Partners Group and Northern Horizon fully exit successful EUR 200m CEE joint venture Laurus
A Joint venture between Partners Group (acting on behalf of its clients) and Northern Horizon was established in 2015 to manage value add real estate investments in the Baltics and Poland. Originally consisting of 7 medium-sized commercial properties in the Baltics and a large development site in Gdansk, the portfolio was supplemented with 42 additional properties through the acquisition of so called “Gene” portfolio.
“The performance of the Laurus Portfolio is due to the intensive asset management efforts which we jointly addressed to the underlying assets, ultimately creating value for the JV. We also take pride in having participated in the Baltics and broader CEE market growth over the last five years, a region in which we continue to invest in the logistics, office and residential sectors, “ – says Marco Denari, member of management for European real estate at Partners Group.
All properties in the portfolio have been taken through extensive asset management measures, rollover and new leasing in the magnitude of c. 40’000 sq.m. and individual property disposals through approximately 40 transactions in 4 jurisdictions.
The last two remaining properties owned by Laurus are shopping center Olimpia and an office campus leased to SEB, both in Riga, which will require a new ownership cycle to implement further asset-level improvements. Through a transaction closed today, the remaining two assets were acquired by Grinvest. As part of this transaction, current portfolio manager Antanas Anskaitis will join Grinvest and will continue managing the assets on behalf of the new owner.
“This joint venture has been a major success, delivering an attractive risk-adjusted return to investors. All of us at Northern Horizon who worked on the project over the last 6 years take great professional pride in the final result. The great performance of this portfolio is a testament to a great partnership we have developed over the years,” – says Milda Darguzaite, the CEO of Northern Horizon.
About Partners Group
Partners Group is a leading global private markets investment manager. Since 1996, the firm has, invested over USD 135 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. Partners Group is a committed, responsible investor and aims to create broad stakeholder impact through its active ownership and development of growing businesses, attractive real estate and essential infrastructure. With over USD 96 billion in assets under management as of 30 June 2020, Partners Group serves a broad range of institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,500 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN).
About Northern Horizon
Northern Horizon is an independent real assets investment manager with a focus on specialized strategies in Northern Europe and the Baltics. Northern Horizon currently manages three real estate funds for leading European institutional investors. The firm employs approx. 40 professionals in its offices in Copenhagen, Helsinki, Stockholm, Berlin, Vilnius and Tallinn.
For more information:
Milda Darguzaite, CEO, Northern Horizon
Phone: +370 650 84784