Värde Partners Closes $462 Million CRE CLO Financing Transaction

MINNEAPOLIS – Värde Partners, a leading global alternative investment firm, today announced the closing of a commercial real estate collateralized loan obligation (CRE CLO). This is the firm’s second CRE CLO this year.

The asset pool consists of 25 floating-rate mortgages secured by 27 properties and has an aggregate unpaid principal balance of $457.8 million. Värde offered $362.3 million of bonds rated AAA through BBB-. The assets include office, multifamily, retail, hospitality, self-storage, mixed use and industrial properties across 13 states with an average principal balance of approximately $18.3 million.

“The execution of this deal is in line with the continued expansion of Värde’s Mortgage Business and creation of long term financing relationships,” said Brian Schmidt, Partner and Head of Värde’s Mortgage Business.

Värde has originated or acquired more than $2.5 billion in commercial real estate loans since 2014 with its origination activity primarily focused on floating-rate mortgage loans on light transitional, value-add and event-driven commercial and multifamily opportunities across the U.S. Värde closed its first CRE CLO in February 2018 with an aggregate principal balance of $368.1 million backed by 25 mortgages and 28 assets.

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 mortgages, corporate credit, real estate, specialty finance, 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 Hires Mona Girotra as Global Head of Consultant Relations

NEW YORK – Värde Partners, the global alternative investment firm, announced today the hire of Mona Girotra as Global Head of Consultant Relations in Värde’s Business Development and Investor Relations group.

Based in New York, Mona will focus on developing Värde’s relationships with consultants and institutional advisors around the world. She will also work with a diverse group of institutional investors in the Americas.

“Consultants play a critical role in our industry, providing many of our investors around the globe with a range of services, including evaluating new products and opportunities, advising on portfolio construction and performing manager due diligence,” said Jon Fox, Partner and Global Head of Business Development and Investor Relations. “Mona brings valuable experience that will enhance the firm’s relationships and we are excited to welcome her to the team.”

“I am thrilled to join such a passionate and dedicated group of professionals at a highly regarded firm that is deeply committed to its investors,” said Mona.

Mona joins Värde Partners with more than 16 years of experience in the investment management industry. Most recently, she was with Highbridge Capital Management as a Managing Director in Business Development and Investor Relations. Previously, Mona held senior roles in business development and product management at JPMorgan Asset Management and Neuberger Berman. She started her career at JPMorgan Investment Management where she advised large institutional clients on optimal portfolio design and implementation, given their liability-related objectives.

Mona received an M.B.A from Harvard Business School and a B.A. from Barnard College. She is also a CFA Charterholder.

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 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 Closes $77.7 Million Mortgage Loan

MINNEAPOLIS – Värde Partners, the global alternative investment firm, today announced the closing of a $77.7 million loan for Triangle Plaza, a 636,000 square foot, Class A office complex located in Chicago, Illinois.

The loan provides financing for the leasehold acquisition of Triangle Plaza. The Class A office towers are located in Chicago’s O’Hare submarket and benefit from proximity to mass transit and a strong rent roll highlighted by numerous investment grade tenants.

“Värde has a long history of originating loans and looks to provide flexible capital in the commercial mortgage space,” said Jim Dunbar, Senior Managing Director at Värde. “We believe this property is attractive given its transit-oriented location, best-in-class amenities, outstanding tenancy and strong sponsorship profile.”

The debt was arranged by John Parrett and Steve Roth of CBRE Chicago.

Värde has more than 20 years of experience investing across a range of mortgage assets. Earlier this year, the firm closed Värde Mortgage Fund II with $750 million in committed capital to invest in both commercial and residential mortgage opportunities.

About Värde Partners
Värde Partners is a nearly $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 mortgages, real estate, corporate credit, specialty finance, 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 Co-CIO Speaks at Milken Institute Asia Summit in Singapore

SINGAPORE – Värde Partners is pleased to share that Ilfryn Carstairs, Partner and Global Co-CIO, spoke on the Uncertain Times: The State of Global Capital Markets panel at Milken Institute Asia Summit in Singapore on September 13, 2018. The discussion, moderated by Michael Milken, covered the impacts of geopolitics, trade and technology on the global investment landscape and where investors are finding the best opportunities from a risk/reward perspective.

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 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 Announces Plans for Via Célere to Acquire Land Bank Assets from Aelca

MADRID – Värde Partners, the global alternative investment firm, today announced plans for Via Célere, a residential property developer in Spain, to acquire the land bank assets of Aelca, another residential developer and asset manager in Spain.

Following the transaction, Via Célere will be the largest residential real estate developer in Spain with a gross asset value of over EUR2.2 billion, positioned to deliver an estimated 2,000 housing units in 2019 with the ability to deliver 5,000 units by 2021. Värde will own 75 percent of Via Célere.

In 2017, Via Célere merged with Dospuntos, a residential developer that was created as a result of the Värde-led restructuring of Grupo San Jose. At that time, Juan Antonio Gómez-Pintado assumed the role of CEO of the combined entities. Today’s transaction further strengthens Via Célere’s leading market position.

“Via Célere is remarkably well positioned to focus exclusively on building an impressive portfolio of best-in-class homes and flats as it will not need to purchase a single plot of land to hit its delivery targets over the next three years,” said Hector Serrat, Managing Director at Värde Partners. “We are excited to continue to partner with Juan Antonio and the entire management team.”

“Värde has extensive experience in the residential development space, including owning and operating home builders across Europe and the U.S., and we are fully committed to residential development in Spain,” added Francisco Milone, Head of European Real Estate at Värde Partners. “The Spanish homebuilding market remains fragmented and in need of further consolidation by scalable operators with a track-record of delivering on time and on budget.”

Värde will retain full ownership of Aelca, and continue to partner with Jose Juan Martin and Javier Gomez, the founders of Aelca, to support the company as an independent manager and promoter of residential properties in Spain. Post-transaction, Javier de Oro will assume the role of CEO of Aelca. Värde has a long-standing relationship with Javier from his tenure as head of the real estate division of Aliseda, the exclusive servicer of Banco Poplular’s distressed real estate assets. Värde sold its controlling stake in Aliseda to Banco Santander in 2017.

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 real estate, mortgages, corporate credit, 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. Founded in 1993, Värde employs more than 300 people globally with regional headquarters in Minneapolis, London and Singapore. Värde opened its office in Madrid in 2014. For more information, visit www.varde.com.

About Via Célere
Vía Célere is a real estate company specialising in development, investment and management of residential assets. Thanks to its innovative business model and team of professionals, Vía Célere is today one of the reference companies in the new environment and real estate cycle. Since its founding in 2007, Vía Célere has already delivered more than 2,300 homes, demonstrating a solid experience in startups, development and delivery of high quality residential developments throughout the whole of Spain. The company is committed to innovation and sustainability as the fundamental pillars of their projects, at the same time shows a permanent commitment to satisfaction for its clients, shareholders and the professional development of nearly 300 employees.

Masthaven and Värde Partners Announce Agreement for Värde to Invest £60 Million in UK Specialist Bank Masthaven

LONDON – Masthaven, the UK specialist bank, and Värde Partners, the global alternative investment firm, today announced an agreement for Värde Partners to make a strategic £60 million equity investment in Masthaven. The investment will enable the bank to deliver against its stated ambition to become one of the leading specialist banks in UK residential and SME markets.

The £60 million equity investment from Värde Partners, along with Masthaven’s existing capital base, will enable the bank to significantly increase lending to consumers and SMEs over the next 3 to 5 years as well as provide innovative deposit solutions to Masthaven’s customers.

By serving borrowers without access to the traditional high street banking brands, Masthaven has become a force in the UK challenger banking market. Masthaven has demonstrated significant growth in its chosen market niches – namely retail savings, SME lending, short- and long-term property financing across commercial, buy-to-let and specialist residential real estate. Masthaven has also been recognised as the 2018 Most Innovative Digital Retail Bank UK by CFI.

Värde Partners, a $14 billion global alternative investment firm, has more than 20 years of experience investing in consumer and commercial credit in the specialty finance sector.

The transaction is subject to regulatory approval from the Bank of England.

Andrew Bloom, Masthaven’s founder and CEO, said: “In Värde Partners we have chosen our strategic partner for the next phase of the continued journey of Masthaven bank. Our original investors remain committed to the bank – what Värde Partners brings to the table is the commitment, experience and firepower to take us to the next level.’’

“Masthaven has made tremendous strides in the past few years and, since our launch of the bank two years ago, we have successfully launched specialist residential and buy-to-let mortgages plus bolstered our savings suite by entering the SME savings market, all while growing our team to above 170 people and generating over £0.5bn of deposits. Now it’s time for us to further enhance our propositions for both our existing customers and intermediary partners as well as our future clients. Masthaven will use the investment to bring more capacity to the UK market and enable us to innovate in terms of both our savings and lending propositions.  We believe a company is only as good as the people it hires. As such, it was incredibly important for us to respect our employees’ share ownership and select a partner who has the same core values.”

Elena Lieskovska, Senior Managing Director and Head of European Specialty Finance at Värde Partners, said: “Masthaven is an exciting brand in the UK challenger bank scene and we’re thrilled about the opportunity to work together to hone the bank’s proposition and to take it to the next level. At Värde, we are active in our portfolio companies, favouring the partnership approach to creating value, and that’s exactly how we expect to work with the Masthaven team.”

Michael Baker, Managing Director Joint Ventures at The William Pears Group, Pears being an investor in Masthaven, said: “We’ve backed Masthaven Finance since 2011 together with the launch of Masthaven Bank in 2016 and are pleased to welcome Värde Partners as a new investor and look forward to them being part of the next phase in Masthaven’s journey’.

Notes to editors
Masthaven was advised by Houlihan Lokey and PJT Partners, the corporate finance firms and Linklaters and Mishcon de Reya as lawyers. Värde Partners was advised by Slaughter and May.

About Masthaven Bank Ltd
Masthaven launched as a retail bank in 2016. It offers award-winning saving and lending products. Prior to that, Masthaven Finance has provided a flexible and personalised approach to bridging loans and secured lending since 2004. Today, the bank’s knowledgeable and experienced specialists are committed to providing customers with flexible and fixed term savings accounts, bridging loans, development finance, and mortgages. In 2017 it was named Most Innovative Savings Provider in the Moneynet Personal Finance Awards; and Best Bridging Lender in the Coreco Awards. Masthaven Finance featured in 2015’s The Sunday Times’ Virgin Fast Track 100 (at number 81). The bank ranked 240 in Financial Times’ FT1000 list published in 2017. The bank is regulated by the Financial Conduct Authority and Prudential Regulation Authority.

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.