Marcia Page Awarded Fund Finance Association’s 2022 Julian Black Lifetime Contribution to the Industry Award
MINNEAPOLIS – Värde Partners, a global alternative investment firm, and MPowered Capital, an investment firm established to invest in best-in-class female and other underrepresented talent in the alternative investment space, are pleased to announce that Marcia L. Page has been awarded Fund Finance Association’s 2022 Julian Black Lifetime Contribution to the Industry Award.
As one of three co-founders of Värde Partners in 1993, Marcia helped oversee the firm’s growth into a leading global asset manager with approximately $14 billion in assets under management. In 2015, Marcia transitioned from Co-CEO and Co-CIO to her current role as Co-Executive Chair and today is still one of only a few successful female founders of an alternative asset manager.
Marcia has continually led pioneering work within the investment industry and been a true advocate of driving diversity and inclusion in financial services. Most recently, Marcia launched MPowered Capital, which seeks to accelerate the growth of female and other underrepresented talent by providing access to the capital, commitment, and connections needed to help grow their firms.
Accepting the award, Marcia Page said:
“I’m honored beyond words to receive this award and incredibly appreciative. I might be the first, but I’m sure I won’t be the last female recipient. Over the last 30 years the pace of change of diversity in leadership positions has been glacial, with unique challenges around access to capital and fund formation for women and other underrepresented talent in the industry. Through MPowered Capital, we are starting to address those capital pain points and accelerate equity in the industry.”
MPowered believes it is able to offer its clients exposure to an exceptional, diversified pool of targeted investment talent that many investors ordinarily would not have access to given their emergent nature as fund managers and the complexities involved with underwriting and conducting due diligence.
It operates as an independently-managed investment firm and has been developed in collaboration and partnership with Värde Partners to leverage certain business and operational capabilities.
About Värde Partners
Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $85 billion since inception and manages approximately $14 billion on behalf of a global investor base. The firm’s investments span corporate and traded credit, real estate and mortgages, private equity and direct lending. Värde has offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. For more information, please visit www.varde.com.
About MPowered Capital
MPowered is an independently-managed investment firm established to invest in best-in-class female and other underrepresented investment talent in the alternative markets. Founded by Marcia Page, Co-Founder and Executive Chair of Värde Partners, the firm is focused on accelerating equity for women and other underrepresented talent through capital and strategic support. Leveraging its extensive investing and firm building experience across strategies as well as an array of investment types, including structured transactions, direct/co-investments, and fund investments, MPowered believes it is uniquely positioned to provide investors with access to an exceptional, diversified pool of talent while generating superior risk-adjusted returns. For more information, visit www.mpoweredcapital.com.
Värde Partners and Hawkins Way Capital Acquire Sheraton Boston Hotel
NEW YORK – Värde Partners, a leading global alternative investment firm, and Hawkins Way Capital, a vertically integrated real estate company, announced today the recent purchase of 39 Dalton Street in the Back Bay neighborhood of downtown Boston, Massachusetts, from Host Hotels & Resorts [NASDAQ: HST]. The 29-story, 1.1 million square foot property currently operates as the 1,220-key Sheraton Boston Hotel.
This marks the sixth acquisition of the Värde Partners and Hawkins Way Capital joint venture targeting over $1 billion of value-add and distressed hospitality and housing assets in major U.S. cities. Today, the joint venture’s portfolio also comprises the DoubleTree by Hilton Metropolitan in the heart of Midtown Manhattan, along with four other residential developments in New York and California.
“We will continue to leverage our hospitality, multifamily and student housing expertise to refresh and/or reposition assets such as the Sheraton Boston Hotel in order to seek to maximize value,” said Ross Walker of Hawkins Way Capital.
“Our strategy for the joint venture is to build a high quality, inflation protected, and cash flow generative portfolio in major US cities,” said Francisco Milone, Partner at Värde Partners. “The pandemic is driving this opportunity among distressed hospitality and select housing assets in gateway markets with high demand for certain alternative hospitality, residential, and student housing products.”
About Värde Partners
Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $85 billion since inception and manages approximately $14 billion on behalf of a global investor base. The firm’s investments span corporate and traded credit, real estate and mortgages, private equity and direct lending. Värde has offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. For more information, please visit www.varde.com.
About Hawkins Way Capital
Hawkins Way Capital, co-founded by Managing Partners Ross Walker and Karan Suri, is a vertically integrated real estate company with over $1.5 billion of assets under management on behalf of institutions and individuals focused on value-add and opportunistic investments across various asset classes and geographies. The company seeks niche theses targeting attractive risk-adjusted returns. Its disciplined approach leverages the principals’ investing experience and extensive network to execute strategies that offer long-term value. Hawkins Way has offices in Los Angeles and New York. For more information, please visit www.hawkinsway.com.
Värde Partners Finances $2.7 Billion of Commercial Real Estate Loans in 2021
MINNEAPOLIS and NEW YORK – Värde Partners, a leading global alternative investment firm, today announced it closed $946 million in U.S. commercial real estate (CRE) loans across 14 transactions in the fourth quarter of 2021. In total, Värde’s CRE lending platform originated over $2.7 billion in 2021, spanning hospitality, office, multifamily, industrial and mixed-use assets.
Värde expects the elevated demand for U.S. CRE loans to continue into 2022 with favorable supply/demand dynamics against the backdrop of a CRE CapEx cycle. From population growth and a migration to the Sunbelt states, to continued changes in travel and questions around office space requirements, most properties are faced with addressing a number of new or accelerated trends, resulting in a significant need for transitional debt capital.
“The way people are using commercial real estate is fundamentally changing, requiring landlords and tenants alike to evaluate how they utilize assets and reposition for the post-pandemic environment. This is driving a significant and growing demand for shorter-term transitional or bridge real estate loans, with borrowers increasingly looking to alternative lenders like Värde to structure the right loan for their property. We believe the types of flexible financing solutions Värde provides will continue to be important over the coming year as the market adjusts to new behaviors and tenant demands,” said Jim Dunbar, Partner and Head of Real Estate Lending at Värde.
Fourth Quarter Loans
Loans closed over the quarter include:
- $148 million for the refinance of a hospitality property in San Diego, California.
- $120 million for the acquisition of a hospitality property in Miami, Florida.
- $115 million for the acquisition of a multifamily property in St. Petersburg, Florida.
- $110 million for the acquisition of a hospitality property in Phoenix, Arizona.
- $88 million for the refinance of a hospitality property in Montauk, New York.
- $69 million for the acquisition of a multifamily property in Houston, Texas.
- $53 million for the refinance of a hospitality property in Washington, DC.
- $52 million for the refinance of a multifamily property in Lewisville, Texas.
- $47 million for the refinance of a hospitality property in Fort Lauderdale, Florida.
- $35 million for the acquisition of a student housing property in Miami, Florida
- $29 million for the acquisition of a multifamily property in Carlsbad, California.
- $29 million for the refinance of a hospitality property in Aurora, Colorado.
- $28 million for the refinance of a multifamily property in Los Angeles, California.
- $23 million for the refinance of an office property in Los Angeles, California.
Värde’s CRE Lending Program
Värde has 28 years of experience investing in real estate and credit markets and has originated over $5 billion in CRE loans since 2017. The firm has a dedicated team of experienced origination, asset management and capital markets professionals.
Through its CRE lending program, Värde is a non-recourse, balance sheet lender financing all major asset classes, plus mixed-use and self-storage. Värde focuses on providing flexible capital and certainty of execution to meet the needs of experienced real estate investors.
In 2021, Värde closed the first-ever fully hotel-backed CRE CLO at $527 million, which was comprised of 11 loans originated to help hospitality properties bridge to a post-pandemic recovery, as well as the firm’s largest CRE CLO at $928 million.
The firm has a clean securitization track record, having experienced zero losses to date, no overcollateralization test breaches, and five of its nine securitizations successfully paid off.
About Värde Partners
Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $85 billion since inception and manages approximately $14 billion on behalf of a global investor base. The firm’s investments span corporate and traded credit, real estate and mortgages, private equity and direct lending. Värde has offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. For more information, please visit www.varde.com.
Värde Partners Agrees to Sell Stake in Trastor REIC for €98 Million
ATHENS and LONDON – Värde Partners, a leading global alternative investment firm, today announced it has agreed to sell its 52% stake in Trastor REIC (“Trastor”), a real estate investment company, to Piraeus Bank for €98 million. The deal will take Piraeus Bank’s total shareholding to 97%.
Trastor owns a portfolio of 59 real estate assets in Greece with a gross asset value of over €315 million across the retail, office and logistics sectors, comprising more than 238,000 square meters of total leasable area.
Värde Partners initially bought its stake in June 2016, in a deal that formed part of Piraeus Bank’s wider restructuring plan. Together, the shareholders have taken a number of steps to transform the business, including appointing a best-in-class management team, enhancing the company’s governance framework and executing a comprehensive value creation plan.
“Over the last five years we have significantly increased the size and quality of the company’s real estate portfolio, successfully acquiring more than 40 high quality assets, divesting non-core properties and upgrading existing sites,” said Tony Iannazzo, Senior Managing Director at Värde Partners. “We have had an excellent partnership with Piraeus over these years and believe the company is well-positioned to capitalize on the economic recovery as Greece emerges from the pandemic.”
Since 2016 Trastor’s asset base has grown from €60 million to more than €315 million while substantially improving revenue and profitability, culminating in the recent resumption of its dividend for the first time since 2012.
Mr. Christos Megalou, CEO of Piraeus Bank, added: “This transaction will instantly enhance our fee revenue profile and further grow our know-how around the vibrant and rapidly growing real estate sector. Trastor is one of the top-performing real estate platforms in South Eastern Europe and will constitute an investment tool for Piraeus Group to capture the extensive upside that the Greek market provides. This is yet another value booster for our shareholders, in our journey to create the best-in-class bank in Greece.”
The deal is expected to be completed in the first quarter of 2022 and is subject to customary approvals.
About Värde Partners
Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $85 billion since inception and manages approximately $14 billion on behalf of a global investor base. The firm’s investments span corporate and traded credit, real estate and mortgages, private equity and direct lending. Värde has offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. For more information, please visit www.varde.com
About Piraeus Bank
Piraeus Bank, 100% subsidiary of Piraeus Financial Holdings is the leading bank in Greece in terms of total market shares and branch network as at 30 September 2021, offering a full range of financial products and services to 5.5 million customers promoting sustainability and the principles of responsible banking. For more information, please visit www.piraeusholdings.gr
About Trastor REIC
Trastor REIC is the first real estate investment company to be established in Greece under law 2778/99 and it is listed on the Athens Stock Exchange (TRASTOR:GA). The Company invests in quality real estate assets and through active asset management delivers attractive returns to its shareholders. Trastor REIC is managed by an experienced team of professionals with extensive experience in the Greek real estate market. For more information, please visit https://trastor.gr/en/
Värde Names Three New Partners From Senior Investing Ranks
MINNEAPOLIS, NEW YORK and LONDON – Värde Partners, a leading global alternative investment firm, today announced it has promoted three senior investment professionals to the role of Partner: Jim Dunbar, Aneek Mamik and Carlos Sanz Esteve.
“These three investment leaders each embody the culture of Värde and I am proud to welcome them into the partnership,” said Ilfryn Carstairs, CEO and Co-CIO of Värde Partners. “Collectively, they represent the global strength and depth of our platform across private and traded investments and I have full confidence they will continue to drive forward the success of our business.”
Based in Minneapolis, Jim leads Värde’s commercial real estate (CRE) lending platform, which this past year originated $2.7 billion in loans. He has also led investments in real estate operating companies, hospitality assets and non-performing CRE loans, and oversees Värde’s investment in Trimont, a real estate loan servicing company. Jim joined Värde in 2010 from Macquarie where he was a Senior Vice President in the company’s real estate business in Chicago. He began his career in investment banking at Citigroup in New York and Sydney. Jim has a B.S. in Finance from Boston College.
Aneek joined the firm’s New York office in 2016 and is now Global Co-Head of Financial Services overseeing credit and equity investments in consumer and commercial finance and other sectors. Most recently, the team has established its presence as a provider of loans to consumer and SME lending platforms, with a focus on providers seeking to address capital availability gaps. Aneek has deep experience in capital allocation, business management, strategy and finance, and previously led the firm’s Financial Services investments in the U.S. and Asia. Prior to joining Värde, he was Head of Mergers and Acquisitions at GE Capital Headquarters and held various roles at GE Capital for over 15 years, beginning in Australia. Aneek has a Bachelor’s degree in Accounting and Finance and a Master’s in Business from Monash University in Australia. He is a qualified member of the Institute of Chartered Accountants in Australia.
Carlos is based in London and leads Värde’s European Corporate and Traded Credit strategy. He joined Värde in 2011 and has been critical in driving Värde’s research and investing across high yield bonds, leveraged loans and distressed securities in Europe. Throughout his time at Värde, Carlos has expanded the firm’s expertise around European financial and sovereign debt, as well as in Emerging Market credit. Prior to joining Värde, Carlos was an analyst in Mergers and Acquisitions at Deutsche Bank. He received a B.S. in Business Administration and a B.S. in Law from University of Valencia and holds a Master’s in Management from London Business School.
About Värde Partners
Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $85 billion since inception and manages approximately $14 billion on behalf of a global investor base. The firm’s investments span corporate and traded credit, real estate and mortgages, private equity and direct lending. Värde has offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. For more information, please visit www.varde.com.
Värde and Hawkins Way Form $1 Billion Joint Venture to Acquire Value-Add and Distressed Hospitality and Housing Assets
- JV seeded with four residential development investments in New York and California, and has acquired the DoubleTree by Hilton Metropolitan in Manhattan
- Additional $500 million equity commitment to acquire and operate hospitality and housing / residential assets in major U.S. cities
NEW YORK – Värde Partners, a leading global alternative investment firm, and Hawkins Way Capital, a vertically integrated real estate company, today announced they have formed a joint venture to acquire more than $1 billion of value-add and distressed hospitality and housing assets in major U.S. cities. The assets will operate under a Hawkins Way affiliate.
The JV, through an affiliate, recently purchased 569 Lexington Avenue in the heart of Midtown Manhattan, New York from RLJ Lodging Trust. Currently a non-operating 764-key hotel, the 19-story, 349,280 square foot building was previously a DoubleTree-branded hotel focused on corporate and business travel.
“There is a limited supply of affordable lifestyle hospitality and residential products in the center of U.S. gateway cities, against a market of unfulfilled and growing consumer demand. With a structural dislocation in values of select assets in these markets, we believe there is a significant opportunity to acquire properties at attractive prices,” said Francisco Milone, Partner at Värde Partners. “We welcome the opportunity to continue our partnership with Hawkins Way and combine our expertise in sourcing, repositioning and managing real estate assets to unlock this opportunity.”
The JV will also be seeded with operating properties in San Francisco, Oakland, and two in Brooklyn.
Ross Walker, Managing Partner at Hawkins Way Capital, added: “The pandemic has had a profound impact on certain hotel and overlooked housing assets, leaving many in financial difficulty and ultimately unviable in their current form. This has led to a window of opportunity to acquire properties at a discount to intrinsic and potential value, with a view to repositioning the assets for higher, better uses. The partnership with Värde will help support the growth of our platform as we seek to capitalize on what we believe is a large and scalable investment opportunity.”
Lazard acted as exclusive financial advisor to Hawkins Way and the partnership in this transaction.
About Värde Partners
Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $85 billion since inception and manages $14 billion on behalf of a global investor base. The firm’s investments span corporate and traded credit, real estate and mortgages, private equity and direct lending. Värde has offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. For more information, please visit www.varde.com.
About Hawkins Way Capital
Hawkins Way Capital, co-founded by Managing Partners Ross Walker and Karan Suri, is a vertically integrated real estate company with over $1 billion of assets under management on behalf of institutions and individuals focused on value-add and opportunistic investments across various asset classes and geographies. The company seeks niche theses targeting attractive risk-adjusted returns. Its disciplined approach leverages the principals’ investing experience and extensive network to execute strategies that offer long-term value. Hawkins Way has offices in Los Angeles and New York. For more information, please visit www.hawkinsway.com.