Coffee with Craig Show – daily CRE news covering the CEE region, Tuesday, May 10 with Winston Norman, Editor and Chief of EuropaProperty.com.
GOLDMAN SACHS RAISES $3.5 BILLION FOR REAL ESTATE INVESTMENT PARTNERS PROGRAM
Goldman Sachs Asset Management announced that it has raised $3.5 billion for its Real Estate Investment Partners program (“REIP”) from a diverse group of institutional and high net worth investors.
REIP will invest with a global mandate, focusing on core-plus and value-add opportunities in real estate, and has made a number of investments in sectors including logistics, residential and office buildings.
REIP is managed by the real estate business within Goldman Sachs Asset Management – one of the largest real estate platforms globally with over $50 billion in capital invested since 2012 across the spectrum of opportunities from core to opportunistic, in both credit and equity.
REIP will benefit from Goldman Sachs Asset Management’s differentiated capabilities and insights to navigate macroeconomic volatility and shifting demand drivers, with a focus on defensive investments in growing markets and sectors, and a growing focus on sustainability.
Julian Salisbury, Global co-Head of Goldman Sachs Asset Management, said: “We are focused on delivering consistent risk-adjusted returns for investors and are grateful for their continued support and partnership.”
HINES RAISES AROUND €800 MILLION AT FIRST CLOSURE FOR NEW EUROPEAN FUND
Hines announced that Hines European Property Partners, its new diversified, open-ended core-plus fund focused on key European markets, has secured around €800 million of equity commitments from investors at its first closing.
Embarking on an accelerated programme of equity raising, the fund has attracted a wide range of both new and existing investors, from the U.S and Europe. The fund aims to attract €1 billion in investor equity in the first 12 months from investors around the world.
The fund is seeking to acquire and develop sustainable assets across a range of sectors including logistics, office, living – residential, student, and senior housing. The fund will leverage Hines’ expertise and presence in 17 offices across Europe to identify investment opportunities in Europe’s most dynamic urban centres and gateway cities. The fund has already secured exclusivity on two separate deals in the living and office sectors.
Alex Knapp, chief investment officer for Europe, at Hines, commented: “With growing momentum, HEPP is expected to exceed our target of €1 billion in investor equity by the end of this year from investors seeking diversified global exposure.”
Jorge Duarte, fund manager of HEPP at Hines, said: “We are experiencing significant investor appetite for this fund. The macro trends such as ESG prioritisation, technological advancement, and generational shifts are accelerating across all sectors which are creating opportunities for core plus investing.”
WESTBRIDGE OPENS WARSAW LOCATION
Westbridge Advisory, an expert in ESG and operating costs optimisation for institutional real estate investors, has opened a new location in the Polish capital. The continuous expansion strengthens the company’s local footprint and position in sustainability and energy efficiency consulting for the real estate sector. Real estate investors and asset managers in Poland now benefit from a local presence with the entire Westbridge group’s expertise.
“The new location in Warsaw allows us to focus on one of our key markets and be even closer to our local customers,” said Hajo Engelke, Managing Director at Westbridge.”
The office is located at Rondo ONZ 1 and is headed by Danuta Grzywacz. In her role as Country Head Poland, she will report directly to Hajo Engelke, Managing Director at Westbridge Advisory International AG.
Danuta Grzywacz said: “Our goal is to raise awareness of ESG in Poland and further develop Westbridge’s position as the leading European strategic and operating expert in this field.”
GENERATION PARK Y OFFICE BUILDING RECEIVES WELL GOLD CERTIFICATE
The Generation Park Y skyscraper, developed by Skanska in Warsaw’s Wola district and acquired by HANSAINVEST, has received the WELL Core & Shell Gold certificate.
The WELL Building Standard is a certification system developed by the International WELL Building Institute, which measures the quality of office space by assessing over 100 building parameters.
Generation Park Y is a 38-storey building with a height of 140 meters, crowning the largest Skanska office complex in Warsaw. Its entire office space was leased by PZU as the company’s headquarters. In December 2021, the building was bought by HANSAINVEST Real Assets. The value of the transaction was €285 million.
“We focus on the comfort, well-being and health of the tenants. We also use sustainable solutions that reduce the environmental impact of our buildings,” says Rafał Stoparczyk, Project Director at Skanska’s commercial development business unit in CEE.
“This is proof that the building meets the highest standards of sustainable development, which is so important to PZU, measured primarily by the safety and comfort of its users and the pro-environmental solutions used,” says Dorota Macieja, Board Member at PZU Życie responsible for the real estate area in the PZU Group.