Värde Partners CEO and Co-CIO Speak at Milken Institute Global Conference

MINNEAPOLIS – Värde Partners is pleased to share that CEO and Co-Founder George Hicks and Ilfryn Carstairs, Partner and Co-CIO, spoke at Milken Institute Global Conference in Los Angeles, California, on April 29, 2019.

George participated in the Creating and Sustaining a Culture of Excellence panel with CEOs of other asset management firms. The wide-ranging discussion centered on fostering a firm culture that empowers employees to succeed and supports talent retention.

“I would like to emphasize, as we think about our culture – and maintaining and building it – the importance of the initial hiring process. From the earliest days, when there were just three of us, we were very particular in our hiring. We had a very detailed process – a lot of testing, a lot of interviews, a lot of assessment. It was really a great two-way street, it kind of reflected our culture of a lot of due diligence. It was important for us in assessing folks, but it was also important for them to understand us,” George said.

Ilfryn spoke on the Credit Is a Cycle: Global Market Outlook panel moderated by Michael Milken with other leading credit investors. He discussed current market opportunities and risks, as well as the importance of building a platform that can invest throughout cycles.

“We have a very deep lens on relative value across secondary, primary, liquid and illiquid markets all around the world. As Co-CIO, one of my big jobs is to take that information and say where is risk-reward positive and where is it negative in different points in time and to move our capital around to those different markets. So the world looks clearer I guess in that sense […] where you can not just say what looks good in one market but you can dispassionately compare that across markets and say where your capital should be,” said Ilfryn.

Additionally, Jon Fox, Partner and Global Head of Business Development and Investor Relations, was a speaker in a private roundtable session, From Products to Partnerships: The Future of the LP/GP Model.

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, financial services, 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.

Equiom Enters New Phase of Funding with Värde Partners and LDC

LONDON – Equiom has announced its partnership with leading global alternative investment firm Värde Partners. Värde has invested in Equiom as a long-term equity partner to help fund future expansion in line with the company’s growth strategy. Värde joins Equiom’s longstanding equity partner LDC, which has supported Equiom’s growth since investing in the business in 2013.

Värde manages $14 billion in assets and invests across a broad array of geographies and strategies, including more than 20 years of experience investing in the financial services sector.

Equiom’s Global CEO, Sheila Dean, says the addition of Värde will help support the company’s future goal of diversification and expansion into new markets: “We are excited to begin a relationship with our new equity partner, Värde. Equiom has grown considerably since securing its first equity partner in 2006, completing 24 acquisitions and now with an established presence in Europe, the Middle East, Asia and the Americas. With plans for further expansion and diversification of our service lines, we require additional backing to achieve our goals. I’m personally very grateful for the strategic input and support we get from our equity partners, banking partners, corporate advisors Deloitte and legal advisors Gowling WLG, as it is crucial to strengthening the business with our ultimate aim of providing the highest level of professional service to new and existing clients worldwide. I’d particularly like to thank our banking partners RBS, Santander, Lloyds, M&G, Hermes and Investec for their support to date and I’m delighted to welcome KKR and Alcentra to that group. I’m also naturally very happy that LDC is staying on as an equity partner – it’s a strong endorsement of their belief in our business and confidence in Equiom’s future success.”

Elena Lieskovska, Partner and Head of European Financial Services at Värde, added: “We are excited to partner with Equiom and support the growth of the business. With a rich history and ambitious plans for expansion, we believe Equiom is positioned for continued success. This transaction supports our objective to create value by building long-term partnerships in the financial services industry. Värde was represented by international law firm Proskauer Rose LLP, who Värde engaged on M&A, Funding, and Structuring workstreams.”

Yann Souillard, Head of London at LDC, said: “It has been very rewarding to see the success and growth of Equiom since we started our relationship with Sheila and the team in 2013, and we’re very much looking forward to continuing our relationship and that success alongside our colleagues at Värde.”

About Equiom
Equiom is a global professional services provider, working with private, corporate and institutional clients to navigate twists and turns to achieve their ambitions. Equiom provides an unrivalled breadth of bespoke end-to-end wealth protection and support services to private clients, corporate clients and funds to facilitate wealth generation and security. It delivers those services ‘The Equiom Way’ – with passion, reliability and responsiveness. For information on the regulatory status of our companies, please visit equiomgroup.com/regulatory.

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, financial services, 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. For more information about Värde Partners, visit: www.varde.com.

About LDC
LDC, the private equity arm of Lloyds Banking Group, backs ambitious management teams from UK-based medium sized companies that are seeking up to £100million of investment to fund management buyouts or development capital transactions. The firm invests in a broad range of sectors and has a portfolio of 90 businesses across the UK which collectively generates £5billion of revenues and employs in excess of 32,000 people. For more information about LDC, visit: www.ldc.co.uk.

Värde and Landbridge Announce Sale and Lease Back of VLCC

LONDON and HONG KONG – Värde Partners, a leading global alternative investment firm, and Landbridge VLCC International (“Landbridge”), a Hong Kong-based subsidiary of Chinese industrial company Landbridge Group, today announced a sale and lease back transaction of a very large crude carrier (VLCC), arranged by Pareto Securities (“Pareto”).

The vessel, Landbridge Prosperity, is a modern, fuel-efficient tanker built in 2016. Landbridge will continue to operate the vessel under a bareboat charter, before repurchasing the vessel at the conclusion of the charter period.

“We are pleased to begin a financing relationship with Värde, a firm with diverse expertise and a long history in shipping. We look forward to developing further areas of collaboration with Värde and Pareto.” said Vincent Lai, CEO of Landbridge. “Our modern fleet of VLCCs are among the most fuel-efficient VLCCs on the water, and complement our port operations and activities in the oil and gas industry. The transaction is a part of our scrubber retrofitting programme for the whole fleet, which cements our pioneering position in response to the IMO 2020 convention.”

“We are excited to partner with Landbridge and finance the growth in their shipping business. With over 20 years of experience in the shipping sector, Värde is a longstanding investor in the industry. This transaction underscores our objective to become a leading provider of alternative finance to the sector by building long-term partnerships with reputable maritime companies and shipowners,” said Stephen Seymour, Managing Director at Värde Partners responsible for the firm’s investments in the transportation sector.

The transaction was arranged by Pareto Securities.

Landbridge was advised by HFW and Värde was advised by Allen & Overy.

About Landbridge Group
Landbridge Group is a diversified multinational group of companies based in China, specialising in port infrastructure and logistics, oil and gas, shipping and petrochemical industries. The Group owns Landbridge Port which is the largest private port in China, operates the Port of Darwin in Australia under a 99 year lease and is also constructing one of the largest ports in Panama, Isla Margarita Port. For more information about Landbridge Group, visit: www.landbridge.com.cn/en/

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, financial services, 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. For more information about Värde Partners, visit: www.varde.com

Värde Partners Acquires a 20% Stake in Borio Mangiarotti through a Capital Increase

MILAN – Värde Partners, a leading global alternative investment firm, announced today its investment in Borio Mangiarotti S.p.A., a Milan-based construction and real estate development company that has been active in Italy for nearly 100 years. Värde Partners will acquire a 20% stake in the Company through a capital increase.

This investment serves to further strengthen the partnership between Värde and Borio Mangiarotti that was established in 2017 to pursue real estate development projects in Italy. In particular, SEIMILANO is a key regeneration project in the west area of Milan, which involves the redevelopment of over 30 hectares with an investment of over €250 million. The masterplan, designed by the architect Mario Cucinella, is a three-year plan to develop approximately 1,000 apartments (half of which will be for fixed price residential), 30,000 square meters of class A offices, 10,000 square meters of retail space and a nearly 200,000 square meter public park designed by the internationally renowned landscape architect Michel Desvigne.

Värde Partners’ investment sets new strategic goals to ensure high standards of quality for a new residential asset class. Borio Mangiarotti intends to be a benchmark of excellence in residential development in Italy, and a promoter of a radical transformation of the sector towards an increasingly services-oriented model, focused on environmental sustainability and technological innovation.

Edoardo De Albertis, Borio Mangiarotti’s CEO said: “We are happy with this step that marks the union of two partners that have a shared vision of growth, with the aim of strengthening Borio Mangiarotti’s position in the real estate development of Milan. The entry of Värde into the capital of Borio Mangiarotti will enhance our reciprocal strengths: industrial experience, know-how and knowledge of the market on the one hand; ability to allocate resources, financial and managerial skills on the other.”

Luca Malighetti, Värde Partners Managing Director and head of real estate investments in Italy, added: “Värde’s investment in this historic Milanese company is a recognition of Borio Mangiarotti’s deep expertise and reaffirms our commitment to the sector. We believe in the potential of Milan, one of the most interesting cities on the European scene, and in its residential market in particular, which continues to show room for growth thanks to a high demand for quality residential properties, in line with international standards.”

Lazard acted as financial advisor and Gianni, Origoni, Grippo, Cappelli & Partners served as legal advisor to Borio Mangiarotti S.p.A.; BNP Paribas and DLA Piper acted respectively as financial and legal advisor to Värde Partners.

About Borio Mangiarotti S.p.A.
Borio Mangiarotti is a real estate development company, operating in the recent years as a promoter-builder and general contractor. The Company boasts a long tradition and almost 100 years of activity in the industry, contributing to the development of more than 400 on site buildings and more than 3,000 apartments in addition to underground parkings, offices and shopping centers. The Company is strongly focused on quality, safety and training and nowadays employs 60 people. Leveraging on its strong expertise, Borio Mangiarotti has become one of the most relevant players in the Italian real estate scenario, developing important relationships and partnerships with major Italian and International companies.

SKB and Värde Partners acquire US Bank Center, Phoenix, AZ

PORTLAND, OR – Portland-based real estate merchant banking firm ScanlanKemperBard Companies (SKB) along with its equity partner Värde Partners, Inc., closed on a deal October 31st to acquire the US Bank Center, a 373,013-square-foot, 31-story office tower in the heart of Phoenix’s Central Business District. Värde Partners, through funds it manages, provided the majority of the equity capital in the acquisition, and SKB will serve as the operating partner.

“We’re pleased to be able grow our portfolio with this strategic acquisition in Phoenix,” said SKB President and Principal Todd Gooding. “The market continues to show tremendous growth and promise, and we and Värde are planning additional investments that will make this important property even better.”

At an acquisition price of $59.7 million ($160 per square foot), market strengths and property features of the US Bank Center in Phoenix include:

The second tallest building in Arizona, the property is a fixture of the downtown skyline, and features a central location within Phoenix’s Copper Square, the metro area’s epicenter of business, cultural and governmental activities
Seven-story parking structure with ground floor retail
Immediate access to the City’s light rail transit system
Property is 60 percent leased to a diverse tenant roster and benefits from the recent long-term renewal of its first, second, and fourth largest tenants, representing more than 110,000 square feet
The property’s mixed-use retail parking structure is located two blocks from Arizona State University’s growing downtown Phoenix campus
Property is well-positioned in Phoenix’s CBD office market as the low cost provider of Class A office space. Its targeted office rental rates are $23.50 to $26.50 per square foot per year gross, while other CBD Class A properties are asking between $23.50 and $36.00 per square foot per year gross.

SKB and Värde Partners plan to complete $3.4 million of capital improvements for the US Bank Center including lobby renovation, new bike storage room, fitness room with showers and lockers, conference room and patio space, enhanced facades and storefronts of both the tower building and mixed-use garage/retail building, and exterior painting.

Värde and The True Life Companies forge strategic alliance

MINNEAPOLIS, MN AND SAN RAMON, CA – In a move that dramatically increases its stature as a major supplier of lots and land to America’s top homebuilders, The True Life Companies (TTLC) has entered into a strategic alliance with Värde Partners, a $10 billion alternative investment firm based in Minneapolis, MN. The alliance provides TTLC with access to a reliable global capital partner who has extensive experience in the single-family residential development and homebuilding industry. In turn, Värde gains access to TTLC’s solidly established resources and capabilities specializing in strategic land acquisition, entitlement and disposition throughout the Western United States.

Scott Clark, President and CEO of TTLC, commented, “Our relationship with Värde gives us a unique opportunity to accelerate our aggressive growth objectives by teaming with a substantial institutional capital partner, and industry leader, who understands our business and shares our vision. For both of us, this is a recipe for significant expansion.”

Brendan Bosman, of Värde Partners, stated, “The True Life Companies is a strong match for us because they have already established themselves as a premier player in the single-family residential market by owning or controlling more than 7,500 lots in the Western U.S. They have a solid foundation and an experienced management team that we can align with our extensive capital base to achieve considerable scale.”

The TTLC-Värde partnership is already off to an auspicious start. In just the first few months working together, the companies have deployed more than $50 million in capital in support of three new projects collectively representing nearly 1,400 prime home sites in Silicon Valley, Elk Grove/Sacramento and North San Diego County, CA.

TTLC has projects in various stages of entitlement throughout the United States. Headquartered in San Ramon, CA, the company maintains regional offices in Phoenix, AZ; Sacramento, CA, Newport Beach, CA, San Diego, CA and Denver, CO. For more information regarding TTLC’s residential land or recreational master-plan portfolio visit www.TheTrueLifeCompanies.com.