Nordic private asset manager CapMan this week completed the acquisition of 51% of Caerus Debt Investments AG, expanding its presence in Continental Europe and entering the debt arena.

As part of the transaction, Caerus’s founder and CEO Michael Morgenroth is to join CapMan’s Management Group as managing partner for the newly established CapMan real asset debt investment business.

Earlier this week, Harrison Street Asset Management also made a move in the European debt space with the acquisition of a majority stake in RoundShield Partners, a  European credit investment manager with $5.4bn in assets under management. With offices in Geneva, London, Madrid and Munich, RoundShield specialises in asset-backed capital solutions across real estate, infrastructure, and financial assets through opportunistic credit and structured equity strategies.

CapMan’s and Harrison Street’s new lending strategy in Europe follows similar moves by a number of UK and US financiers and is part of a broader movement towards a more diversified funding market. Earlier this year, financing specialist Pluto Finance expanded its lending offering to Europe, backed by the hiring of Ciaran Singh as managing director. Similarly, Oaktree Capital Management funds acquired Xenia Capital, an Iberian alternative real estate financing company, saying the company is “highly optimistic about private credit opportunities in Europe”.

In the newly-completed deal section, two hotel transactions top this week’s list. The Pullman Paris Montparnasse hotel was sold by landlord URW for over €300m - in the largest hotel deal in the French capital since the pandemic - and Fairmont La Hacienda traded for €175m. The asset, which officially opened its doors in February this year, was acquired by ActivumSG.

Saul Goldstein, founder and CEO, ActivumSG, said: “This transaction reflects our continued conviction in the Spanish hotel sector, which is supported by long-established fundamentals that are further strengthened by longer summer seasons and changing travel patterns.“

Also this week, Blackstone completed the largest UK commercial mortgage-backed securities deal since the global financial crisis, pricing a £1.54bn (€1.78bn) offering backed by a portfolio of holiday parks. It is the latest big securitisation in Europe this year, which is already way ahead of last year in terms of annual volumes.

 

Recently completed deals       
Asset Asset type Location Buyer Vendor Size Price (mln) Key facts
Pullman Paris Montparnasse hotel hotel Paris Columbia Threadneedle Investments, Bain Capital and QuinSpark URW 957rooms €300+ The deal is the largest hotel transaction in Paris since 2019.
Fairmont La Hacienda hotel Spain Activum SG Millennium Hotels Real Estate 311 rooms €175 Fairmont La Hacienda, which officially opened its doors in February this year, boasts a best-in-class amenity offering with facilities including a 22,000sqft spa.
PBSA portfolio living Edinburgh, Exeter, Cardiff, Leamington Spa, and Leicester Activum SG; Mansion Group 90North 795 beds £84 (€96) The acquisition marks the launch of Activum SG’s new PBSA strategy.
Urban Villas residential complex living Amsterdam MEAG Union Investment 12,310m2 €92 Union Investment acquired the complex in 2021 as part of a forward funding transaction for the open-ended real estate fund UniImmo: Global.
two logistics facilities logistics Rhine-Main area of Germany Boreal IM and the Canadian pension fund Ontario Teachers’ Pension Plan Aberdeen Investments NA €66.5 The sale is part of Aberdeen’s plan to wind up its European logistics REIT.
shopping centre retail Berlin Mishorim Patrizia 64,000m2 €62 Mishorim will finance the acquisition through a loan of €40m from the German bank Berliner Sparkasse.
140 Aldersgate office London J.P. Morgan Asset Management Landsec 95,000sqft £50 (€57) Landsec is actively recycling sales proceeds from offices into retail and residential.
three hotels hotel Madrid, Seville and El Puerto de Santa María NA Mazabi 265rooms €54 The assets are the Room Select Tetuán, Letoh Letoh Gran Vía and the Soho Boutique Puerto.
two business parks mixed Dresden, Germany and Bedford, UK Sirius Real Estate NA 43,000m2 €41 So far in 2025, the Company has acquired €165m of income-producing assets across the UK and Germany.
Cornerstone offices office Crawley, UK Investor client of Citi bank LaSalle Investment Management 135,000sqft £35 (€40) This is said to be the largest transaction in the South East office market in 2025.
logistics asset logistics Zeewolde, the Netherlands NA Abrdn European Logistics Income 35,351m2 €27 The freehold property, constructed in 2019, is let to Aalberts Integrated Piping Systems B.V.
Malmaison hotel hotel Newcastle, UK Comète d’Alderan Frasers Hospitality 8,654m2 €23 The 122-room property has been completely refurbished.
Casetta Mattei shopping centre retail Rome Supernova Group Tristan Capital Partners 15,348m2 NA The mall includes 49 shops and a Conad hypermarket.
last mile logistics asset logistics Barcelona AB Sagax Crossbay 8,950m2 NA The sale allows Crossbay to liquidate Crossbay I, the strategy’s first pan-European value-add fund.
remaining stake in New Broad Street House office London Aviva Investors NA 102,000sqft NA Aviva Investors has undertaken an initial assessment into the building’s development potential, which could provide up to an additional 100,000sqft of additional space,
stake in TP Network logistics Europe GREYKITE European Real Estate Fund I Padrosa Group and TIIC seven assets NA The initial portfolio comprises seven assets in Spain, France, Italy, and the Netherlands and is complemented by an 11-asset development pipeline in Germany, France, Austria and Italy.
Leine Center retail Hanover, Germany Interra, Hilee CBRE IM, TRS 39,000m2 NA The asset was bought in 2013 for €117m.
residential complex living Madrid Hines Nuveen and Kronos 43,890m2 NA The complex comprises 531 multifamily units distributed across four seven-story buildings.
logistics asset at Buckower Chaussee 43-58 logistics Berlin NA CA Immo 53,000m2 NA The asset is currently 92% let with annual rental income of € 1.2m.

 

Assets on the market       
Asset Asset type Location Vendor Size Price (mln) Broker Key facts
Sir William Hillary Building office Southampton, UK RNLI 44,000sqft NA CBRE The building was closed to staff in 2020 as part of the charity’s programme to streamline resources and become more sustainable.

 

Recently completed loans    
Lender(s) Borrower(s) Asset(s) Loan Size (mln) Key facts
CMBS investors Blackstone Haven holiday park portfolio in the UK £1542 (€1776) The Caister Finance DAC CMBS was priced at 350bps and was arranged by Goldman Sachs, Deutsche Bank and Citi with Royal Bank of Canada, JP Morgan and Wells Fargo.
Metro Bank Darwin Leisure Development Fund UK holiday park portfolio £50 (€57) The deal comprises a £10m revolving credit facility and a £40m term loan.
Bank Pekao StudentSpace three PBSA assets in Krakow €42 (PLN177.8) The assets are currenly under development and will provide 1,200 beds.
pbb Resolution Capital Management two office buildings in Warsaw €40 The loan funds the acquisition of the buildings and improvements to their ESG status.
Berlin Sparkasse Mishorim shopping centre in Berlin €40 The loan bears a fixed annual interest of 3.72%.

 

New mandates/JVs and funds on the market   
Firm Fund/mandate/JV Strategy Details
CapMan Caerus Debt Investments Investing in real estate debt in Continental Europe The partnership strengthens CapMan’s position in real asset investments and expands its presence in continental Europe.
Harrison St Roundshield Investing in real estate debt in Continental Europe Under the terms of the transaction, Harrison Street has acquired a 60% equity interest in RoundShield.

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