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September 27, 2013
London, 26 September 2013 – Kohlberg Kravis Roberts & Co. L.P. today announced that entities advised by or affiliated with KKR, including KKR Financial Holdings LLC (NYSE:KFN), have acquired the River Plaza 27,000 sqm office building in Asnieres-sur-Seine (Paris region) from funds managed by Aberdeen Asset Management Deutschland AG. Financial details of the transaction were not disclosed.
KKR is working with Cleaveland, who will manage the asset. The acquisition was financed by Helaba Landesbank Hessen-Thuringen.
Guillaume Cassou, a Director of KKR London and Head of the KKR Europe Real Estate team, said: “This investment represents KKR’s first property acquisition in France. River Plaza is a great building that offers high-quality space to tenants. We are pleased to be working with Cleaveland as joint venture partners and we look forward to doing more deals in France and across Europe.”
Laurent Fermaut, CEO of Cleaveland added: “We’re pleased to be working with KKR on their first real estate investment in France and we look forward to a successful collaboration.”
KKR's real estate investment team seeks to partner with real estate owners, lenders, operators and developers to provide flexible capital to respond to transaction-specific needs, including the outright purchase or financing of existing assets or companies and the funding of future development or acquisition opportunities. Since launching a dedicated real estate platform in 2011, KKR has committed over $700 million of equity to 11 real estate transactions in the U.S. and Europe. The team consists of 13 dedicated investment professionals who leverage the broader resources of KKR including Private Equity, KKR Asset Management, KKR Capital Markets, and Global Macro and Asset Allocation.
KKR was advised by Gide Loyrette Nouel, Freshfields, Deloitte and Wargny Katz. Helaba was advised GGSM and Allez & Associes.
BNP Paribas and Cushman & Wakefield acted as sell-side adviser.
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $83.5 billion in assets under management as of June 30, 2013. With offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with fund investors through its client relationships and capital markets platform. KKR & Co. L.P. is publicly traded on the New York Stock Exchange (NYSE: KKR), and "KKR," as used in this release, includes its subsidiaries, their managed investment funds and accounts, and/or their affiliated investment vehicles, as appropriate.
About KKR Financial Holdings LLC:
KKR Financial Holdings LLC is a specialty finance company with expertise in a range of asset classes. KFN's core business strategy is to leverage the proprietary resources of its manager with the objective of generating both current income and capital appreciation. KFN executes its core business strategy through its majority-owned subsidiaries. KFN is externally managed by KKR Financial Advisors LLC, a wholly-owned subsidiary of KKR Asset Management LLC, which is a wholly-owned subsidiary of Kohlberg Kravis Roberts & Co. L.P. Additional information regarding KFN is available at http://www.kkr.com.
Cleaveland is an AMF regulated independent investment management company, specialized in French commercial real estate for third party investors.
Cleaveland, which manages over €1 billion of real estate assets in France, is a company that advises on OPCI management, Asset and Property management, and investments’ sourcing.
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