ICG Real Estate continues investment into European Markets with new hire in Paris
The Intermediate Capital Group (ICG) Real Estate team has appointed Etienne Casara as an Associate Director in their Paris office. Casara’s appointment marks the further strengthening of the Partnership Capital Strategy, following the appointments of Philippe Deloffre and Aisling McCarthy as Managing Directors in June 2020.
Casara has gained a strong background in debt and equity Real Estate investment, covering multiple European jurisdictions from his time at Starwood Capital Group, where he worked from 2014 to 2019. Etienne began his career in the Real Estate M&A team at Morgan Stanley in 2011 before moving to Forum Partners. Etienne has started in the role and will report directly to Philippe Deloffre.
Deloffre says: “Our strategy for Partnership Capital Strategy is actively targeting opportunities in Europe, and with his considerable pan-European experience, Etienne will be an asset to the team. His appointment follows the closing of the first European mezzanine investment by the strategy – an EUR85 million facility to assist APL in their acquisition of Focus Teleport office campus in City West, Berlin, Germany. As 2021 brings greater certainty across the market, our pipeline is very positive, and we are closing two further transactions in France and Ireland.”
Casara comments: “I am thrilled to have joined the Partnership Capital team at ICG in Paris at such an exciting point in the firm’s expansion into Continental Europe. The ICG team has successfully partnered with pre-eminent real estate managers and entrepreneurs leading to an impressive track record across property cycles. I look forward to maintaining long-term relationships with our European commercial real estate peers.”
The ICG Real Estate Partnership Capital Strategy focuses on investments backing value add strategies across sectors secured against UK, Northern and Western European commercial real estate. In 2021 ICG’s Partnership Capital Strategy has introduced a sustainable objective through its Green Loan Framework which will encourage de-carbonisation through financial incentives to invest in emission reduction and energy efficiency measures.
The Berlin investment, which was made in December 2020, is secured by a 48,578 sq m office campus strategically located in City West, Central Berlin. The deal is underpinned by a value-add business plan with 98 per cent multi-let occupancy and a six-year WAULT. Berlin benefits from compelling fundamentals, where the City’s position as the main technology hub for Germany and very low vacancy rate is supported by increased demand from a growing population and the continued transfer of government functions and associated private sector bodies to the city.