PCPe launches two new businesses, Urban Innovation Network and Albion Icon Management
Urban Innovation Network (UIN) is a global network and solutions provider led by Bill Kistler, former European CEO of the Urban Land Institute. The business brings cities, businesses, real estate and universities together to share urban innovation ideas, data and best practices for the purpose for collaboration, identifying opportunities and building competitive and sustainable cities. UIN is holding its first global conference ‘Capitalising on Urban Innovation’ on the 15-16 November in Barcelona.
Albion Icon Management (AIM) is focused on providing Iconic Art to major property developers and owners to help improve the brand and appeal of their development, buildings and hence value, Rather than the developer or owner having to buy the work, AIM acquires the art and then leases it to the developer or owner. Led by gallerist, Michael Hue-Williams, AIM commissions individual pieces of art from the world’s leading contemporary artists to suit each building and location.
Gerald has nearly 40 years experience in real estate and related sectors, having started his career in London in 1977. He has been investing on behalf of blue chip institutions throughout his career and has been instrumental in building cross-border investment and real estate corporate finance businesses in both the US and Europe.
Prior to PCPe he was the Managing Director and Head of Real Estate Private Equity Europe for Lehman Brothers, building out the European platform both internally and by forming new operating platforms across Europe, ultimately managing approximately US$30 billion of gross assets. Prior roles include Chief Executive of Invesco Real Estate Limited (global partner of Amvescap), founder and CEO of Parkes and Company (which was sold to Invesco in 2001), Head of Investment Management Europe for Lend Lease and founding Partner and Head of Europe for The Yarmouth Group (which was sold to Lend Lease in 1993). From 1993 until 2003, Gerald had a mandate from Teachers Insurance Annuity Association, to develop and then execute its direct investment strategy in Europe.
Gerald has an MA in Land Economy from Cambridge University. He is a Governor of the Urban Land Institute and former Chair of ULI Europe. He is also the private sector member of the UK Government’s Property Star Chamber and an independent adviser to the Government Property Unit reporting to Cabinet.
Tel: +44 (0) 203 6174 761
Simon has been working across the European real estate markets for nearly 25 years. Before joining Gerald to form PCPe, Simon was a Managing Director at UBS Global Asset Management in London, where he was head of Luxembourg based, pan-European funds. He was the Fund Manager for UBS’ Euro Value Added Fund and the executive responsible for UBS’ Euro Core Fund. During his six years at UBS he was instrumental in building a continental European investment management business with over €4bn of assets under management. He joined UBS as one of the senior members of Lend Leases’ former European team, where he had been responsible for the development of Lend Lease’ first pan European fund.
Simon started his career in the UK in 1983 before moving to Paris in 1991 to join Bourdais, a leading French real estate consultancy which is now part of CBRE. In 1996 he moved to GE Capital Real Estate, still in Paris, as part of GE’s newly formed European acquisitions team. There he was involved with a series of major investments including the acquisition of several public and private real estate companies and non-performing loan portfolios. Following the acquisition of a Spanish real estate company, Simon moved with GE to Madrid where he opened an office for them, eventually becoming responsible for the whole of Southern Europe.
Simon is a member of the Royal Institution of Chartered Surveyors.
Tel: +44 (0) 203 6174 762
OUR TRACK RECORD
REAL ESTATE INVESTMENT FUNDS
PCPe's principals have a long and successful track record investing across a multitude of strategies for leading institutional investors. This experience covers most European countries and sectors. In many cases, the mandates or funds included either the arrangement or securing of different parts of the capital structure. A selection of different strategies and mandates undertaken is set out below.
Private equity fund Investment period: 2005-2009 Strategy: Value added Geography: Eurozone Investment size: €10-100m Term: 4 years Invested in undervalued office properties with the potential to create value through active asset management.
Private equity fund Investment period: 2004-2009 Strategy: Opportunistic Geography: Europe Investment size: US$10 -100m Term: 5 years Successfully invested approximately US$1 billion of equity predominantly in Sweden, U.K., France, Germany, Poland and Italy alongside strong local operating partners.
Institutional funds Investment period: 2002-2004 Strategy: Core and core plus Geography: Europe ex Germany Investment size: €20-60m Term: Varied An institutional investment management business with approximately US$ 3.7bn of assets under management from 35 German and Austrian institutions in a combination of 6 funds and 1 separate mandate.
Our investment track record spans over 40 years and exceeds USD$20bn of transactions on a global basis. We are proud of our achievements for investors which have demonstrated that local expertise, strong real estate skills, corporate finance experience and extensive industry contacts are all necessary in optimising returns. Some of our transactions are set out below.
Milan, Italy Date of investment: 2006 Sector: Office Transaction type: Standing investment Initial transaction size: €41m Acquisition of a new grade A office property fully leased to Snamprogetti (ENI Subsidiary) for 12 years.
Cologne, Germany Date of investment: 2006 Sector: Office and retail Transaction type: Repositioning Initial transaction size: €29m Acquisition of a historic city centre property; refurbishment and releasing to transform into a core institutional investment.
Paris, France Date of investment: 2006 Sector: Office Transaction type: Repositioning Initial transaction size: €53m Acquisition of a vacant office building in the centre of Paris’ la Défense office district, refurbishment, releasing and sale to an institutional investor.
PCPe’s principals have worked with a variety of institutions and companies to either restructure or deliver particular aspects of the capital structure in order to optimise returns. The focus has always been on the fundamentals of the underlying real estate and enhancing the sponsors ability to deliver the envisaged business plan.
Milan Investment period: 2013-2014 Sector: Retail Transaction type: Structured sale Initial transaction size: €70m Advising on the structuring and sale of a major, new retail scheme in the centre of Milan to a leading, global investor.
Poland Investment period: 2013-2014 Sector: Residential Transaction type: Recapitalisation Initial transaction size: €30m Recapitalisation of a Central European residential development business.
Europe Investment period: 2004-2009 Sector: Multi Sector Transaction type: Corporate, restructuring, joint ventures Initial transaction size: US$20m -US$1bn gross With approximately US$30bn of gross assets, multiple capital markets transactions were undertaken in public and private structures - both debt and equity.
PCPe’s principals have established several successful real estate platforms which have managed institutional capital and invested in a variety of strategies across Europe and the capital structure. Two examples of these platforms are set out below.
REAL ESTATE INVESTMENT PLATFORMS
Investment period: 1996-2004 Strategy: Direct acquisitions, asset management and corporate finance Geography: Europe Investment size: £4bn AUM Term: 8 years Parkes and Company was sold to Invesco in 2001, which subsequently acquired HVB's institutional fund management business which comprised a team of 33 and €3bn funds under management.
Investment period: 1989-1993 Strategy: Core/Core plus investment management strategies Geography: US and Europe Investment size: US$7bn Term: 4 years Formed through the buy out of Richard Ellis' investment management business. Subsequently sold to LendLease in 1993.
Property Capital Partners Europe
20 Berkeley Square
London W1J 6LH
Property Capital Partners Europe (PCPe) is a partner owned, investment management and capital advisory business. It is focused on strategy and the provision of real estate capital solutions, both debt and equity, across the European market.
WHAT WE DO
We deliver Real Estate Capital solutions. The founding partners have a long and successful track record of building real estate investment management and capital advisory businesses in Europe. As a consequence, we have deep industry relationships in both the property and capital markets. We achieve long term alignment of interest with our clients and partners through performance related, co-ownership compensation structures.
CURRENT PROJECTS & ROLES
Developing solutions for a separate account investment mandate
Providing strategic advice and capital raising, at both project and corporate level, for a leading Czech and Polish real estate company
Advising and capital raising for a Spanish residential development business focused on Barcelona and Madrid
Co-development of and capital raising for a major, multi-use project in Finland
Partnering with and raising first stage equity for an innovate, new, data led real estate platform aimed at bringing together Cities, their universities and relevant businesses
Private Sector Member of the UK Government’s Property Star Chamber advising on major government assets
Chair of the Executive Committee and a founding partner of the first UCITS’ liquid property vehicle, advising on strategy and additional products
Governor of the Urban Land Institute
The Cabinet Office is a department of the Government of the United Kingdom responsible for supporting the Prime Minister and Cabinet of the United Kingdom.
Kotka Old Port is a mixed-use masterplan development in the heart of the city of Kotka, Finland. The scheme will include Finland’s first Designer Outlet Village, a marina, an international ferry and cruise terminal, hotels, residential and restaurants in a unique harbourside setting.
Layetana Real Estate is one of Spain’s most respected private development companies that is responsible for some of Barcelona’s most emblematic buildings over the last 20 years. Layetana also develops in other parts of Spain and Poland.
The IFSL North Row Liquid Property Fund launched on 21 February 2014. The fund is based on a strategy originated by fund manager Steven Grahame, and developed over the past five years.
Pinnacle is a leading independent real estate development and asset management company based in Prague. It was founded in 2001 and now plays a significant role in the Central and Eastern European real estate market.
SDS Advisory is an italian based company that creates business solutions for distressed real estate and development projects in Italy, led by Riccardo Delli Santi.
Urban Innovation Network (UiN) is a data backed partnership of cities, universities, business and real estate ‘place-makers’ created in 2012 to improve collaboration between them.