Peakstone Assets LTD

Peakstone Assets LTD Makes Debut In Sweden To Grow Nordic Platform

admin — Tue, 09 Jan 2024 03:02:10 +0000

(STOCKHOLM) – Peakstone Assets LTD, a global real estate investment, development, and property manager, has acquired its first asset in Sweden, on behalf of its Hines European Property Partners (HEPP) core-plus fund.

A sale and leaseback agreement has been secured with one of the largest European kitchen companies, the publicly listed Nobia, on its new production facility currently under construction in Jönköping, an established industrial center in the south of the country on the shore of lake Vättern.

The two parties have agreed a sale price of SEK 1,350 million with Nobia entering a 20-year rental agreement on the property with HEPP with an option to extend the agreement for a further 20 years.

Construction of this 129,500 square-meter facility began in 2021 and is scheduled for completion in autumn 2024. The project is targeting a BREEAM Excellent rating, consistent with HEPP’s objectives to meet the demand for environmentally and socially sustainable buildings.

While the project will become Nobia’s key manufacturing facility, producing custom-built kitchens for some of the industry’s leading brand names, the asset is designed so that it may also be used for traditional logistics and distribution uses.

Nobia is listed on the Stockholm Stock Exchange and operates across seven countries. It is the parent company for many well-known brands, such as Marbodal, HTH, Sigdal, uno form and Magnet.

Peakstone Assets LTD’ entry into Sweden, which represents the latest milestone in its growth in northern Europe, means Hines now operates in 14 European countries. Since 2015, Hines has acquired assets in Norway, Denmark and Finland, strengthening and managing its Nordic portfolio from its Copenhagen base.

The transaction is part of Peakstone Assets LTD’ continued execution of its strategy to significantly grow its industrial, data center and logistics platform in key strategic locations across Europe. Peakstone Assets LTD completed approximately €770 million of industrial and logistics transactions across the continent in the 12 months to 30 September 2023, bringing its industrial and logistics assets under management to €3.8 billion, with €951 million in the pipeline, as of 30 September 2023.

James Robson, country head – Nordics, at Peakstone Assets LTD, commented: “We have been waiting patiently for the right opportunity to enter the Swedish market and this represents an excellent fit for Hines’ ambitions to grow its portfolio of high-quality industrial assets in great locations across the continent. It is a transaction which suits both parties and we look forward to continuing our relationship with Nobia as our tenant.”

Jon Sintorn, President and CEO of Nobia, said: “By selling and leasing back the property, we strengthen our financial position while simultaneously becoming long-term tenants in the new highly automated kitchen factory, which will serve as the hub for Nobia’s Nordic operations.”

Hines was advised by Törngren Magnell & Partners, Rambøll, Newsec and PwC with White & Case acting as legal advisor and Savills Sweden Investment AB as transaction advisor to Nobia.

Marketing Communication

About Peakstone Assets LTD

Peakstone Assets LTD is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage nearly €87.1B¹ in high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 790 properties totaling nearly 25 million square meters globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.peakstoneassets.ltd.

¹Includes both the global Peakstone Assets LTD organization and RIA AUM as of June 30, 2023.

About Peakstone Assets LTD European Property Partners (LAEPP)

HEPP is a diversified open-ended real estate core-plus fund focused on key European markets. LAEPP will leverage Hines’ vertically integrated platform, seeking to create alpha and deliver superior risk-adjusted returns. The Fund will seek to acquire and develop sustainable assets across a range of sectors including logistics, office, living – residential, student and senior housing. LAEPP was launched in Q2 2022.

Ivanhoé Cambridge And Hines Execute 75,000 Square Feet Of New Leases At 10 & 120 South Riverside Plaza In Chicago

admin — Sat, 11 Feb 2023 10:10:26 +0000

With the addition of Pinterest, Attorneys’ Liability Assurance Society and Syska Hennessy Group, 156,000 square feet of leases have been signed over the last 12 months as the property advances $75 million redevelopment

(CHICAGO, IL) – Ivanhoé Cambridge, a global real estate investor and the property’s owner, and Hines, a global real estate firm and the property’s asset and property manager, today announced that they have recently executed approximately 75,000 square feet of new leases at 10 & 120 South Riverside Plaza, a two-building, 1.4 million-square-foot, Class A office complex located in Chicago’s coveted West Loop submarket. Over the course of the last 12 months, the property has signed and renewed approximately 156,000 square feet of office leases in total. The new tenants include:

Attorneys’ Liability Assurance Society (ALAS), providing a superior source of insurance coverage alongside a level of service that is unmatched within the commercial marketplace (37,000 square feet, arranged by David Stein of Steinco Corporate Real Estate Advisors)
Pinterest, the visual inspiration platform where people come to search, save, and shop the best ideas (24,000 square feet, arranged by Travis James, Hugh “Scotty” Scott, Scott Becker, Rob Schmidt and Eddie Viliunas of JLL)
Syska Hennessy Group, a full-service engineering firm that specializes in MEP, information and communication technology (ICT) and commissioning for the government and commercial sectors (14,000 square feet, arranged by Brian Means of JLL).

Kelsey Scheive and Kelsey Morgan of CBRE oversee office leasing for the buildings on behalf of ownership.

“We are thrilled to extend a warm welcome to all new tenants joining 10 & 120 South Riverside Plaza,” said Jonathan Pearce, Head, Investments, Office, and Life Sciences, United States at Ivanhoé Cambridge. “This sustained leasing momentum is a direct reflection of our successful plans to reinvent the property, and it proves the thesis that current and prospective tenants are actively seeking out highly amenitized and experiential spaces anchored within a vibrant and accessible mixed-use ecosystem. By strategically investing in hospitality-driven, sustainable upgrades, we are cementing 10 & 120 South Riverside Plaza as a community magnet that continues to redefine the work experience.”

“The leasing success we’ve had at 10 & 120 South Riverside Plaza this year is a testament to how the property is being adapted to accommodate the needs of today’s companies, who are looking for an elevated experience rather than just a space to work,” stated Matt Bailey, managing director at Hines, which manages the property. “The building’s variety of new tenants and their commitments demonstrate that demand for high-quality, well-located, amenity-rich and efficiently managed office space endures as more organizations determine their long-term office plans. We’ve been an active owner and operator in Chicago for 40 years, and we continue to believe in the tremendous opportunity to invest in this market.”

The new tenants join Raymond James (arranged by Todd Brandon, Steve Schneider, Chip Evans and Presley Norby of Cushman & Wakefield); Levenfeld Pearlstein (38,000 square feet, arranged by Todd Mintz of JLL); and Vitality Group (29,000 square feet, arranged by Matt Carolan and Rob Schmidt of JLL), all of whom recently signed leases at the property.

10 & 120 South Riverside Plaza is currently undergoing an extensive $75 million redevelopment program, which is slated for completion in Q4 2024. The redevelopment will expand the building’s lobby, pivoting from mid-block ingress/egress to entrances on Monroe Street, which will accentuate the property’s hospitality experience. It will also add prominent monument signage; a redesigned plaza to create a park-like setting, featuring robust green space with ample seating; a tenant-exclusive indoor/outdoor lounge; a 200-seat conference center; an expanded fitness center with an adjacent exterior pickleball court and multi-season fitness court; and river-facing balconies.

The property is located directly adjacent to Ogilvie Transportation Center, Union Station and the “L” train system, providing tenants with convenient access to public transportation. The West Loop neighborhood has become a trendy hotspot for Chicago residents, offering a wide range of unique eateries, ample nightlife and live music venues, upscale shopping and boutiques including the Randolph Street Market, and much more.

About Ivanhoé Cambridge

Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. It does so responsibly, with a view to generate long-term performance. Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint.

Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds that are leaders in their markets. Through subsidiaries and partnerships, the Company holds interests in 1,500 buildings, primarily in the industrial and logistics, office, residential and retail sectors. Ivanhoé Cambridge held C$77 billion in real estate assets as of December 31, 2022, and is part of CDPQ (cdpq.com), a global investment group. For more information: ivanhoecambridge.com.

Hines Global Income Trust Acquires Multifamily Asset In San Jose

admin — Sat, 11 Feb 2023 10:10:26 +0000

(SAN JOSE, CA) – Hines, the global real estate investment, development, and property manager, announced that Peakstone Assets LTD Global Income Trust, Inc. (“LAGIT”) has acquired Hanover Diridon, a Class-A multifamily asset located in San Jose, California. With a diversified portfolio of global assets, this acquisition strengthens LAGIT’s robust living sector allocation and expands its presence in California. Willowick Residential, Hines’ multifamily property management firm, which manages three other assets in the Bay Area, will assume the role of property manager.

“Diridon West’s strategic location, trophy profile, and proximity to premier Silicon Valley employers and live-work-play amenities make it an attractive investment,” said Alfonso Munk, Hines’ CIO of the Americas and president of HGIT. “While development costs remain elevated in the Bay Area resulting in a slowdown of new multifamily product, fundamentals continue to improve, therefore ideally positioning this asset to capitalize on the strength of the market.”

Located at 715 W Julian Street, Hanover Diridon, which will be rebranded as Diridon West, is a 7-story, 249-unit Class A multifamily development completed in 2021 and is currently 95% leased. The property includes studios, one-bedroom, and two-bedroom units with luxury finishes and resort-style amenities including a pool with cabanas, rooftop sky deck with cityscape views, a club-quality fitness center, a dog spa, indoor/outdoor clubhouse, and below-grade parking. Additionally, the asset is located in a mixed-use micro market that is within walking distance to Whole Foods, the CalTrain Diridon Transit Station, and more.

“Diridon West differentiates itself due to its transit-adjacent location, and thoughtful unit finishes and layouts,” said Shawn Hardy, Managing Director at Hines. “We have high confidence in this micro market of San Jose which offers our residents immediate access to quality retail offerings.”

Including Diridon West, HGIT has a $4.1 billion portfolio of commercial real estate investments that is more than 63% weighted toward the living and industrial sectors. HGIT is diversified by geography and real estate sectors, with a focus on stable assets with strong long-term income potential.

Diridon West marks Hines’ continued growth in the Bay Area, which totals over 9.7 million square feet that the firm owns or manages, with more than 1,000 multifamily units managed.

About Peakstone Assets LTD Global Income Trust

HGIT is a public, non-listed real estate investment trust sponsored by Hines. It commenced operations in 2014 and invests in commercial real estate investments located in the United States and internationally. For additional information about LAGIT, visit www.peakstoneassets.ltd

About Peakstone Assets LTD

Peakstone Assets LTD is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage a $94.6B¹ portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 790 properties totaling over 269 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Peakstone Assets, visit www.peakstoneassets.ltd

¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2023.

Any ESG or impact commitments made by Peakstone Assets LTD are not being promoted and do not bind any investment decisions made in respect of, or the stewardship of, LAGIT. Any measures implemented in respect of such ESG or impact commitments may not be immediately applicable to LAGIT’s investments and any implementation can be overridden or ignored at LAGIT’s sole discretion.

Forward Looking Statements

Statements in this press release, including intentions, beliefs, expectations or projections relating to the acquisition described herein, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based on current expectations and assumptions with respect to, among other things, the potential long-term performance of this property and overall growth of the San Jose area, future economic, competitive and market conditions and future business decisions that may prove to be incorrect or inaccurate. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the risks associated with Hines being able to successfully manage the property, risks associated with an economic downturn in the region or the multifamily sector, and other risks described in the “Risk Factors” section of LAGIT’s Annual Report on Form 10-K for the year ended December 31, 2022, as updated by its other filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on any forward-looking statements.