London & Edinburgh Trust PLC (‘LET’) was formed in 1971 and listed on the London Stock Exchange in 1983 with a market capitalisation of £27 million. LET grew into a leading international property development and investment company, with interests throughout the UK, continental Europe, the United States and South–East Asia. In 1990, LET was acquired by a Swedish pension and life assurance company, SPP Försäkringsbolaget, for £510 million as a platform for its global real estate asset management operation.
* IRR from IPO in 1983 to sale in 1990: includes 88% ownership of LET Pacific.
Alpha Real Capital brought together an experienced international real estate investment, finance and fund management team focused on delivering value–added real estate investment opportunities to investors around the world. The business combines international real estate experience and financial markets expertise with original research and local market knowledge to identify and extract superior returns for investors. Alpha Real Capital has over £2 billion of assets under managements with offices in the UK, Europe and Asia. Pacific sold its holdings in Alpha in 2009 / 2010 realising an IRR of 156% and a money multiple of 13.2x. Visit the site here.
Europa Capital is a pan–European real estate investment management business. Europa Capital has invested over €11billion in a variety of transactions across 11 countries within Europe, ranging from substantial single assets and portfolio acquisitions to buy–outs. Europa Capital invests on behalf of over 100 institutional investors drawn from North America, Europe, the Middle East, the Far East and Australasia. Europa Capital was recently sold to Rockefeller Group, a subsidiary of Mitsubishi. Visit the site here.
Portfolio Holdings was established in 1993 to exploit cyclical opportunities in the UK commercial real estate market. Its acquisition strategy primarily focused on portfolios, significant single assets and landmark properties, development, refurbishment and management opportunities. The business joint ventured with financial partners including Apollo Real Estate, GE Capital Corporation, Deutsche Bank, Pelham Partners and Goldman Sachs’ Whitehall Fund. The total fund size was £150 million and was ultimately sold to Apollo Real Estate (Now AREA Property Partners). The investment generated an IRR of 35% and 3.2 x equity multiple.
The AIG French Property Fund was established in 1998 and was co–sponsored and jointly managed with AIG Global Real Estate Investment Corporation. The Fund invested €754 million in eleven commercial real estate transactions in Paris. Investors received an IRR of 22% and 1.7 x equity multiple.
* IRR represents combined Pacific and related party returns.