Captiva Capital Management GmbH
Natixis Capital Partners becomes fully independent as Captiva Capital Management through MBO
Captiva Capital Management GmbH / Key word(s): Real Estate/Private Equity 29.02.2012 / 08:00 --------------------------------------------------------------------- - Captiva to pursue its long-term strategy of investing and managing capital, through specialized investment funds and customized acquisition programs - Captiva will continue to manage the Captiva Capital Partners funds and intends to selectively invest over EUR 200 million in 2012 - Experienced team has been working together since 2001 and established strong relationships with leading institutional investors Hamburg/Paris/Milan, February 29, 2012 - The Management team of Natixis Capital Partners has successfully concluded a Management Buy-out and effective March 1, 2012, will operate fully independently under the name Captiva Capital Management (Captiva). The buy-out team has been working together since 2001, and has developed strong relationships with leading institutional investors, including pension funds, insurance companies and financial institutions. To date, Captiva has invested EUR 1.3 billion of equity capital in the real estate sector on behalf of its institutional clients, either directly or through specialized investment platforms. Those investments include over 1,500 properties across Europe worth more than EUR 8 billion. Building on this successful track record and investment experience, Captiva will pursue the same investor-centric model, selectively investing in portfolio transactions, developments, and investment platforms that it will incubate or acquire to develop. In addition to its founders and managing directors John van Oost, Daniel Quai and Roger Lee, Captiva has appointed Stephan Fritsch as its fourth managing director. Together, they will lead the more than 30 strong team with offices in London, Hamburg, Paris, Milan and Luxembourg. Captiva is authorized and regulated by the Financial Services Authority (FSA) in the UK. Van Oost outlines Captiva Capital Management's approach: 'First and foremost, we are investors with a strict focus on investment performance. We concentrate on selecting the right investment at the right time with the right level of risk, in Europe's core markets. We offer benchmark institutional quality infrastructure, reporting and risk management, combined with the entrepreneurial approach of an established boutique team.' He adds: 'It is our firm belief that such an approach will provide the necessary flexibility and investment vehicles to achieve attractive returns in what are currently volatile European real estate markets. We need to be able to act quickly on investment opportunities, to realize investments when appropriate and stay on the sidelines when there are no attractive investment opportunities. We have no legacy business to protect, and do not invest in a local market segment or real estate class if there are no attractive opportunities for our investors.' The European real estate markets continue to face massive challenges and high volatility stemming from the 2008 financial and economic crisis. With a goal to deliver absolute, risk-adjusted investment performance to its investors, the Captiva investment approach follows an entrepreneurial market view in combination with out-of-the-box thinking, based on local know-how, execution expertise and a rigorous risk management. Investments will be conducted both through closed-end funds and investments vehicles that are managed on behalf of Captiva's clients. In this way, the firm will pursue project developments, single asset deals, portfolio transactions and real estate venture capital transactions, where specialized investment platforms are grown or acquired. The last of these was successfully implemented by Captiva with the founding of Germany's first REIT, Alstria Office REIT AG, which it took public on the Frankfurt Stock Exchange in 2007. --- ENDS --- Note to the editor: Founded in 2001 as IXIS Capital Partners and renamed Natixis Capital Partners in 2006, Captiva has invested or committed EUR 1.3 billion of equity capital to date on behalf of leading institutional investors through principal transactions and three real estate investment funds - Captiva Capital Partners L.P. I, II and III. Natixis Capital Partners was formerly owned by Natixis SA (65 per cent) and its management (35 per cent) and it engaged in corporate real estate investments with a strong focus on short- and long-term sale and leaseback transactions and property portfolio repositioning in the liquid markets of the Eurozone, with a focus on Germany, France and Italy. The MBO leaves Captiva debt free and with a strong balance sheet. As of today, the Captiva Capital Partners II L.P. EUR 400 million fund, which closed in 2005, is fully invested and partially realized. Captiva Capital Partner III L.P., which was closed with a committed capital of EUR 418 million funds in 2008, is currently still being invested. Both funds continue to be managed and advised by Captiva, which has allocated over EUR 200 million for real estate investments during 2012 in attractively-priced properties in Germany and France, where values can be enhanced through market-driven asset enhancement initiatives. So far, fund III's main focus has been on value-add opportunities in Germany (60% of funded equity) in sectors such as retail, logistics/industrial and healthcare. In Italy (26% of funded equity), the fund invested primarily in retail properties such as retail warehouses and retail constructors/developers. In France (7% of funded equity), the fund has concentrated on office real estate in Paris. As per December 31st, 2011, portfolio assets by use are at 48% retail, 28% office and 23% industrial. The current portfolio exhibits high occupancy rates (89.1%) and long lease terms (WAULT 6.0 years). Among its other investment initiatives, Captiva conducted a targeted acquisition program in 2009-2010 on behalf of one of its institutional investors, and acquired 4 fully-stabilized office properties in and around Paris worth EUR 254 million. It also set up a joint venture with a leading fund-of-fund investor to back shopping center developments in Germany. Exemplary deals led by Captiva: France Telecom (France) In March 2002, Captiva and its investment partners purchased a portfolio of 465 office and technical properties from France Télécom for a total consideration of EUR 3 billion, in the largest real estate transaction in French history at the time, and one of the largest sale & leaseback transactions ever. The properties, which were located all over France, with value concentration in Paris and Ile de France, were leased back to France Télécom on a double net basis on leases ranging from 6 months to 9 years. Enel (Italy) In July 2004, Captiva and its investment partner acquired a 100% interest in NewReal, Enel's real estate and property management company, for a total consideration of EUR 1.4 billion. The portfolio consisted of 887 office and industrial properties located all over Italy, together with 62 employees providing property management services. Enel's divisions leased back 647 properties on various lease terms, from 3 months to 20 years and a flexible occupational regime. 240 assets were vacant. Alstria Office REIT AG (Germany) Alstria was established in 2005 as an investment platform within a Captiva fund to acquire German office properties let on a medium- to long-term basis to creditworthy tenants. Over a 15-month period, Alstria assembled a unique portfolio of prime properties located in Germany's top 5 office markets and valued at more than EUR 1.6 billion. In April 2007, Alstria listed on the Frankfurt Stock Exchange and Captiva II retained a 54% stake in the listed company. In October 2007, Alstria received approval to convert into Germany's first REIT. Alstria currently owns a portfolio valued at cEUR 1.9 billion, comprising 85 properties. Its main tenants include the City of Hamburg, Daimler, Barmer and HUK. DPGP and WGF convenience retail properties (Germany) In September 2011, Captiva acquired two real estate portfolios with a total of 38 retail and specialty stores in Germany worth over EUR 121 million. The properties comply with the latest retail building standards and feature a diverse mixture of first class long-term tenants such as Rewe, Edeka, Tegut or Rossmann. They are located in sustainable commercial locations in North-Rhine Westphalia, Lower Saxony, Hesse, Bavaria and Bremen. The Captiva Funds: 2001-2003: Principal transactions, EUR 83 million - realized 2004: Captiva Capital Partners I, EUR 77 million - realized 2005: Captiva Capital Partners II, EUR 400 million - partially realized 2008: Captiva Capital Partners III, EUR 418 million - partially realized and investing Example of recent investor-specific acquisition program: 2009-2010: 4 stabilized office properties in and around Paris, EUR 254 million - long-term hold About Captiva Capital Management: Captiva Capital Management is an independent real estate investor focusing on the European real estate markets delivering absolute, risk-adjusted investment performance. Our business model follows the needs of our institutional investor base providing the best of both worlds: benchmark institutional quality infrastructure, reporting and risk management, combined with the entrepreneurial approach of an established boutique team - crucial characteristics in what are currently volatile European real estate markets. To date, we have invested EUR 1.3 billion of equity capital in the real estate sector on behalf of our institutional clients, either directly or through specialized investment platforms. Those investments include over 1,500 properties across Europe worth more than EUR 8 billion. We invest our capital through closed-end funds and investments vehicles that we manage on behalf of our clients. In this way we pursue project developments, single asset deals, portfolio transactions and real estate venture capital transactions, where we grow or acquire specialized investment platforms. Our team of more than 30 people is located in London, Hamburg, Paris, Milan and Luxembourg. Company contact: Captiva Capital Management John van Oost - Managing Director +44 (0) 20 32 07 00 94 jvanoost@captiva-cm.com www.captiva-cm.com Press contact: Charles Barker Corporate Communications Tobias Eberle +49 (0) 69 79 40 79 24 tobias.eberle@charlesbarker.de End of Corporate News --------------------------------------------------------------------- 29.02.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 158546 29.02.2012
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