Benson Elliot Capital Management
November 24, 2017 Benson Elliot extends Polish activities with €100 million investment in prime regional offices - Acquisitions in Gdańsk, Kraków, Łódź and Poznań follow 2015 purchase of Warsaw’s Sheraton Hotel -

Benson Elliot, the UK-based private equity real estate fund manager, on behalf of its pan- European fund, Benson Elliot Real Estate Partners IV L.P. (“BEREP IV” or the “Fund”) has acquired four grade A office buildings in key Polish regional markets. The properties, secured in separate off-market transactions with four different vendors, follow the Fund’s acquisition of the 350-room Warsaw Sheraton Hotel in October 2015.

The properties have all been recently delivered or refurbished to a high specification, and are situated in central locations in their respective markets. The buildings acquired are:

Opera (Gdańsk): An award-winning, grade A office building completed in 2012 and located in Gdańsk, Poland’s principal seaport. The 8,290 sqm building is arranged over ground and five upper floors. Let to eight tenants, including Raiffeisen Polbank, KPMG, Lloyd’s Register and Metsa Group Services.

Vinci (Kraków): High quality, grade A office building completed in 2010. The 20,400 sqm building is arranged over 13 floors. Let to international corporates including Akamai, Heineken, Genpact and Rolls-Royce.

Forum 76 (Łódź): Another award-winning, grade A office building, located on a prominent plot in the centre of Łódź, Poland’s second largest city. The 7,910 sqm building was completed in 2009 and is arranged over ground and six upper floors. The property is let to BNP Paribas, Bank Zachodni WBK, Airbus, Philips Lighting, Magellan and Deloitte Polska, amongst others.

Okraglak and Kwadraciak (Poznań): Two landmark, architecturally significant office buildings located in the city centre of Poznań. The buildings, totalling 7,900 sqm, are arranged over ground and nine (Okraglak) and five (Kwadraciak) upper floors. Originally completed in 1955 as the Central Department Store (designed by renowned Polish architect Marek Leykam), the buildings were later converted to office use in 2012. The buildings are let to GFT Group, PKO Bank and Bank Zachodni WBK, amongst others.

Joseph DeLeo, Benson Elliot Senior Partner, said: “Poland remains one of Europe’s strongest economies, with GDP growth averaging more than 3% over the past decade. With 75% of trade geared into the EU, the country is a principal beneficiary of Europe’s broader recovery, and continues to be a favoured destination for global outsourcing and shared services. With these four acquisitions we feel we’ve established a solid position for Benson Elliot in strong regional markets, with prime properties offering real value growth potential.”

Benson Elliot were advised by Greenberg Traurig / Hogan Lovells and JLL. Financing was provided by Bank Zachodni WBK and mBank Hipoteczny. Sharow Capital has been appointed as asset manager by Benson Elliot.

ENDS

For further information:

Benson Elliot
Joseph DeLeo, Senior Partner Matilda Williams
+44 (0) 20 7808 8900
Matilda.Williams@bensonelliot.com

FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com Claire.turvey@fticonsulting.com

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November 17, 2017 Benson Elliot and KauriCAB Exit Landmark Berlin Residential Development - €385 m Europacity project forward sold to ADLER Real Estate AG -

A joint venture between London-based Benson Elliot Capital Management LLP (“Benson Elliot”), acting on behalf of Benson Elliot Real Estate Partners IV, and KauriCAB Development Berlin GmbH (“KauriCAB”), has entered into a share sale agreement with a subsidiary of Frankfurt Stock Exchange-listed ADLER Real Estate AG, relating to Wasserstadt Mitte, the joint venture’s 700-unit, residential-led mixed use project fronting the Spandauer Schifffahrtskanal (Spree Canal) in central Berlin.

Since the acquisition of the riverfront site in August 2016, Benson Elliot and KauriCAB have worked to secure the necessary consents, designs and a fixed price construction contract to deliver a significant, high quality scheme focused on multifamily rental accommodation. On completion of the c. 50,000 square metre project, expected by year-end 2019, Wasserstadt Mitte will provide over 700 apartments, accompanied by a high quality retail offering. It will become home to over 1,400 residents, helping to meet the growing demand for residential accommodation in one of Europe’s most dynamically evolving cities. The project is expected to have a market value upon completion and lease-up of c. €385 million.

Joseph DeLeo, Benson Elliot Senior Partner, said: “Benson Elliot began investing in Berlin residential in 2010, seeing early the opportunity in a city that has since enjoyed consistently strong economic, population and rental growth. Wasserstadt Mitte was Benson Elliot’s most ambitious Berlin residential project, but one we felt confident taking forward given the unique waterfront location and the secure outlook for rental housing in the city. Having taken the project through the planning and pre-development phases, it was an opportune moment to identify a long-term owner. We look forward to working with both KauriCAB and Adler to deliver this landmark contribution to Europacity’s renewal and Berlin’s continuing growth.”

Hagen Kahmann, Managing Partner KauriCAB Development, said: “This is one of the most significant residential developments in Berlin and we are pleased to have been involved in shaping a regeneration project that will have an influence on the city for years to come, both in terms of meeting its growing housing needs and in delivering a new quarter with high quality architectural design to further enrich the capital’s international appeal.”

The Europacity project has transformed c. 40 hectares to the north of Berlin’s main railway station – an area which lay derelict for decades – into a new, mixed-use city quarter. The area is located a short walk from the Bundestag, various federal ministries, the Charité (Europe’s biggest university hospital) and Humboldt University.

Europacity has become a magnet for large office users, hotels, retailers and cultural facilities (including the iconic Hamburger Bahnhof – Museum für Gegenwart). With over two hectares devoted to parks and a kilometre of waterfront along the Spandauer Schifffahrtskanal, Europacity is also seeing the development of some of Berlin’s most desirable housing.

Benson Elliot were advised by Greenberg Traurig.

ENDS

For further information:

Benson Elliot
Joseph DeLeo, Senior Partner
Matilda Williams
+44 (0) 20 7808 8900
Matilda.williams@bensonelliot.com

FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com
Claire.turvey@fticonsulting.com

KAURI CAB Development Berlin GmbH
Hagen Kahmann, Managing Partner
Alexander Lohausen, Managing Partner
+49 (0) 30 8049 8495 0
Nora.jacobsen@kauricab.com

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November 16, 2017 Benson Elliot JV sells Italian Hotels

Costar – Benson Elliot JV sells Italian Hotels

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November 8, 2017 Benson Elliot, Walton Street and Algonquin Group partnership dispose of Italian hotels - Seven exits in 24 months deliver c. €550 million in proceeds -

A joint venture between UK-based Benson Elliot and US-based Walton Street Capital, L.L.C. (“Walton Street”), in partnership with Algonquin SA (the “JV”), has sold the Westin Europa & Regina hotel in Venice and the Westin Palace in Milan.

The sale of the Venice and Milan hotels marks the penultimate exit from the Prime Europe Hotels portfolio of eight European gateway city properties, acquired by the JV in October 2015 for c. €420 million. The sale follows on quickly from the July 2017 disposal of the Sheraton Hotel in Rome to a specialist hotel investor.

After acquiring the Venice and Milan hotels, the JV developed and successfully implemented bespoke asset management plans, including renegotiating management contracts to align the incentives of the operator, as well optimising revenue management and the operations of both assets. Finally, the JV has prepared the Westin Venice and Westin Milan for major refurbishments that will be completed by the new owner and Algonquin Management Partners (as Asset Manager).

Benson Elliot acquired its interest in the PEH portfolio on behalf of BEREP IV (the “Fund”), its latest pan-European private equity real estate fund. The Fund was oversubscribed in 2016, with approximately €700 million of capital at its disposal. In selling the assets Benson Elliot has sought to capitalise on recent and forecast strong operational performance.

Trish Barrigan, Benson Elliot Senior Partner, said:
“We’ve been pleased with the early performance improvements and consequent quick realisations and strong returns achieved on the Prime Europe Hotels portfolio. The Venice and Milan properties are two desirable hotels, located in cities which attract a high and growing volume of visitor demand. The JV has added significant value to these properties, and set out a plan for further value enhancement, making them highly attractive investment propositions.”

ENDS

For further information:

Benson Elliot
Trish Barrigan, Senior Partner
Matilda Williams
+44 (0) 20 7808 8900
Matilda.williams@bensonelliot.com

FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com
Claire.turvey@fticonsulting.com

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October 16, 2017 Debenhams opens in Wolverhampton Debenhams has opened a new 93,000 sq ft anchor store at the Mander Centre in Wolverhampton.

Debenhams opens in Wolverhampton

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August 2, 2017 Property Week, Power 100 Marc Mogull claims No. 29 in Property Week's Power 100 list of the most powerful people in UK property.

Property Week, Power 100

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July 31, 2017 Benson Elliot, Walton Street and Algonquin check out of Sheraton Roma Hotel A joint venture between private equity real estate fund managers, UK-based Benson Elliot and US-based Walton Street Capital, L.L.C. (“Walton Street”) in partnership with Algonquin SA (the “JV”), has disposed of the Sheraton Hotel in Rome, Italy.

The JV originally acquired the asset in October 2015 as part of an eight asset pan-European hotel portfolio located across Venice, Paris, Milan, Rome, Warsaw, Nuremberg and Brussels. Benson Elliot acquired the asset for an affiliate of BEREP IV (the “Fund”), its latest pan-European private equity real estate fund which was oversubscribed with approximately €700 million of capital at its disposal.

Trish Barrigan, Benson Elliot Senior Partner, said:
“We are very pleased to announce another successful realisation on behalf of the JV. This transaction offered a compelling opportunity to quickly realise value through improving operational aspects of the hotel’s performance, whilst still leaving plenty of longer term value in the tank for the next owner. We have built a strong track record in the hotel sector and remain alert to new opportunities across European markets that will benefit from our strong underwriting capability and asset management expertise.”

Eastdil Secured acted on behalf of the JV.

ENDS

For further information:

Benson Elliot
Trish Barrigan, Senior Partner
Matilda Williams
+44 (0) 20 7808 8900
Matilda.williams@bensonelliot.com

FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com
Claire.turvey@fticonsulting.com

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June 16, 2017 Benson Elliot signs 11,500 sq ft lease with leading UK kitchen retailer at Slough Retail Park Contracts were exchanged for a 10 year lease with Wren Kitchens on Unit 5, whilst Carpetright simultaneously surrendered their interest in the subject premises. The store will open later this year.

This letting has extended the term on the premises and achieved a higher rent. In addition, it has further endorsed Slough Retail Park’s position as the premier furniture destination for the catchment.

Slough Retail Park extends to approximately 150,000 sq ft and fronts the Bath Road (A4) immediately due west of Slough town centre. The scheme already accommodates a quality tenant line up including DFS, Harveys, ScS, Sofology, Smyths Toys and The Range.

Benson Elliot purchased the scheme in November 2016 instructing Cube Real Estate as asset manager.

ENDS

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May 24, 2017 Benson Elliot appoints Trish Barrigan as Managing Partner Benson Elliot, the UK-based private equity real estate fund manager, has announced a number of management changes to support the Company’s ongoing strategic growth and development. All changes will take effect from 1 January 2018.

Marc Mogull will transition from his current role as Managing Partner to Executive Chairman and Chief Investment Officer. Trish Barrigan, who co-founded Benson Elliot with Marc in 2006, will take on the position of Managing Partner. Joseph de Leo, Senior Partner, and James Jakeman, Partner, will jointly oversee the investment portfolio under Trish’s direction.

Separate to these changes, Benson Elliot Partner Philipp Braschel, who has been co heading the Company’s operations in German speaking countries alongside Principal Georg Strassner, will leave the Company to pursue other interests. Following Philipp’s departure, Joseph De Leo will take over as Partner responsible for the company’s activities in Germany, working alongside teams in Munich and London. Before joining Benson Elliot in 2008, Joseph had been based in Frankfurt with Fortress Investment Group, from where he oversaw a team of 40 professionals assembling and managing a €5 billion property portfolio.

Commenting, on the management changes, Marc Mogull, Benson Elliot Managing Partner, said: “This is a talent-driven business, and I’m proud of the team of skilled professionals we’ve assembled and developed at Benson Elliot. Trish has been a critical part of that team since we set up the business together, and she’s been a key contributor to the firm’s success. The entire senior management team at Benson Elliot has earned its stripes through the ups and downs of the past decade, but it’s clear now, with the business on a sustained growth trajectory, that managing the firm and the funds, whilst simultaneously acting as CIO and fiduciary-in-chief, is too big a job for any individual.

“Trish has been shouldering a progressively greater share of the management burden at Benson Elliot in recent years, and she’s done it with her characteristic resourcefulness and efficiency. In doing so, she’s allowed me to focus my time on portfolio construction and oversight, investor engagement and strategic management of the business. Elevating Trish to Managing Partner of Benson Elliot is a recognition of the great future she has in this industry, the respect she enjoys amongst her peers and colleagues, and the impressive skills she brings to the job. I look forward to working in partnership with Trish and the other members of the Benson Elliot management team, on behalf of our investors and colleagues, for many years to come.”

Trish Barrigan, added: “Today’s announcement sets out a clear path for the future management of the Benson Elliot business. Having worked with Marc since 2006 and building the team we have today, I am proud of our track record and the depth and breadth of our team. I remain excited by the opportunities we continue to see across Europe, and I look forward to taking our business into the future alongside our investors and this great Benson Elliot team.”

ENDS
For further information:

Benson Elliot
Marc Mogull /Trish Barrigan
+44 (0) 20 7808 8900

FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com
Claire.turvey@fticonsulting.com

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May 5, 2017 British Land expands in Ealing with £49m acquisition ahead of Crossrail British Land has acquired 10-40 The Broadway in Ealing town centre from Benson Elliot for £49 million.

The freehold 1.4 acre mixed use, multi-let site comprises 21 high street retailers. It covers 70,000 sq ft and is adjacent to British Land’s Ealing Broadway W5 Local retail centre.

The site was previously subject to a residential-led planning application which has now been withdrawn enabling British Land to fully evaluate opportunities to grow value in conjunction with key stakeholders, including Ealing Council.

Charles Maudsley, Head of Retail & Leisure for British Land, said:
“Ealing Broadway W5’s outperformance over the last four years gives us considerable confidence to add to our holdings. The assets provide near term income as well as future development opportunities that can be progressed when the time is right.

“The area benefits from excellent transport infrastructure and will be a Crossrail station from 2019. More broadly, Ealing is undergoing a transformative redevelopment including £1bn of new residential and commercial investment that continues to enhance its appeal.”

Marc Mogull, Managing Partner at Benson Elliot, commented:
“Having taken stewardship of the important Arcadia portfolio some four years ago, we’ve delivered a successful first phase of development and identified the opportunity on the Broadway site to create a vibrant mixed use scheme adjacent to the new Crossrail station.

“British Land has already demonstrated a strong commitment to Ealing’s town centre and their thoughtful approach to high quality placemaking will serve the borough and its exciting future well.”

Since acquiring Ealing Broadway W5 in February 2013, British Land has completed a comprehensive refurbishment and relet almost one third of the centre.

British Land was represented by Jackson Criss. Strutt & Parker and GCW acted for Benson Elliot.

Enquiries

British Land

Investor Relations
Jonathan Rae, British Land 020 7467 2938

Media
Pip Wood, British Land 020 7467 2838
Jackie Janssen, British Land 020 7467 3449

Emma Hammond, FTI Consulting 020 3727 1227
Gordon Simpson, Finsbury Group 020 7251 3801

Benson Elliot

Investor Relations
Matilda Williams, Benson Elliot 020 7808 8934

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March 31, 2017 Benson Elliot, Walton Street and Highgate Joint-Venture Acquires Hotel Silken Diagonal, Barcelona A joint-venture between affiliates of private equity real estate fund managers, UK-based Benson Elliot Capital Management (“Benson Elliot”) and US-based Walton Street Capital, L.L.C. (“Walton Street”), in partnership with Highgate, a global real estate investment and hospitality management company, (together the “joint venture”), has acquired the Hotel Silken Diagonal in Barcelona, Spain. Located on the Avenida Diagonal, directly adjacent to the Agbar tower in Barcelona’s 22@ district, the full service hotel provides 240 rooms across nine floors.

The hotel was acquired from a consortium of investors led by Oak Hill Advisors. As part of the sale, Highgate will also assume management of the hotel which will be rebranded as the Gates Hotel Diagonal Barcelona, a Highgate independent brand. The deal represents the second hotel transaction between Benson Elliot and affiliates of Walton Street following the purchase of an approximately €420 million portfolio of eight hotels in October 2015.

Benson Elliot is familiar with the 22@ district of Barcelona, regarded as one of Europe’s most important urban regeneration projects, having invested in and realised the Granada 150 site and Cornerstone Poblenou office development within the last two years.

Trish Barrigan, Benson Elliot Senior Partner, said:
“We have built a strong track record in the hotel sector and believe the Barcelona market will continue to strengthen, supported by strong local fundamentals and a buoyant tourism market. Furthermore, this transaction provides us with a rare and compelling opportunity to acquire a hotel unencumbered by brand and management.”

Robert Bloom, Walton Street Senior Principal, said: “We are pleased to extend our existing partnerships with both Benson Elliot and, long-time partner, Highgate in the acquisition of the Hotel Silken Diagonal. The Barcelona market features compelling supply and demand fundamentals which should further support our investment thesis over the next several years.”

Steve Barick, Highgate Chief Operating Officer, said: “The Hotel Silken Diagonal is located within the broader 22@ development district, a major regeneration project converting industrial land into an innovative business, residential and commercial district including major public infrastructure projects. The asset is well located in this rapidly changing area of Barcelona, an already high growth European market. We look forward to our continued partnership with Benson Elliot and Walton Street.”

ENDS
For further information:

Benson Elliot
Trish Barrigan, Senior Partner
Matilda Williams
+44 (0) 20 7808 8900
Matilda.williams@bensonelliot.com

Walton Street
Robert Bloom, Senior Principal
Nicole Kolar
+1 312 915 2855
Kolar@waltonst.com

Highgate
Brian Kaufman, VP of Acquisitions & Development
Lisa Tully
+ 1 212 707 4322
ltully@highgate.com

FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com
Claire.turvey@fticonsulting.com

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January 23, 2017 Benson Elliot checks out of Nikko Hotel in Düsseldorf - Sale of luxury hotel follows transformational ownership period -

Benson Elliot, the UK-based private equity real estate fund manager, acting on behalf of Benson Elliot Real Estate Partners II (“BEREP II” or the “Fund”), has completed its sixth hotel disposition in 24 months, with the sale of the Deutsch-Japanisches Center (DJC) in Düsseldorf to an institutional fund managed by Art-Invest Real Estate. The DJC sale takes the firm’s hotel exits since 2015 to €400 million.

The mixed-use DJC complex comprises the 386 room Hotel Nikko Düsseldorf, along with 7,500 sqm of integrated office and retail space and 580 underground parking spaces. The asset is situated in the very heart of Düsseldorf, a short walk from the main train station, the renowned Königsallee shopping boulevard and the banking district.

Benson Elliot acquired DJC in joint venture with Event Holding, a European hotel management company. The partners implemented a major capital expenditure programme, delivering 85 executive hotel rooms through an office to hotel conversion, as well as 650 sqm of additional conference and banqueting space.

Joseph DeLeo, Benson Elliot Senior Partner, said:
“This has been a successful disposal for Benson Elliot, in a sector where we’ve consistently delivered strong returns for investors. Having completed a significant makeover of the hotel, the time was right to pass the keys to an institutional owner. The Düsseldorf market continues to trade well, so we’re confident the Nikko Hotel will deliver value for its new owners as it has for us.”

Clifford Chance, Eastdil Secured and EY acted as advisors to Benson Elliot on the sale.

ENDS

For further information:

Benson Elliot
Joseph DeLeo, Senior Partner
Matilda Williams
+44 (0) 20 7808 8900
Matilda.williams@bensonelliot.com

FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com

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