US-based Accord Group Holdings has forged a joint venture with Finnish investment manager Sirius Capital Partners and carried out its first deal in mainland Europe with the purchase of a grocery store portfolio for €25 mln.
US-based Accord Group Holdings has forged a joint venture with Finnish investment manager Sirius Capital Partners and carried out its first deal in mainland Europe with the purchase of a grocery store portfolio for €25 mln.
Under the partnership agreement, Accor’s European affiliate will provide Sirius with co-investment capital and take a minority stake in the firm. Accord Capital Partners will also act as a strategic adviser to Sirius.
Accord is a private real estate firm, launched in 2013 by ex-Presidio founders Jack Berquist and Desi Co. Headquartered in San Francisco, the company has recently been active in the UK where it merged its business with Lakestar Capital, a London-based real estate corporate finance and advisory firm.
'Less than a year ago, we launched a new line of business – partnering with investment managers that have demonstrated the ability to enhance value to their investments. In Sirius, we have found a company that fulfills all of our requirements,' said Jeff Sobczynski, managing partner at Accord.
Sirius, a management-owned investment manager focusing on opportunistic and value-add real estate investments in Finland, was founded in June last year by three former Sveafastigheter executives, Patrick Gylling, Jonas Ahlblad and Matti-Pekka Sävelkoski. The company runs the Finnish holdings of Sveafastigheter's €350 mln Fund III.
'Finnish grocery stores is a segment where we have been active before and one that we think is very interesting at the moment,' CEO Patrick Gylling said.
Speaking to PropertyEU, Gylling noted that the partnership does not have a set investment target in mind. 'The relationship with Accord is long-term. They will provide support for the development of our company,' he commented.