Partners buys European RE portfolio

The global investment firm's acquisition of stakes in at least six funds comes a month after it held the final close on its latest real estate vehicle.

Partners Group has acquired a portfolio of Europe-focused real estate stakes from three sellers.

The Switzerland-based firm bought stakes in at least six funds managed by Rockspring Property Investment Managers, Brockton Capital and Colony Capital, according to UK regulatory filings. Partners used its Partners Group Pimlico Access vehicle to purchase the stakes from BNP Paribas, the Wellcome Trust and ImmofinRE.

The deal was completed by Partners’s real estate secondaries team, Secondaries Investor understands.

BNP Paribas sold its portfolio at a 1 percent discount to 30 September net asset value (NAV), according to a December statement that did not name the buyer. The deal was worth around €17.8 million and included stakes in the following funds:

  • Rockspring German Retail Box Fund
  • Rockspring PanEuropean Property
  • Rockspring Peripheral Europe
  • The Rockspring Portuguese Property
  • Aviva Investors Property Fund Central Europe

Partners acquired the Wellcome Trust‘s entire interests in Colyzeo Investors II and Colyzeo Investors II Blue AIV, as well as Rockspring German Retail Box Fund, according to the filings.

Colyzeo Investors II is a €1 billion vehicle managed by Santa Monica-based investment firm Colony Capital. The fund focuses on diversified office opportunities in western Europe, according to PEI’s Research and Analytics division.

Partners also bought ImmofinRE’s entire stake in Brockton Capital Fund II. The fund, managed by London-based private real estate fund of funds manager Brockton Capital, is a 2010-vintage £496 million ($709 million; €650 million) vehicle focusing solely on investments in direct property and property-related capital markets securities in the UK, according to PEI data.

ImmofinRE sold its stake through its ImmoFin SCA SICAR vehicle, a roughly €80 million 2008-vintage real estate fund of funds with a diversified global strategy, according to the Luxembourg-based firm’s website.

Partners, Rockspring and ImmofinRE declined to comment. Brockton, Colony and the Wellcome Trust did not return requests for comment.

Partners Group has over $3 billion invested in real estate secondaries, according to its website. In December the firm held final close on $1.1 billion for its Partners Group Global Real Estate 2014, which makes direct, secondaries and primary real estate transactions deals.