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Cornerstone Real Estate Advisers realizes transaction volume of $17 billion

Mar 14, 2016

CORNERSTONE REAL ESTATE ADVISERS REALIZES TRANSACTION VOLUME OF $17 BILLION[1]

Further growth expected in 2016, with a European focus following completed platform build-out

Cornerstone Real Estate Advisers LLC (“Cornerstone”), one of the largest global real estate investment managers with circa US$49.6 billion (€45.6 billion)[2] of assets under management, announces a strong year in 2015 with $17 billion of transactions undertaken and it expects to be equally active throughout 2016.

The $17 billion of transactions comprise equity acquisitions and financings totalling $3.9 billion, as well as executing and advising on $2.9 billion of equity disposals.  In addition, $8.0 billion, or 48% of the total transactions, was in real estate debt. Also included is $2.0 billion Global REIT securities under management.

Cornerstone Europe’s 2015 transaction volume was over $1.5 billion (€1.4 billion) and assets under management reached $3.6 billion (€3.3 billion).2

Operational highlights included the completion of Cornerstone’s European investment and asset management platform build-out with several key senior management appointments and new offices in Paris, Madrid and Milan. Cornerstone now has 13 offices across eight European countries, and the headcount in Europe rose by 19% during 2015, taking the total number of employees to over 100 people.

Transaction highlights for Cornerstone Europe in 2015 include the following:

  • Transaction volumes in Germany exceed €550m.
  • Acquisition of Ahlens, a 6,500 sqm retail centre, located in the heart of the prime high street retail district in Malmo Sweden, for €38.3 million.
  • Acquisition of the Davidson Building, a 44,161 sqft office building located in Covent Garden, one of the most popular and vibrant districts in London, for €94 million.
  • Acquisition of three light industrial sites, comprising 520,000 square feet across the UK, for £31.6 million.
  • Sale of 40 Gracechurch Street, London, for £136.15 million having acquired it in 2013 for £94 million and taken the building from half-occupied to fully let within two years.
  • 36 million extension and refurbishment of Center Syd shopping centre in Löddeköpinge, on the outskirts of Malmö in south western Sweden.
  • £100m (46% LTC) 12 year fixed rate loan to UKCPT secured on a mixed use portfolio located across the UK.
  • £60m bridge finance secured by two London residential schemes.

Cornerstone, which now has over 200 clients globally, also became a signatory to the UN’s Principles for Responsible Investment in 2015, in furtherance of its long-standing commitment to integrate best practices involving ESG issues into its investment decision making practices.

Charles Weeks, CEO of Cornerstone Europe, said: “Cornerstone Europe reached a milestone in 2015 with the build out of our European platform that includes over 100 employees in 13 offices serving multiple pan-European mandates. Clients tell us that they want specialists: local knowledge combined within a pan-European and/or global approach to investing, and that is exactly what we now have. More than ever, we are well placed to take advantage of opportunities in the market, apply our best-in-class asset management skills and, in turn, deliver strong returns for our clients.”

Scott Brown, Global President & CEO, commented: “2015 proved to be another very strong year for Cornerstone across all business lines, debt and equity, public and private, both in the U.S. and Europe. Global expansion continues to be one of our key priorities and the build out of our European platform, together with major transactions in key regions, demonstrate our ability to provide attractive investment opportunities for our expanding international client base. “

 

About Cornerstone

Cornerstone Real Estate Advisers Europe is a subsidiary of Cornerstone Real Estate Advisers LLC, of Hartford, Connecticut.  With subsidiary and affiliate offices in the U.S., UK, Europe and Asia, Cornerstone Real Estate Advisers LLC is one of the largest global real estate investment managers.  It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe.  Cornerstone is a member of the MassMutual Financial Group.  For more information, visit www.cornerstoneadvisers.com.

 

For more information:

 

Cornerstone Real Estate Advisers Europe

Charles Weeks, Chief Executive Officer
Albert Yang, Managing Director, Head of Business Development - Europe

Tel: +44 (0)20 7297 0900

FTI Consulting

Richard Sunderland, Tom Gough, Clare Glynn



Tel: +44 (0)20 3727 1000

Cornerstone@fticonsulting.com

 

[1] As at 31 December 2015; includes Cornerstone and its subsidiaries

[2] As at 31 December 2015.

Media Contact

 

Kelly Smith
Global Media Relations
300 South Tryon Street 
Charlotte, NC 28202 
(Tel.) 980-417-5648
kelly.smith@barings.com

 

Rachel White
US Media Relations
300 South Tryon Street 
Charlotte, NC 28202 
980-417-5886
Rachel.white@barings.com

 

Melanie Hunt
EMEA Media Relations
20 Old Bailey
London EC4M 7BF  United Kingdom
+442072141551
Melanie.hunt@barings.com

 

Florence Chan
APAC Media Relations
35th Floor, Gloucester Tower
15 Queen's Road Central
Hong Kong, Central
+85229733439
Florence.Chan@barings.com

 

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