Private real estate
Acquisition of a major industrial site in Yennora, Sydney
In September 2015, we acquired a 32-hectare industrial site in Yennora, in Western Sydney, on behalf of our clients. The site, which is 24 km from Sydney's central business district, is ideally located for a return to active industrial use given its proximity to a major intermodal container terminal and a residential train station.
We plan to revitalize the Yennora site and bring it back to full occupancy by leasing or selling off the existing buildings, developing new industrial buildings and sub-dividing the remaining property into smaller lots ranging from 2'000-6'000 square meters.
Development of Grade A offices at 80 Fenchurch Street, London
80 Fenchurch Street is a prime location in the City of London, close to transport links and other amenities. In April 2015, we invested in the development of a Grade A office building at 80 Fenchurch Street on behalf of our clients. The project includes the demolition of an existing, vacant building and the construction of a new office building.
The new build will be a 14-story, 245'000 square foot building offering Grade A office space with design features including a series of tiered roof gardens.
Refinancing of a retail and logistics real estate portfolio in Germany
In April 2015, we provided mezzanine financing on behalf of our clients to back the refinancing of a portfolio consisting of 29 retail and logistics properties with a highly diversified tenant base located across Germany.
The investment will support a value creation strategy focused on re-gearing short-term leases, reducing vacancy levels and carrying out property-specific value add initiatives. Our mezzanine solution provided the necessary flexibility to meet complex requirements and was structured at attractive terms for our clients.
Secondary acquisition of prime office properties in Milan
In February 2015, we acquired two prime office properties in Milan through a secondary transaction on behalf of our clients. Via Monte Rosa 91 is one of the most iconic Milanese office assets, designed by star-architect Renzo Piano. Viale Sarca 222 was converted from a former industrial property into an office building that is now the headquarters of Pirelli & C. S.p.A., one of the world's major tire producers.
The two properties provide quality cash flows and feature long-term lease contracts with excellent tenants. Partners Group’s real estate secondary team offered the vendor a tailored liquidity solution, thereby securing the assets at an entry price which should enable the team to realize significant value.
Development of 400 apartments at 200 North Michigan Avenue, Chicago
In September 2013, we invested in a joint venture to construct MILA, a 41-story luxury residential development at 200 North Michigan Avenue, Chicago, on behalf of our clients. The construction project, Michigan Avenue's first skyscraper in over five years, broke ground in October 2014 and topped out in September 2015.
Once fully completed, MILA will feature 402 Class A luxury residences, as well as 22'000 square feet of prime retail space. The project also focused on sustainability and is anticipated to be LEED certified.