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EQT Private Capital Asia to acquire PropertyGuru

eqt

Image of PropertyGuru app

The BPEA Private Equity Fund VIII fund has entered into an agreement and plan of merger with PropertyGuru Group Limited (NYSE: PGRU), one of Southeast Asia’s leading PropTech companies.

With this transaction, BPEA Private Equity Fund VIII is expected to be 70-75 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

SINGAPORE & NEW YORK–(BUSINESS WIRE)–PropertyGuru Group Limited (NYSE: PGRU) (“PropertyGuru” or the “Company”), Southeast Asia’s leading1 property technology (“PropTech”) company, today announced that it has entered into an agreement and plan of merger (the “Merger Agreement”) with affiliates of BPEA Private Equity Fund VIII Limited (“EQT Private Capital Asia”), part of EQT AB, a purpose-driven global investment organization, pursuant to which the Company will be acquired by EQT Private Capital Asia in an all-cash transaction (the “Merger”) that values PropertyGuru at an equity value of approximately USD 1.1 billion. PropertyGuru’s Board of Directors, acting upon the recommendation of a special committee (the “Special Committee”) of PropertyGuru’s Board of Directors, has unanimously approved and resolved to recommend approval of the Merger by PropertyGuru’s shareholders. The Special Committee negotiated the terms of the Merger Agreement with assistance of financial and legal advisors.

Under the terms of the Merger Agreement, at the effective time of the Merger, each ordinary share of the Company issued and outstanding immediately prior to the effective time (other than certain excluded shares) will be cancelled and converted automatically into the right to receive an amount in cash equal to USD 6.70 per share, without interest.

The merger consideration represents a 52% premium to PropertyGuru’s closing share price on May 21, 2024, the last unaffected trading day prior to media speculation regarding a potential transaction, and a 75% and 86% premium to the Company’s 30-day and 90-day volume-weighted average share price, respectively, for the period ending May 21, 2024.

Major shareholders, TPG Asia VI SF Pte. Ltd. and TPG Asia VI SPV GP LLC, in its capacity as general partner of TPG Asia VI Digs 1 L.P. (collectively, “TPG”) and Epsilon Asia Holdings II Pte. Ltd., an entity managed by global investment fund KKR (“KKR”), which hold a combined 56% ownership of ordinary shares outstanding, have entered into voting and support agreements with the Company and EQT Private Capital Asia in support of the Merger.

Hari V. Krishnan, CEO & MD, PropertyGuru Group, said, “We are pleased to embark on this new chapter with EQT. This partnership follows years of transformative growth, supported by TPG and KKR, which has established us as Southeast Asia’s leading PropTech platform. As we continue to innovate and deliver value to our consumers, customers, and stakeholders across the region, EQT’s global expertise in building marketplaces and commitment to sustainable growth will further strengthen our vision to power communities to live, work, and thrive in tomorrow’s cities.”

Janice Leow, Partner in the EQT Private Capital Asia advisory team and Head of EQT Private Capital Southeast Asia, said, “PropertyGuru has firmly established itself as the leading property marketplace platform in Southeast Asia, and we are deeply impressed by the strong foundation it has built over the past 17 years as well as with its talented team. We believe our offer provides shareholders with compelling value and certainty, while strategically positioning PropertyGuru to fully harness its long-term growth potential. With EQT’s significant experience in the technology, online classifieds and marketplace sectors, we aim to further strengthen PropertyGuru’s platform, driving enhanced innovation and deeper engagement with its consumers, customers and stakeholders.”

Transaction Details

The transaction is expected to close in Q4 2024 or Q1 2025, subject to customary closing conditions, including approval by PropertyGuru’s shareholders and receipt of regulatory approvals. The transaction is not subject to a financing condition.

Upon completion of the transaction, PropertyGuru’s shares will no longer trade on the New York Stock Exchange, and PropertyGuru will become a private company. PropertyGuru’s headquarters will remain in Singapore.

Advisors

Moelis & Company LLC is serving as financial advisor to the Special Committee and Freshfields Bruckhaus Deringer LLP is serving as legal counsel to the Special Committee. Morgan Stanley Asia (Singapore) Pte. is serving as financial advisor to EQT Private Capital Asia, and Ropes & Gray LLP is acting as legal advisor to EQT Private Capital Asia. J.P. Morgan Securities Asia Private Limited is serving as financial advisor to KKR and TPG, and Latham & Watkins LLP is serving as legal advisor to KKR and TPG.

Additional Information about the Merger

The Company will furnish to the U.S. Securities and Exchange Commission (the “SEC”) a current report on Form 6-K regarding the Merger, which will include the Merger Agreement as an exhibit thereto. All parties desiring details regarding the Merger are urged to review these documents, which will be available at the SEC’s website (http://www.sec.gov).

In connection with the Merger, the Company will prepare and mail or otherwise provide to its shareholders a proxy statement that will include a copy of the Merger Agreement. INVESTORS AND SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT AND OTHER MATERIALS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE MERGER, AND RELATED MATTERS. Shareholders also will be able to obtain these documents, as well as other filings containing information about the Company, the Merger and related matters, without charge from the SEC’s website (http://www.sec.gov).

This announcement is neither a solicitation of a proxy, an offer to purchase nor a solicitation of an offer to sell any securities and it is not a substitute for any proxy statement or other filings that may be made with the SEC should the Merger proceed.

About PropertyGuru Group

PropertyGuru is Southeast Asia’s leading1 PropTech company, and the preferred destination for over 28 million property seekers2 to connect with over 46,000 agents monthly3 to find their dream home. PropertyGuru empowers property seekers with more than 2.1 million real estate listings4, in-depth insights, and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand and Vietnam.

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

For more information, please visit: PropertyGuruGroup.com; PropertyGuru Group on LinkedIn.

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 133 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

Forward-Looking Statements

Forward-looking statements in this announcement, which are not historical facts, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the Merger involving the Company, and affiliates of EQT Private Capital Asia. In some cases, readers can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue” or the negative of these words or other similar terms or expressions that concern the Company’s expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability of the parties to consummate the Merger in a timely manner or at all; the satisfaction (or waiver) of closing conditions to the consummation of the Merger; potential delays in consummating the Merger; the ability of the Company to timely and successfully achieve the anticipated benefits of the Merger; the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger; the Company’s ability to implement its business strategy; significant transaction costs associated with the Merger; potential litigation relating to the Merger; the risk that disruptions from the Merger will harm the Company’s business, including current plans and operations; the ability of the Company to retain and hire key personnel; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Merger; legislative, regulatory and economic developments affecting the Company’s business; changes in domestic and foreign business, market, financial, political and legal conditions; the evolving legal, regulatory and tax regimes under which the Company operates; potential business uncertainty, including changes to existing business relationships, during the pendency of the Merger that could affect the Company’s financial performance; restrictions during the pendency of the Merger that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities; competitive pressures in and any disruption to the industry in which the Company and its subsidiaries operates, as well as the Company’s response to any of the aforementioned factors; and other risks discussed in the Company’s filings with the SEC.

All forward-looking statements attributable to the Company or persons acting on the Company’s behalf are expressly qualified in their entirety by the cautionary statements set forth above. Readers are cautioned not to place undue reliance on any forward-looking statements, which are made only as of the date of this announcement. The Company does not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If the Company updates one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements. The inclusion of any statement in this announcement does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.

1 Based on SimilarWeb data between October 2023 and March 2024.
2 Based on Google Analytics data between October 2023 and March 2024
3 Based on data between January 2024 and March 2024
4 Based on data between October 2023 and March 2024

Contacts

Media
PropertyGuru Group
Sheena Chopra
sheena@propertyguru.com.sg
mediaenquiry@propertyguru.com.sg

EQT
EQT Press Office: press@eqtpartners.com

About EQT

EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 133 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

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Equity Residential to Acquire $1 Billion Apartment Portfolio from Blackstone Real Estate

Blackstone

Chicago and New York – August 7, 2024 – Equity Residential (NYSE: EQR) and Blackstone (NYSE: BX) today announced that Equity Residential has agreed to acquire 11 apartment properties from Blackstone Real Estate strategies in separate transactions, including Blackstone Real Estate Income Trust, Blackstone Real Estate Partners and Blackstone Property Partners, for approximately $964 million. The transactions, which remain subject to customary closing conditions, are expected to close in the third quarter of 2024.

The properties, which are located in Equity Residential’s expansion markets of Atlanta, Dallas/Ft. Worth and Denver, total 3,572 apartment units and are on average eight years old. These properties are attractive to Equity Residential’s higher end renter demographic and accelerate its growth in these markets. Through its industry leading operating platform, Equity Residential expects to unlock additional opportunities and value with these properties. The portfolio consists of four properties with 1,357 apartment units in Atlanta, four properties with 1,237 apartment units in Dallas/Ft. Worth and three properties with 978 apartment units in Denver. In connection with this transaction, Equity Residential is reaffirming the earnings guidance provided in its Second Quarter 2024 Earnings Release on July 29, 2024.

“We are pleased to add these high-quality, well-located properties to our growing portfolios in Atlanta, Dallas/Ft. Worth and Denver at pricing that is attractive compared to replacement costs,” said Alec Brackenridge, Equity Residential’s Executive Vice President and Chief Investment Officer. “This transaction is a significant step in our goal of generating a higher percentage of our annual net operating income from these strong growth expansion markets. We appreciate partnering with Blackstone on this mutually beneficial transaction and look forward to continuing to grow the relationship.”

Asim Hamid, Senior Managing Director at Blackstone Real Estate, said, “This transaction represents an excellent outcome for our investors and demonstrates the strong institutional demand for high quality assets. Rental housing remains one of our highest-conviction themes, and we continue to see strong fundamentals in attractive markets. We’re pleased to have worked with EQR on this transaction, who will be an excellent steward of these properties going forward.”

Eastdil Secured, RBC Capital Markets, Santander and Sumitomo Mitsui Banking Corporation (SMBC) acted as Blackstone’s financial advisors. Simpson Thacher & Bartlett LLP served as Blackstone’s legal counsel. Neal Gerber & Eisenberg LLP, Hogan Lovells, and Bryan Cave Leighton Paisner LLP served as Equity Residential’s legal counsel.

About Equity Residential
Equity Residential is committed to creating communities where people thrive.  The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters.  Equity Residential owns or has investments in 299 properties consisting of 79,738 apartment units, with an established presence in Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas/Ft. Worth and Austin.  For more information on Equity Residential, please visit our website at www.equityapartments.com.
 
About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $336 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).
 
Forward-Looking Statements
This press release contains forward-looking statements and information within the meaning of the federal securities laws. These forward-looking statements can be identified by the use of forward -looking terminology such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “identified,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction” or other similar words or the negatives thereof. These statements may include financial estimates and their underlying assumptions and are based on current expectations, estimates, projections and assumptions made by management. While management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks, including, without limitation, changes in general market conditions, future operations, future performance and statements regarding identified but not yet closed acquisitions or dispositions. There are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such forward-looking statements. These factors and other risks and uncertainties are described under the heading “Risk Factors” in Equity Residential’s or BREIT’s respective Annual Reports on Form 10-K and subsequent periodic reports and BREIT’s prospectus filed with the Securities and Exchange Commission (SEC), each of which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein (or in Equity Residential’s or BREIT’s respective public filings). Many of these uncertainties and risks are difficult to predict and beyond management’s control. Forward-looking statements are not guarantees of future performance, results or events. Except as otherwise required by federal securities laws, Equity Residential and BREIT do not undertake any obligation to update, revise or supplement forward-looking statements that become untrue because of new information, subsequent events or otherwise.

CONTACTS:

Equity Residential
Marty McKenna
mmckenna@eqr.com

Blackstone
Jeffrey Kauth
Jeffrey.Kauth@Blackstone.com

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Apollo and Vale Enter Into Joint Venture Partnership Related to the Vale Oman Distribution Center

Apollo logo

NEW YORK, Aug. 06, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced a definitive agreement under which Apollo-managed affiliates, funds and other long-term investors will invest $600 million to acquire a 50% interest in a joint venture entity related to the Vale Oman Distribution Center (“VODC”) from Vale S.A. (“Vale” or the “Company”).

VODC operates a maritime terminal in Sohar, Oman, with a large deep-water jetty and an integrated iron ore blending and distribution center with a nominal capacity of 40 Mtpy. Vale will continue to own 100% of Vale Oman Pelletizing Company.

Apollo Partner Jamshid Ehsani said, “We are pleased to provide a bespoke, cost-effective capital solution to an affiliate of one of Latin America’s leading companies, building on the strong momentum of our corporate solutions business. VODC operates at the heart of one of the world’s busiest trade routes and the transaction is another example of Apollo’s ability to finance critical supply chain infrastructure. This investment also further demonstrates our ability to provide our clients with differentiated access to high grade securities.”

The transaction is expected to close in the second half of 2024 and is subject to customary regulatory approvals.

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.

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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CDPQ supports expansion of Vantage Data Centers’ Québec City Campus

Cdpq

DPQ, a global investment group, today announced an agreement to provide USD 75 million (CAD 103 million) as part of a senior financing to Vantage Data Centers, a leading global provider of hyperscale data centers1, to support the expansion of its Québec City Data Center Campus, QC2. This new investment will finance the construction of the third facility on the four-building campus and will deliver an additional 16MW of IT capacity to serve increasing demand for cloud services across Québec and Eastern Canada. The total USD 130 million (CAD 179 million) credit facility was structured and underwritten by Societe Generale.

Strategically located in Québec’s National Capital region, the hyperscale data center is currently under construction by Pomerleau Inc., one of Canada’s leading construction companies. Once fully developed, the 925,000-square-foot (86 000-square-metre) Québec City Data Center Campus will generate 86MW of total combined IT capacity, and deliver reliable and efficient high computing power to Vantage’s global top-tier customers.

“The surge in data-intensive technologies and cloud service adoption is reshaping the North American digital infrastructure market. Vantage Data Centers is in a leading position to seize this opportunity due to its vast experience in data center buildout and operations, and longstanding customer relationships,” said Marc Cormier, Executive Vice-President and Head of Fixed Income, CDPQ. “This new investment in Vantage leverages CDPQ’s global experience in financing critical digital infrastructure to support the delivery of this important local project.”

“CDPQ’s investment will play a crucial role in our expansion in Québec City and in fueling our capacity to deliver high-quality digital infrastructure in the region,” said Maxime Guévin, Senior Vice-President and General Manager of Canada, Vantage Data Centers. “We’re excited to complete this facility in the Spring of 2025, and to deepen our partnership with CDPQ to meet the growing demand for advanced cloud services in Eastern Canada.”

“We are pleased to partner with CDPQ and to provide a tailored financing solution to support this expansion by Vantage Data Centers in Québec”, said Valtin Gallani, Head of Digital Infrastructure Finance and Advisory, Societe Generale.

CDPQ’s growing footprint in financing digital infrastructure
In addition to this investment in Vantage Data Centers’ Québec City campus, earlier this year, CDPQ invested in Vantage Data Center’s EMEA platform serving key markets in Europe and participated in the USD 7.5-billion debt financing facility to support the growth of AI hyperscaler CoreWeave.

1 Hyperscale data centers are typically leased to organizations that operate massive-scale cloud and AI infrastructure to support their business operations.

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 December 31, 2023, CDPQ’s net assets totalled CAD 434 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.

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KKR Acquires Park 8Ninety, A 12 Building Class A Industrial Logistics Park In Houston, From Artis REIT

KKR

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that KKR has completed the acquisition of Park 8Ninety, a 12 building industrial logistics park in Houston, Texas, from Artis Real Estate Investment Trust (“Artis REIT”) for approximately $234 million.

The approximately 1.8 million square-foot (SF) master planned park was completed in phases between 2017 and 2022. The 127-acre property boasts a diverse mix of Class A single-tenant and multi-tenant modern logistics buildings, with clear heights ranging from 24 to 36 feet, catering to a variety of industrial uses. The park is strategically located in southwest Houston with direct access to Beltway 8 and other major interstate transportation routes.

“Park 8Ninety is a great addition to our national logistics portfolio and expands our footprint in Houston which continues to benefit from strong demand fundamentals and comparatively lower supply than many other markets in the United States,” said Ben Brudney, a Managing Director in the Real Estate group at KKR who oversees the firm’s industrial investments in the United States. “Park 8Ninety is a high-quality, well-designed, multi-tenant park with a diverse and staggered rent roll.”

KKR is acquiring the park through the KKR Real Estate Partners Americas III fund and capital accounts advised by KKR. Across its strategies in the U.S., KKR has committed or acquired approximately $7.5 billion of logistics assets in the industrial sector since 2018 and currently owns over 48 million SF of industrial real estate in major U.S. metropolitan areas.

KKR’s global real estate business invests in high-quality, thematic real estate through a full range of scaled equity and debt strategies. Managing $71 billion in assets as of March 31, 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
212-750-8300
media@kkr.com

Source: KKR

 

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KKR And Palm Capital To Acquire Prime Last-Mile Logistics Asset In Denmark

KKR

Investment in freehold logistics asset with strong development potential and asset management initiatives in Greater Copenhagen

STOCKHOLM–(BUSINESS WIRE)– KKR, a leading global investment firm, and Palm Capital, the pan-European real estate private equity specialist today announced the acquisition of a prime last-mile logistics asset in Greater Copenhagen, Denmark, from Catena, the Sweden-based leading logistics developer.

The park comprises 47,000 sqm of warehouse and office space and hosts long-term tenant Nemlig.com, the country’s largest provider of direct-to-consumer online food and grocery delivery. The logistics asset is located in Greater Copenhagen and surrounded by excellent infrastructure, uniquely positioned on the city’s new light rail system, which is due to be completed in 2025. In a supply-constrained industrial real estate market with strong growth potential, the asset offers significant upside with potential for further development, including additional warehouse facilities and various asset management initiatives such as energy and asset improvements together with the tenant.

Alexander Thams, Director and Head of Nordics Real Estate for KKR, said: “We are delighted to announce KKR’s acquisition of this prime last-mile logistics asset, building on our ambitions in Nordic real estate. Copenhagen is a highly competitive market, and it’s rare to find such quality assets in urban locations. The transaction is our second this year in Denmark and follows our recent investments in Finland and Sweden. Industrial and logistic assets remain central to KKR’s overall real estate strategy, particularly given the shortage of supply that has emerged due to the increasing number of industrial to residential conversions.”

Reda Khatim, Managing Partner of Palm Capital, said: “We are excited to strengthen our presence in Scandinavia through this attractive off market acquisition. We are delighted to build upon our successful track record in Copenhagen including through our previous ownership of last mile assets at Copenhagen’s airport. Additionally, this investment in Denmark demonstrates the increased breadth of our high conviction and thematic based investment strategies alongside major institutional partners such as KKR.”

The transaction builds on KKR’s strong track record in industrial real estate across Europe and is another example of KKR’s continued focus on the Nordic region, a key growth market for KKR’s European Real Estate platform. KKR’s recent Nordic Real Estate investments include the acquisition of a high-quality rental residential portfolio in Finland, a Purpose-Built Student Accommodation asset (PBSA) in Copenhagen, and a prime last-mile logistics property in Stockholm.

KKR is making the acquisition through its strategy focused on value-add and opportunistic real estate investments in Western Europe.

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 KKRs 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 Palm Capital

Palm Capital is a leading pan-European real estate investment and asset manager. It is headquartered in London, with local presence in Dublin, Madrid and Munich. Palm Capital currently manages approximately €1.5 billion of commercial real estate in the UK, Ireland and Continental Europe across several high-conviction investment strategies and multiple asset classes.

KKR: UK
Alastair Elwen / Jack Shelley
FGS Global
+44 20 7251 3801
KKR-LON@fgsglobal.com

KKR: Nordics
Ludvig Gauffin
Fogel & Partners
+46 70 222 60 30
kkr@fogelpartners.se

Source: KKR

 

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EQT to sell majority stake in real estate platform idealista in EUR 2.9 billion transaction

eqt
  • EQT, which acquired idealista in 2020 at a EUR 1.3 billion valuation, will retain an 18 percent stake
  • Cinven will acquire 70 percent of idealista; funds advised by Apax and Oakley will sell their shareholdings
  • Jesus Encinar, founder and Chairman of idealista, will also retain his stake and continue to lead the Company alongside the management team

EQT is pleased to share that the EQT IX fund (“EQT”) has sold its majority stake in idealista (the “Company”). The transaction values idealista, which is the leading real estate platform in Spain, Italy, and Portugal, at EUR 2.9 billion. Cinven has signed an agreement to acquire a 70% stake in the Company. EQT originally acquired idealista in 2020 in a deal that valued the firm at EUR 1.3 billion and will retain an 18 percent share in the Company following the transaction.

Bert Janssens, Partner and Head of the Private Equity Europe advisory team, said: “Over the past four years idealista has entrenched its leading position in the Spanish and Portuguese market and strengthened its presence in Italy, all while implementing new digital and sustainability initiatives that create a foundation for further growth. We believe strongly in idealista’s future potential and are excited to remain invested.”

Jesus Encinar, founder and Chairman of idealista, will continue to lead the Company alongside the existing team, added: “This is excellent news for idealista and our team. We’re pleased that EQT will remain a minority shareholder and look forward to continuing our successful partnership for the coming years.”

The transaction is subject to customary conditions and approval.

Contact
EQT Press Office, press@eqtpartners.com

About EQT
EQT is a purpose-driven global investment organization with EUR 242 billion in total assets under management (EUR 132 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

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CapMan Residential Fund makes its second investment in Sweden through the acquisition of a forward funding project in Ursvik, Sundbyberg

Capman

CapMan Residential Fund makes its second investment in Sweden through the acquisition of a forward funding project in Ursvik, Sundbyberg

CapMan Residential Fund acquires a forward funding project in Ursvik, Sundbyberg. The project is situated 10 km north of Stockholm city center and comprises 289 rental apartments, an underground parking garage with 85 parking spaces and two small commercial premises. The project is acquired from Reliwe, and the development and construction will be managed by Reliwe and Consto with expected completion in early 2027. Ursvik is a strong location in one of Sweden’s fastest-growing municipalities and offers excellent public transport connections for the residents in the area, ensuring convenient commuting to Stockholm city center and major hubs like Kista, Arenastaden and Bromma.

The acquisition is the ninth investment for CapMan’s pan-Nordic core residential fund. The investment fits well with the fund’s strategy to invest in attractive locations in the largest Nordic cities and in assets with strong sustainability profiles.

The asset will be certified with BREEAM, the Nordic Swan Ecolabel and aims to be EU Taxonomy aligned. It will achieve an EPC rating of level B at minimum and feature both geothermal heating and solar panels. Additionally, the future tenants will be provided with parking spaces equipped with EV chargers in the parking garage and have access to a car and bicycle pool, offering convenient and
eco-friendly transportation options.

“We are excited to secure our second investment in Sweden for our residential fund, marking the first within the Greater Stockholm area. This high-quality project is a fantastic addition to the existing portfolio and aligns well with the fund’s strategy to further expand its presence in Sweden. The strong sustainability profile of the project demonstrates our commitment to responsible investing,” says Pontus Danielsson, Investment Associate at CapMan Real Estate.

Since its inception in 2021, the open-ended core residential fund has successfully raised and invested nearly €1 billion of equity and aims to reach €2 billion by 2026. “We are excited about this investment and look forward to continue expanding our portfolio in Sweden and throughout the Nordics in the years ahead,” comments Magnus Berglund, Partner and Head of CapMan Real Estate Sweden and Norway.

“Our strong focus on asset quality and market selection gives us flexibility in different market conditions. We have built a dedicated investment and operating platform focused on the residential sector that enables us to develop properties at scale. As a developer, we are excited to continue supporting CapMan’s accelerated growth in the years ahead. We are impressed by the operating team at CapMan and look forward to working closely with them while delivering a fantastic residential project in Ursvik,” adds Gurmo Endale, Partner at Reliwe.

CapMan Real Estate manages approximately €4.4 billion in real estate assets, with a team of over 80 professionals located in Helsinki, Stockholm, Copenhagen, Oslo, London and Jyväskylä.

For further information, please contact:

Magnus Berglund, Partner and Head of CapMan Real Estate Sweden and Norway, +46 70 786 68 08

Pontus Danielsson, Investment Associate at CapMan Real Estate, +46 70 385 58 00

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €5.7 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Our service business includes procurement services. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

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CapMan Real Estate signs 20-year lease agreement with Nobis in Stockholm

Capman

CapMan Real Estate signs 20-year lease agreement with Nobis in Stockholm

CapMan Real Estate and Nobis Hospitality Group have entered a 20-year lease agreement for a new hotel operation in the Royal Haga project in Stockholm. The historic property Solna Kasernen 1 will become a unique facility with a hotel, restaurant, spa, conference rooms and offices.

The property is located in Hagaparken in Stockholm, offering an excellent location by Brunnsviken with proximity to both nature and the city. CapMan will initiate an extensive refurbishment to create a unique world-class destination hotel, and the facility is expected to open after the summer of 2025. The historic building was constructed between 1917-1922 as a military regiment and has previously been used as office space and for hotel operations. The newer part of the hotel was built in the 1990s and has been renovated in various stages. Kasernen 1 was named after the military activities conducted on the property until the early 1970s.

A destination for all purposes

When renovated, the hotel will have 215 rooms, large social areas, and a fantastic spa facility that will be one of the largest in Sweden with an accompanying wellness club. A high-standard restaurant will also be part of the hotel and open to both hotel guests and the public.

“We are excited to finally announce that Nobis will operate the hotel and attract new visitors to Royal Haga. We look forward to taking the next step for this historic building by offering fantastic facilities for future tenants and visitors. We see enormous potential in the property, combined with its unique and beautiful location in Hagaparken in Stockholm”, says Kajsa Bagler at CapMan.

“We are happy to collaborate with CapMan on this project. This hotel facility has a huge potential, and we are looking forward to creating a destination that will offer high-quality experiences”, says Alessandro Catenacci, owner of Nobis Hospitality Group.

CapMan will completely refurbish the property to elevate the hotel to a high international standard. Demolition and reconstruction work has already begun and will resume in full scale after the summer. When acquiring the property in the fall of 2022, CapMan identified investments to make the property more energy-efficient, and this work will continue until the new facility opens to the public. The green transition will enable the building to be certified according to BREEAM In-Use.

CapMan and Nobis plan to present more detailed information about the upcoming destination hotel during the fall of 2024. Further information about the facility will be communicated continuously, including the opening date, official names of the hotel and office, and illustrative concept material for the new operations.

If you are interested in leasing an office with comprehensive services available within the building, please contact Kim Grüneberger at +46 72 161 14 42. For more information, please visit www.royalhaga.se/office.

CapMan Real Estate manages approximately €4.4 billion in real estate assets, with a team of over 80 professionals located in Helsinki, Stockholm, Copenhagen, Oslo, London and Jyväskylä. The property Solna Kasernen 1 was acquired by the CapMan Nordic Real Estate III Fund in 2022.

For further information, please contact:

Kajsa Bagler, Investment Manager, CapMan Real Estate, +46 76 850 98 94

Magnus Berglund, Partner, Head of CapMan Real Estate Sweden and Norway, +46 707 866 808

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €5.7 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Our service business includes procurement services. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

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CapMan Real Estate announces strategic promotions and new role to bolster Nordic asset management

Capman

CapMan Real Estate announces strategic promotions and new role to bolster Nordic asset management

CapMan Real Estate makes key organisational enhancements including the introduction of a new leadership role to streamline Nordic asset management operations and support continued expansion.

Over recent five years, CapMan Real Estate has experienced substantial growth, with gross asset value under management surging by over €1 billion, reaching approximately €4.4 billion. The pan-Nordic team has also seen significant growth, now comprising nearly 80 professionals. To ensure smooth and efficient operations that support future growth, the company has made key organisational enhancements.

Effective 1 June 2024, Juhani Erke steps into the role of Chief Asset Management Officer (CAMO), overseeing asset management operations across the Nordic region. A CapMan team member since 2005, Erke will continue to serve on the CapMan Real Estate investment committee alongside CEO Mika Matikainen, CIO Torsten Bjerregaard, and COO Ilkka Tomperi. Erke’s extensive background in asset management and his long tenure as Head of Finland made him a perfect fit for this new position.

“CapMan Real Estate’s commitment to a fully vertically integrated business model, complete with an in-house asset management team, has been a cornerstone of our operations. The current expansion necessitates enhanced coordination of asset management activities across the Nordics. I am eager to collaborate with our local teams to foster a more streamlined asset management framework,” stated Erke.

With Erke’s transition to CAMO, Aleksi Konsti will assume the roles of Deputy Head of Finland and Head of Transactions, Finland, starting 1 October 2024. Erke will maintain his position as Head of Finland during the interim period.

Concurrently, CapMan Real Estate has promoted Investment Directors Marcus Lotzman and Hasse Wulff to the newly established positions of Head of Transactions Sweden and Head of Transactions Denmark, respectively, starting 1 June 2024. Their extensive experience and tenure at CapMan are invaluable assets to their new roles.

Magnus Berglund and Peter Gill will continue as Head of Sweden and Norway and Head of Denmark, respectively. Additionally, Anna Rannisto has been promoted to Sustainability Director, effective 1 April 2024. Under her capable leadership, CapMan Real Estate has made significant strides in establishing its sustainability objectives and effectively implementing its strategic plan.

“These strategic appointments and our recent talent acquisitions are instrumental in sustaining our growth trajectory. They enhance our ability to leverage the collective expertise of our Nordic team, fostering greater knowledge exchange and collaboration across CapMan Real Estate’s offices,” added Ilkka Tomperi, COO of CapMan Real Estate.

For further information, please contact:

Ilkka Tomperi, COO, CapMan Real Estate, +358 50 379 1903

Juhani Erke, CAMO and Head of CapMan Real Estate Finland, +358 50 549 5104

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €5.7 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Our service business includes procurement services. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

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