London office sells for £292 million · Patrizia achieved a total real estate transaction volume...

The global home of insight and analysis on Real Estate.

Sign up for free and join an international

network of experts at www.infabode.com

realestateinvestmentimes.comThe primary source of global real estate investment news and analysis

TH Real Estate has sold One Kingdom Street, London, for £292 million, on behalf of the Cityhold Office Partnership (CHOP).

The office building was acquired by Hong Kong investor C C Land Holdings, and comprises 264,898 square feet of grade-A office space.

The sale represents a net initial yield of 4.86 percent and a capital value of £1,100 per square foot.

Located in Paddington, the office provides transport links to Heathrow and the South West, and has a weighted average unexpired lease term of six-and-a-half years.

According to TH Real Estate, the manager plans to reinvest the earnings in cities throughout Europe.

London office sells for £292 million

Jasper Gilbey, fund manager for CHOP at TH Real Estate, commented: “The sale of One Kingdom Street is further evidence of CHOP seeking to realise performance once asset management initiatives have been successfully implemented.”

Peter Neal, senior portfolio manager at TH Real Estate, added: “We are delighted to have sold One Kingdom Street.”

“This sale marks the end of the London disposal programme, having sold the Peak in Victoria in December last year for £145 million.”

Michael Elliott of JLL and Ashurst acted for TH Real Estate.

Kieran Cotter & Co and Addleshaw Goddard represented C C Land Holdings.

ISSUE12 21 February 2017

Patrizia’s exceedingly good preliminaries

Patrizia, the pan-European investment manager, exceeded its profit forecast for 2016 with an operation income of €283 million, compared to its initial prediction of €265 million.

Patrizia achieved a total real estate transaction volume of €7.2 billion in 2016, closing transactions of €5.1 billion and signing off on a further €2.1 billion, the majority of which are expected to be closed in 2017.

Residential and commercial real estate of €3.2 billion was acquired on behalf of several investment vehicles, and sale of properties generated €1.9 billion.

Assets under management increased from €16.6 billion in 2015 to €18.6 billion by year-end 2016.

In addition, €2.2 billion in funds was raised from global investors in 2016, up from €1.5 billion in 2015.

Continued on page 2

Atlanta office sells for $83.4 million

KBS Capital Market Group’s (CMG) KBS Strategic Opportunity Real Estate Investment Trust (REIT) has acquired Crown Pointe in Dunwoody, a northern suburb of Atlanta, for $83.4 million.

The 499,968-square foot office property is located in Atlanta’s central perimeter sub-market, and comprises of two buildings.

According to KBS CGM, the trust is planning to make improvements to the property, which already features a fitness centre, business centre and garage and surface parking.

Located at 1040 and 1050 Crown Pointe, the building is well connected to the GA 400 and I-285 highways as well as the Sandy Springs metro station.

Jeff Rader, senior vice president at KBS and asset manager for the property, said: “We look forward to expanding KBS’s footprint in the Atlanta area with the acquisition of Crown Pointe.”

Continued on page 2

http://www.infabode.com

Latest News

2

Patrizia’s exceedingly good preliminaries Continued from page 1

The performance was partly attributed to a strong Q4 2016, and also to increased transaction volumes and higher management fees. Management fees totalled €189 million in 2016, up from €165 million in 2015, representing an increase of 14 percent.

Karim Bohn, CFO of Patrizia, said: “The size and quality of Patrizia’s results in recent years confirms the successful implementation of the European strategy and the scalability of the operational platform.”

He added: “This achievement demonstrates that Patrizia is today perceived as one of the leading investment managers in Europe and first choice for European investments, including for global investors.”

Atlanta office sells for $83.4 millionContinued from page 1

Rader added: “Metro Atlanta’s thriving economy and job base, combined with its high-quality and lower cost of living, make it an ideal location to recruit top talent.”

“The central perimeter submarket has been evolving into a bustling, 24/7 environment and is considered one of the Southeast’s largest employment centres.”

Allianz enters Spanish office market

Allianz Real Estate has issued a €155 million loan to La Finca Global Assets, entering the Spanish office market for the first time.

The deal is part of a €395 million refinancing of LaFinca GA’s office assets, with Allianz as the main lender. It is the third real estate debt transaction closed by Allianz Real Estate in Spain, and the first loan related to office space.

LaFinca GA’s business comprises of 230,000 square metres, which are more than 90 percent occupied. The company’s main shareholders are Grupo LaFinca and North American fund Värde.

Miguel Torres, head of Iberia at Allianz Real Estate, said: “Grupo LaFinca has demonstrated over more than 40 years of experience its capacity to develop high-quality offices endowed with the conditions demanded by the companies of today, so we are fully confident in the value of our investment, and we hope to expand our relationship with them in the long term.”

Susana García Cereceda, chair of Grupo LaFinca and LaFinca GA, said having a partner such as Allianz Real Estate “endorses our company and our ability to successfully manage our assets”.

PGIM RE invests $12 billion

PGIM Real Estate completed more than $12 billion in transactions worldwide in 2016.

The real estate investment business of PGIM invested more than $12 billion across 220 transactions in 2016.

The transactions spanned the Americas, Europe and Asia Pacific regions, including investments in real estate equity and debt and property dispositions.

The US and Europe accounted for most of the activity. PGIM Real Estate invested more than $8 billion in 120 US transactions, and approximately $2.5 billion through 70 Europe transactions.

More than $400 million was invested in Latin American transactions, primarily in Mexico, while approximately $1 billion went to the Asia Pacific, mainly split between Japan, China, South Korea and Malaysia.

A further $700 million was invested in debt strategies, primarily across the UK, Germany and the US.

Hermes strengthens debt strategy

Hermes Investment Management (IM) has provided a £10.38 million loan to Compagnie Du Parc, a private real estate investment firm, to support its Last Mile portfolio of light industrial properties in Greater London.

The agreement, which works out at 65 percent loan-to-value over five years, brings Hermes IM’s total investment in the UK real estate senior debt market to £360 million, across 14 loans.

Compagnie Du Parc has completed €2 billion in transactions over 30 years of property investment. Through the loan, it will refinance its existing debt, acquire a further industrial estate and pursue new asset management initiatives.

Vincent Nobel, head of real estate debt at Hermes IM, said: “Compagnie Du Parc has a proven track record in the light industrial sector—particularly in London—where this sector is delivering great opportunities for both equity and debt.”

Inside real estate investment times ISSUE12 21 February 2017

Latest NewsUnion Investment has acquired the Uarda 7 in Stockholm, for approximately €121 million, from Swedish developer Fabege

page 4

Latest NewsM&G Real Estate has acquired a shopping centre and two office buildings in Germany, for a combined total of €205 million

page 5

Industry EventsMIPIM 2017, the 5th Asia Pacific Real Estate Investment Summit, and more

page 10

Deal SheetM7 Real Estate, Rockspring Property Investment Managers, AEW and Capital & Regional all feature

page 4

Milan FocusAlready the jewel in Italy’s fashion and design crown, Milan is a cut above in the country’s real estate sector, as experts reveal

page 6

Industry AppointmentsComings and goings at Greystar, AXA IM, Capital & Regional, Barings and more

page 12

Deal Sheet

Latest News

4 5

“In a period of increased political change, bringing with it heightened uncertainty to some aspects of business and the economy, we look forward to continuing to construct a defensive loan portfolio by making further investments in 2017.”

Jonathan Coenca, director of Compagnie Du Parc, commented: “We are seeing unprecedented shortage of urban industrial space across Greater London. Rental values are being pushed by the increase in online sales and the London demographic trend.”

“London’s greatest challenge is to welcome two million new Londoners, and Compagnie Du Parc is dedicated to deploy its expertise, capital and network to leverage this opportunity.”

New specialist fund for BKM

BKM Capital Partners has launched its second institutional fund, BKM Industrial Value Fund II, targeting light industrial business parks across Western US.

The new fund will target $300 million in equity commitments, and $850 million in buying power. It will invest in the acquisition, improvement and respositioning of multi-tenant light industrial and small and mid-bay industrial warehouses.

According to BKM, this is in line with the fund manager’s strategy of investing in distressed assets that can be renovated and re-tenanted to increase value.

BKM closed its debut fund in February 2016, having raised $105 million in fund equity and $30 million in co-investment equity.

Brian Malliet, CEO and co-founder of BKM Capital Partners, said: “There is a disconnect in the market in our niche asset class that has allowed us to consistently acquire these properties at a significant discount to replacement cost and peak pricing.”

He added: “We have a deep pipeline of opportunities, which is why we have more than doubled our target equity goal for Fund II.”

Nima Taghavi, executive chairman of BKM Capital Partners, said: “The key to our platform’s success is our specific focus on multi-tenant light industrial assets, a strict underwriting discipline with a meaningful amount of margin of safety in all of our assumptions and an intensely hands-on approach with our asset management and property management.”

Currently, BKM’s portfolio consists of 18 properties in Seattle, Phoenix, Las Vegas, and California.

Union buys Uarda 7 office for €121 millionReporter: Theo Andrew | Stockholm

Union Investment has acquired the Uarda 7 (U7) in Stockholm, for approximately €121 million, from Swedish developer Fabege.

The office property, a 17,400-square metre space located in the office submarket of Arenastaden, in the north of the city, was bought on behalf of the open-ended fund UniInstitutional European Real Estate.

Completed in April 2016, the building has a Building Research Establishment Environmental Assessment Method rating of very good.

Tenants include Swedish state lottery company Svenka Spel, KPMG and French catering provider Sodexo, which also operates a restaurant on the ground floor.

The property is in easy reach of the country’s largest multifunctional event space and a regional railway station.

The Arenastaden area is set to be fully developed by 2022, featuring a mixture of office, retail and residential buildings.

Union Investments now holds over €400 million of real estate assets under management in Sweden. The UniInstitutional European Real Estate fund has 52 properties in 14 countries, worth a total of around €2.7 billion.

Christoph Schumacher, a member of the management team at Union Investment Institutional Property, said: “The acquisition of U7 means that investors in UniInstitutional European Real Estate can now also benefit from exposure to the strong Swedish property market via this modern office building.”

M7 Real Estate has made the first acquisition on behalf of its latest UK fund, purchasing £7 million worth of assets in Hull and Deeside.

The fund, M7 Real Estate Investment Partners VI, has acquired The Mash, 32,650 square feet of office accommodation in Hull, for £4.5 million, and the Parkway Business Centre in Deeside, Wales, a 50,584-square foot space for a further £2.65 million.

The Mash, reflecting a net initial yield of 11 percent, is fully let to Wescot Credit Services, with a weighted average unexpired lease term of 4.7 years. It was converted for office use in 2010.

Parkway Business Centre, raising a net initial yield of 8.8 percent, is currently 89.5 percent let to a variety of tenants. The fund has already targeted a number of opportunities to drive value.

According to M7, the purchases are in line with the fund’s strategy targeting multi-let, higher-yielding secondary real estate on behalf of high-net worth investors.

Rockspring Property Investment Managers has sold a French logistics portfolio for €233 million, on behalf of its Rockspring TransEuropean Property Partnership V LP (TEP V) fund.

The portfolio of seven properties totals around 300,000 square metres. It was acquired by real estate funds managed by Blackstone.

All of the properties are located around Paris and Lyon, the largest being the 142,313-square metre Paris-Oise Logistics Park in Longueil Sainte Marie just outside of Paris.

TEP V assembled the portfolio between December 2012 and September 2015, and has implemented re-tenanting, increased occupancy levels and extended lease durations.

Latest News

5

Hermes provides £29 million to finance London purchases

Hermes Investment Management (IM) has provided a €29 million loan to joint venture between Thor Equities and Chenavari Investment Managers (IM), funding their acquisition of 145-155 Wardour St, London.

It is the third financing deal that Hermes IM has provided to the joint venture, following the financing of two central London properties, 145 Oxford St and Dover St, last year.

The loan is made up of an acquisition tranche and capex tranche to support the refurbishment and leasing plans of the joint venture.

Hermes IM has now invested £360 million in the UK real estate senior debt market across 14 loans.

Vincent Nobel, head of real estate debt at Hermes IM, said: “Providing funding for Thor Equities and Chenavari Investment Managers, to help support the refurbishment and leasing plans for 147-155 Wardour St, will allow the joint venture to continue its strong European growth story.”

“Their recent record of accomplishment for projects of this nature and our experience of working with them on the 145 Oxford St and Dover St transactions, gives us great confidence in their ability to transform this asset,” Nobel said.

“The loan structure fits nicely within our revised lending mandate, allowing us to invest anywhere within the real estate capital structure.”

Sam Mellor, partner at Chenavari IM, said: “151 Wardour St is an exciting opportunity and is in line with Chenavari’s investment strategy which focuses on targeting value-add propositions in core locations across the UK and Europe.”

UK grants CACEIS UCITS approval

CACEIS’s UK branch has received regulatory approval to provide depository services to UCITS funds.

The Luxembourg-based bank opened its London office in July 2015, and already provides depository and custody services for alternative investment funds in the UK.

This latest regulatory approval gives CACEIS the chance to add to its current market coverage of €964 billion in assets under depository. In August, CACEIS has also recruited Tom Finch as its new head of depository, risk and compliance in the UK.

M&G invests €205 million in GermanyReporter: Theo Andrew | London

M&G Real Estate has acquired a shopping centre and two office buildings in Germany, for a combined total of €205 million.

The Luisenforum Shopping Centre in Wiesbaden, which has been acquired for more than €140 million, is a 34,320-square metre shopping centre and office complex. The property is located in a prime pedestrian area, and houses a diverse range of tenants.

The two office properties, Ridlerstraße 55 in Munich and the Mainzer Landstrsaße 61 in Frankfurt, were acquired for €40 million and €20.75 million, respectively.

The former, located in the well-established Westend district of Munich, is a 12,012-square metre, recently-modernised office let to nine tenants.

The latter, a 6,246-square metre office located in Frankfurt’s banking district, has tenants including the State Bank of India, corporate lawyers Ritterhaus and financial services company FIB Management.

M&G has invested €1 billion of capital in its core European strategy since March 2015, including the acquisition of the largest retail park in Italy for €208 million and a further €190 million invested in commercial property in Paris, Barcelona and Copenhagen.

David Jackson, fund manager at M&G Real Estate, said: “Key markets in Europe, and especially Germany, are now experiencing stronger tenant demand and take-up, which is fuelling rental growth and driving long term income returns.”

TEP V is the fifth fund in Rockspring’s TransEuropean series.

To date, it has invested around €690 million in the UK, France, Switzerland, Germany, Sweden and the Netherlands.

In July 2016, Rockspring completed the final close of its TEP VI fund.

AEW has completed the sale and leaseback of a logistics asset in Northern Italy, on behalf of the Logistis fund.

Logistis acquired the 127,100-square metre site from third-party logistics operator DSV.

The asset is now leased entirely to DSV.

Located in San Pietro Mosezzo, 60km west of Milan, the logistics campus is located close to the A4 motorway that links Turin and Milan, and easily accessible from both Milan Malpensa Airport and the port of Genova.

The sale and leaseback brings Logistis’s presence in Italy to around 330,000 square metres in assets under management.

It also strengthens the fund’s existing relationship with DSV.

Logistis completed a €400 million capital raise in July 2016, meaning it had a combined investment volume for 2015 and 2016 of €1.5 billion.

Capital & Regional has completed the sale of the Buttermarket Centre in Ipswich to the National Grid Pension fund for a total of £54.7 million.

The 235,000-square foot centre was sold at an equivalent yield of 5.9 percent and Capital & Regional expects to make an internal rate of return (IRR) of 40 percent on the total investment.

The initial consideration for the centre was £19.6 million, after repayment of associated debt of £19.9 million. A further £8 million will be paid on completion of a letting programme for the centre.

Net proceeds for Capital & Regional are likely to be £13.5 million, of which £9.8 million was received on closing. According to Capital & Regional, the proceeds will be put into new investment opportunities.

Do you have a deal we should cover?Let us know via:[email protected]

Country ProfileStephanie Palmer reports

6

It may be the second city of Italy, but Milan still boasts enviable architecture and a buzzing business environment, while, of course, remaining the undisputed capital of style. In 2017 so far, the city has also been a hub of institutional real estate activity.

In January, a new fund belonging to Barings Real Estate Advisors invested €44.35 million into a nine-storey office building with retail space, while Italian property investor and manager COIMA RES finalised an agreement to purchase two office buildings for €46 million, excluding taxes. Leased long-term to the BNL – BNP Paribas Group, the buildings are expected to generate €3.5 million in gross annual rent.

February saw AEW facilitate the sale and leaseback of a 127,000-square metre logistics facility in San Pietro Mosezzo, 60 kilometres west of Milan, on behalf of the Logistis fund. The site was acquired from, and

then entirely leased back to, third-party logistics operator DSV, and brought Logistis’s assets under management in Italy to more than 330,000 square metres in total.

Tom Leahy, senior director of analytics for Europe, the Middle East and Africa at Real Capital Analytics (RCA), says: “There has certainly been an increase in interest in Italian real estate in the last 24 months, especially from overseas investors, which has pushed down yields significantly. Although a domestic REIT sector is emerging and that will change market dynamics.”

The market is rich for investment, and the industry is paying attention. Massimiliano Bernes, managing director and country head of Italy at AEW Europe, notes an uptick in interest in the Italian market in general, with an overall volume of €10 billion transacted on the Italian market in 2016. AEW

Already the jewel in I ta ly ’s fashion and design crown, Mi lan is a cut above in the country ’s real estate sector, as exper ts reveal

One in a Milan

With more than 1,300 professionals exclusively focused on servicing Canadian investors and globalinvestors into Canada, CIBC Mellon can deliver on-the-ground execution, expertise and insights to helpclients navigate the Canadian market. Leveraging the technology and scale of BNY Mellon, a globalleader in investment servicing, and the local presence of CIBC, one of Canada’s leading fi nancialinstitutions, CIBC Mellon has the experience and the capabilities to help you succeed in Canada.

Learn more, contact:Shane Kuros at +1 416 643 6365www.cibcmellon.com

©2016. A BNY Mellon and CIBC Joint Venture Company. CIBC Mellon is a licensed user of the CIBC trade-mark and certain BNY Mellon trade-marks, is the corporate brand of CIBC Mellon Trust Company and CIBC Mellon Global Securities Services Company and may be used as a generic term to reference either or both companies.All products or services provided by any of CIBC Mellon, CIBC or BNY Mellon or parties related to them are governed solely by the terms of the written agreements they enter into in such respect, which do not include the material contained in this document.”

A Canadian Leader in Investment Servicing

Alternative investment services Data analytics2

Brokerage1 Investment fund services

Broker-dealer clearing MIS (Workbench, STP scorecard, trade match report card)

Canadian correspondent banking1 Real estate fund services2

Canadian custody and sub-custody Securities lending2

1 Provided by CIBC2 Provided by BNY Mellon

https://www.cibcmellon.com/en/home.jsp

A global player in asset servicing...Offering leading value in investor services demands constant

evolution. At CACEIS, our strategy of sustained growth is helping

customers meet competitive challenges on a global scale. Find out

how our highly adapted investor services can keep you a leap ahead.

CACEIS, your comprehensive asset servicing partner.

... and climbing.

ww

w.m

unie

r-bb

n.co

m

www.caceis.com

Caceis adv climb EN 203x267H.indd 1 18/04/2016 10:16

Country Profile

8

transacted approximately €175 million in the Italian market. The majority of this is focused on Milan, Bernes says. In a nation of varying economic environments, the metropolitan area of Milan has a strong GDP pro capita and a solid industrial and services sector.

Bernes says: “The Milan economic environment stands out compared to Italy as a whole. It’s less volatile and there is an acceptable office vacancy rate, which keeps the demand steady and the rental values at a reasonable level.”

Equally, Bernes calls Milan “the real business capital of Italy”, housing most of the major banks, insurance companies and financial entities.

In terms of investment capital, according to data from RCA, significantly more is coming into Milan rather than Rome. In 2016, €3.56 billion was invested into Milan, almost twice the €1.96 billion invested in Rome.

This figure is also significant when compared to the €4.87 billion that was invested into the rest of Italy combined.

In Milan, the majority of investment, €2.52 billion, went into office assets, compared to €605.38 million that was invested into the retail space and €428.84 billion into ‘other’ property types.

This trend is echoed in Rome, where €900.92 million was invested into office assets, €614.56 million was invested into retail assets and €441.07 million went into other assets.

In the rest of Italy, however, other assets accounted for the majority of capital invested—€1.98 billion—followed closely by the retail sector, which saw investment of €1.92 billion. In contrast to the Milan and Rome markets, office assets trailed these sectors, accounting for €969.64 million.

It perhaps comes as no surprise that the Milan office sector is so significantly larger than that in Rome—or the rest of the country for that matter. According to Bernes, office rentals in Milan have reached record peaks of €500 per square metre.

However, he notes that the Roman office market is potentially more stable, and that it boasts a low vacancy rate of between 6 and 7 percent.

Bernes says: “This is mainly because a great majority of office spaces are tenanted by the state, that means that it’s more stable, by definition.”

“In Rome, there are a lot of corporate headquarters, but generally they are companies that have to be in contact with the state, and geographically close to public activities—they’re not the large financial institutions.”

There is far less discrepancy in the retail space, with capital invested into the sector in Milan and Rome hovering around the €600 million mark, while the combined rest of Italy saw more than €1.9 billion.

This suggests that, while office investment may be concentrated in the regional metropolises, retail interest extends to smaller cities—and a lot of this comes down to tourism.

According to Bernes, while Milan and Rome are among the top European cities for tourism, so too are the likes of Florence and Venice.

Bernes says: “While internal consumption may not always account for much, Italy has a strong expenditure from tourists, that’s why high street assets are highly valuable.”

Even in Milan and Rome, while there may be fewer transactions in the retail space, “this is simply because it represents quite a conservative product”.

“In this period of political and economical uncertainty, retail property represents a defensive strategy for investors. Those who own it try to keep it,” Bernes explains.

The overseas contingent is also having a significant effect on the real estate space as a whole, with European cross-border investment almost keeping pace with domestic, and both seeing significant increases over the last three years.

According to the RCA data, domestic investment into Italian real estate in 2014 totalled €1.64 billion, while investment from cross-border European, or continental, entities reached €1.58 billion.

In 2015, however, both domestic and continental investment saw considerable increases, reaching €3.65 billion and €3.03 billion, respectively.

While 2016 also saw an increase, the jumps were less drastic, with domestic investments totalling €3.97 billion and continental investments reaching €3.9 billion.

The story looks very different for cross-border investors from outside of Europe. Global, excluding Europe, investment into the Italian market totalled €2.95 billion in 2014, and jumped to €4.54 billion in 2015.

In 2016 global investment nose-dived again to a total of €2.51 billion.

Leahy says: “Although there is relatively strong demand, this is still a small market and the amount of investable, institutional-grade property is quite low compared with elsewhere. That is probably holding back volumes.”

Bernes, however, suggests that European cross-border interest has been maintained because the Italian market can still provide spread compared to other European cities, “so the premium for risk is more acceptable, and more interesting, in Italy”.

That said, he also notes that Italian institutional investors tend to shy away from blind pools, and that this reluctance creates more work for the portfolio managers.

“This means the managers mainly deal in large sale and leaseback transactions, and then report this to their investors. The investors then commit the equity only when the manager has already identified the product. This makes things a little bit more difficult.”

There is also, of course, the possibility that the current political situation in Europe has made the continent less attractive to non-European investors as a whole, and that the dip in wider international investment is not one that’s contained to Italy alone.

The UK’s vote to exit the EU in June 2016 rocked the markets, while major 2017 elections in Germany, the Netherlands and France have the potential to cause yet more upset.

Bernes maintains that, notwithstanding its referendum on the reform of parliamentary powers and the subsequent resignation of Prime Minister Matteo Renzi, the market in Italy will remain “more or less stable”.

He says: “In terms of the political Italian environment, we are quite used to instability and ungovernability, so the Italian referendum did not change much, and neither will an unanticipated election.

“I’m quite confident that things won’t get worse. We have only the chance to improve.”

“For some asset classes there will be an impact, but there will also always be recovery.” REIT

http://www.caceis.com/

A global player in asset servicing...Offering leading value in investor services demands constant

evolution. At CACEIS, our strategy of sustained growth is helping

customers meet competitive challenges on a global scale. Find out

how our highly adapted investor services can keep you a leap ahead.

CACEIS, your comprehensive asset servicing partner.

... and climbing.

ww

w.m

unie

r-bb

n.co

m

www.caceis.com

Caceis adv climb EN 203x267H.indd 1 18/04/2016 10:16

http://www.caceis.com/

Industry Events

REIT is present at all of the major real estate investment events around the world. Make sure you pick up a copy of the latest conference issue

Make sure you catch a copy ofReal Estate Investment Times

March

14-17

MIPIM 2017France

mipim.com

March

31

5th Asia Pacific Real Estate Investment Summit

The Philippines

aprea.asia

May

15-17

European Pensions & Investments Summit 2017

Switzerland

events.marcusevans-events.com/epi2017/

June

01

5th Real Estate Crowdfunding SummitUSA

iglobalforum.com

14-17 MARCH 2017

the world’s leadingproperty market

Palais des FestivalsCannes, Francemipim.com

Position your companyinternationally

90 COUNTRIES

Source capitaland strike deals

5,300INVESTORS

Discover prime projects,buildings and assets

19,000 M2EXHIBITION AREA

Meet the industry leadersand decision makers

23,000REAL ESTATE PROFESSIONALS

Increase your network

1,000,000BUSINESS CARDS EXCHANGED

Register now online orcontact our Sales [email protected]

http://www.mipim.com/

1312

Global real estate investor Greystar has appointed David Rothwell as development manager, a newly created position within the multifamily and student development team.

Rothwell joins from Aspire DM where he was a development manager, and was previously at CBRE for nearly a decade. A qualified chartered surveyor, Rothwell has been involved in a number of mixed-use residential schemes in London and the South East.

According to Greystar, Rothwell will target acquisition of 10,000 apartments to its rental portfolio over the next four years. He will report to development director Michela Hancock.

Hancock said: “David Rothwell is a great addition to the team and he brings a wealth of residential experience to Greystar. His passion for placemaking, efficient design and commitment to creating sustainable communities will be an incredible asset to the business as we embark on a significant programme of investment in rental housing.”

UBS Asset Management (Italia) has appointed Vincenzo Nocerino as head of transitions, to join its real estate and private markets (REPM) business.

Nocerino will report to the head of real estate for Italy, Marco Doglio, and will be the latest addition to REPM’s team of ten.

Based in Milan, Nocerino will be responsible for growing REPM’s investment operations through his industry relationships built over ten years of experience in the market.

Comings and goings at Greystar, AXA IM, Capital & Regional, Barings and more

The move comes after UBS Asset Management was awarded two major mandates in Italy, targeting more than €1 billion of assets under management.

Doglio said: “Vincenzo Nocerino joins with a wealth of relevant experience of the Italian real estate investment market, as well as an in-depth knowledge of the institutional landscape.”

AXA Investment Managers (IM) has promoted Isabelle Scemama to be CEO of its real assets department, replacing Pierre Vaquier, who is leaving the firm.

Scemama has worked at AXA IM for 15 years, joining in 2001 as head of the company’s real estate fund structuring and financing practice.

Most recently, she was CEO of the AXA IM - Real Assets French regulated entity, responsible for the funds group that deals with core, value-add and development funds.

Vaquier has been with AXA IM since 1993, and has been CEO of the real assets division for the last 10 years.

He is stepping down to explore new opportunities.

Scemama commented: “Looking ahead, I am confident that the company will be able to capitalise on the distinctive strengths it has continued to establish and reinforce, year after year, while further addressing our clients’ needs and facing the new challenges of our industry.”

Industry Appointments

Industry Appointments

13

M7 has expanded its European presence, opening a new office in Helsinki and appointing Joona Suomela as country manager for Finland.

The new opening follows M7’s investment of around €80 million in the Nordics, on behalf of its M7 European Real Estate Investment Partners IV fund.

This means the investor now has assets under management totalling around €286 million.

Suomela brings more than 13 years of experience in the real estate sector. He joins M7 from Elite Varainhoito Oyj, where he was head of real estate investment management.

M7 has also appointed Tuomas Hulkkonen as an asset manager in the Finland office. Hulkkonen joins from Newsec, a large specialised commercial property fund in the Nordics, where he was a key account manager.

Mette Seifert, managing director of M7 Denmark and head of Nordics, said: “We have been active in Denmark since 2013 and Finland is the natural next step following the increased focus on the region from M7’s capital partners, as well as new investment strategies, sectors and third-party asset management mandates.”

UK-focused retail real estate investment trust Capital & Regional has appointed Lawrence Hutchings as chief executive, amid a shake-up of senior leadership.

Hutchings will replace Hugh Scott-Barrett, who is becoming non-executive chairman. Scott-Barrett takes the place of John Clare, who has announced he will be retiring this year.

Clare is stepping down as non-executive chairman after seven years in the role, while Scott-Barrett has held the chief executive position for almost nine years.

All of the new positions are effective as of 13 June.

Hutchings joins Capital & Regional from Blackstone in Australia, where he was managing director.

He brings over 20 years of experience in the property industry, including in the UK and European real estate markets.

According to Capital & Regional, the changes are intended to balance the introduction of new talent with industry experience.

Hutchings commented: “Capital & Regional is a highly entrepreneurial and well-regarded business with a strong track record of delivering accretive asset management and development initiatives. The company also has a great portfolio which offers many opportunities and I am extremely excited to have the opportunity to lead the company as it enters its next phase of growth.”

Clare said: “It has been a great privilege to have been Chairman of Capital & Regional at a time of significant change. I wish both Lawrence and Hugh every success in their new roles.”

Barings has appointed Carlos de Oya as director for asset management in Spain, as part of an ongoing expansion of its European operations.

De Oya joins from REDEVCO, where he was an investment manager. In his new role, he will be responsible for identifying new investment opportunities and delivering asset management projects in the Iberia area.

Barings has had a presence in Spain since it opened its Madrid office in late 2015. It made its first acquisition in the Spanish market in July 2016 with the purchase of a prime retail property in Madrid.

In his new role, de Oya will report to Adolfo Favieres, country head of Spain.

Favieres said: “At a time when the Spanish economy is making a strong cyclical recovery, expanding faster than the rest of the eurozone, we are looking to take advantage of less obvious opportunities within the market.”

“De Oya has a proven track record spanning two decades in Spanish real estate, so we are excited to start working with him as we continue to grow our operations and strengthen our team in Madrid.” REIT

Group Editor: Mark [email protected]+44 (0)203 750 6017

Deputy Editor: Stephanie [email protected]+44 (0)203 750 6019

Reporter: Theo [email protected]+44 (0)203 750 6017

Contributors: Drew Nicol, Becky Butcher, Katherine Brown

Marketing Director: Steven [email protected]+44 (0)203 750 6028

Designer: James [email protected]+44 (0)203 750 6028

Publisher: Justin [email protected] +44 (0)203 750 6028

Recruitment Manager: Chris [email protected]+44 (0)203 750 6024

Office Manager: Chelsea [email protected]+44 (0)203 750 6020

Twitter: @REITimes

Office fax: +44 (0)20 8711 5985

Published by Black Knight Media LtdCopyright © 2017 Black Knight Media Ltd.All rights reserved.

London office sells for £292 million · Patrizia achieved a total real estate transaction volume...

Documents

Transcript of London office sells for £292 million · Patrizia achieved a total real estate transaction volume...