Tag Archives: Real estate

Bain Capital Real Estate and Magnolia Capital Form Joint Venture to Invest in Multifamily Housing

BainCapital

November 16, 2020

BOSTON, MA and CHICAGO, IL, November 16, 2020 – Bain Capital Real Estate and Magnolia Capital today announced the formation of a joint venture to pursue opportunities to acquire, renovate and operate value-added multifamily housing in primary and secondary markets throughout the U.S.  The joint venture launches with the objective of deploying $900 million of gross capital over the next several years.

Bain Capital Real Estate and Magnolia Capital will initially focus on acquisitions in compelling Sunbelt markets, with a plan to purchase multifamily properties that have a “value-add” component, including executing capital upgrades to unit interiors, building exteriors and amenity spaces, and improving property operations through proactive asset and property management strategies.  The venture will target well located, garden-style properties constructed between 1975-2000 with a rent profile that serves a middle income demographic.

“We believe this is a compelling opportunity to invest in markets where employment is expanding and at a time when multifamily housing in established neighborhoods continues to present attractive underlying fundamentals,” said Kavindi Wickremage, a Managing Director at Bain Capital Real Estate.  “Our partnership with Magnolia Capital is rooted in our thesis that there is a long-term need for middle income housing, particularly in growing U.S. markets where housing affordability continues to worsen. We look forward to a productive and lasting partnership as we seek to increase the availability of housing that features compelling amenities at affordable price points.”

“Bain Capital Real Estate has a long-standing reputation as a thoughtful, value add investor which shares our conviction for the multifamily housing space,” said Maxwell Peek, Founder, CEO & Managing Principal at Magnolia Capital.  “We are excited to join forces as we launch this well-capitalized and differentiated partnership.  Magnolia Capital has built an institutional, data driven investment platform with extensive multifamily expertise.  We are appreciative of the opportunity to partner with Bain Capital Real Estate, and together look forward to executing on our investment strategy to acquire and operate institutional-quality multifamily housing in demand-driven growth markets throughout the U.S.”

Incubation Capital Partners advised the parties to this venture with capital placement services.
About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services.  The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested over $4 billion of equity in over 400 assets across multiple sectors.  Bain Capital Real Estate focuses on small to mid-sized assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities.

About Magnolia Capital Group 
Magnolia Capital is a vertically integrated real estate investment firm focused on identifying and creating value within the multifamily investment space.  The company’s founding principals have a distinctive blend of institutional real estate investment experience combined with a deep knowledge of technology and operational efficiencies.  Magnolia currently manages over $1.8 billion of real estate, representing 6,600+ units in fourteen markets across the United States.  For more information please visit www.magnoliacap.com.

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Innovestor invests in Linear – Digitalizing the real estate business

Innovestor

Linear, a Finnish startup focusing on the digitalization of real estate brokerage, has closed €1.1 million in seed funding. The round was led by Innovestor Ventures, joined by institutional and private investors as well as the company’s previous backer, Superhero Capital. Linear will use the latest funding round on future growth and expansion to new markets.

Linear Oy, founded in 2018, offers a digital ecosystem that is driven by artificial intelligence and machine learning to facilitate the housing trade. The services benefit both private sellers and professional realtors.

Linear offers realtors a comprehensive SaaS (Software as a Service) automation tool for managing the sales process and acquiring new customers. Furthermore, realtors have access to a wide range of digital marketing tools, such as virtual apartment tours and virtual interior designs. Realtors can use Linear to minimize the amount of manual work, allowing them to focus solely on the sales process. This increases the annual sales capacity of realtors significantly.

To date, Linear has over 600 registered realtors as customers from the majority of Finland’s largest realtor agencies, including Remax, Kiinteistömaailma and Bo LKV.

For private home sellers, Linear provides an integrated platform (named Dixu) with all the necessary tools to sell homes independently. For a flat fee, private sellers get AI-driven pricing suggestions, support in preparing legal documents, marketing materials and a sample of the most efficient realtors in their own area, if they decide to turn to professional sales support.

The development of the real estate sector has recently focused heavily on digital services and concepts that facilitate the sale of a house listing without a realtor. Miro Eriksson, CEO at Linear, believes realtors will continue to play an important role in the real estate selling process.

“While many choose to sell their homes independently, from consumer to consumer, we think that realtors continue to have a solid position in the market – and we are happy to provide them with a new solution to make their job easier and more efficient. We are proud and humble to successfully close this investment round, giving us confidence to continue developing our products and services”, Eriksson says.

 

“We were able to quickly build conviction around Linear’s ambitious team and their vision for applying tech to develop the home selling market. Moreover, in this market, we believe the Human+Machine approach will be a successful formula. Over a short period of time, the company has validated its offering and is now ready to scale”, says Innovestor’s Wilhelm Lindholm.

 

This was Superhero Capital’s follow-on investment into the company, as the Helsinki-based venture capital firm made their initial investment in Linear’s pre-seed round in 2019.

Although Linear’s platform was launched in 2019, the startup has shown strong growth as their revenue has increased by 14 percent month-over-month during the first half of 2020.

 

In the media 

Suomalainen asuntokaupan nettiapuri keräsi 1,1 miljoonan euron rahoituksen – Idea keksittiin pankissa: ”Olemme myöntäneet miljoonien edestä lainoja ja huomasimme ongelmia” (Talouselämä)

Finnish startup Linear raises €1 million to digitalise real estate but keep realtors in the game (Tech.eu)

 

Contact

Miro Eriksson

CEO, Linear
miro(a)linear.fi
+358 44 5801656

 

Wilhelm Lindholm

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Mouro Capital leads investment in the Spanish proptech Clikalia

Mouro Capital

This is the first investment of Mouro Capital in a Spanish startup

• Clikalia and Santander will work to build a strategic relationship around digital transformation and new businesses.

London/Madrid, 10th November 2020 – PRESS RELEASE

Mouro Capital, the $400 million successor fund to Santander Innoventures, today announced an investment in Clikalia, a Spanish online residential property platform which digitises the buying and selling of houses. The funding represents Clikalia’s Series A, which comes with a new debt facility to help accelerate growth.

Founded in 2017, Clikalia is the leading instant property buyer in Spain and was born with the aim of digitising the real estate sector. The company reduces the time it takes to sell a property significantly, making an offer in just 24 hours and, if accepted, will buy the property in 7 days. Clikalia uses technology and big data to improve and digitise processes, reselling homes within 120 days after making them more sustainable and energy efficient.

Since its inception, Clikalia has carried out more than 500 transactions with a team of 80 people in Madrid and Barcelona, positioning themselves as one of the leading proptechs in Spain. The company has maintained positive margins and has had a positive EBITDA since day one. Clikalia is looking to expand into new cities in the next few months.

Manuel Silva Martínez, General Partner at Mouro Capital, said: “Our aim is to support teams working on the future of financial services and buying a home is one of the most important financial decisions consumers will make in their lifetime. Clikalia is working on changing the housing status quo with a customer-centric vision, so supporting them was an easy decision for us.”

Mouro Capital invest for financial returns, but it also has the objective of, in selected cases, promoting deep and meaningful relationships between Santander, a limited partner in the fund, and its portfolio companies; and Clikalia perfectly meets both criteria. Silva Martínez added: “We are excited at the prospects of helping Clikalia be a very large company following international successes like Opendoor. Moreover, as Santander thinks about its customers’ real estate needs and the financing cycle around it, we believe Clikalia can be a driver for transformation and new business opportunities in Europe and Latin America.”

Manuel will join Clikalia’s board of directors and work together with Alister and his team to make Clikalia’s vision a reality.

Francisco Alister Moreno, Founder and CEO of Clikalia, said: “We are very excited to continue our journey with Manuel and the Mouro Capital team. Combining Mouro Capital and Banco Santander with what we have been building at Clikalia means that we can offer to customers the best of both worlds: a digital experience with the highest quality standards combined with the strength of one of the most important financial institutions in world.”

Pinsent Mason acted as legal advisor to Clikalia.

About Clikalia

Founded in 2017 by Francisco Alister Moreno, Clikalia is transforming the home buying and selling experience by turning a complex, uncertain and slow processes into fast, simple and transparent transactions bringing immediate liquidity. The proptech guarantees sellers an offer on their property as quickly as within 24 hours and if accepted, a sale within 7 days. Clikalia are committed to applying technology to create digital contactless ways to buy and sell homes, bringing its value proposition to a larger number of people as the leader in home buying and selling in Spain. The company has been recognised recently by the European Business Awards, Euronext, E-nnovation Award, Top 100 South Summit and Cepyme.

About Mouro Capital

Mouro Capital is a venture capital firm backing entrepreneurs who are shaping the future of financial services. With $400 million in assets under management and supported by Banco Santander, Mouro invests across the fintech value chain in early to growth stage start-ups across Europe, North America and Latin America. Mouro has invested in over 30 companies such as iZettle (acquired by PayPal), Kabbage (acquired by American Express), Creditas, Curve, Ripple, Tradeshift, Trulioo and Upgrade.

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Gaw Capital Partners & Consortium Partners Enter into the Sale and Purchase Agreement for the Purchase of CityPlaza One

Gaw Capital

November 9, 2020, Hong Kong – Real estate private equity firm Gaw Capital Partners today announced that the firm, through a fund under its management, and consortium partners, including Schroder Pamfleet, entered into the Sale and Purchase Agreement with Swire Pacific (0019.HK &  0087.HK) and Swire Properties (1972.HK) for the purchase of CityPlaza One. The acquisition price of the office tower is HK$9.845 billion, amounting to an average price of around HK$15,609 per sq. ft.
Completed in 1997 and located in the growing business center of Taikoo Shing in Hong Kong’s Eastern District, the 21-storey Grade-A office tower has a GFA of around 630,000 sq. ft. with direct walkways connecting the buildings to Tai Koo MTR station and CityPlaza shopping mall. The tenants of higher floors are able to enjoy the sea view of Victoria Harbour. With the Central-Wan Chai Bypass, the tower also has quick and convenient access to the Central business district. CityPlaza One accommodates quality tenants including financial institutions, insurance companies and multinational corporations.
Goodwin Gaw, Chairman and Managing Principal of Gaw Capital Partners, said, “At Gaw Capital, we continue to be confident about Hong Kong’s future, and we would like to thank our investors and partners for their support. Following the purchase of portions of CityPlaza Three and CityPlaza Four in 2018 and 625 King’s Road in 2019, we are delighted to have signed the sales & purchase agreement today for the purchase of CityPlaza One.  We see it as a strong addition to our commercial portfolio in Hong Kong’s Island East District.  The district has benefited from the many years of vibrant improvements made by Swire Properties as the major landlord.  With the new addition of CityPlaza One to our Island East portfolio, we look forward to working together with our long-time partner Swire Properties to contribute to the continued evolution of the district as the alternative CBD of Hong Kong Island.”
Allan Lee, Head of Asia (ex-China), Real Estate of Schroder Pamfleet, said “CityPlaza One is a well-located, well-managed property that represents an opportunity to participate in the long-term favourable economic outlook for Hong Kong. We worked well with Gaw Capital in the past and are pleased to work with them again.”
Gaw Capital has over 15 years of experience investing in and turning around commercial properties in Greater China, including Hong Kong. The firm already owns and manages CP3 & CP4 (previously CityPlaza 3 and CityPlaza 4) and 625 King’s Road in Hong Kong’s Island East District.  In recent years, the firm also purchased 29 local Hong Kong shopping malls from Link REIT through funds under management, which it intends to reposition and revitalize into attractive community hubs.  In China, the firm successfully transformed and repositioned properties such as Ciro’s Plaza, four premium grade A office buildings in Shanghai MixC, and Sky Bridge HQ in Shanghai, and Pacific Century Place in Beijing. In addition, Gaw Capital has successfully developed a sizable logistics platform and premium outlet mall portfolio in China.  In recent years, the firm has also started to invest in new areas such as education-related platform and healthcare businesses.
About Gaw Capital Partners 
Gaw Capital Partners is a uniquely positioned private equity fund management company that focusing on real estate markets in greater China and other high barrier-to-entry markets globally.

Specializing in adding strategic value to under-utilized real estate through redesign and repositioning, Gaw Capital runs an integrated business model with own in-house asset management operating platforms in retail, hospitality, property development, logistics and IDC. The firm’s investments span the entire spectrum of real estate sectors, including residential development, offices, retail malls, hospitality, logistics warehouses and IDC projects.

Gaw Capital has raised six commingled funds targeting the Greater China and APAC regions since 2005. The firm also manages value-add/opportunistic funds in Vietnam and the US, a Pan-Asia hospitality fund, a European hospitality fund and also provides services for separate account direct investments globally.

Gaw Capital has raised equity of USD$15.6 billion since 2005 and commands assets of USD$26.7 billion under management as of Q2 2020.
About Schroder Pamfleet 
In July 2020 Schroders completed the acquisition of a majority stake in Pamfleet, a leading Asian real estate investment advisor founded in 2000 by its current senior management team. The entire Pamfleet team of professionals remain with the organisation, which is renamed Schroder Pamfleet. Schroder Pamfleet has a strong track record of repositioning under-performing properties and delivering value-add returns for its investors from offices in Hong Kong, Singapore and Shanghai. Schroders is a world-class asset manage operating from 35 locations across Europe, the Americas, Asia, the Middle East and Africa.  Schroders’ Real Estate business consists of more than 200 real estate experts globally with assets under management of over US$22 billion (data as of November 2020).

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KKR Invests in Pinnacle Towers

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KKR

November 2, 2020

Investment to support the development of vital telecom infrastructure in the Philippines

MANILA, Philippines–(BUSINESS WIRE)– Global investment firm KKR today announced KKR’s investment in Pinnacle Towers Pte. Ltd. (the “Company” or “Pinnacle”) to advance the Company’s mission to build the leading independent telecom tower platform (“TowerCo”) in the Philippines. Pinnacle’s principal subsidiary is Frontier Tower Associates Philippines, Inc. (“FTAP”).

With the investment, Pinnacle aims to strengthen and expand the Philippines’ telecom infrastructure at a time when Filipino mobile users increasingly demand reliable data-rich, high-speed, affordable connectivity, and more generally to address the rapidly growing demands for telecom infrastructure in and around Southeast Asia. Pinnacle specializes in undertaking build-to-suit telecom tower projects, providing operators with capital-efficient infrastructure solutions to rapidly expand their coverage. The Company is led by a highly experienced senior management team comprising of telecom tower veterans with strong track records in large-scale rollouts in various markets, including in Southeast Asia.

Pinnacle’s subsidiary FTAP is one of the first independent TowerCos in the Philippines to secure a provisional license to operate from the Department of Information and Communications Technology and is a pioneer in the recently liberalized Philippines tower market.

David Luboff, Partner and Head of Asia Pacific Infrastructure at KKR, said, “The telecommunications sector in the Philippines has grown rapidly in the past few years amid the increasing demand for connectivity. This has led to a resource imbalance and the need to expand existing infrastructure to allow operators to provide better service and coverage to their customers. Our investment in Pinnacle reiterates our commitment to addressing this need and supporting the Philippines’ transition to a connected, digital nation. We look forward to assisting the Pinnacle team to deliver the benefits of a more digitally enabled economy to the Filipino people, especially in growing regions such as Visayas and Mindanao.”

Patrick Tangney, Chairman and CEO of Pinnacle, said, “We are thrilled to welcome a global investor of KKR’s caliber to Pinnacle, and look forward to benefiting from the firm’s experience in managing telecom infrastructure projects across the world. KKR’s investment comes at a pivotal time: the Philippines – and Asia more generally – is one of the world’s fastest-growing and most dynamic mobile markets. Improving telecom infrastructure has become a key priority, especially in our current environment. Together with KKR, we look forward to furthering our goal of providing high-quality telecom infrastructure solutions that improve the lives of mobile users in the Philippines and other relevant markets in Asia Pacific.”

KKR made its investments through its infrastructure fund. The investment represents KKR’s second infrastructure investment in the Philippines and the Firm’s fourth overall investment with a focus on the market. Further details of the investment have not been disclosed.

ING acted as Pinnacle’s financial advisor.

About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Pinnacle Towers
Pinnacle invests in, builds and operates telecommunications infrastructure with a focus on towers and related assets. Strongly focused on the rapidly growing Philippines market, Pinnacle’s goal is to become a leading telecom infrastructure platform in Asia Pacific. Our leadership team includes founders of a number of highly successful tower companies and former C-level executives from some of the world’s leading wireless operators.

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

Zita Setiawan
+65 8940-5835
Zita.Setiawan@secondee.kkr.com

KKR Americas
Kristi Huller, Cara Major or Miles Radcliffe-Trenner
+1 212.750.8300
Media@KKR.com

Pinnacle Towers:
Hendrik Kroon
+63 995 810 7067
hendrik@frontiertowersphilippines.com

Source: KKR

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EQT Real Estate II closes at EUR 1bn hard cap – fortifies commitment to thematic, value-add investments across key European cities

eqt

  • EQT Real Estate II surpasses its target size of EUR 750 million by 33 percent following strong support from both new and existing international blue-chip investors
  • EQT Real Estate II follows a thematic investment approach focusing on high-conviction, value-add investment opportunities primarily in the logistics and residential real estate sectors
  • The Fund benefits from EQT Real Estate’s “local with locals” approach with 25 professionals based in EQT’s offices in London, Stockholm, Madrid, Milan and Paris

EQT is pleased to announce that the EQT Real Estate II fund (the “Fund”) has held its final close at its hard cap of EUR 1 billion in fee-paying assets under management. Demand from both existing and new investors was robust, with commitments into the Fund coming from a diversified group of investors across Europe, the Nordics, Asia, North America and the Middle East.

The successful fundraise of EQT Real Estate II exceeded its target size of EUR 750 million and, at EUR 1 billion, is more than 2.5 times larger than its predecessor fund, EQT Real Estate I. The Fund will seek to make direct and indirect controlling investments in real estate assets, portfolios, operating companies and joint ventures and will target equity investments ranging in size from EUR 40 million up to EUR 200 million.

EQT Real Estate II will execute a thematic investment approach with a focus on attractive investments which are decoupled from the financial cycle. Target opportunities, which are underpinned by key secular growth drivers, include urban logistics and warehouse assets that benefit from an ongoing shift in retail consumption trends towards e-commerce and residential investments, including new build for-rent housing, student housing and senior living, which benefit from continued favorable supply-demand dynamics, urbanization and population growth. These are sectors that the EQT Real Estate Advisory Team has extensively researched and in which it has built strong investment convictions.

The Fund benefits from EQT Real Estate’s “local with locals” approach (the team’s 25 investment professionals are based in EQT’s offices in London, Stockholm, Madrid, Milan and Paris). The team will also benefit from the knowledge and resources of the wider EQT platform to source and execute off-market investment opportunities and create value through intensive asset management. The team’s expertise combined with EQT’s proven sustainability framework allow EQT Real Estate to navigate future trends to meet the current and future needs of occupiers.

To date, EQT Real Estate II has committed capital into four high conviction investment programs in Sweden, France and the UK, all with a social impact strategy underpinned by EQT’s industry leading sustainability credentials:

  • Stendörren Fastigheter – majority control of a publicly-listed company which owns a portfolio of 733,000 sqm of operational logistics / urban warehouse real estate across 124 assets in and around Stockholm and a further 666,000 sqm of consented land on which it plans to build 800 apartment units and additional logistics / urban warehouse assets;
  • Svenska Verksamhetsfastigheter (Rock) – a portfolio of 28 urban logistics properties located in university cities around Sweden with a pipeline of additional add-on acquisitions;
  • Nest – a residential solutions platform in France with plans to deliver 4,000 purpose-built apartment units to address the housing and services needs of people with physical disabilities; and
  • Saturn – a residential joint venture focused on the delivery of 3,000 newly built, high-quality rental homes in affordable parts of Greater London.

The Real Estate Advisory Team is also actively evaluating transactions in Germany, Spain, Italy and Benelux.

Robert Rackind, Partner and Head of EQT Real Estate, commented: “We would like to thank all of the investors – both new and existing – for their support of EQT Real Estate II. As we are entering a new investment cycle, we see a strong pipeline of attractive value-add investment opportunities that fit EQT Real Estate’s thematic approach to investing primarily into Europe’s key cities and in particular in our current focus on ‘beds’ and ‘sheds’ assets that are benefitting from positive growth drivers and secular trends.”

Lennart Blecher, Deputy Managing Partner and Head of EQT Real Assets, added: “The high demand that EQT Real Estate II received from a truly global blue-chip investor base is a testament to the compelling combination of EQT’s platform and our Real Estate Advisory Team’s proven real estate expertise. EQT’s ability to cross-pollinate market knowledge, draw on expertise in key areas like sustainability and share networks across our platform is an excellent complement to EQT Real Estate’s in-house talent.”

Christian Sinding, CEO and Managing Partner at EQT, commented: “Real estate is one of the most exciting growth areas for EQT and the success of this fundraise is a reflection of EQT Real Estate’s ability to source attractive opportunities and then develop sustainable, future-proofed assets, while delivering strong results to its investors. We look forward to continuing to build on that success.”

More than 35 percent of the commitments were closed after February 2020 during a period of significant global lockdowns due to the COVID-19 pandemic which showcases not only the investor appetite for the Fund but also the strengths of EQT’s tech infrastructure as the latter part of the fundraising process was carried out digitally.

EQT Real Estate II is backed by a highly regarded, international investor base including public and corporate pension funds, insurance companies, sovereign wealth funds, global asset management firms, commercial banks, endowments and foundations, private wealth channels and family offices.

Contact
Robert Rackind, Partner and Head of EQT Real Estate, Investment Advisor to EQT Real Estate I and II, +44 7860 271 392
Eric Lemer, Managing Director, Head of Business and Capital Development of EQT Real Estate, Investment Advisor to EQT Real Estate I and II, +44 7971 226 842
EQT Press Office, press@eqtpartners.com
UK media enquiries: Greenbrook, eqt@greenbrookpr.com, +44 20 7952 2000

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 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 Real Estate
EQT Real Estate, part of EQT Group and Investment Advisor to EQT managed real estate funds, seeks direct and indirect controlling interests in value-add real estate assets, portfolios and operating companies across gateway cities in the UK and Europe that offer significant potential for value creation through repositioning, redevelopment, refurbishment and active asset management. The EQT Real Estate Advisory Team comprises 25 experienced Investment Advisory Professionals working out of EQT’s offices in London, Madrid, Milan, Paris and Stockholm. The Investment Advisory Team, which has access to the full EQT network including 11 European offices and more than 500 EQT Advisors, has experience analyzing and investing across the pan-European real estate market and has, collectively, advised on over 130 real estate projects in multiple asset classes across Europe.

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CapMan expands BVK’s Danish portfolio

CapMan Real Estate press release                                      30.9.2020 at 08:00 EEST

CapMan expands BVK’s Danish portfolio

CapMan Real Estate expands Bayerische Versorgungskammer’s (BVK) Danish portfolio. The new acquisition for a real estate fund managed by Universal-Investment-Luxembourg S.A. is a 37,440 sqm residential project in Kirkebjerg, Brøndby developed by CASA A/S, who originally purchased the property in December 2019. The transaction, amounting to more than 1 billion DKK, will be one of the largest residential transactions in Denmark in 2020.

The residential project on Søndre Ringvej 27 is part of the new Kirkebjerg area in Brøndby, where CASA is already developing the property at Søndre Ringvej 33. Kirkebjerg will be Brøndby’s new, vibrant neighborhood with apartments, terraced houses and green areas.

The 37,440 sqm on Søndre Ringvej 27 is situated only a few minutes’ walk from Glostrup station and the new light rail, which will open in 2025. The project totals 463 homes in four blocks as well as a parking garage with room for most cars, so space is left for several green areas. The apartments will all have a balcony or patio and will vary in size from 2-5 rooms (60-107 sqm).

The property is acquired on a forward funding basis from CASA, who will also be the general contractor. Construction of the property starts in November 2020 with delivery of the turnkey project expected by early 2023.

”This project provides a nice addition to BVK’s residential real estate portfolio and we are looking forward to continue our good relationship with BVK, Universal Investment and CASA working on this outstanding residential project,” comments Robert Feldt, Investment Director at CapMan Real Estate.

From grey industry to green residences

In the coming years, Kirkebjerg will be transformed from an industry area to a vibrant neighborhood with up to 2,000 new homes. The first homes are expected to be ready in 2021. Large, green areas are to be used for outdoor recreational areas for future residents and neighbors.

The four new blocks on Søndre Ringvej 27 will furthermore be built according to DGNB Gold standards to enhance the green footprint. The 463 apartments have been designed by Arkitema Architects.

”We are grateful for the cooperation we have with CapMan Real Estate, BVK and Brøndby Municipality on the development of Kirkebjerg. The transformation from grey industry to green residences couldn’t be closer to our hearts in CASA, which makes us even prouder to be developing and constructing this project,” says CEO at CASA A/S, Torben Modvig.

CapMan Real Estate’s Nordic organization includes more than 40 committed real estate investment professionals, managing over €2.8 billion in real estate investments.

For further information please contact:

Robert Feldt, Investment Director, CapMan Real Estate, tel. +45 5051 8841
Ditte Hejberg Sorknæs, Kommunikationschef, CASA A/S, tel. +45 6057 6516

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. 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, 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.

About Bayerische Versorgungskammer:

Bayerische Versorgungskammer is the competence and service center for occupational and communal pension schemes and Germany´s largest pension scheme group under public law. As a public authority of the Bavarian Ministry of the Interior, it is the joint executive body of twelve liberal professions´ and communal pension schemes. Bayerische Versorgungskammer covers about 2.4 million insured persons in total, with contributions of € 5.0 billion and about € 3.6 billion pension payments annually. It currently has € 81.7 billion assets under management and more than 1,350 employees.

About CASA A/S

CASA was founded in 2006 and has grown to be one of Denmark’s leading property developer and general contractors. 60% of the company was sold in 2016 to the Danish private equity fund CataCap. More than 15% of CASA is owned by the employees, who are dedicated to developing the company they are a part of. With an annual turnover of 2.5 billion DKK, an average growth rate at 23% and projects all over Denmark within property development, construction and renovation, CASA is now amongst the largest developers and contractors in Denmark. The company has a green profile with an ambition of at least 80% of all new construction being certified sustainable by 2021. www.casa-as.dk

About Universal-Investment

With fund assets of around EUR 528 billion under administration, thereof EUR 400 billion in own vehicles and around EUR 128 billion in, inter alia, insourcing, well over 1,500 mutual and special investment mandates and a workforce of around 750, Universal-Investment is the largest independent investment company in the German-speaking region. With the acquisition of UI labs in January 2019, the industry-leading IT data specialist now completes the Group’s service portfolio by adding front office and data solutions. The investment company is the central platform for independent asset management and unifies the investment know-how of portfolio managers, private banks, asset managers and investment boutiques. Founded in 1968, the Universal-Investment Group is headquartered in Frankfurt/Main and has subsidiaries, branches and holdings in Luxembourg, Poland and Austria. It is one of the pioneers of the investment industry and has meanwhile become the market leader in the areas of master-KVG and private label funds. According to the 2020 PwC ManCo Survey, Universal-Investment is the largest AIFM ManCo in Luxembourg; among the Third-Party-ManCos, Universal-Investment ranks second (as of July 31, 2020).

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CapMan Real Estate and CASA joint venture invests in Frederiksberg

CapMan Real Estate press release 29 September 2020 at 10:00 am EEST

CapMan’s new value-add real estate fund CMNRE III has acquired a prominent property on Lindevangs Allé 8-12, Frederiksberg in a joint venture with property developer CASA. The transaction marks the start of a cooperation between CapMan and CASA focused on transforming and developing outdated properties into modern office space.

CapMan and CASA have acquired an outworn property in the heart of Frederiksberg, part of the City of Copenhagen, which will now undergo a major transformation. Over the coming years, the property will be renovated and upgraded into modern, dynamic office space.

“In recent years, we have worked with a number of transformation projects where the starting point has been well-located properties with significant development potential. For years, this property has been used for educational purposes and it is now our plan to convert it to its original use as office space. We see potential in creating an attractive and modern office environment, which further adds to the appeal of the area,” says Hasse Wulff, Investment Director at CapMan Real Estate.

From an outdated to an inspiring office environment

The large, almost 5,000 sqm, building will undergo a renovation with a focus on sustainability, where e.g. the façade is retrofitted with insulation for energy optimisation.

Student housing is being developed in the neighbouring property. CASA anticipates that the new tenants in the offices and student housing will further contribute to the development of a dynamic community in an attractive part of Frederiksberg. The new office building will be an integrated part of Frederiksberg and offer an active and inspiring environment where tenants, neighbours, and other residents of Frederiksberg can thrive.

Construction is expected to start in early 2021.

CapMan’s Real Estate team comprises over 40 real estate professionals in Helsinki, Stockholm, Copenhagen and Oslo. CapMan Real Estate currently manages a total of EUR 2.8 billion in real estate assets.

For further information, please contact:

Hasse Wulff, Investment Director, CapMan Real Estate, tel. +45 4013 0433
Ditte Hejberg Sorknæs, Head of Communication, tel. +45 6057 6516

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, 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.

About CASA A/S

CASA was founded in 2006 and has grown to be one of Denmark’s leading property developer and general contractors. 60% of the company was sold in 2016 to the Danish private equity fund CataCap. More than 15% of CASA is owned by the employees, who are dedicated to developing the company they are a part of. With an annual turnover of 2.5 billion DKK, an average growth rate at 23% and projects all over Denmark within property development, construction and renovation, CASA is now amongst the largest developers and contractors in Denmark. The company has a green profile with an ambition of at least 80% of all new construction being certified sustainable by 2021. www.casa-as.dk  

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CapMan holds initial MEUR 313 closing for its third Nordic value-add real estate fund

On track to become the largest fund in the company’s history

CapMan Real Estate press release 28 September 2020 at 11:15 am EEST

CapMan holds initial MEUR 313 closing for its third Nordic value-add real estate fund

On track to become the largest fund in the company’s history

CapMan Real Estate has established CapMan Nordic Real Estate III fund (“CMNRE III”, “Fund”) with MEUR 313 of equity commitments from Nordic, European, and North American institutional investors. CMNRE III succeeds CapMan’s two earlier Nordic value-add funds raised in 2013 and 2017. Due to strong investor demand, CapMan believes that the Fund will achieve its target size of MEUR 500 before the year end, which would make it the largest fund in CapMan’s operating history to date. With leverage, the gross investment capacity of the Fund exceeds EUR 1.2 billion.

“The quick fundraising process clearly shows the strong interest from our investors towards our proven value-add strategy and also demonstrates their trust in our strong local team operating in Helsinki, Stockholm, Copenhagen and Oslo. The fund’s investor base is distinctly international, with approx. 70% of commitments so far coming from outside the Nordic countries. We are grateful for the continued co-operation with the investors who have now worked with us in multiple funds and are excited to have new investors on board. We look forward to establishing long-term relationships with them all,” says Mika Matikainen, Managing Partner of CapMan Real Estate.

In line with its predecessor funds, CMNRE III invests mainly in transitional offices and select residential strategies in capital cities as well as in other major growth centres in Sweden, Finland, Denmark and Norway. The fund may also invest selectively in other property sectors supported by prevailing megatrends.

“The Covid 19 pandemic and related uncertainty has sparked a debate regarding the demand for office space as many industries and work practices are in transformation. In our experience, the demand for modern and flexible office space has remained high especially in central locations where tenants value high quality and versatile solutions. Simultaneously, there is demand for the refurbishment and transformation of older attractively located office stock to comply with requirements for other types of use, e.g. schools and public services, which is also a focus area for our fund,” Matikainen continues.

“Our Real Estate portfolio has continued performing well and the team has completed several successful transactions during the current year despite a challenging market. The fund being raised now is set to become the largest in CapMan’s history. I am confident that our third pan-Nordic value-add real estate fund will build on the successful track record of the team,” comments Joakim Frimodig, CapMan’s CEO.

CapMan’s Real Estate team comprises over 40 real estate professionals in Helsinki, Stockholm, Copenhagen and Oslo. CapMan Real Estate currently manages a total of EUR 2.8 billion in real estate assets.

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

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. 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, 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.

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EQT Real Estate and Sigma Capital launch GBP 1 bn residential joint venture, set to bring 3,000 new rental homes to Greater London

eqt

  • EQT Real Estate and Sigma Capital launch joint venture to create a GBP 1 billion investment portfolio of 3,000 high-quality “build-to-rent” (“BTR”) residential homes at market rental rates in more affordable areas of Greater London
  • The joint venture constitutes EQT Real Estate’s first UK investment and combines its thematic focus on “beds and sheds” in European gateway cities with a social impact strategy underpinned by EQT’s industry-leading sustainability credentials
  • The joint venture launches having secured five sites from one of the UK’s premier homebuilders, Countryside Properties, and has agreed to purchase two additional BTR sites from Sigma Capital upon their completion
  • Initial financing provided by Homes England, the housing agency of the UK Government

EQT Real Estate today announced the launch of a joint venture (the “JV”) with Sigma Capital Group plc (“Sigma Capital” or “Sigma”), a London-listed residential development and urban regeneration specialist. The JV will focus on the creation of new-build, high-quality well-located BTR residential apartment blocks and houses in more affordable parts of Greater London and its commuter towns. The homes will be predominantly located in transport Zones 3-6 and in close proximity to transport links, including train access to central London.

Completed homes will be let at market-rate rents under Sigma’s ‘Simple Life London’ brand, which aims to bring a higher standard of customer care and convenience to the private rental market.  Sigma has pioneered BTR in the UK and to date has successfully delivered and manages in excess of 4,200 rental homes across the UK.

EQT Real Estate and Sigma have initially committed equity of GBP 300 million and GBP 16 million, respectively, to the JV. Including gearing, it is intended that the JV will have an initial capacity to establish an investment portfolio of approximately 3,000 homes with a total value in excess of GBP 1 billion. The JV has secured five projects with an aggregate of 361 homes from Countryside Properties plc (“Countryside Properties”) located in the London boroughs of Ealing, Enfield and Havering. In addition, two further sites currently under development by Sigma in the boroughs of Barking and Dagenham and Havering will be acquired by the JV on completion. These two sites together will comprise an additional 157 homes and are expected to be completed during H1 2021. The JV’s assets are expected to be delivered over a period of at least five years in order to create a stabilized portfolio of diversified rental income.

The initial acquisitions will be financed with a GBP 50 million loan facility from Homes England, the UK Government’s housing body that is responsible for increasing the number of new homes that are built in England and sponsored by the Ministry of Housing, Communities & Local Government. EQT Real Estate, Sigma and Homes England share the same vision of delivering thousands of new rental homes in London where there is a critical undersupply of affordable, high-quality rental properties.

Consistent with other EQT Real Estate transactions, the JV will invest in buildings with strong sustainability credentials. Where possible, buildings will tap into local community heating networks and will utilize photovoltaic panels. The JV will also promote sustainable living practices within the apartments themselves, while the schemes will include ample cycle storage and will typically be located near green outdoor areas, an important wellness factor.

Peter Shacalis, Director at EQT Partners and Head of UK, EQT Real Estate, said: “EQT Real Estate is thrilled to be entering the London residential market, one with a severe supply shortage of professionally managed, high-quality, good value homes to rent, with Sigma Capital. In addition to the initial seven schemes, we are currently evaluating a growing pipeline of projects in Greater London to build a large scale, resilient and downside-protected institutional BTR portfolio with robust and diversified rental income. EQT Real Estate looks forward to partnering with the Sigma team to realise our shared vision over the coming years.”

Rob Rackind, Partner at EQT Partners and Head of EQT Real Estate, said: “This joint venture with Sigma Capital marks an exciting entrance into the UK for EQT Real Estate as it represents the first transaction in this market since the business line was established in 2015. I cannot think of a more compelling investment opportunity at the moment than to deploy capital into this high conviction strategy, and one that should deliver significant social impact, by providing market-rate housing to renters in affordable locations within Greater London and its commuter towns with strong transport links.”

Graham Barnet, CEO of Sigma Capital, said: “We are delighted to be expanding our delivery of new rental homes in the UK with the launch of our London-focused joint venture with EQT Real Estate, a strong and visionary partner. Homes England, which has supported Sigma with every major initiative to deliver the new housing that is much needed across the country, is also providing invaluable backing to the joint venture. Once again, Homes England is leading the market in its support for organizations looking to deliver homes at scale in the UK. We are also pleased to be working with Countryside Properties in Greater London to replicate the success of our partnership in the regions. We look forward to delivering thousands of high-quality new rental homes across the Capital with our partners at EQT Real Estate and providing London renters with a higher standard of customer care.”

Iain McPherson, Group Chief Executive, Countryside Properties, said: “We are delighted to have expanded our strategic relationship with Sigma and its new partner, EQT Real Estate, to deliver much-needed PRS homes within London.  Our Partnerships business has a proven track record, and, together with our clear strategy for growth, we look forward to continuing to work with our partners as we focus on the delivery of high quality and sustainable mixed-tenure communities.”

UK Housing Minister Rt Hon Christopher Pincher MP said: “This Government is committed to delivering 300,000 new homes a year in England by the mid-2020s, ensuring everyone has the opportunity for a decent and secure place to call home.

“These 3,000 new homes, backed by £50 million from our housing accelerator Homes England, will help us deliver for families across Greater London.”

Simon Dudley, Interim Chair at Homes England, said: “We are excited to be strengthening our work with Sigma Capital. By supporting their joint venture with EQT Real Estate we are using our resources to accelerate the delivery of much needed high-quality rental accommodation and unlock substantial private sector investment in the housing sector.”

Taylor Wessing acted as legal advisor for EQT Real Estate.

Contacts

EQT
Peter Shacalis, Director at EQT Partners and Investment Advisor to EQT Real Estate, +44 786 027 1392
Rob Rackind, Partner at EQT Partners and Investment Advisor to EQT Real Estate, +44 786 027 1392
UK media enquiries: Greenbrook, eqt@greenbrookpr.com, +44 20 7952 2000
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

Sigma Capital Group
Graham Barnet, Chief Executive, +44 20 3178 6378
Mike McGill, Finance Director, +44 0333 999 9926
KTZ Communications, Katie Tzouliadis, +44 20 3178 6378

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

About EQT Real Estate
EQT Real Estate, part of EQT Partners and Investment Advisor to EQT managed real estate funds, seeks direct and indirect controlling interests in value-add real estate assets, portfolios, operating companies and platforms across gateway cities in the UK and Europe that offer significant potential for value creation through repositioning, redevelopment, refurbishment and active asset management. The EQT Real Estate Advisory Team comprises 26 experienced Investment Advisory Professionals working out of EQT’s offices in London, Madrid, Milan, Paris and Stockholm. The Investment Advisory Team, which has access to the full EQT network including 11 European offices and more than 500 EQT Advisors, has experience analyzing and investing across the pan-European real estate market and has, collectively, advised on over 130 real estate projects in multiple asset classes across Europe.

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

Sigma has created an unrivalled property platform, which sources sites and brings together construction resource to develop them, enabling Sigma to deliver an integrated solution to partners. As well as sourcing sites and managing all stages of the planning and development process, Sigma also manages the rental of completed homes through its award-winning rental brand ‘Simple Life’. The Company’s subsidiary, Sigma PRS Management Limited, is Investment Adviser to The PRS REIT plc, the real estate investment trust that is investing £0.9bn in a portfolio of high-quality new rental homes for private rental across the regions.

More info: www.sigmacapital.co.uk

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