What we do
As a capital advisor dedicated to unlisted real estate, we advise managers who are looking to raise discretionary and non-discretionary capital to fund the acquisition (and/or recapitalisation) of single assets, portfolios and blind pools.
Our boutique approach is aimed at advising managers who are typically sector specialists and focus on a single country or region.
Our track record shows that we have been successful in many European markets, as well as the Nordics and more recently the US. In 2019 we extended our scope of services to debt capital advisory and asset brokerage in very specific markets and sectors.
Our team has long-standing relationships with real estate investors globally and an in-depth understanding of the dynamics of the real estate market.
We raise capital for the following Real Estate sectors:
Our Services
Capital Raising
We pride ourselves on our "boutique approach" meaning that each one of our clients receives the full and undivided attention of our team. We focus on raising capital for managers focused on the main real estate sectors, as well as alternatives, and a risk profile ranging from Core to Opportunistic.
Liquidity Solutions
In some cases, we advise managers on the recapitalisation of funds, portfolios and single assets, where the existing equity investors are replaced with longer term capital. We provide a range of advisory services allowing our clients to evaluate their strategic options, optimise the liquidity process, and open a dialogue with only the most relevant capital partners.
Debt Advisory
We have the capacity to advise borrowers on financing solutions, may it be to raise debt for new acquisitions or refinancing existing credit lines by facilitating access to non-traditional lenders.
Brokerage
Since mid-2020 we have been actively advising buyers and sellers of logistics and industrial assets in the Eurozone, with a particular focus on Iberia. Leveraging on the team's extensive contacts within the industry, we are often able to identify off-market opportunities ranging from land acquisitions to Core assets.
Track Record
We have advised on a total investment volume of circa €4.5bn since inception
Q2 2022
€51,000,000
Office portfolio in Belgium
JOINT VENTURE CAPITAL
Q3 2021
Undisclosed
Sale of Real Estate business
M&A
Q3 2021
$350,000,000
US Multifamily Fund III
PRIVATE PLACEMENT
Q4 2020
€150,000,000
Logistics portfolio build-up in Italy and Spain
STRATEGIC MANAGED ACCOUNT
Q4 2020
€200,000,000
Grade-A Office Portfolio build-up in the UK
STRATEGIC MANAGED ACCOUNT
Q4 2020
€200,000,000
Pan-Nordic Logistics Fund
PRIVATE PLACEMENT
Q3 2019
€282,000,000
Recapitalisation of a shopping center in Germany
CLUB DEAL
Q2 2019
€150,000,000
Grade-A Office Portfolio build-up in Athens
STRATEGIC MANAGED ACCOUNT
Q1 2019
€385,000,000
Recapitalisation of a Pan-Nordic Logistics Portfolio
CLUB DEAL
Q4 2018
€200,000,000
Pan-Nordic Logistics Portfolio
STRATEGIC MANAGED ACCOUNT
Q4 2018
€560,000,000
UTP Portfolio in Italy
DEBT ADVISORY
Q2 2018
€56,000,000
Logistics Portfolio in Germany
JOINT VENTURE CAPITAL
Q4 2017
€1,200,000,000
NPL Portfolio in Italy
DEBT ADVISORY
Q1 2017
€200,000,000
Pan-Nordic Logistics Fund
PRIVATE PLACEMENT
Q2 2016
€170,000,000
Residential Fund in Berlin
PRIVATE PLACEMENT
Q4 2015
€70,000,000
Sale & Leaseback of a Retail portfolio in Germany
JOINT VENTURE CAPITAL
Case Studies
CASE STUDY 1: Transitioning to an institutional investor base
A German manager had an exclusive sale & leaseback opportunity in a portfolio of retail assets from a major tenant. Prior to this, the manager had been managing a retail fund, and the new portfolio would not fit the fund’s investment criteria or the timing of an increase in capital from the existing investor base.
STEP 1: We ran a targeted fundraising campaign process and identified two middle-eastern income-focused investors. We advised the manager on the investment process of these investors and their need for a shariah-compliant vehicle for the acquisition.
STEP 2 : We arranged the shariah certification process and raised an initial equity investment of €25m for the sale and leaseback transaction, with a view to increase the allocation in conjunction with another sale and leaseback opportunity with the same anchor tenant.
OUTCOME: Our client was able to source capital from a new institutional investor and strengthened their strategic relationship with a major tenant.
CASE STUDY 2: Investor Diversification
A Nordic logistics manager approached RAP to diversify its investor base. They had a long standing history with domestic investors, but had not marketed to investors outside their home market and wanted to gain access to institutional capital.
STEP 1: Fundraising was well underway when our engagement began, and it was expected that the fund would be oversubscribed by local investors. It was agreed with the manager that a small capacity would be reserved for a new foreign investor.
STEP 2: We ran a very targeted process with a shortlist of European LPs and with a 4 months window before final close.
OUTCOME: The process was successful and allowed a new non-local investor to commit to the fund, which is accretive to the credibility of the manager and which will pave the way for other foreign investors for follow-on vehicles.
CASE STUDY 3: Recapitalisation
One of our clients approached us about a retail trophy asset that they had been managing in a major German city centre. Their JV partner was looking to exit after a 10 year hold and our client was considering the sale of the property.
STEP 1: We advised the manager on a possible recapitalisation of the SPV owning the asset and ran a very targeted process on the back of which we selected two large European institutional investors to structure a club deal.
STEP 2: In the new structure, offering substantial tax savings for the new investors, the two institutions committed to 47.5% of the equity each.
OUTCOME: Our client was able to retain management of a Core-plus asset for the new investors for an additional 10 years, and the newly formed club has the potential pursue further investments into follow-on high-profile opportunities with the manager.