Tag Archives: Real estate

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

BC Partners Logo

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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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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Odevo, strengthens investor base by welcoming CVC funds as a new strategic partner alongside Fidelio

CVC Capital Partners

Odevo, a tech-enabled residential property management company with leading positions in Europe and USA, today announces that CVC funds (“CVC”) have agreed to join the group of investors led by Swedish firm Fidelio and its existing management team. This deal comes after Odevo has expanded rapidly in recent years. Adding CVC’s experience and global relationships will strengthen the company’s international growth strategy and ongoing drive to innovate its service offering for homeowners.

Odevo has built an organisation which, supported by a bespoke tech-platform, helps residential property owners manage all aspects of their building, ranging from accounting, administration, invoicing and on-site services to renovations. The company was founded in Sweden in 2018 by the investment firm Fidelio and the current management team. Through organic growth and joining forces with more than 50 successful entrepreneurs across Europe and USA, Odevo has expanded the business more than 50x, now managing 1.4 million homes with more than 7,000 employees and an annual turnover of EUR 650 million. By welcoming CVC to the group of investors, Odevo takes yet another step on its international growth journey.

“For most people, the home is their greatest investment and our services are designed to simplify everyday life for those people, a responsibility we take seriously. Odevo was founded on the principle of combining the power of people and technology and from the start, we have focused on simplifying living by delivering end to end solutions for an industry that traditionally has been slow in innovation. I am incredibly proud of what we have accomplished but am also excited for the untapped potential still out there. Fidelio has been a true partner to us and we look forward to continuing our collaboration, now also welcoming CVC with their global network and vast experience of supporting growing businesses like ours”, says Daniel Larsson, CEO, Odevo.

Quotes

We are highly impressed with Odevo’s ability to build a leading international player and provide outstanding service to its over 25,000 customers.

Lave Beck-Friis,Managing Director, CVC

CVC will be represented on the Board by Søren Vestergaard-Poulsen, Lave Beck-Friis and John Zacharias.

“We are highly impressed with Odevo’s ability to build a leading international player and provide outstanding service to its over 25,000 customers. Odevo’s decentralised approach, which empowers local management to run their businesses independently while benefiting from the support and opportunities of being part of a global group, aligns perfectly with our philosophy. We look forward to working together with the team at Odevo and Fidelio on further service innovation and international expansion”, says Lave Beck-Friis, Managing Director, CVC.

Fidelio remains a long-term partner and will work together with CVC to support the team at Odevo on their journey to grow organically and through welcoming additional entrepreneurs in existing and new markets.

“What has truly stood out about Odevo has been their ability to grow into a global market leader while maintaining an entrepreneurial energy and fast-paced culture. It’s been a pleasure working with Daniel and the entire Odevo team over the years, and we’re excited to continue supporting them in the future, now alongside CVC”, says Martin Erleman, Partner, Fidelio Capital.

CVC is investing out of CVC Capital Partners Fund IX, its most recent fund that closed at EUR 26 billion in 2023 and brings substantial experience of investing in leading companies in the Nordics and globally, and closing is expected to take place in Q4 2024 pending regulatory approvals.

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KKR Acquires Portfolio of Six Class A Industrial Warehouses Across the U.S.

KKR

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that KKR has acquired a portfolio of six well-located, Class A industrial logistics properties in major U.S. Gateway and Sunbelt markets for approximately $377 million.

The six modern industrial properties possess an average vintage of 2014 and feature 35-foot average clear heights. The warehouses feature other state of the art characteristics making them highly relevant for the ever-evolving needs of today’s logistics tenancy. The portfolio is 100% leased to a high-quality tenant mix. The assets are strategically located in infill submarkets across several major markets, including Seattle, Atlanta, Philadelphia, New Jersey and the San Francisco Bay Area.

“We are excited to purchase these six well positioned properties as we continue to grow our national portfolio of well-diversified, carefully selected industrial assets,” said Ben Brudney, a Managing Director in the Real Estate group at KKR who oversees the firm’s industrial investments in the United States. “We think high quality assets in infill locations near diverse demand drivers and accommodative labor forces will be increasingly difficult to reproduce in the coming years.”

The purchase follows KKR’s recent industrial warehouse investments in Nashville, Dallas and Houston. The addition of this approximately two million square foot (SF) portfolio brings KKR’s total warehouse acquisitions in the U.S. to nearly six million SF since the start of the year. KKR is making this investment through capital accounts advised by KKR.

KKR’s global real estate business invests in high-quality, thematic real estate through a full range of scaled equity and debt strategies. Managing $75 billion in assets as of June 30, 2024, KKR’s more than 150 dedicated real estate investment and asset management professionals across 16 offices apply the capabilities and knowledge of KKR’s global platform to deliver outcomes for clients and investors.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Media
Miles Radcliffe-Trenner
media@kkr.com

Source: KKR

 

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Ardian completes first residential real estate investment in Spain with Madrid acquisition

Ardian

The property, located in the Almagro district (Calle Zurbarán 28), has a total built-up area of c. 3,000 square meters
• Ardian will transform the building into a high-end residential complex with 10 apartments, through a sustainable and efficient construction process

Ardian, a world leading private investment house, today announces the acquisition of a prime property in the center of Madrid, its first transaction in the residential sector in Spain. This transaction aligns with Ardian’s strategy to expand its investment portfolio and diversify across real estate asset classes in Europe, particularly in Spain.

The property, acquired from investment manager Patrizia, has a total built-up area of around 3,000 sqm and is situated in a prime location at Calle Zurbarán 28, in Almagro, one of Madrid’s most exclusive neighborhoods with direct access to the Paseo de la Castellana (one of Madrid’s main roads) and excellent public transport links.

Ardian will transform the space from offices into a high-end residential building comprised of 10 apartments with 40 parking spaces. The renovation will be carried out to the highest standards of energy efficiency and sustainability, ensuring a positive impact on the community and the environment.

As part of Ardian’s commitment to sustainability, the building’s carbon trajectory will also be aligned to the Paris Agreement targets.

With this acquisition, the Real Estate team at Ardian reinforces its commitment to the Spanish real estate market and its confidence in the potential growth of Spain’s residential property sector in the country and strengthens its strategy of diversification and expansion in Europe.

“We are excited about this latest investment in Spain. This project reflects our trust in the local real estate market and our dedication to developing high-quality real estate locally. We firmly believe in Madrid’s potential as a dynamic and growing city center and want to contribute to the development of the city with innovative and sustainable projects.” Edmund Eggins, Managing Director Real Estate, Ardian

List of participants

  • Ardian

    • Linklaters, EY, Belda, Bordón & Merodio, Homu Project, GCA Architects, Ashurst

  • Patrizia

    • KPMG, Knight Frank

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $166bn of assets on behalf of more than 1,650 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

Media contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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