Värde Partners to Acquire Remaining 49% Stake in WiZink from Popular-Grupo Santander

MADRID – WiZink and Värde Partners today announced an agreement for Värde Partners to acquire the remaining 49% stake in WiZink, an online bank serving Spain and Portugal, from Banco Santander, S.A. and its subsidiary Banco Popular Español, S.A. (jointly “Grupo Santander”). Värde Partners has held a 51% stake in WiZink since 2014 and will become the company’s sole shareholder. The transaction is expected to close in the third quarter 2018, subject to regulatory approvals.

“The strength of Wizink’s strategy lies in its unique business model, making them a significant player in the flexible payments segment in Iberia,” said Elena Lieskovska, European Head of Specialty Finance at Värde and member of the Board of Directors at WiZink, “The management team has delivered growth over time by providing innovative customer solutions and services in a market we believe has further potential and favourable macroeconomic trends.”

As part of the agreement, WiZink will transfer the debit and credit cards of Popular customers in Spain and Portugal to Grupo Santander. At closing, Grupo Santander will manage this business through the Banco Popular branch network. WiZink and Grupo Santander will work closely to ensure that the transition process will not impact customers’ day-to-day operations.

Following the transaction, WiZink will manage more than €3 billion in credit card balances in Spain and Portugal, representing nearly 90% of WiZink’s total revenue, as well as more than €3 billion in deposits and savings accounts. WiZink will remain focused on its core business: customer focused credit and savings solutions. With 30 years of experience and more than 2 million customers, WiZink leads the revolving credit market in Spain and Portugal.

Iñaki Perkins, Managing Director of WiZink, commented, “Our value proposition in credit and savings products is designed to anticipate customers’ changing needs through an increasingly digital experience. With the continued support of Värde Partners, we aim to strengthen our position in the flexible payments segment and take advantage of the growth opportunities in this evolving market.”

About Värde Partners
Värde Partners is a $13 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, real estate, corporate credit, mortgages, 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 280 people globally with regional headquarters in Minneapolis, London and Singapore.

Värde is an experienced investor in the specialty finance sector with a 20-year track record of investing in consumer and commercial credit.

About WiZink
WiZink is a bank that specializes in customer focused credit 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 and Globalia).

Värde Partners Leads Investment in London-Based VC Pi Labs

LONDON – Property Innovation Labs (“Pi Labs”), Europe’s first property tech venture capital firm, announces a strategic equity investment to accelerate its global growth. Värde Partners, the global alternative investment firm with $13 billion in assets under management, led the investment.

The new capital injection will be used to scale the business as part of Pi Labs’ aim to create a globally diversified portfolio. London-based Pi Labs, which separately closed its second fund of $10 million in June 2017, will continue to bolster its investment capabilities with larger funds going forward. The VC firm also continues to explore expanding internationally over the next 18 months.

This investment gives Värde, along with the other participants in the capital raise, a minority stake in the London-based VC firm. The Pi Labs management team comprised of Dominic Wilson, Faisal Butt and Mary Criebardis Singh will retain control of all day-to-day operational and investment decisions.

Tim Mooney, Partner and Global Head of Real Estate at Värde, said, “Technology has huge potential to impact the real estate market for the better by improving efficiency and unlocking the hidden underlying value across a range of real estate asset classes. The investment in Pi Labs gives us an important early view into new and emerging technologies. Dominic and the Pi Labs management team have impressed us with their deep knowledge of the property tech sector and strong operational experience, and we are excited to be supporting Pi Labs’ expansion going forward.”

Dominic Wilson, managing partner at Pi Labs, said, “This strategic round will help us accelerate our ability to fund and support high-growth property tech companies world-wide. Though London will remain our headquarters, we are seeing opportunities across a number of markets and we will look to build out our experienced team.

“We received several unsolicited expressions of interest from investors. We were determined to choose our investment partners carefully and for us it was crucial to work with investors who share our culture and vision for the future of the company and the industry more widely. Värde Partners brings a deep level of institutional expertise that comes from building an investment business from scratch to $13 billion of equity globally. Allied with our other investors, mentors and institutional partners, Pi Labs is in a uniquely strong position as it continues to grow.”

About Värde Partners:
Värde Partners is a $13 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, corporate credit, mortgages, specialty finance, energy, transportation, 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 280 people globally with regional headquarters in Minneapolis, London and Singapore.

About Pi Labs:
Property Innovation Labs (Pi Labs) is an early-stage venture capital firm investing in high potential property tech scale-ups. Pi Labs is committed to identifying and accelerating start-up ventures with the capacity to disrupt the property sector. The firm operates from London and focuses on European and select global investment opportunities. Find out more at www.pilabs.co.uk or follow us on Twitter or Facebook.

Värde Partners Closes $368 Million CRE CLO Financing Transaction

MINNEAPOLIS – Värde Partners, a global alternative investment firm, announces the closing of a commercial real estate collateralized loan obligation (CRE CLO) through Värde’s Mortgage Business.

The mortgage asset pool consists of 25 recently originated, short term, floating rate, whole or pari passu mortgage assets secured by 28 properties. The aggregate principal balance of the pool is $368 million. Värde offered $288 million of bonds rated AAA through BBB- and retained $80 million of the structure. The assets include office, multifamily, retail, hospitality and industrial properties across 12 states with an average principal balance of approximately $15 million.

“There is significant demand for commercial mortgage capital and Värde seeks to provide flexible solutions to meet the needs of businesses not served by traditional lenders,” said Brian Schmidt, Partner and Head of Värde’s Mortgage Business.

Värde’s Mortgage Business has originated or acquired over $1 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 loan opportunities across the U.S.

About Värde Partners:

Värde Partners is a $13 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, real estate, mortgages, specialty finance, energy and transportation. 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 280 people globally with regional headquarters in Minneapolis, London and Singapore.

Värde Partners Names New Partners, Deputy CIO

MINNEAPOLIS and LONDON – Värde Partners is pleased to announce the appointment of two new Partners as well as the promotion of an existing Partner to Deputy Chief Investment Officer all effective January 1, 2018.

Francisco Milone, Head of European Real Estate, and Scott Hartman, Head of the U.S. Corporate and Traded Credit investment team, have been promoted to Partner.

Francisco Milone joined the firm in 2008 and is based in London. He is responsible for European real estate investments, including the acquisition of non-performing loans, assets and real estate-related companies.

Scott Hartman joined the firm in 2008 and is based in Minneapolis. He co-leads the Corporate and Traded Credit team and serves as co-Portfolio Manager of the firm’s hedge funds.

“We are delighted to recognize Francisco and Scott for their tremendous contributions to the success of our business and their dedication to our investors,” said George Hicks, Co-Founder and CEO of Värde Partners. “They embody the culture and values of the firm and we look forward to their continued leadership as Partners.”

Alongside these promotions, Giuseppe Naglieri, Partner, has been appointed Deputy CIO.

Giuseppe Naglieri joined the firm in 2009. In addition to his role as Deputy CIO, Giuseppe will continue to co-lead the Corporate and Traded Credit team and serve as co-Portfolio Manager of the firm’s hedge funds with newly-elected Partner Scott Hartman.

About Värde Partners:
Värde Partners is a $13 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, real estate, specialty finance, mortgages, energy and transportation. 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 280 people globally with regional headquarters in Minneapolis, London and Singapore.