Hamburg-based investment manager and co-investor MPC Capital is selling its Dutch real estate activities to Schroders Capital, the private markets investment division of the Schroders Group.
The transaction comprises all shares in Cairn Real Estate BV, a wholly-owned subsidiary of MPC Capital which manages €1.3 bn of assets in the country. Founded in 2006, Cairn specializes in a range of sectors including logistics, offices and healthcare and manages assets on behalf of institutional investors, family offices and private equity investors across the risk spectrum.
The net purchase price amounts to €30 mln.
Ulf Holländer, CEO of MPC Capital: ‘With this transaction, MPC Capital once again proves its capability to create long-term value by building successful operating platforms. We intend to deploy the proceeds from the transaction to further accelerate growth in MPC Capital's core real asset sectors Renewables, Real Estate and Shipping.’
Following the deal, Cairn’s current team of 26 employees, led by Pieter Akkerman, Maarten Briët and Sven van Loon, will remain with the organization. The company's head office is located in Amsterdam, with a branch office in Haarlem.
Sophie van Oosterom, Global head of Real Estate, Schroders Capital, said: ‘This new partnership is a great fit with our existing business and our corporate culture is closely aligned with that of Cairn. We share a focus on operational excellence and both aim to deliver sustainable long-term outperformance for our clients. In addition, our investment process is fully integrated with our ESG approach.’
Closing of the transaction is expected for Q1 2022.
The sale of Cairn is expected to contribute with a book profit in the low double-digit million euro range to the earnings before taxes (EBT) of MPC Capital Group for the financial year 2022.
Oaklins acted as financial advisor and Vriman as legal advisor to MPC Capital on the transaction.
