Market criteria
Description of various baskets of capital:
Curzon Capital Partners II (CCP II):
This is a follow up to CCP which was a pan-European diversified fund focused on core-plus single asset investments. The investment strategy for CCP II will be similar to that of CCP which was focused on assembling a portfolio of international grade office, logistics and retail properties by either acquiring, forward-purchasing or refurbishing assets in stable and improving real estate markets & economies.
General requirements:
- Emphasis on office and logistics properties, though not restricted on these asset type.
- Transaction amounts of €15 million to €150 million.
- Flexible with respect to the trade-off between current cash and growth in capital value of the investment ( i.e. a total return investor).
- Either direct investment or via partnerships with local operating partners (depending on the complexity of the transaction).
European Property Investors (EPI):
EPI is focused on sourcing portfolio transactions from companies looking to refocus their business on core activities and unleash the capital retained in real estate to fund growth of core business. AEW Europe, through EPI, will strive to be a long term business partner providing businesses with a systematic method to finance their expansion and achieve their core business goals while still giving the firm control over their assets via term long leases.
General requirements:
- Focused on "middle market", value-added sale leaseback transactions €100-€500 million in size.
- Tend to be negotiated, off-market transactions.
Fonciere Ecureuil:
- This investment vehicle is devoted to the French regional saving banks investing for their own account.
- Focus on long-term holding of French and European (Eurozone) secure assets (office and retail).
- Paris and French regions, Eurozone.
Fondis:
- This fund is dedicated to retail in France exclusively.
- Shops in city centres and retail warehouses in good locations.
- Paris area and main regional cities.
- Focus on current cash flow component.
Logistis II:
- This pan-European fund is a follow-up of Logistis I which was created in 1999 and is now fully invested.
- Logistis II is investing in Grade A logistics warehouses (i.e overhead clearance of 10 metres, sprinklers, ground slab bearing loads of 5 t/sqm, minimum area of c.20,000 sqm divisible into 10,000 sqm lots).
- Spain, Italy and France are the target countries.
- Logistics parks are considered.
PBW II:
This fund is the successor of PBW which is fully invested (€530 million) in Central Europe
- Focus on prime office buildings, shopping centres and logistics.
- Poland, Hungary and the Czech Republic are the tier 1 target.
- Slovakia, Slovenia and Baltic are in the 2nd tier.
- Romania, Bulgaria and Croatia are in the 3rd tier.
PREF:
- Prime Real Estate Fund is looking at diversified middle-sized assets in France.
- Focus on high current income.
- Secure assets for a medium-term holding strategy.
Euroffice:
- Euroffice is focused on modern or restructured office buildings in the Eurozone.
- Either single tenant long lease or diversified multi-tenants with mixed remaining lease lengths.
- Return mainly based on stabilised income component.
- Middle and large assets (3,000 to 30,000 sqm).
- Joint ventures / partnerships can be envisaged.
Separate Accounts and Club Deals:
Our separate account clients (Caisse des dépôts et consignations, CNP Assurances, Ecureuil Vie, Foncière Caisse d'Epargne, UMR) are looking for investments with "core" and "defensive core-plus" profiles either in France or in the Eurozone, offering following characteristics:
- Pre-let or occupied assets with a satisfactory current income component.
- Potential rental upside.
- Single or multitenant(s) with satisfactory financial rating.
- Focus on prime location.
- Capex / refurbishment expenses can be envisaged.
- Long term holding strategy.
For further information, please contact:
Rob Reiskin, Head of Investments, London on +44 (0)20 7016 4800
