Tag Archives: Real estate

CDPQ and Nuveen Green Capital launch USD 600-million integrated financing program for sustainable commercial real estate development

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  • Innovative program will combine senior and Commercial Property Assessed Clean Energy (C-PACE) financing, providing a one-stop shop for bridge and construction loans to meet the growing demand for sustainable commercial real estate financing
  • The program will support cost-effective energy efficiency, water conservation, renewable energy and resiliency improvements tied to new or existing commercial real estate (CRE) developments with the aim of reducing the environmental impact and improving sustainability of the built environment

CDPQ, a global investment group, and Nuveen Green Capital (NGC), a leader in sustainable commercial real estate financing solutions, announced today the launch of a USD 600‑million (CAD 830‑million) integrated sustainable commercial real estate financing program. This innovative offering combines Commercial Property Assessed Clean Energy (C‑PACE) financing and senior bridge and construction financing aimed at the U.S. commercial real estate (CRE) market.

The competitive, single-source program will provide a substantial source of flexible, committed, and discretionary capital for new large-scale construction and bridge financings across key asset classes and markets. The program will offer a turnkey solution while also driving the adoption of sustainability measures in commercial buildings. As a leading provider of C‑PACE across the United States, NGC will act as the primary sourcing agent for the integrated financing program.

“Developing greener buildings and reducing the carbon footprint of our built environment can create significant value. Through this distinctive financing program, we are able to accelerate the implementation of environmentally sound measures for commercial real estate owners and developers,” said Marc Cormier, Executive Vice-President and Head of Fixed Income at CDPQ. “We are excited to combine our long-term capital with Nuveen Green Capital’s extensive expertise to offer a sustainable integrated financing solution that fully aligns with CDPQ’s climate strategy and commitment to decarbonize the real economy.”

“CDPQ’s strong commitment to sustainability and track record of innovation align very well with our mission,” said Jessica Bailey, President and CEO, Nuveen Green Capital. “This program represents another exciting milestone for the C‑PACE industry and Nuveen Green Capital. We are thrilled to be working with CDPQ to build this one-stop shop for bridge and construction loans to meet the growing need for commercial real estate financing.”

Aligned with the U.N. Sustainable Development Goals, C‑PACE is a U.S. commercial real estate financing initiative to promote a cleaner and safer built environment. In the 40 states where it is offered, commercial property owners can obtain accretive, long-term financing for energy efficiency, renewable energy, water conservation and climate resiliency measures for new development, renovation, or post-construction recapitalization projects.

Since its founders launched the first successful C-PACE financing program in 2014, NGC has been at the forefront of establishing the asset class. Today, the U.S. C‑PACE market surpasses over USD 7 billion in financing activity across over 2,300 projects1. In 2023, NGC provided 41% of the total C-PACE originations volume2.

1Based on C-PACE Alliance’s 2023 National C-PACE Program Volume Data.
2Based on C-PACE Alliance’s 2023 National C-PACE Program Volume Data and NGC’s total origination’s volume for 2023.

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 NUVEEN GREEN CAPITAL

Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the investment manager of TIAA responsible for over $1 trillion in assets under management. Established in 2015 by the C-PACE industry’s founders and standard-setters, Nuveen Green Capital is a private capital provider dedicated to making sustainability a smart financial decision for commercial real estate owners who seek to improve the energy, water and resiliency performance of their property. For more information, visit www.nuveen.com/greencapital.

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For more information

  • Media contact+1 514 847-5493 (Québec/Canada)+1 212 596 6314 (International)medias@cdpq.com
  • JAMIE MCCORRY
    Vice President, Marketing & Communications
    NUVEEN GREEN CAPITAL
    +1 959 261-8689
    jamie.mccorry@nuveen.com

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Apollo to Provide €1 Billion Capital Solution to Vonovia in Third Transaction

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NEW YORK, Oct. 02, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that it has entered into an agreement for Apollo affiliates and other long term investors to provide c. €1 billion to acquire a minority stake in one of Vonovia’s affiliates. This commitment follows two previous €1 billion transactions between Vonovia and Apollo in 2023, related to Vonovia’s real estate portfolios in Southwest Germany and Northern Germany. The latest agreement brings Apollo affiliates and funds total arranged commitments to Vonovia entities to €3 billion.

Apollo Partner Jamshid Ehsani said, “Apollo is very pleased to further expand our partnership with Vonovia and assist Germany’s largest residential real estate company in reaching its strategic objectives. It is yet another example of Apollo’s ability to commit its capital resources and provide bespoke, scaled solutions to our closest corporate relationships around the world. This investment marks our third transaction with Vonovia and underscores Apollo’s role as an ongoing trusted partner to some of the largest global corporations.”

Since 2020, under its High Grade Capital Solutions strategy Apollo has originated nearly $100 billion of bespoke capital solutions for leading companies such as Intel, Sony, Air France, AB InBev and more. Apollo believes it is uniquely positioned to serve the needs of large high quality corporates and retirement services companies, given the firm’s structuring, investment and syndication capabilities and scaled capital base.

Latham & Watkins LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are serving as legal counsel to Apollo, while Apollo Capital Solution is providing structuring and syndication services in connection with the transaction. Deutsche Bank is acting as exclusive financial advisor to Vonovia, and Freshfields Bruckhaus Deringer is serving as legal counsel to Vonovia.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2024, Apollo had approximately $696 billion of assets under management. To learn more, please visit www.apollo.com.

Apollo Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

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Tikehau Capital and Cresco Real Estate acquire 30,000 square metre office property in Berlin

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Berlin, Frankfurt, 2 October 2024 – Tikehau Capital, the global alternative asset management group, together with Cresco Real Estate (Cresco), an owner-managed real estate investor and developer, has acquired a 30,000 square-metre office property in Berlin-Weissensee from a private individual in an off-market transaction.

The property, which was built in 1998, is fully let to the German Federal Institute for Real Estate (BImA). The location at DGZ-Ring 3-14 in Berlin-Weissensee is a well-established administrative area with good public transport connections. The joint venture plans to invest in implementing sustainability measures in the existing property, aiming to be in line with the requirements of the EU taxonomy. This initiative aims to enhance the energy efficiency of the asset to meet advanced sustainability standards.

Steffen Meinshausen, Head of Real Estate Germany at Tikehau Capital, comments: “This acquisition signals Tikehau Capital’s commitment to sustainable urban improvement and is an important milestone for Tikehau Capital’s German real estate business. It represents the first German transaction in the second generation of our pan-European value-add real estate strategy, which is designed to pursue long-term ESG objectives. In Cresco, we have a strong partner by our side, bringing extensive experience in the sustainable repositioning of existing real estate.”

Daniel Schuldig, Co-Founding Partner of Cresco, says: “We are actively using the current market phase for acquisitions in Germany. We see high potential in established office properties in well-connected areas of A and B cities, where we can sustainably reposition properties through asset management and development measures. We look forward to unlocking this potential in our first joint venture deal with Tikehau Capital.” Tikehau Capital and Cresco Real Estate Management were legally advised by Dechert, Hogan Lovells and Goodwin Procter during the transaction. ***

Press Contacts:

Tikehau Capital – Valérie Sueur – +33 1 53 59 03 64 UK –

Prosek Partners: Philip Walters – +44 (0)7773331589 press@tikehaucapital.com

Cresco Real Estate: Volker Binnenböse – Senior Advisor Feldhoff & Cie. GmbH +49 179 701 58 35 vb@feldhoff-cie.de

Shareholder and investor contacts (Tikehau Capital) Louis Igonet – +33 1 40 06 11 11 Théodora Xu – +33 1 40 06 18 56 shareholders@tikehaucapital.com

About Tikehau Capital: Tikehau Capital is a global alternative asset management Group with €46.1 billion of assets under management (at 30 June 2024). Tikehau Capital has developed a wide range of expertise across four asset classes (private debt, real assets, private equity and capital markets strategies) as well as multiasset and special opportunities strategies. Tikehau Capital is a founder-led team with a differentiated business model, a strong balance sheet, proprietary global deal flow and a track record of backing high quality companies and executives. Deeply rooted in the real economy, Tikehau Capital provides bespoke and innovative alternative financing solutions to companies it invests in and seeks to create long-term value for its investors, while generating positive impacts on society. Leveraging its strong equity base (€3.1 billion of shareholders’ equity at 30 June 2024), the Group invests its own capital alongside its investor-clients within each of its strategies. Controlled by its managers alongside leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 763 employees (at 30 June 2024) across its 17 offices (at 31 July 2024) in Europe, the Middle East, Asia and North America. Tikehau Capital is listed in compartment A of the regulated Euronext Paris market (ISIN code: FR0013230612; Ticker: TKO.FP). For more information, please visit: www.tikehaucapital.com.

About Cresco Real Estate: Cresco Real Estate (“Cresco”) is a real estate investor, developer and asset manager active since 2006 with extensive experience in the office, residential and hotel asset classes. The group employs 65 people in offices in Berlin and Luxembourg and manages investment assets of approximately €2.0 billion. Cresco has developed a large number of projects in Germany, including the landmark hotel Soho House Berlin. For more information, please visit: www.crescore.de 2

Disclaimer

The strategy mentioned in this press release is reserved for professional investors and is managed by Tikehau Investment Management SAS, a portfolio management company approved by the AMF since 19/01/ 2007 under the number GP-07000006. Non-contractual document intended exclusively for journalists and media professionals. The information is provided for the sole purpose of enabling them to have an overview of the transactions, whatever the use they make of it, which is exclusively a matter of their editorial independence, for which Tikehau Capital declines all responsibility. This document does not constitute an offer to sell securities or investment advisory services. This document contains only general information and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed. Certain statements and forecasted data are based on current forecasts, prevailing market and economic conditions, estimates, projections and opinions of Tikehau Capital and/or its affiliates. Owing to various risks and uncertainties actual results may differ materially from those reflected or expected in such forward-looking statements or in any of the case studies or forecasts. Tikehau Capital accepts no liability, direct or indirect, arising from the information contained in this document. Tikehau Capital shall not be liable for any decision taken on the basis of any information contained in this document. All references to Tikehau Capital’s advisory activities in the US or with respect to US persons relate to Tikehau Capital North America

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Tikehau Capital finalises the acquisition of commercial real estate assets from Groupe Casino for over €200 million

Tikehau

Tikehau Capital, the global alternative asset management group, announces the completion of its acquisition of 26 commercial real estate assets from Groupe Casino for over €200 million. This follows the agreement signed in June 2024 for the purchase of a portfolio consisting of 30 assets. This acquisition is a key step in Tikehau Capital’s value-add real estate investment strategy, which focuses on three core pillars: climate action, biodiversity and inclusive neighborhoods. Through adaptive building use, the portfolio will contribute to the reduction of CO2 emissions and energy consumption while supporting local communities by revitalising commercial spaces with the new tenants.

The transaction highlights Tikehau Capital’s ability to source off-market opportunities and aligns with the restructuring of the debt of IGC, Groupe Casino’s property subsidiary that owns the assets. The agreements also include provisions for the sale of the remaining assets in the coming weeks, subject to customary conditions precedent. The portfolio consists of hypermarkets and supermarkets leased to leading retailers such as Intermarché, Carrefour and Auchan. Additionally, several properties offer real estate development potential, further enhancing the investment’s value proposition.

Tikehau Capital has entrusted Groupe Casino with the management of these assets for the next five years, to seek continuity and ongoing smooth operations.

Frédéric Jariel, Co-Head of Real Assets at Tikehau Capital and Sebastien Cossu, Co-Head of Real Estate Acquisitions at Tikehau Capital, commented: “We are delighted to have successfully closed this landmark private transaction in the retail real estate market, particularly given the current market volatility. This transaction reinforces our investment thesis for a valueadd Article 9 fund, which is focused on environmental transition strategies and the creation of long-term real estate value.”

PRESS RELEASE  PARIS, 27 SEPTEMBER 2024 PRESS CONTACTS: Tikehau Capital: Valérie Sueur – +33 1 53 59 03 64 UK – Prosek Partners: Philip Walters – +44 (0) 7773 331 589 USA – Prosek Partners: Trevor Gibbons – +1 646 818 9238 press@tikehaucapital.com

SHAREHOLDER AND INVESTOR CONTACTS:

Louis Igonet – +33 1 40 06 11 11 Théodora Xu – +33 1 40 06 18 56 shareholders@tikehaucapital.com

ABOUT TIKEHAU CAPITAL:

Tikehau Capital is a global alternative asset management Group with €46.1 billion of assets under management (at 30 June 2024). Tikehau Capital has developed a wide range of expertise across four asset classes (private debt, real assets, private equity and capital markets strategies) as well as multi-asset and special opportunities strategies. Tikehau Capital is a founder-led team with a differentiated business model, a strong balance sheet, proprietary global deal flow and a track record of backing high quality companies and executives. Deeply rooted in the real economy, Tikehau Capital provides bespoke and innovative alternative financing solutions to companies it invests in and seeks to create long-term value for its investors, while generating positive impacts on society. Leveraging its strong equity base (€3.1 billion of shareholders’ equity at 30 June 2024), the Group invests its own capital alongside its investor-clients within each of its strategies. Controlled by its managers alongside leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 763 employees (at 30 June 2024) across its 17 offices in Europe, the Middle East, Asia and North America. Tikehau Capital is listed in compartment A of the regulated Euronext Paris market (ISIN code: FR0013230612; Ticker: TKO.FP).

For more information, please visit: www.tikehaucapital.com.

DISCLAIMER:

The strategy mentioned in this press release is reserved for professional investors and is managed by Tikehau Investment Management SAS, a portfolio management company approved by the AMF since 19/01/ 2007 under the number GP-07000006. Non-contractual document intended exclusively for journalists and media professionals. The information is provided for the sole purpose of enabling them to have an overview of the transactions, whatever the use they make of it, which is exclusively a matter of their editorial independence, for which Tikehau Capital declines all responsibility. This document does not constitute an offer to sell securities or investment advisory services. This document contains only general information and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed. Certain statements and forecasted data are based on current forecasts, prevailing market and economic conditions, estimates, projections and opinions of Tikehau Capital and/or its affiliates. Owing to various risks and uncertainties actual results may differ materially from those reflected or expected in such forward-looking statements or in any of the case studies or forecasts. Tikehau Capital accepts no liability, direct or indirect, arising from the information contained in this document. Tikehau Capital shall not be liable for any decision taken on the basis of any information contained in this document. All references to Tikehau Capital’s advisory activities in the US or with respect to US persons relate to Tikehau Capital North America.

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Bain Capital signs €700mn Joint Venture agreement with Neinor Homes

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Bain Capital signs €700mn Joint Venture agreement with Neinor Homes

  • Neinor Homes has reached an agreement to acquire a 10% stake in Bain Capital’s Habitat Inmobiliaria
  • It forms a new €700mn JV with Bain Capital through which Neinor Homes will develop and manage Habitat’s real estate assets

London – September 23, 2024 – Neinor Homes (“Neinor”), the leading listed residential property developer in Spain, today reached an agreement with Merak IMS, S.L. (“Merak”), a holding company controlled by funds managed by Bain Capital, to acquire a 10% stake in Promociones Habitat, S.A. (“Habitat”) and enters into an agreement where Neinor will provide development and management services to Habitat’s ongoing developments and land bank.

At the end of June, Habitat had a land bank with the capacity to develop c.8,000 residential housing units. Of the total land bank, Habitat has nearly 50% launched with c.4,000housing units in different stages of development, of which c.2,200 units are currently under construction or completed and 1,939 units are already sold.

As part of the deal, Neinor will provide services to a high-quality land bank. Madrid represents c.3,500 housing units or 44% of the total land bank, located in key areas such as the new southern-west developments of Berrocales, Ahijones and Valdecarros, but also located in high growth areas located to the east of the city, such as Retamar de la Huerta and Brunete.

Borja García-Egotxeaga, Neinor Homes’ CEO comments that: “This deal is bound to transform the growth paradigm in the Spanish residential sector, where in recent years existing platforms haven’t been able to scale meaningfully. Today, thanks to our dealmaking and execution capacity we are strategically positioned to seize growth opportunities in ways that are highly accretive to both shareholders and co-investors. Additionally, the expected strength of the Spanish macro in the next three years is set to act as a tailwind clearly playing into our advantage.”

Ali Haroon, a Partner at Bain Capital said: “Our residential housing strategy is closely aligned with our firmwide thematic investment approach to create lasting value. With demand for housing growing across Spain, we believe there is a significant opportunity to develop high quality housing for the high concentration of households seeking the dream of homeownership. Bain Capital is a global player in the real estate business with significant investments and a clear investment strategy in the Spanish market. We have a solid track record in focusing on value-add real estate assets, enabling us to successfully deliver for investors.”

Jordi Argemi, Neinor Homes’ Deputy CEO and CFO says: “This transaction marks a breakthrough in the execution of Neinor’s Strategic Plan as it accelerates both the timing and scale of our JV business, whose value is yet to be priced by the market. Moreover, we are extremely pleased that with an innovative structure, we’ve been able to earn Bain Capital’s trust as its main partner in Spain, reinforcing our ability to manage their platform and maximise returns.”

Nikolay Golubev, a Partner at Bain Capital commented: “We look forward to building upon this partnership with Neinor and leveraging our deep industry expertise to deliver quality housing in Spain. In the seven years since we acquired Habitat, we have created 5,498 units in a market facing a real shortage of residential housing, a strategy making a big impact across the homebuilding sector.”

* For the full regulatory announcement please refer to Neinor’s webpage

About Bain Capital

Bain Capital is one of the world’s leading private multi-asset alternative investment firms that creates lasting impact for our investors, teams, businesses, and the communities in which we live. Since our founding in 1984, we’ve applied our insight and experience to organically expand into numerous asset classes including private equity, credit, public equity, venture capital, real estate and other strategic areas of focus. The firm has offices on four continents, more than 1,750 employees and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com.

About Neinor Homes

Neinor Homes is the leading residential property developer in Spain, with a land bank to develop c12,000 homes, and a GAV to June 2024 of €1.5bn. This land bank is located in some of the fastest growing regions with the best economic fundamentals in Spain: Madrid, Western and Eastern Andalusia, Levante, Basque Country and Catalonia.  Neinor is a fully integrated and well-established residential platform of scale in Spain, covering the entire development value chain from land buying, planning and urban management, product design, delegated development and construction, sales and marketing and rentals. We are committed to creating and delivering attractive risk adjusted returns for shareholders through our disciplined capital allocation strategy and our excellence in operations and risk management. We are the only listed residential property developer with a multi-sector strategy to market in Spain, and our strategies include Build-to-rent (BTR); Build-to-sell (BTS); and the largely untapped senior living rental market in Spain, which we are progressing. Neinor’s operational excellence, investment strategy and results achieved since 2019 have enabled us to deliver on our 5-year business plan, launched in March 2023, in a sustainable and capital-efficient manner. This plan combines a €600 million shareholder remuneration plan and an investment of €1 billion in new opportunistic land acquisitions, half of which are expected to be undertaken in joint ventures with strategic partners through co-investment agreements, with a +20% IRR target. We offer shareholders attractive risk adjusted returns in a country where there are strong and sustainable supply and demand fundamentals and supported by a resilient macroeconomic environment and outlook. Spain remains one the most attractive and safest residential markets worldwide, with one of the lowest ratios of new supply per capita globally since 2007.

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BC Partners Real Estate and Hova Hospitality, in partnership with B&B HOTELS, sign the acquisition from AccorInvest of a portfolio of 30 hotels in Germany

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BC Partners Real Estate and Hova Hospitality have announced today the acquisition of a portfolio of 30 hotels in Germany, in partnership with B&B HOTELS. The portfolio was sold by AccorInvest and comprises 2,308 rooms, located in various cities across Germany.

The hotels will undergo a major refurbishment program, including a comprehensive energy efficiency upgrade. The entire portfolio will be operated by B&B HOTELS via long-term, CPI-linked leases. The transaction shows the strong synergies between BC Partners Real Estate’s active investment- and asset-management capabilities, Hova Hospitality’s deep sector expertise and B&B HOTELS’ operational and technical competence.

Konrad Stoebe, Managing Director at BC Partners Real Estate: “This major transaction is part of our drive to increase our exposure to the hotel market in Europe. After Edgar Suites, we are continuing to invest in this sector alongside our industry-leading partners, B&B HOTELS and Hova Hospitality. The investment also represents a further attractive addition to our portfolio in Germany, where we continue to identify attractive opportunities across sectors.”

Dominique Ozanne, Chairman of Hova Hospitality: “We are delighted to complete our first transaction with BC Partners Real Estate and to strengthen our partnership with B&B HOTELS. Following this acquisition, we will have 120 B&B Hotels under management. In total we will achieve assets under management of €2.5 billion with a portfolio of 200 hotels in 9 countries.”

BC Partners Real Estate and Hova Hospitality were advised by Greenberg Traurig, Ernst & Young and Gleeds on the transaction.

Arno Schwalie, CEO Central & Northern Europe of B&B HOTELS: “This acquisition marks a significant milestone in the strategic development of B&B HOTELS, by completing a complex, multi-asset transaction together with our partners BC Partners Real Estate and Hova Hospitality. The new locations will enable us to expand our position as a leading provider in the value-for-money segment. Our focus is on ensuring long-term success through targeted modernization and sustainable investments and offering our guests the best value.“

B&B HOTELS were advised by Freshfields Bruckhaus Deringer, Kucera, Hogan Lovells and PwC.

—/

About BC Partners Real Estate BC Partners is a leading investment firm with over €40 billion in assets under management across private equity, private debt, and real estate strategies. Established in 1986, BC Partners has played an active role for over three decades in developing the European buy-out market. BC Partners Real Estate is a real estate investment platform launched in 2018 as a fully integrated business within BC Partners. Its debut fund BC Partners European Real Estate I (‘BCPERE I’) achieved total commitments in excess of €900 million. BCPERE I has made investments in France, Germany, the United Kingdom, Spain and Italy, across office, industrial, hospitality, living, and mixed-use assets. For more information, visit https://www.bcpartners.com/real-estate-strategy/

About B&B HOTELS B&B HOTELS is one of the most important economic hotel groups in Europe. Founded in Brest in 1990, the group has a network of more than 800 hotels in 17 countries in Europe, the UK, Brazil and the USA. B&B HOTELS is positioned in the value-for-money sector and aims to offer its customers comfort and quality at the best value for money. Corporate social responsibility is an important issue for the hotel group. In order to meet consumer expectations and ensure the credibility and transparency of measures that have a positive impact on society and the environment, B&B HOTELS has been certified by the independent organisation SOCOTEC in the area of sustainability. B&B Hotels Germany GmbH is a subsidiary of the international hotel group B&B HOTELS. The financially strong group – majority shareholder is the private equity company Goldman Sachs – is planning 400 hotels in Germany and Austria and 3,000 hotels worldwide by 2030.

About Hova Hospitality HOVA is a company specialized in acquisition and asset management of hospitality asset across Europe. Founded by Dominique Ozanne (Chairman), Gael Le Lay (Deputy CEO) and Elsa Tobelem (Deputy CEO) who have more than 25 years of experience in the European hotel sector For more information, visit https://www.hovahospitality.eu

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Neovantage Innovation Parks secures a milestone Green Loan for its Life Sciences Real Estate Portfolio

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Cdpq
The green loan obtained by Neovantage Innovation Parks, a joint venture between Ivanhoé Cambridge and Lighthouse Canton, reinforces the portfolio’s ESG credentials and represents a key milestone in its commitment to sustainability.

Neovantage Innovation Parks, South Asia’s largest private owner and operator of life sciences-focused real estate, has secured its inaugural green loan of INR 300 crores (~C$ 50 million) from HSBC India. This is HSBC’s first green loan facility in the life sciences real estate sector in India. It was awarded on the back of Neovantage Innovation Parks’ commitment to eco-innovation and sustainable operations across its properties. Neovantage Innovation Parks has achieved this by maintaining for all its operating buildings a prestigious Gold or higher rating under the LEED for Operations and Maintenance (O+M) – Existing Buildings certification, awarded by the US Green Building Council.

Neovantage Innovation Parks, located in Genome Valley in Hyderabad, India, is home to leading Pharma and Life Sciences Research and Development (R&D) companies and is South Asia’s leading privately operated life sciences real estate portfolio. The portfolio is setup as a joint venture (JV) between Ivanhoé Cambridge, the real estate group of CDPQ, and Lighthouse Canton, a global investment institution.

Refinancing of existing debt with the green loan facility is aligned with the company’s ongoing initiatives to maintain an environmentally responsible and operationally efficient real estate portfolio. The portfolio consists of 8 world class, Grade ‘A’ facilities with premier multi-national and large Indian companies as tenants. Their LEED for Operations and Maintenance (O+M) – Existing Buildings Gold Certification is a testament to the portfolio’s comprehensive adoption of best practices in sustainability. The rating certifies the innovative approaches to conservation of energy, water, and enhanced indoor air quality, amongst other environmental achievements.

“The development of Neovantage Innovation Parks reflects our dedication as a sustainable and innovative investor,” said George Agethen, Head of Real Estate, Asia-Pacific, at CDPQ. “We are proud to be an important player, in partnership with Lighthouse Canton, in the life science arena, a high-growth sector that has allowed us to expand and diversify our portfolio.”

The portfolio consists of buildings which have been additionally awarded the LEED Platinum and Gold Certifications for Building Design and Construction – Core and Shell Development, demonstrating excellence and leadership in sustainable design in addition to sustainable operations. Neovantage Innovation Parks has incorporated a forward-thinking approach towards development of environment friendly life sciences innovation infrastructure and has reiterated its commitment in its new projects – Building 9900 and Building 4500 in Genome Valley. Both projects have been awarded the LEED Gold Precertification for Building Design and Construction – Core and Shell Development. Building 9900 was completed earlier this year and has been fully leased to a large Indian contract research company. Building 4500 is targeted to be ready for occupancy by October 2024.

In recognition of its continued commitment to these high standards, Neovantage Innovation Parks has also secured a rate reduction on the loan, reflecting the reduced risk and enhanced creditworthiness due to its sustainable business practices.

“We’re thrilled to partner with HSBC on this key milestone. Our first green loan not only underscores our dedication to sustainability but also propels us towards our future green innovation goals,” said Sanket Sinha, Global Head of Asset Management at Lighthouse Canton, managing Neovantage Innovation Parks. “This funding supports our financial strategy and aligns with our vision to create sustainable, thriving business ecosystems.”

Amitabh Malhotra, Head – Global Banking, HSBC India said, “We are pleased to work with the company and their sponsors for the group’s first green loan and look forward to our continued collaboration. This milestone underscores our commitment in supporting clients to achieve their sustainability goals.”

HSBC has previously provided green loan facilities to several other key real estate players in India. This first green loan from HSBC in the life sciences real estate sector in this country marks the next step in India’s commitment to sustainable development. It also demonstrates the growing alignment between financial strategies and global environmental objectives.

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. CDPQ 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 around the world. 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.

About Lighthouse Canton

Headquartered in Singapore, Lighthouse Canton is a global investment institution with wealth and asset management capabilities. Lighthouse Canton employs over 130 experienced professionals across its offices in Singapore, Dubai, India, and London, and oversees over US$ 3.7 billion worth of assets under management and advisory (as of 30th June, 2024).

Lighthouse Canton creates value through innovative investment solutions for accredited private clients, institutional investors and an ecosystem of founders and entrepreneurs globally.
Lighthouse Canton’s Asset Management service comprises strong internal product capabilities in hedge funds, private equity, traditional fundamental analysis, investing through multiple strategies in real estate private equity, direct lending, public equities, and global macros.

For more information, visit http://www.lighthouse-canton.com

About Neovantage Innovation Parks

Neovantage Innovation Parks is the largest private owner and operator of life sciences R&D infrastructure in South Asia. Setup as a JV between Ivanhoé Cambridge and Lighthouse Canton, Neovantage Innovation Parks is home to leading Pharma and Life Sciences R&D companies. Neovantage Innovation Parks offers turnkey facilities, flexible leasing options, and value-added services to its life sciences clients. The portfolio’s campuses are diligently designed with recreational areas, large open spaces with greenery, and world-class amenities to enable collaboration and innovation between people and businesses.

Neovantage Innovation Parks’ ESG commitments include integrating sustainable and energy-efficient designs into their projects, which has earned them prestigious LEED certifications for their portfolio. The company actively promotes biodiversity and green spaces within its campuses, invests in renewable energy sources & water conservation efforts, and supports local communities through various initiatives.

For more information, visit www.neovantage-parks.com

For more information

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Carlyle and North Bridge Announce Strategic Partnership to Provide Up to $1 Billion in C-PACE Financing

Carlyle

NEW YORK, NY – September 16, 2024 – Global investment firm Carlyle (NASDAQ: CG) today announced a strategic investment into North Bridge ESG LLC (“North Bridge”), a leading provider of real estate finance solutions, and a commitment to provide up to $1 billion to facilitate the origination of commercial property assessed clean energy (C-PACE) loans by North Bridge. This partnership leverages Carlyle’s strategic growth, real estate, and asset-backed finance expertise and enables North Bridge to address evolving market needs on a larger scale.

North Bridge provides C-PACE financing to institutional borrowers in major markets nationwide. C-PACE is a fixed-rate form of financing secured by local property assessments. As a private credit solution with flexible terms, C-PACE is increasingly sought after for its accretive benefits to commercial real estate capital stacks. The financing can be used for new construction projects, renovations, acquisitions, and retroactively for recapitalization opportunities.
“Carlyle’s $1B commitment to C-PACE, the largest to date, enables North Bridge to lead the transformation of the industry to better meet the needs of institutional sponsors and their lenders.” said Laura Rapaport, Founder and CEO of North Bridge. “We are excited to partner with Carlyle, an established leader in the private credit space, given their exceptional track record of partnering with companies to drive growth.”

“We are pleased to bring together Carlyle’s significant expertise in asset backed finance and real estate credit to help commercial real estate owners address their financing needs,” said Akhil Bansal, Head of Credit Strategic Solutions at Carlyle. “North Bridge has a proven capability to deliver C-PACE financing solutions of substantial size to borrowers and sponsors, and we are excited to partner with them to drive growth in an increasingly important financing market.”

“Our partnership with North Bridge, a leader in providing capital market solutions to commercial real estate owners, allows us to further meet the financing demands facing the industry,” said Rachel King, a principal focused on opportunistic real estate credit at Carlyle. “Banks have pulled back from commercial real estate lending due to concentration risk in the sector, resulting in a dynamic that we believe should yield attractive relative value opportunities for C-PACE lenders with capital to deploy today.”

This transaction was a joint effort between Carlyle’s Credit Strategic Solutions (“CSS”) and Private Credit teams.

CSS is a group within the Global Credit business focused on private fixed income and asset-backed investments. The highly experienced team leverages the knowledge, sourcing, structuring, and breadth of the entire Carlyle investment platform to deliver tailored asset-focused financing solutions to businesses, specialty finance companies, banks, asset managers, and other originators and owners of diversified pools of assets. CSS has deployed nearly $5 billion since 2021 and has roughly $7 billion in assets under management as of June 30th, 2024.

Within the private credit team, Carlyle’s Real Estate Credit Opportunities strategy focuses on directly originated, asset-specific commercial real estate lending, programmatic investing in real estate credit platforms, financing companies targeting real estate, and making real estate-linked investments.

Paul Hastings LLP served as legal advisor to Carlyle in connection with the transaction. Latham & Watkins LLP and Chapman and Cutler LLP served as legal advisors to North Bridge in connection with the transaction.

About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About North Bridge
North Bridge offers tailored C-PACE financing for new and recently completed projects across all commercial real estate asset classes nationwide. We have earned industry recognition for completing some of the largest and most innovative C-PACE projects to date by combining creative financial acumen with decades of real estate development expertise.  The North Bridge team works closely with all stakeholders to design accretive credit solutions for institutional real estate projects.  Our focus lies in optimizing capital stacks to achieve maximum efficiency, reduce cost of capital, and enhance long-term asset value for our clients. Further information is available at www.northbridgeops.com. Follow North Bridge on LinkedIn.

Media Contacts

Kristen Ashton
Phone: +1 212-813-4763
kristen.ashton@carlyle.com
Carlyle

Sarah Berman
Phone: +1 212-450-7300
sberman@bermangrp.com
The Berman Group for North Bridge

Sara Fay
Phone: 914-924-5357
press@northbridgeops.com
North Bridge

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Stonepeak Acquires 1.1 Million Square Foot Logistics Portfolio in Fort Worth, Texas

Stonepeak

 

NEW YORK, NY – September 5, 2024 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced the acquisition of two logistics assets totaling 1.1 million square feet in Fort Worth, Texas from institutional investors advised by J.P. Morgan Asset Management.

The assets are strategically located in the Alliance submarket of Dallas-Fort Worth (“DFW”), which is anchored by two Class I rail lines, the BNSF Alliance intermodal terminal, and the Fort Worth Alliance cargo airport, all of which have direct access to the I-35 “NAFTA highway” linking Mexico to Canada. The Alliance submarket’s transport infrastructure is supported by DFW’s population of over 8 million residents, which is expected to grow by 4x the national average through 2028.

“We are excited to add these assets to our growing portfolio,” said Phill Solomond, Senior Managing Director and Head of Real Estate at Stonepeak. “We believe that high-quality real estate adjacent to transport infrastructure will continue to outperform given its mission-critical role in local and national supply chains.”

Most recently, in April 2024, Stonepeak acquired a 1.7 million square foot logistics portfolio located adjacent to the BNSF and Union Pacific intermodal terminals in Chicago, Illinois. Prior to that, in October 2023, Stonepeak announced the sale of the Omni Industrial Campus, a 1.3 million square foot logistics portfolio located near the Port of Charleston in South Carolina.

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 $71.2 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 communications, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Hong Kong, Houston, London, Singapore, and Sydney. For more information, please visit www.stonepeak.com.

Contacts

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

 

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KKR-Mirastar Acquires Portfolio of Five Prime Logistics assets across the UK from PLP

KKR

London, 3 September 2024 – KKR and Mirastar, KKR Real Estate’s industrial and logistics platform in Europe, have completed the off-market acquisition of a prime UK logistics portfolio from PLP, totalling 890,364 square feet across five assets. The portfolio is currently 80% let, with a weighted average lease term to break of 10 years. The assets provide best-in-class specifications, including BREEAM Very Good certifications and EPC A+ ratings.

The five assets are strategically located in the North-West of England and Yorkshire. Respectively across Salford, Liverpool, Crewe, Sheffield and Smithywood, the assets are in close proximity to major population centres and all excellently located near key transport infrastructure and motorways.

Over the last eight years, the assets were developed, owned and managed by PLP and its flagship investment vehicle, the PLP UK Logistics Venture 1, which is owned by majority investor Ivanhoé Cambridge alongside The Peel Group, Macquarie Asset Management and PLP senior management.

Ekaterina Avdonina, CEO and Co-Founder at Mirastar, said: “This impressive portfolio follows our careful approach to asset selection across Europe as we look to aggregate well-specified assets in key logistics locations. The North-West and North of England have performed strongly in the recent years, and we expect this trend to continue as we enter an exciting stage of the UK real estate market cycle.”

Seb D’Avanzo, Managing Director and Head of Acquisitions for Real Estate in Europe at KKR, added: “We are delighted to expand our portfolio with this strategic acquisition, reinforcing our commitment to investing in prime logistics assets across key European markets. This addition in the UK aligns with our focus on high-quality, well-located properties that meet the evolving demands of the market. As we continue to scale our presence across Europe, we are dedicated to unlocking value through assets that combine strong fundamentals with sustainability and growth potential.”

Neil Dickinson, Chief Investment Officer at PLP, said: “PLP are pleased to announce the sale of five assets from its leading UK logistics portfolio to crystallise attractive risk-adjusted returns for our capital partners. PLP continues to leverage third party institutional capital across its flagship managed venture series and a number of separate managed accounts to acquire and develop the next generation of prime logistics assets across major UK markets. The sale of this portfolio to a high-quality counterparty such as KKR and Mirastar, demonstrates the continued institutional investor demand for our market-leading product.”

The acquisition builds on KKR-Mirastar’s series of strategic moves in European logistics across both Core+ and value-add strategies since 2023. This includes the purchase of a high-quality logistics property in Hanover, Germany, marking their first industrial acquisition in Germany under KKR’s Core+ Real Estate strategy, their acquisition of a prime logistics park in Warrington, UK, the funding of a 550k sq ft big box logistics development in Widnes, UK, and the acquisition of a last-mile logistics asset in Stockholm, Sweden, their first acquisition in the Nordics.

KKR and Mirastar were advised by DTRE. PLP were advised by CBRE.

— Ends —

About Mirastar

Mirastar is a pan-European logistics developer, investor and asset manager, founded in 2019 by Ekaterina Avdonina, Chief Executive Officer, and Anthony Butler, Chief Investment Officer. The team currently comprises over 30 senior real estate professionals and has offices in London, Amsterdam, Stockholm and Milan. The team at Mirastar have deployed over €20bn of capital across key European markets and have built and constructed in excess of 4.0m sqm of logistics assets collectively.

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.

About PLP

PLP is a specialist developer, manager and owner of UK logistics real estate.

Established in 2015, PLP is a specialist UK logistics and industrial property business. The full service platform develops, manages and owns prime-grade UK logistics real estate with in-house management expertise across all key capabilities including acquisitions and sourcing, development, leasing and asset management. The PLP platform is owned by Ivanhoé Cambridge, Macquarie Asset Management, The Peel Group and its senior management team. Find out more: www.plproperty.com 

Media Contacts
KKR/ Mirastar
FGS Global
Alastair Elwen / Jack Shelley
KKR-Lon@FGSGlobal.com
Tel: +44 (0) 20 7251 3801

PLP
Laura Knight, Head of Marketing
Email: lknight@plproperty.com
Tel: +44 (0)20 3687 1077

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