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Accessing AEW Europe Capital

Various investment profiles targeting many different types of assets

Geographic Focus
Asset Type
Transaction size
(€mm)
Separate Accounts
and Club Deals

Any Eurozone country
Offices, Shopping Centers, Hotels
20 - 500
Single Country Funds
(Fondis, Foncière Ecureuil 1 & 2, SCPI, PREF)
France ( Paris and regional cities)
Office,
Retail
1 à 50
Pan-european Funds      
1. Logistis 2
France, Italy, Spain
Logistics
10-60
2. CCP2
Any Eurozone Country
All
15-150
3. EPI
Any Eurozone Country
All
100-500
4. Euroffice
Any Eurozone Country
Office
40-100
5. Foncière Ecureuil 2
Any Eurozone Country
Office, Retail
0-20
6. PBW 2
Poland, Hungary,
Czech Republic
Office, Retail, Logistics
30-100

Description of Various Baskets of Capital:

Curzon Capital Partners II (“CCP II”):
This is a follow up to CCP I which was a pan-European diversified fund focused on core-plus single asset investments. The investment strategy for CCPII will be similar to that of CCP I which was focused on assembling a portfolio of international grade office, logistics and retail properties by either acquiring, forward-purchasing or refurbishing assets in stable and improving real estate markets & economies.

General Requirements:
  • Emphasis on office and logistics properties, though not restricted on these asset type
  • Transaction amounts of €15mm to €150mm
  • Flexible with respect to the trade-off between current cash and growth in capital value of the investment ( i.e. a total return investor)
  • Either direct investment or via partnerships with local operating partners (depending on the complexity of the transaction

European Property Investors (“EPI”):
EPI is focused on sourcing portfolio transactions from companies looking to refocus their business on core activities and unleash the capital retained in real estate to fund growth of core business. Curzon Global Partners through EPI will strive to be a long term business partner providing businesses with a systematic method to finance their expansion and achieve their core business goals while still giving the firm control over their assets via term long leases.

General Requirements:
  • Focused on “middle market”, value-added sale leaseback transactions
  • €100 million to €500 million in size
  • Tend to be negotiated, off market transactions

Fonciere Ecureuil:

  • This investment vehicle is devoted to the French regional saving banks investing for their own account.
  • Focus on long term holding of French and European (Eurozone) secure assets (office and retail).
  • Paris and French regions, Eurozone.

Fondis:

  • This fund is dedicated to retail in France exclusively.
  • Shops in city centers and retail warehouses in good locations.
  • Paris area and main regional cities.
  • Focus on current cash flow component.

Logistis 2:

  • This paneuropean fund is a follow-up of Logistis 1 which was created in 1999 and is now fully invested.
  • Logistis 2 is investing in Grade A logistics warehouses (i.e overhead clearance of 10 meters, sprinklers, ground slab bearing loads of 5 t/sqm, minimum area of c.20,000 sqm divisible into 10,000 sqm lots).
  • Spain, Italy and France are the target countries.
  • Logistics parks are appreciated.

PBW 2:

  • This fund is the successor of PBW 1 which is fully invested (€530M) in Central Europe
  • Focus on prime office buildings, shopping centers and logistics.
  • Poland, Hungary and the Czech Republic are the tier 1 target.
  • Slovakia, Slovenia and Baltic are in the 2nd tier.
  • Romania, Bulgaria and Croatia are in the 3rd tier.
  • No development risk.

PREF :

  • Prime Real Estate Fund is looking at diversified middle-sized assets in France.
  • Focus on high current income.
  • Secure assets for a medium-term holding strategy.

Euroffice :

  • Euroffice is focused on modern or restructured office buildings in the Eurozone
  • either single tenant long lease
  • or diversified multitenants with mixed remaining lease lengths
  • return mainly based on stabilised income component
  • middle and large assets (3.000 to 30.000 sqm)
  • joint ventures / partnerships can be envisaged

Separate Accounts and Club Deals:
Our separate account clients (Caisse des dépôts et consignations, CNP Assurances, Ecureuil Vie, Foncière Caisse d'Epargne, UMR…) are looking for investments with "core" and "defensive core-plus" profiles either in France or in the Eurozone, offering following characteristics :

  • Pre-let or occupied assets with a satisfactory current income component
  • Potential rental upside
  • Single or multitenant (s) with satisfactory financial rating
  • Focus on prime location
  • Capex / refurbishment expenses can be envisaged
  • Long term holding strategy

For further information, please contact:

U.K. Rob Reiskin, Head of Acquisitions, London
Tel : +44 (0)20 7016 4866