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March 31, 2014
London, 31 March 2014 - KKR announced today that the funds managed or advised by KKR have acquired, in a joint-venture with Seefar, a portfolio of four shopping centres (Les Quais d'Ivry in Ivry-sur-Seine, La Grande Porte in Montreuil, L'espace du Palais in Rouen and La Mayenne in Laval) from Corio for €104 million.
KKR has partnered with Seefar, who will act as the asset manager. This acquisition is financed by Helaba Landesbank Hessen-Thuringen.
Guillaume Cassou, who leads KKR's European real estate team, said: "We welcome this investment in retail property through our partnership with Seefar. We have an ambitious strategy for this portfolio and intend to invest further in French retail assets."
Christophe Clamageran, President of Seefar, added: "We are very happy that KKR has such confidence in us. Our team will take over the management of these assets in order to improve their performance in the medium term."
Eric Damiron, CEO of Corio France, said: "These sales are part of the plan implemented by Corio in Europe, to refocus on its core assets and to apply its strategy of "Favourite Meeting Places".
The KKR real estate team partners with property owners, developers and lenders to provide financial solutions in a variety of transactions, including the acquisition or financing of existing assets from real estate companies or developers. The team consists of 15 professionals who draw on all of KKR's resources, including Private Equity, KKR Asset Management, and KKR Capital Markets.
KKR and Seefar were advised in this transaction by Gide Loyrette Nouel Wargny Katz, Freshfields, Deloitte and Alamo. Cushman & Wakefield and Retail Partners were the real estate advisers for the purchasers. Helaba was advised by GGSM and Allez & Associates.
Corio was advised by Allez & Associes, Allen & Overy, BUL, DC Advisory and SL & Associés.
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $94.3 billion in assets under management as of December 31, 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. For additional information, please visit KKR's website at www.kkr.com
Seefar, the management company authorized by the AMF, is an independent firm, specialised in real estate on behalf of third party investors in the French market.
Seefar manages real estate assets of half a billion euros in France, and takes care of the management of OPCI, SICC, investment management, asset and property management on behalf of its clients. For more information, please visit www.seefar.fr
Listed on the Euronext in Amsterdam, the Dutch company Corio specialises in the ownership and management of commercial sites. The company's portfolio, estimated at over €7 billion, is 99% comprised of shopping centres in the Netherlands, France, Italy, Spain, Germany and Turkey. Corio is now the third largest European landowner of shopping centres. For more information, please visit www.corio-eu.com
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