Almacantar accelerates first close for €150 million of equity (UK/FR)

Almacantar, the new property company headed by Mike Hussey and Neil Jones, announces that it has raised €150 million equity having accelerated the first financial close. The equity raised includes €100 million invested by EXOR, one of Europe's leading international investment companies, and a further €50 million from other investors.

This provides the Group with an initial investment capability of €300 million. The agreement also foresees EXOR investing an additional €50 million when Almacantar raises further equity from new shareholders.

Almacantar, which is now fully operational, will focus on both the London and Paris markets, concentrating on investment and development opportunities in the two largest office markets in Europe. The focus will be on large-scale opportunities.

Mike Hussey, Joint Managing Director of Almacantar, said: "We are delighted to be up and running. We have built up a team with a deep understanding of the London and Paris markets and we look forward to building Almacantar into a recognised brand in these two capital cities. Our investment strategy will focus on where we believe there to be best value and where we can apply our skills to improve and create income."

Carlo Sant'Albano, CEO of EXOR, said: "Our investment in Almacantar is based on Neil and Mike's specialist knowledge and enviable track records. Through their expertise we expect to capitalize on opportunities available in the two most important property markets in Europe".

Neil Jones, Joint Managing Director of Almacantar, said: "We have concentrated on getting the right business model, investment strategy and relevant expertise for Almacantar. Our investors will not only participate in the asset returns we generate but also in the business value we create. This, together with the track record of the team, has proved to be a compelling proposition for the investor community."

Skadden, Arps, Slate, Meagher & Flom advised Almacantar on the transaction.

Source: Finsbury

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