average of Midtown Manhattan. The property’s prominent location on Sixth Avenue, combined with its exceptional connectivity, positions it perfectly for companies seeking premium space.

“This transaction underscores our strong conviction in New York City’s office market and its unparalleled resiliency. While some had written off New York City and declared the office era over, we never wavered in our belief in our hometown,” said Scott Rechler, Chairman and CEO of RXR. “By partnering with Ivanhoé Cambridge to transform this iconic tower into a workplace that meets the demands of today’s global companies, we’re demonstrating that well-located, high-quality office buildings can thrive in a post-pandemic world. We’re not just investing in a building – we’re investing in the next chapter of New York City’s growth and recovery,” said Rechler.

“We are thrilled to welcome RXR as our partner and operator at 1211 Avenue of the Americas, a landmark property Ivanhoé Cambridge has owned for over a decade,” said Rana Ghorayeb, Executive Vice-President and Head of Real Estate CDPQ/Ivanhoé Cambridge. “Through this partnership, we intend to leverage RXR’s expertise in New York’s real estate market and invest in transforming one of the city’s most iconic buildings. This initiative aligns with our strategy to redefine workplace offerings that cater to the evolving needs of top-tier tenants in the country’s most sought-after markets,” said Ghorayeb.

Strategic Capital Alliance and Newmark advised RXR on the transaction.

ABOUT RXR

Headquartered in New York, RXR is a fully integrated real estate company and one of the largest owners of commercial and residential properties in the New York region. RXR owns and manages over 30.5 million SF of commercial properties and over 9,800 multi-family units.  RXR specializes in public-private partnerships and master developments, including the $4 billion development of Terminal 6 at JFK International Airport and a 1,100-acre, $3 billion mixed-use development in Raleigh, North Carolina.  Additionally, RXR has a multi-billion credit platform that leverages its real estate expertise to originate and acquire commercial real estate loans. RXR’s geographical footprint includes the New York metropolitan region and many of the nation’s fastest-growing markets, including Phoenix, Denver, Dallas, Raleigh, and Tampa.

ABOUT IVANHOÉ CAMBRIDGE

Ivanhoé Cambridge, the real estate portfolio of CDPQ, a global investment group with C$ 452 billion in assets, is built worldwide through strategic partnerships and market leading real estate funds. Ivanhoé Cambridge holds interests in more than 1,500 buildings, primarily in the logistics, residential, office and retail sectors. As of December 31, 2023, it held C$ 77 billion in gross real estate assets.

Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies globally. It does so responsibly and is committed to creating living spaces that foster the well-being of people and communities, while reducing their environmental footprint.

For more information: cdpq.com / ivanhoecambridge.com

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Stonepeak Acquires 2.3 Million Square Foot Logistics Portfolio in Houston, Texas

Stonepeak

NEW YORK, NY – December 19, 2024 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced the acquisition of six logistics assets totaling 2.3 million square feet in Houston, Texas.

The assets are strategically located less than 8 miles from Port Houston, which lifts 3.8 million TEUs annually and is the fifth-largest container port in the United States. Port Houston is investing $1.7 billion over the next five years to modernize and expand its existing facilities. Houston’s transport infrastructure is further supported by an extensive rail network anchored by Union Pacific, BNSF, and CPKC. Houston has seen positive demographic trends, with a population of 7.5 million that has grown three times the national average since 2014 and trailing 12-month job growth of 2.3% compared to the national average of 1.6%.

“We are thrilled to add these high-quality assets to our port logistics platform, which has grown rapidly over the past year,” said Phill Solomond, Senior Managing Director and Head of Real Estate at Stonepeak. “We continue to believe in the power of supply chain real estate anchored by essential port infrastructure, given its mission-critical role in local and national supply chains, and we are excited to continue investing behind this theme.”

To date in 2024, Stonepeak has acquired 20 logistics assets totaling 7 million square feet. Most recently, Stonepeak acquired a 1.8 million square foot logistics portfolio located near the Port of Jacksonville, Florida. Earlier this year, Stonepeak acquired a 1.1 million square foot logistics portfolio located in the Alliance submarket of Dallas-Fort Worth, Texas and a 1.7 million square foot logistics portfolio located adjacent to the BNSF and Union Pacific intermodal terminals in Chicago, Illinois.

Stonepeak’s real estate team invests thematically in real estate assets that demonstrate infrastructure characteristics. The team invests in high conviction sectors including supply chain, residential, healthcare, and technology real estate. With the benefit of the strength and insights of the broader Stonepeak platform, the team targets opportunities supported by strong macro tailwinds that have durable cash flow profiles, embedded demand drivers, high barriers to entry, inflation protection, and are mission critical to the businesses and communities they serve.

Simpson Thacher & Bartlett LLP served as legal counsel and Jones Lang LaSalle served as financial advisor to Stonepeak.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.

Contacts
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (212) 907-5100

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Blackstone Cements Position as a Leading Foreign Hotel Investor in Japan, Adds Three Hotels to Portfolio

Blackstone

TOKYO – December 19, 2024 – Blackstone (NYSE: BX) announced that Real Estate funds managed by Blackstone (“Blackstone”) have entered into definitive agreements to acquire three hotels in Osaka and Okinawa – Ritz Carlton Okinawa, Kise Beach Palace, and Nest Hotel Osaka. With these investments, Blackstone will have a sizeable $1.3 billion hotel portfolio in Japan, consisting of high-quality properties across some of the country’s top tourist destinations including Tokyo, Kyoto, Osaka, Okinawa, and Fukuoka, and cementing its position as one of the largest foreign hospitality investors in the market.

Daisuke Kitta, Head of Real Estate Japan, Blackstone, said: “We have been one of the most active investors in Japan hotels in the past three years, anchored by our high conviction in hospitality and leisure as an investment theme globally. Japan is experiencing strength in both inbound tourism and domestic travel, supported by its robust economic growth. We will apply our operational expertise and use the full breadth and depth of our global resources to support these hotels for long-term success.”

In the last three years, Blackstone has acquired or signed to buy nearly 20 hotels including an eight-hotel portfolio from Kintetsu Group Holdings.

Jeremy Bleackley, a Managing Director in Blackstone Real Estate, said: “We are pleased to expand our hotel portfolio in some of Japan’s most vibrant markets – Osaka and Okinawa. We’ll continue our work of building these properties into destinations for dining, leisure, and entertainment, and support the growth of these hotels and the local economies in Japan.”

The three hotels include Ritz Carlton Okinawa, a luxury resort surrounded by an 18-hole championship course overlooking the ocean; the Kise Beach Palace, a beach-front resort; and Nest Hotel Osaka, which sits within 5-minute walking distance to Osaka’s center of retail and entertainment district.

Japan’s tourism industry achieved a new record this year, with foreign visitor spending from January to September reaching JPY 5.8 trillion, surpassing last year’s full-year record. In July, the number of international visitors reached a record-high of nearly 3.3 million for a single month, increasing by more than 10% compared to the same month in 2019. The Japan Tourism Agency expects this trend to continue, with the number of visitors for 2024 expected to hit a record of 35 million.
 
About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1.1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Media Contact
Mariko Sanchanta
mariko.sanchanta@blackstone.com
+852 9012 5314

Kekst CNC
blackstone@kekstcnc.com
090-3239-9348

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NO.1 ST MICHAEL’S FULLY LET AHEAD OF CONSTRUCTION COMPLETING

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KKR

Development is the city’s largest speculative office building in 15 years to be fully let prior to completion.

Manchester, 19 December 2024 – No.1 St Michael’s has reaffirmed its position as the best new office development outside London by achieving fully-let status ahead of construction completing.

It is the first time in 15 years a speculative office building of this scale in Manchester has been fully let prior to practical completion.

Since construction commenced on the 100% speculative development in 2022, Relentless Developments has secured six office tenants and three F&B operators – setting a new headline rent for offices in the city on three occasions.

The multi-let nature of No.1 St Michael’s presents a perfect tenant mix of national and international occupiers from the legal, market intelligence, technology, AI and media sectors. While the F&B provision will see three iconic brands open their first UK venues outside London.

Set to open for business in late spring 2025, the development will become the city’s first fully-let Net Zero Carbon commercial development both in operation and delivery. It has been brought to the market through a joint venture between Relentless and leading global investment firm KKR, and with the full support of Manchester City Council.

Bowmer and Kirkland commenced construction of the building in January 2022 with leasing consultants,  OBI PropertyCBRE and Metis Real Estate instructed to support Relentless with letting the commercial space. Kuits Solicitors has provided legal advice.

Gary Neville, Director at Relentless Developments, said: “It was a huge leap of faith to speculatively-build a development in excess of 200k sq ft but we’ve always been confident in our ambition for the building. We spent a great deal of time understanding what modern occupiers want from an office and ensured we carefully selected the right amenities and F&B operators into the development. We also recognised sustainability was crucial and invested heavily in time and capital to ensure our ESG credentials met the aspirations of our tenants.

“Achieving fully-let status ahead of completion is thanks in no small part to the world-class partners we’ve had supporting us along the way; KKR and Manchester City Council for remaining committed to our vision, our tenacious agent partners for marketing the scheme’s potential and B&K for the beautiful building we’ve created. I’d also like to thank all our tenants for their trust in our ability to set new standards in quality, aesthetic and experience for office working here in Manchester.”

Nicky Barker, Head of Asset Management in KKR’s European Real Estate team, said: “In today’s market, top tenants expect world-class sustainability, a prime location and distinctive amenities – these have become crucial drivers of long-term value. This was the vision we shared with Relentless when collaborating on the development of St. Michael’s, a vision now affirmed by the project’s success in setting new benchmarks for Manchester’s real estate market.”

A further 80k sq ft of office space will be available at No. 2 St Michael’s and is set to be launched imminently. Enquiries should be sent via st-michaels.com/enquiries

About Relentless Developments

Relentless Developments is a property development company led by Anthony Kilbride and Gary Neville. Projects to-date include Hotel Football in Old Trafford and the Stock Exchange Hotel in the city centre.

15 years in the making, St Michael’s is Relentless Developments’ most ambitious development to date. The fully Net Zero development will set new sustainability standards, targeting NABERS 5* and BREEAM Outstanding. The £400m regeneration project is supporting 6,000 new, construction and operational jobs and will bring an estimated £300m of benefit to public sector finances.

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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Media enquiries: lisa@truth-pr.co.uk

 

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CDPQ invests USD 240 million to propel TerraPact’s growth in North America

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CDPQ, a global investment group, and TerraPact, an owner and operator of real estate that underpins America’s wireless, broadband, and energy sectors, announced today the conclusion of an agreement under which CDPQ will provide USD 240 million (CAD 335 million) in senior financing to support the growth of TerraPact’s real estate portfolio across the United States and in British Columbia, Canada. The investment will also refinance TerraPact’s existing debt structure.

TerraPact, a Columbia Capital portfolio company, manages a highly diversified platform comprised of long-term ground leases and rights of way for more than 700 assets. The platform benefits from long-term and resilient cash flows, as each site underprops critical digital, utility and energy infrastructure.

“TerraPact is a strategically positioned ground lease platform which occupies a core position in the infrastructure value chain, delivering connectivity and energy across North America,” said  Marc Cormier, Executive Vice-President and Head of Fixed Income at CDPQ. “With this transaction, CDPQ is providing a bespoke infrastructure financing solution as sole lender, tailored to propel TerraPact’s growth ambitions over the years to come.”

“We are excited to continue our partnership with CDPQ,” said Ben Myers, CEO of TerraPact. “This growth financing will allow us to continue our multi-year strategy of becoming one of America’s premier energy and digital infrastructure landowners. We couldn’t be more excited to move forward with CDPQ’s best-in-class financing team.”

ABOUT CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2024, CDPQ’s net assets totalled CAD 452 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

ABOUT TERRAPACT

Founded in 2012 and headquartered in Waltham, Massachusetts, TerraPact is a leading acquirer and manager of real estate assets critical to infrastructure within North America’s wireless, broadband, and energy sectors. TerraPact offers asset owners a unique opportunity to divest and monetize their holdings through flexible and economically rewarding transactions. For more information, please visit terrapact.com.

ABOUT COLUMBIA CAPITAL

Columbia Capital was founded over 30 years ago and, in that time, has developed a repeatable investment model guided by a specialized and experienced team. Columbia focuses on the investments in the digital infrastructure, enterprise technology, and mobility spaces and has raised over $8B in fund commitments. For more information, please visit www.colcap.com.

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EQT Completes Acquisition of PropertyGuru

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eqt

PropertyGuru enters into next phase of growth as Southeast Asia’s leading property technology platform, empowering millions of property seekers across the region with innovative solutions.

EQT to harness its deep expertise in scaling digital marketplace and classifieds businesses to drive technology innovation, operational excellence, and market expansion.

Sets the stage for PropertyGuru to capitalize on urbanization, middle-class growth, and digitalization trends across the region’s dynamic real estate markets.

SINGAPORE & NEW YORK – December 13, 2024 –EQT Private Capital Asia and PropertyGuru Group Limited (NYSE: PGRU) (“PropertyGuru” or the “Company”), Southeast Asia’s leading property technology (“PropTech”) company, are pleased to announce the completion of the acquisition (the “Merger”) of PropertyGuru by BPEA Private Equity Fund VIII for USD 6.70 per share in cash in a transaction that values PropertyGuru at an equity value of approximately USD 1.1 billion.

In connection with the closing, PropertyGuru’s common shares ceased trading before the market open on December 13, 2024, and the Company has been delisted from the New York Stock Exchange. PropertyGuru will operate as a privately held company. Following the Merger through January 12, 2025, each unexercised and outstanding warrant will be, upon valid exercise, exchangeable for USD 0.7526 per warrant.

Founded in 2007 and headquartered in Singapore, PropertyGuru is Southeast Asia’s leading property technology platform, connecting over 31 million property seekers with more than 50,000 agents across Singapore, Malaysia, Thailand and Vietnam each month. With a comprehensive suite of offerings, including extensive real estate listings, data-driven insights, and mortgage solutions like PropertyGuru Finance and enterprise client solutions under PropertyGuru for Business, the Company empowers users to make confident property decisions across the region.

EQT’s investment in PropertyGuru aims to support the Company’s ongoing progress by providing resources and expertise to accelerate technology development, expand market reach, and improve operational efficiency. Leveraging its experience with leaders in the digital marketplace and real estate classifieds sectors – including companies such as Idealista and Casa.it – EQT seeks to advance PropertyGuru’s strategic initiatives, strengthen its position in Southeast Asia’s PropTech sector, and drive growth in dynamic markets influenced by urbanization, middle-class expansion, and digitalization.

Hari V. Krishnan, Chief Executive Officer, PropertyGuru Group, said, “We are pleased to announce the successful completion of this transaction and we welcome EQT to PropertyGuru. Over the past seventeen years, our growth has been enabled by strong partnerships with our shareholders, led by TPG and KKR. On behalf of everyone at PropertyGuru, I want to thank them for their support and I am proud that we have delivered a solid financial exit for our long-term investors.”

“On behalf of our group leadership team, I thank our Gurus for their hard work and the wonderful business we have built together, and our customers and partners for their continued trust and partnership. EQT shares our commitment to our continued sustainable growth, and we look forward to working with them towards our Group’s vision to power, communities to live, work and thrive in tomorrow’s cities,” Mr. Krishnan added.

Janice Leow, Partner in the EQT Private Capital Asia advisory team and Head of EQT Private Capital Southeast Asia, said, “PropertyGuru has redefined the property technology landscape in Southeast Asia, standing out for its innovation and leadership in delivering solutions that empower millions across the region. Drawing on EQT’s expertise in technology-driven businesses, with a strong focus on marketplace and classifieds platforms, we look forward to supporting PropertyGuru in exploring new opportunities, enhancing its offerings, and driving its next phase of growth while contributing to the evolution of the property market in Southeast Asia.”

Contact
EQT Press Office, press@eqtpartners.com
PropertyGuru Group, Corporate Communications, mediaenquiry@propertyguru.com.sg

[1] Based on SimilarWeb data between January 2024 and June 2024.

About

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 134 billion in fee-generating assets under management), divided into two business segments: Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific, and the Americas and supports them in achieving sustainable growth, operational excellence, and market leadership.

More info: www.eqtgroup.comFollow EQT on LinkedInXYouTube and Instagram

About PropertyGuru
PropertyGuru is Southeast Asia’s leading1 PropTech company, and the preferred destination for over 31 million property seekers[1] to connect with over 50,000 agents[2] monthly to find their dream home. PropertyGuru empowers property seekers with more than 2.1 million real estate listings[3], in-depth insights, and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand and Vietnam.

PropertyGuru.com.sg was launched in Singapore in 2007 and since then, PropertyGuru Group has made the property journey a transparent one for property seekers in Southeast Asia. In the last 17 years, PropertyGuru has grown into a high-growth PropTech company with a robust portfolio including leading property marketplaces and award-winning mobile apps across its core markets; mortgage marketplace, PropertyGuru Finance; home services platform, Sendhelper; a host of proprietary enterprise solutions under PropertyGuru For Business including DataSense, ValueNet, Awards, events and publications across Asia.

For more information, please visit: PropertyGuruGroup.comPropertyGuru Group on LinkedIn.

[1] Based on Google Analytics data between January 2024 and June 2024.

[2] Based on data between April 2024 and June 2024.

[3] Based on data between January 2024 and June 2024.

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EQT Exeter acquires two UK warehouses in Milton Keynes and Dartford

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eqt

Transaction comprises two fully-leased, strategically located logistics assets in Milton Keynes and Dartford, totaling approximately 650,000 square feet

This acquisition reinforces EQT Exeter’s commitment to investing in well-located, high-quality logistics properties that address occupier demand

The assets align with EQT Exeter’s value-add investment strategy, including lease-up initiatives and sustainability enhancements to future-proof the properties

EQT Exeter, a leading global real estate investment manager, today announced that the EQT Exeter European Logistics Value Fund IV (“EQT Exeter”) has acquired two prime logistics properties in Milton Keynes and Dartford from M&G Real Estate. The total transaction price is in excess of GBP 100 million.

In Milton Keynes, the 320,000 square foot warehouse is 100% let to DS Smith Corrugated Packaging while the Dartford asset totals 334,000 square feet fully let to Asda Stores. These key South East logistics hubs offer excellent access to major transportation networks, supporting critical regional distribution operations and fulfilling EQT Exeter’s focus on high-demand logistics markets fueled by robust e-commerce growth and evolving supply chain needs.

Additionally, the transaction aligns with EQT Exeter’s value creation investment strategy via energy efficiency upgrades which will contribute to decarbonization and compliance with future regulatory standards, delivering long-term value for stakeholders.

Jonathan Mackie, Director of UK Acquisitions and Leasing at EQT Exeter, said: “We are excited to add these two high-quality logistics assets to our portfolio. Their strategic locations attract robust big box occupier profiles proving the critical nature of these UK logistics submarkets. EQT Exeter’s operational expertise and focus on sustainability will aim to unlock further potential for these properties, ensuring they meet the evolving needs of our occupiers and investors alike.”

EQT Exeter was advised by ACRE Capital Real Estate (commercial), Charles Russell Speechlys (legal), Epsilon Environmental (environmental) and Black Cat Consultancy (tech).

Contact
EQT Press Office, press@eqtpartners.com

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About EQT Exeter
EQT Exeter is a global real estate investment manager with over $30 billion of equity under management. EQT Exeter acquires, develops, leases, and manages logistics/industrial, office, life science and residential properties in Europe, the Americas and Asia. With over 450 experienced professionals operating in more than 50 offices globally, EQT Exeter owns and operates over 2,000 properties and 375 million square feet. EQT Exeter’s track record comprises over $45 billion in total property gross asset value since inception, spanning over 450 million square feet globally. EQT Exeter is the real estate division of EQT AB, a purpose-driven global investment organization.

More info: https://eqtexeter.com/
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