Benson Elliot Capital Management („Benson Elliot“), das führende Private Equity Real Estate Haus, hat die Refinanzierung des Deutsch-Japanischen Zentrums in Düsseldorf und des hoch angesehenen 5-Sterne Nikko Hotels beinahe zwei Jahre vor der ursprünglichen Darlehensfälligkeit abgeschlossen. Diese zusammen mit der Eurohypo Aktiengesellschaft durchgeführte Transaktion in Höhe von €70 Millionen stellt eine der größten europäischen Hotelfinanzierungen in diesem Jahr dar.
Benson Elliot erwarb eine Mehrheitsbeteiligung am Deutsch-Japanischen Zentrum in 2007 in Partnerschaft mit einer Tochtergesellschaft der Event Holding, einem führenden Hotelbetreiber/ -eigentümer mit Geschäftssitz in Köln, für Benson Elliot Real Estate Partners II. Der Gebäudekomplex mit Mischnutzung liegt im Stadtzentrum Düsseldorfs unweit vom Bankenviertel und der Königsallee, Düsseldorfs berühmter Einkaufsstraße. Nach dem vor kurzem abgeschlossenen Umbauprogramm von Büro- zu Hotelnutzung sind in diesem Komplex heute das Nikko Hotel (mit 386 Zimmern), das Nikko Convention Center (für bis zu 1.000 Delegierte), 7.500 Quadratmeter an Büroflächen und Geschäften sowie eine Tiefgarage mit 560 Stellplätzen untergebracht.
Joseph De Leo, Partner & Head of Portfolio Management bei Benson Elliot, sagte hierzu: „Hotelmärkte, insbesondere die beliebte Messestadt Düsseldorf, haben in 2010 an Stärke gewonnen und unser kürzlich abgeschlossenes Umbauprogramm von Büro- zu Hotelnutzung hat das Nikko Hotel ideal positioniert, um von der Erholung der Marktbedingungen zu profitieren. Es war nun der richtige Zeitpunkt, eine attraktive langfristige Finanzierung für diese hervorragende Immobilie zu sichern. Die Eurohypo hat starkes lokales Marktwissen und scharfsinnigen frühzeitigen Einsatz für diese Transaktion bewiesen. Wir freuen uns, die Eurohypo als unseren Finanzierungspartner zu haben.“
Peter Kleinhütten, Leiter Team Structured Finance bei der Eurohypo in Düsseldorf, fügte hinzu: „Die Refinanzierung des Deutsch-Japanischen Zentrums ist eine wegweisende Transaktion im europäischen Hotelmarkt in 2010. Die Transaktion beweist Liquidität für leistungsstarke Immobilien und ein klares Bekenntnis zu hoch angesehenen Kunden wie Benson Elliot.“
Clifford Chance, Ernst & Young and Deloitte waren beratend für Benson Elliot tätig.
Weitere Informationen erhalten Sie von:
Marc Mogull, Managing Partner
Joseph De Leo, Partner
+44 (0) 20 7808 8900
Dido Laurimore / Stephanie Highett
+44 (0) 20 7831 3113
Benson Elliot Capital Management (”Benson Elliot”), the leading private equity real estate firm, has completed the refinancing of the Deutsch-Japanisches Center in Düsseldorf, incorporating the highly regarded 5-star Nikko Hotel, almost two years ahead of its scheduled maturity. The €70 million transaction, undertaken with Eurohypo Aktiengesellschaft, represents one of the largest hotel financings to be completed in Europe this year.
Benson Elliot acquired a controlling interest in the Deutsch-Japanisches Center in 2007, in partnership with an affiliate of Event Holding, a leading hotel owner/operator based in Cologne, on behalf of Benson Elliot Real Estate Partners II. The mixed-use complex is located in Düsseldorf’s city centre, close to the banking district and the renowned shopping boulevard the Königsallee. Following the completion of the recent refurbishment programme the property comprises the Nikko Hotel (with 386 rooms), the Nikko Convention Center (accommodating up to 1,000 delegates), 7,500 sqm of office and retail space and a 560 bay underground car park.
Joseph De Leo, Partner & Head of Portfolio Management at Benson Elliot, commented: “Hotel markets, especially the popular trade fair destination of Düsseldorf, have gained strength in 2010 and our recently completed value-add programme at the Nikko Hotel has positioned the property to take advantage of improving market conditions. This was the right time to secure attractive long-term funding for a great asset. Eurohypo demonstrated strong local market knowledge and an astute early commitment to this transaction. We’re pleased to have them as our funding partner.”
Peter Kleinhütten, Team Leader, Structured Finance at Eurohypo Dusseldorf, added: “The refinancing of the Deutsch-Japanisches Center is a landmark transaction in the European hotel market for 2010. It also illustrates the liquidity for strongly performing assets and the level of support for highly regarded clients, such as Benson Elliot.”
Benson Elliot was advised by Clifford Chance, Ernst & Young and Deloitte.
For further information:
Marc Mogull, Managing Partner
Joseph De Leo, Partner
+44 (0) 20 7808 8900
Dido Laurimore / Stephanie Highett
+44 (0) 20 7831 3113
About Benson Elliot
Benson Elliot was founded in 2005 to realise a vision for successful real estate investing in a changing market environment. Conceived alongside a group of leading institutional investors, the firm is dedicated to delivering sustainable investment out-performance through market cycles. The firm launched its inaugural investment vehicle, Benson Elliot Real Estate Partners II, L.P., in April 2006, closing in August 2006 with commitments of more than €335 million.
In early 2009, the Company announced its second oversubscribed fund, Benson Elliot Real Estate Partners III, L.P., with commitments of over €500 million. All funds managed by Benson Elliot are fully discretionary.
Benson Elliot is led by Marc Mogull and Trish Barrigan. Mr. Mogull established, and for seven years managed, the Doughty Hanson & Co European Real Estate Fund. Ms. Barrigan was previously Managing Director and Head of Global Real Estate Investments for Dubai Investment Group, moving from Goldman Sachs where she spent ten years primarily in principal investing and portfolio management for the Whitehall Funds.
The Benson Elliot team includes senior industry professionals with experience in sourcing, underwriting and managing real estate investments across Europe and across all major property sectors. Highlighting the firm’s successes Private Equity Real Estate named Benson Elliot “European Emerging Firm of the Year” for 2006. In 2008, Private Equity Real Estate named the firm as one of ten emerging managers globally it expects “to shape the private equity world around them.” Benson Elliot was further honoured by its peers with the 2009 European Fundraising of the Year (Private Equity Real Estate).
Trish Barrigan, Senior Partner at Benson Elliot, commented: “Berlin has an attractive residential rental market, supported by low rents, sustained demand and undersupply. Properties in the most attractive locations have seen, and should continue to see, above-inflation income growth. We believe the buildings we have acquired are well-positioned to benefit from the market’s strength, and from our joint venture’s ability to add value.”
Frank Hirling, Managing Director of HCIS, added: “We are delighted to have completed this investment. Our focus will now be on working with Benson Elliot to implement a strategy of actively managing the buildings in order to improve and maximise the value of the assets over the long term.”
The acquisition is the third undertaken this year by Benson Elliot on behalf of Benson Elliot Real Estate Partners II, L.P. (the ”Fund”), and the Fund’s third acquisition in Germany since 2007. Last year the firm announced the further growth of its European fund management business with the appointment of Philipp Braschel as Principal to oversee the firm’s activities in German-speaking Europe.
Olswang LLP, Ernst & Young GmbH and Makon GmbH & Co. KG advised on the acquisition.
The acquisition, the second for Benson Elliot in the UK following the purchase of CBXII in Milton Keynes in late March, was made on behalf of Benson Elliot Real Estate Partners II, L.P. The fund now holds a broad portfolio of investments in the UK, France, Germany, Spain, Scandinavia, and Central Europe. Benson Elliot Real Estate Partners III, L.P., a €505 million equity fund closed last year, will begin investing in the second half of 2010.
Following six acquisitions in the past 18 months, the Novotel Edinburgh Park will become the 23rd hotel in Algonquin’s portfolio and is its first investment in the United Kingdom.
Novotel Edinburgh Park opened in mid-2008, and was purpose built to meet the standards of the new generation 4-star Novotel brand. The hotel comprises 170 rooms, a restaurant, meeting rooms and a leisure facility (including a swimming pool). It is the only hotel situated within Edinburgh Park, one of the UK’s premier office business parks, which is located near Edinburgh Airport and the city bypass and provides office accommodation to over 9,000 employees and many of the UK’s leading companies. Accor will continue to manage the hotel under the Novotel brand. The acquisition was financed by Barclays Corporate.
Trish Barrigan, Senior Partner at Benson Elliot, commented: “The global recession and subsequent property market decline have created the opportunity to buy hotels at meaningful discounts to replacement cost and, we believe, at or near the bottom of the operational cycle. We’re actively looking at similar opportunities that represent good value today, but where there is also scope to add value through targeted capex spending and proactive management strategies.”
Jean-Philippe Chomette, CEO of Algonquin, added: “Novotel Edinburgh Park is a good quality hotel in a strong and resilient market. The asset will benefit from the already evident recovery of the hotel market in Scotland, and the arrival of the tramline next to it in the next few years as well as Algonquin’s track record in successfully managing hotel assets. We would be very pleased to contemplate other similar opportunities in conjunction with Benson Elliot across Europe in the future.”
Jonathan Wright, Relationship Director, Barclays Corporate, concluded: “This is an excellent example of a transformative acquisition, returning a well located property back to full operation.”
Mayer Brown, CMS and Brodies acted for Benson Elliot and Algonquin and Dundas & Wilson and Jones Lang LaSalle Hotels acted for KPMG.
Shortlisted from over 100 real estate professionals, PERE has highlighted the women who the magazine recognises as “fundamentally shaping the industry today”. These individuals are all “deal professionals and institutional investors with the ability to deploy substantial amounts of capital”.
Ms Barrigan joined Benson Elliot as a founding partner in 2006 after a decade working for Goldman Sachs’ Real Estate Principal Investment Area and its Whitehall funds in the US and Europe, and another two years running the real estate programme of Dubai Investment Group. During this time, she has been associated with some of the industry’s most significant transactions, including the $1.2 billion acquisition of New York’s landmark Rockefeller Center.
Ms. Barrigan was recognised several years ago by PERE as one of the industry’s rising stars. Today she is at the forefront of Benson Elliot’s acquisition efforts as the leading private equity real estate firm begins to invest the €505 million Benson Elliot Real Estate Partners III.
Benson Elliot’s managing partner, Marc Mogull, said: “These awards celebrate the achievements of some truly exceptional women, and Trish is truly exceptional. She has great knowledge, great people skills, fearless character and sound investment judgement. Her colleagues and her clients, our investors, recognise the influence she has in our industry and the impact she has on our firm. I’m very pleased she’s achieved this recognition.”
Commenting on the award, Trish Barrigan added: “I am thrilled to have been included in this exceptional shortlist, alongside women I have worked with and also greatly admire. I would also like to applaud PERE and WIRE, who are fantastic supporters of our industry and encouraging of the recognition and promotion of female talent within our market.”
Benson Elliot Capital Management, the leading private equity real estate firm, is pleased to announce that it has been awarded the 2009 European Fundraise of the Year by Private Equity Real Estate, a key industry publication. The award recognises the successful, oversubscribed closure of Benson Elliot Real Estate Partners III (“BEREP III”), during one of the most turbulent periods experienced in financial markets in decades.
The annual awards are amongst the most significant accolades connected with the global private equity real estate industry, highly regarded because shortlisted companies are independently voted on by the real estate community itself. In 2008, Private Equity Real Estate named Benson Elliot as one of ten emerging managers globally likely “to shape the private equity world around them.”
BEREP III was launched to exploit the opportunities created by unprecedented dislocation in the property sector in the face of the global financial crisis. The €505 million fund will invest in a broad range of performing and non-performing real estate assets across Europe, building on Benson Elliot’s strong track record. Once gearing has been applied, BEREP III will have buying power of €1.5 to €2.0 billion.
Commenting, Marc Mogull, Benson Elliot’s Managing Partner said: “This recognition from investors and peers is a testament to the firm’s professionals, who in less than five years have created one of the most successful independently managed franchises in the private equity real estate industry. This award is a great way to round off a successful, if challenging, 2009, and we look forward to building on this achievement in 2010 and beyond”.
Benson Elliot Capital Management, the leading private equity real estate firm, has exchanged contracts on the acquisition of CBXII, Midsummer Boulevard, Milton Keynes. The property has been acquired for £20.6 million from the CASPAR Fund, managed by Henderson Global Investors, reflecting an initial yield of 10%.
The acquisition, the first purchase for Benson Elliot in the UK, was made on behalf of Benson Elliot Real Estate Partners II, L.P. and brings the total number of investments since its launch in 2006 to eight. The fund now holds a broad portfolio of asset types in France, Germany, Spain, Scandinavia, Central Europe and the UK.
CBXII is a modern, mixed-use city centre building comprising c. 150,000 sq ft (14,000 sq m) of offices, retail and leisure accommodation, split over three buildings – Midsummer East, Midsummer West and Midsummer Court. Office tenants include Argos, the Homes and Communities Agency and Regus.
XLB, Bidwells and Travers Smith acted for Benson Elliot; Allsop acted for the vendor.
Phil Irons, Partner and Head of UK Investment at Benson Elliot, commented: “CBXII is a good quality asset in a strong location, with real added value potential. The purchase price is well below replacement cost, and we have been able to acquire the building at what we believe to be an attractive yield in the current environment.”
Marc Mogull, Benson Elliot’s Managing Partner added: “We are examining a number of similar opportunities in the UK. We’re mindful that past excesses have yet to work their way through the system so we’re focussing on investments that offer sustainable value today and the opportunity to enhance value over time.”
Benson Elliot Capital Management, the private equity real estate firm, is pleased to announce that its residential project Havneholmen, developed in joint venture with Danmark’s Sjælsø Gruppen, has been nominated in the Residential Development of the Year category at the MIPIM 2010 Awards.
The MIPIM awards recognise excellence and innovation in the real estate arena. Amongst other criteria, the Jury considers “overall sustainability, state of the art architectural design and acceptance by users.” The winner will be chosen by the real estate professionals attending this year’s MIPIM congress in Cannes, a high profile gathering that attracts key industry participants from across the globe. The Awards Ceremony will take place on 18 March 2010 in the Grand Auditorium of Cannes’ Palais des Festivals.
Havneholmen is one of the most exciting new residential developments in Copenhagen. The 230 unit project, totalling 23,700 square metres, occupies a prominent site that extends outward into Copenhagen harbour, a short walk from Copenhagen city-centre. The striking design of the buildings, which attracted the attention of the MIPIM Awards Jury, was conceived by renowned Danish architect Lene Tranberg of Lundgaard & Tranberg.
Benson Elliot acquired a 50% interest in Havneholmen, alongside Danish quoted real estate developer Sjælsø Gruppen A/S, in October 2006.
Commenting, Marc Mogull, Benson Elliot’s Managing Partner said: “This nomination is a welcome recognition of an impressive and exciting development, with which Benson Elliot is proud to have been associated. It reflects the exceptional work of our development partner, Sjælsø Gruppen, as well as that of architect Lene Tranberg and her colleagues at Lundgaard & Tranberg. Havneholmen is a fitting testament to their experience and skill in creating a stunning addition to the Copenhagen harbour front.”