DGAP-News: Natixis Capital Partners becomes fully independent as Captiva Capital Management through MBO

(firmenpresse) - DGAP-News: Captiva Capital Management GmbH / Key word(s): Real
Estate/Private Equity
Natixis Capital Partners becomes fully independent as Captiva Capital
Management through MBO

29.02.2012 / 08:00

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- Captiva to pursue its long-term strategy of investing and managing
capital, through specialized investment funds and customized acquisition
programs
- Captiva will continue to manage the Captiva Capital Partners funds and
intends to selectively invest over EUR 200 million in 2012
- Experienced team has been working together since 2001 and established
strong relationships with leading institutional investors


Hamburg/Paris/Milan, February 29, 2012 - The Management team of Natixis
Capital Partners has successfully concluded a Management Buy-out and
effective March 1, 2012, will operate fully independently under the name
Captiva Capital Management (Captiva).

The buy-out team has been working together since 2001, and has developed
strong relationships with leading institutional investors, including
pension funds, insurance companies and financial institutions. To date,
Captiva has invested EUR 1.3 billion of equity capital in the real estate
sector on behalf of its institutional clients, either directly or through
specialized investment platforms. Those investments include over 1,500
properties across Europe worth more than EUR 8 billion.

Building on this successful track record and investment experience, Captiva
will pursue the same investor-centric model, selectively investing in
portfolio transactions, developments, and investment platforms that it will
incubate or acquire to develop.

In addition to its founders and managing directors John van Oost, Daniel
Quai and Roger Lee, Captiva has appointed Stephan Fritsch as its fourth

managing director. Together, they will lead the more than 30 strong team
with offices in London, Hamburg, Paris, Milan and Luxembourg. Captiva is
authorized and regulated by the Financial Services Authority (FSA) in the
UK.

Van Oost outlines Captiva Capital Management's approach: 'First and
foremost, we are investors with a strict focus on investment performance.
We concentrate on selecting the right investment at the right time with the
right level of risk, in Europe's core markets. We offer benchmark
institutional quality infrastructure, reporting and risk management,
combined with the entrepreneurial approach of an established boutique
team.'

He adds: 'It is our firm belief that such an approach will provide the
necessary flexibility and investment vehicles to achieve attractive returns
in what are currently volatile European real estate markets. We need to be
able to act quickly on investment opportunities, to realize investments
when appropriate and stay on the sidelines when there are no attractive
investment opportunities. We have no legacy business to protect, and do not
invest in a local market segment or real estate class if there are no
attractive opportunities for our investors.'

The European real estate markets continue to face massive challenges and
high volatility stemming from the 2008 financial and economic crisis. With
a goal to deliver absolute, risk-adjusted investment performance to its
investors, the Captiva investment approach follows an entrepreneurial
market view in combination with out-of-the-box thinking, based on local
know-how, execution expertise and a rigorous risk management.

Investments will be conducted both through closed-end funds and investments
vehicles that are managed on behalf of Captiva's clients. In this way, the
firm will pursue project developments, single asset deals, portfolio
transactions and real estate venture capital transactions, where
specialized investment platforms are grown or acquired. The last of these
was successfully implemented by Captiva with the founding of Germany's
first REIT, Alstria Office REIT AG, which it took public on the Frankfurt
Stock Exchange in 2007.


--- ENDS ---


Note to the editor:

Founded in 2001 as IXIS Capital Partners and renamed Natixis Capital
Partners in 2006, Captiva has invested or committed EUR 1.3 billion of
equity capital to date on behalf of leading institutional investors through
principal transactions and three real estate investment funds - Captiva
Capital Partners L.P. I, II and III. Natixis Capital Partners was formerly
owned by Natixis SA (65 per cent) and its management (35 per cent) and it
engaged in corporate real estate investments with a strong focus on short-
and long-term sale and leaseback transactions and property portfolio
repositioning in the liquid markets of the Eurozone, with a focus on
Germany, France and Italy. The MBO leaves Captiva debt free and with a
strong balance sheet.

As of today, the Captiva Capital Partners II L.P. EUR 400 million fund,
which closed in 2005, is fully invested and partially realized. Captiva
Capital Partner III L.P., which was closed with a committed capital of EUR
418 million funds in 2008, is currently still being invested. Both funds
continue to be managed and advised by Captiva, which has allocated over EUR
200 million for real estate investments during 2012 in attractively-priced
properties in Germany and France, where values can be enhanced through
market-driven asset enhancement initiatives. So far, fund III's main focus
has been on value-add opportunities in Germany (60% of funded equity) in
sectors such as retail, logistics/industrial and healthcare. In Italy (26%
of funded equity), the fund invested primarily in retail properties such as
retail warehouses and retail constructors/developers. In France (7% of
funded equity), the fund has concentrated on office real estate in Paris.
As per December 31st, 2011, portfolio assets by use are at 48% retail, 28%
office and 23% industrial. The current portfolio exhibits high occupancy
rates (89.1%) and long lease terms (WAULT 6.0 years). Among its other
investment initiatives, Captiva conducted a targeted acquisition program in
2009-2010 on behalf of one of its institutional investors, and acquired 4
fully-stabilized office properties in and around Paris worth EUR 254
million. It also set up a joint venture with a leading fund-of-fund
investor to back shopping center developments in Germany.


Exemplary deals led by Captiva:

France Telecom (France)
In March 2002, Captiva and its investment partners purchased a portfolio of
465 office and technical properties from France Télécom for a total
consideration of EUR 3 billion, in the largest real estate transaction in
French history at the time, and one of the largest sale&leaseback
transactions ever. The properties, which were located all over France, with
value concentration in Paris and Ile de France, were leased back to France
Télécom on a double net basis on leases ranging from 6 months to 9 years.

Enel (Italy)
In July 2004, Captiva and its investment partner acquired a 100% interest
in NewReal, Enel's real estate and property management company, for a total
consideration of EUR 1.4 billion. The portfolio consisted of 887 office and
industrial properties located all over Italy, together with 62 employees
providing property management services. Enel's divisions leased back 647
properties on various lease terms, from 3 months to 20 years and a flexible
occupational regime. 240 assets were vacant.

Alstria Office REIT AG (Germany)
Alstria was established in 2005 as an investment platform withina Captiva
fund to acquire German office properties let on a medium- to long-term
basis to creditworthy tenants. Over a 15-month period, Alstria assembled a
unique portfolio of prime properties located in Germany's top 5 office
markets and valued at more than EUR 1.6 billion. In April 2007, Alstria
listed on the Frankfurt Stock Exchange and Captiva II retained a 54% stake
in the listed company. In October 2007, Alstria received approval to
convert into Germany's first REIT. Alstria currently owns a portfolio
valued at cEUR 1.9 billion, comprising 85 properties. Its main tenants
include the City of Hamburg, Daimler, Barmer and HUK.

DPGP and WGF convenience retail properties (Germany)
In September 2011, Captiva acquired two real estate portfolios with a total
of 38 retail and specialty stores in Germany worth over EUR 121 million.
The properties comply with the latest retail building standards and feature
a diverse mixture of first class long-term tenants such as Rewe, Edeka,
Tegut or Rossmann. They are located in sustainable commercial locations in
North-Rhine Westphalia, Lower Saxony, Hesse, Bavaria and Bremen.


The Captiva Funds:
2001-2003: Principal transactions, EUR 83 million - realized
2004: Captiva Capital Partners I, EUR 77 million - realized
2005: Captiva Capital Partners II, EUR 400 million - partially realized
2008: Captiva Capital Partners III, EUR 418 million - partially realized
and investing
Example of recent investor-specific acquisition program:
2009-2010: 4 stabilized office properties in and around Paris, EUR 254
million - long-term hold


About Captiva Capital Management:
Captiva Capital Management is an independent real estate investor focusing
on the European real estate markets delivering absolute, risk-adjusted
investment performance. Our business model follows the needs of our
institutional investor base providing the best of both worlds: benchmark
institutional quality infrastructure, reporting and risk management,
combined with the entrepreneurial approach of an established boutique team
- crucial characteristics in what are currently volatile European real
estate markets. To date, we have invested EUR 1.3 billion of equity capital
in the real estate sector on behalf of our institutional clients, either
directly or through specialized investment platforms. Those investments
include over 1,500 properties across Europe worth more than EUR 8 billion.
We invest our capital through closed-end funds and investments vehicles
that we manage on behalf of our clients. In this way we pursue project
developments, single asset deals, portfolio transactions and real estate
venture capital transactions, where we grow or acquire specialized
investment platforms. Our team of more than 30 people is located in London,
Hamburg, Paris, Milan and Luxembourg.


Company contact:
Captiva Capital Management
John van Oost - Managing Director
+44 (0) 20 32 07 00 94
jvanoost(at)captiva-cm.com
www.captiva-cm.com

Press contact:
Charles Barker Corporate Communications
Tobias Eberle
+49 (0) 69 79 40 79 24
tobias.eberle(at)charlesbarker.de


End of Corporate News

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