Proiezioni Future, Joint Venture Between Borio Mangiarotti and Värde Partners, Sells Large Milan Office Development Project within SEIMILANO Regeneration Project to Orion European Real Estate Fund V

MILAN – Proiezioni Future, joint venture between Borio Mangiarotti, the Milan-based real estate builder and developer, and Värde Partners, the global alternative investment firm, has finalized a sale and construction agreement for a large office development with Orion European Real Estate Fund V, sponsored by Orion Capital Managers. The new development will be located within the SEIMILANO regeneration project in Milan, Italy.

SEIMILANO, the product of a joint venture between Värde and Borio Mangiarotti in late 2017, is one of the largest authorized development projects in Milan and represents a long-term program of requalification of peripheral and semi-abandoned areas.

The master plan has been shaped by Architect Mario Cucinella and includes the development of approximately 100.000 sqm of residential area (including affordable homes), over 30.000 Grade A offices and approximately 10.000 sqm of ancillary retail.

Orion Capital Managers, the second leading international real estate investor to invest in the Project, will take over the development of over 30.000 sqm gross leasable area of Grade A modern office buildings, for a total forecasted investment of over €100 million.

The office buildings will benefit from the proximity to the Metro stop “Bisceglie” and the creation of a new green park, which has a plot size similar to the historical Parco Sempione, to be designed by the globally recognized landscape designer Michel Desvigne.

All investors are committed to pursuing a long-term sustainability agenda through the philosophy of “placemaking” to meet international standards of building energy efficiency as well as a high standard of living and neighbourhood inclusion.

Edoardo De Albertis, CEO of Borio Mangiarotti, said: “We are proud that another leading international investor has decided to invest in SEIMILANO taking over the office component of the Project. Orion will develop a new generation working space that will further enhance the quality of the entire Project.”

Francisco Milone, Partner and Head of European Real Estate at Värde Partners, said: “Värde has a strategic approach to mixed use developments and we believe that Orion’s trackrecord in Italy will be a benefit to SEIMILANO and all stakeholders involved. Having launched this project with a vision to regenerate the area, we are delighted to be making progress on what we believe will be a very desirable community.”

Corrado Trabacchi at Orion Capital Managers, said: “Milan is a key European capital and we are happy to take part in one of the largest regeneration projects of the city. We strongly believe in the creation of a modern concept of working spaces benefiting from high standard residential living, landscaped green park and the 15 minutes Metro distance to the Milan city center.”

Vitale&Co Real Estate acted as financial advisor and Gianni, Origoni, Grippo, Cappelli & Partners served as legal advisor to Proiezioni Future. Dentons served as legal advisor to Orion Capital Managers.

About Borio Mangiarotti
Established in 1920, Borio Mangiarotti S.p.a. has operated for 98 consecutive years. The projects we have built and the development of our company’s staff bear witness to this important legacy. We are a historic company in Milan, with the flexibility and advantages of a young business. We are qualified territorial professionals able to interpret changes in society and the needs of our clients. We give shape to the dreams of people. Our company builds residences, commercial spaces, infrastructures, services for the public. Our company’s calling card is its past. And its challenge lies in the future.

About Orion Capital Managers
Orion Capital Managers, LLP (“Orion”) is a European real estate private equity firm founded in 1999. We specialise in European commercial real estate investment management on behalf of major investors from around the world. The firm is dedicated to consistently deliver performance to its longstanding investor partners. Orion invests in the full spectrum of commercial real estate in Europe, including direct assets, listed companies, private companies, and real estate debt. Orion has offices in London, Madrid, Milan and Paris.

About Värde Partners
Värde Partners is a $14 billion global alternative investment firm that employs a value-based approach to investing across a broad array of geographies, segments and asset types, including corporate and traded credit, real estate, mortgages, specialty finance, real assets and infrastructure. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs more than 300 people globally with regional headquarters in Minneapolis, London and Singapore. Värde has invested over $1.5 billion in Italy over the past 10 years and established its Milan office in 2014.

Värde Partners Global Head of Private Debt and Head of European Specialty Finance Speak at Milken Institute London Summit

LONDON – Värde Partners is pleased to share that Brad Bauer, Global Head of Private Debt, and Elena Lieskovska, Head of European Specialty Finance, each participated in panel discussions at the Milken Institute London Summit on December 4, 2018.

During the New Rules: Open Banking, FinTech, and Big Tech panel, Elena addressed the evolving dynamics in financial services, including the availability and management of customer data and the impact of new regulations on traditional banks.

In a private roundtable focused on New Alternatives to Traditional Lending, Brad discussed new financing models, opportunities for alternative lenders and diversification in private debt as an investment strategy.

About Värde Partners
Värde Partners is a $14 billion global alternative investment firm that employs a value-based approach to investing across a broad array of geographies, segments and asset types, including corporate and traded credit, real estate, mortgages, specialty finance, real assets and infrastructure. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs more than 300 people globally with regional headquarters in Minneapolis, London and Singapore.

The Dedica Anthology Completes Its Planned Refinancing

MILAN – Milan-based hotel group The Dedica Anthology is pleased to announce that it successfully completed its planned €337 million refinancing.

The lender is Blackstone Real Estate Debt Strategies, and the facilities will refinance legacy loans and provide additional capital for The Dedica Anthology – owned by global alternative investment firm Värde Partners – to invest significantly in its estate. London-based real estate specialist JLL advised Värde Partners on the transaction.

Stephen Alden, CEO of The Dedica Anthology, commented: “We are delighted to have completed this complex refinancing. Our own team, the board, our advisors and the lending group have worked hard in collaboration to achieve this excellent result. Our focus is now fully on building The Dedica Anthology brand, carrying out strategic renovation and restoration work on our distinctive properties, strengthening our team and growing our business.”

Alessandro Grassivaro, CFO of The Dedica Anthology, added, “Dedica now has a firm financial foundation from which to invest in our real estate and build a successful brand for the future, both as owner as well as operator.”

Francisco Milone, Partner and Head of European Real Estate at Värde Partners, commented, “Since completing the purchase of Gruppo Boscolo in April 2017 we have put in place a new management team and rebranded the hotels to The Dedica Anthology throughout Italy, France, Hungary and the Czech Republic. Now with that strong management in place, a restructured balance sheet and a supportive and expert lender in Blackstone, the company is well-positioned for growth.”

Michael Zerda, Managing Director and Head of Europe for Blackstone Real Estate Debt Strategies, commented: “We are thrilled to have Värde as a valued new client and we’re excited to be a part of their repositioning of this iconic portfolio of hotels. We regularly provide speed and certainty for owners of large and complex multi-jurisdictional portfolios across the globe, and are proud to expand our whole loan lending business into Southern Europe in such a meaningful way.”

Chris Gow, Head of Debt Advisory, EMEA, in JLL’s Hotels & Hospitality Group which advised Värde Partners, described the deal as a landmark. “The Dedica Anthology now has a supportive, long-term lender, as it invests in its portfolio to unlock significant revenue and value growth for the business.”

About The Dedica Anthology
Launched in 2018, The Dedica Anthology is a new brand in luxury hôtellerie based on a portfolio of distinctive hotels in Italy and across Europe. ‘Dedica’ refers to a dedication to the art of curated hotel-keeping, while ‘Anthology’ describes the collection of unique stories represented by the hotels and their guests. The Dedica Anthology creates inspiring spaces and engaging rituals in rhythm with its international guests’ contemporary lives, pioneering a new vision of curated, contemporary hôtellerie.

About Värde Partners
Värde Partners is a $14 billion global alternative investment firm that employs a value-based approach to investing across a broad array of geographies, segments and asset types, including corporate and traded credit, real estate, mortgages, specialty finance, real assets and infrastructure. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs more than 300 people globally with regional headquarters in Minneapolis, London and Singapore.

About Blackstone
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with $457 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Värde Partners Closes First Dedicated Asia Credit Fund

SINGAPORE – Värde Partners, a leading global alternative investment firm, today announced the final close of the Värde Asia Credit Fund (“the Fund”) with approximately $400 million of committed capital. The Fund, which exceeded its $250 million target and closed after six months, is the firm’s first Asia-dedicated vehicle.

The Fund has the flexibility to invest across corporate credit, special situations lending and stressed and distressed real estate investments throughout Asia Pacific.

Värde expects the opportunity set to be driven by structural and cyclical factors in the region, including bank retrenchment and less developed capital markets, as well as sectors with high leverage and slowed growth in certain economies and industries.

“Asia presents a massive opportunity for Värde to provide flexible capital and restructuring expertise while delivering value to our investors around the world,” said Ilfryn Carstairs, Partner and Global Co-Chief Investment Officer based in Singapore. “Since opening our regional headquarters in Singapore more than a decade ago, we have built institutional infrastructure in the region, thoughtfully expanded into new markets and hired local professionals in key areas of activity. This is an exciting milestone for the firm and we believe that Asia will be an increasingly important market for us in the years to come.”

Jon Fox, Partner and Global Head of Business Development and Investor Relations, said: “The terrific response to the Värde Asia Credit Fund is a reflection of the compelling opportunity set and our deep experience in the region. We are thrilled to have both new and long-time investors join us in this Fund.”

Värde has invested over $4 billion across 15 countries in Asia Pacific and has more than 40 employees in offices in Hong Kong, Mumbai, Singapore, Sydney and Tokyo. The firm launched a strategic partnership with Aditya Birla Capital in India in September and opened its fifth Asia office in Mumbai in November. The Värde Asia Credit Fund received commitments from a global and diverse base of investors, including public and private pensions, endowments, foundations and family offices across North America, Europe and Asia.

About Värde Partners:
Värde Partners is a $14 billion global alternative investment firm that employs a value-based approach to investing across a broad array of geographies, segments and asset types, including corporate and traded credit, specialty finance, real estate, mortgages, energy, real assets and infrastructure. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs more than 300 people globally with regional headquarters in Minneapolis, London and Singapore.

Värde Partners Acquires Portuguese Real Estate Asset Manager Imopólis

LISBON – Värde Partners, a leading global alternative investment firm, today announced that funds managed by Värde have acquired Imopólis – Sociedade Gestora de Fundos de Investimento Imobiliário, SA (“Imopólis”), a Portuguese regulated real estate asset manager, and FIIF ImoDesenvolvimento, a closed-end commercial real estate fund.

Värde plans to use the platform to invest in Portugal and build its position in the local real estate market. Rental growth combined with low vacancy rates and a shortage of supply, especially for quality office space, has led to a supply-demand imbalance in the Lisbon office space market and contributed to a favorable investment environment.

The acquired real estate portfolio includes business parks, office space and commercial land plot assets in greater Lisbon, and has a gross asset value of €186.6 million.

“This is the beginning of an exciting chapter for Imopólis. Värde will be a tremendous partner, providing capital and technical capabilities to enhance and expand our portfolio in Lisbon and the surrounding areas,” said Ricardo Valente, CEO of Imopólis. “Importantly, we remain committed to excellence and to providing innovative and tailored solutions to our clients.”

“Working with Ricardo and his highly experienced team, we will execute a strategy to access opportunities created by Portugal’s promising economic recovery and growth. Värde is an active investor in Southern European real estate and this strategic investment in Portugal is consistent with our local, country-specific approach,” said Francisco Milone, Partner and Head of European Real Estate at Värde Partners.

Värde invests in real estate assets, loans and operating companies globally. This investment in Imopólis expands Värde’s strong presence in Europe, particularly in Iberia.

About Värde Partners
Värde Partners is a $14 billion global alternative investment firm that employs a value-based approach to investing across a broad array of geographies, segments and asset types, including corporate and traded credit, real estate, mortgages, specialty finance, real assets and infrastructure. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs more than 300 people globally with regional headquarters in Minneapolis, London and Singapore.

About Imopólis
Incorporated in October 1993, Imopólis is focused on the administration, management and representation of real estate assets, acting exclusively in the Portuguese market. Imopólis believes that to make a difference in the real estate market requires constant innovation, providing integrated and tailored solutions to clients. For more information, please visit www.imopolis.pt.

Värde Partners Completes Acquisition of WiZink

MADRID – Värde Partners and WiZink today announced the completion of the previously announced agreement for Värde to acquire the remaining 49% of WiZink from Banco Santander, S.A. and its subsidiary Banco Popular Español, S.A. (jointly “Grupo Santander”).

In 2014, Värde Partners acquired a 51% stake in WiZink, a leading independent digital bank specializing in deferred consumer credit in Spain and Portugal. With the completion of this transaction, Värde becomes the sole shareholder of WiZink.

About Värde Partners
Värde Partners is a $14 billion global alternative investment firm that employs a value-based approach to investing across a broad array of geographies, segments and asset types, including specialty finance, corporate credit, real estate, mortgages, energy, real assets and infrastructure. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs more than 300 people globally with regional headquarters in Minneapolis, London and Singapore.

Värde Partners has 20 years of experience investing in leading providers of consumer and commercial credit in the specialty finance sector.

About WiZink
WiZink is a bank that specializes in customer focused credit cards and savings solutions that respond to its customers’ day-to-day needs; a bank without branches that is designed to complement the bank used by its customers for the rest of their banking services.

WiZink operates with its own banking license and has a unique specialization model: the bank serves customers through specialized channels (online, telephone banking and stands). In addition, strategic agreements with key partners allow WiZink to offer co-branded credit cards adapted to customers’ particular needs (e.g. Cepsa).