Three Stars Capital Partners

2004-2024 : Another milestone celebration of Tikehau Capital 20th anniversary, at Palazzo Visconti in Milan. Our journey in Italy began 10 years ago in 2014. Milan has always been my special … Yesterday, in Milan, we proudly opened #Chapter2 of Tikehau Capital’s story. In Memoriam Andrea Potsios. From the very beginning, Antoine and I have remained true to our #entrepreneurial spirit. What drives us is #innovation and disrupting the financial industry. This wouldn’t be possible without the dedication and talent of our exceptional teams on the ground. A heartfelt thank you to our colleagues, partners, clients, shareholders, and LPs for your trust and support over the past two decades. You have been the cornerstone of our success since our founding in 2004. We are incredibly grateful to everyone who joined us for this special evening. Onto the next 10 years in Italy, where our ambition to best serve our clients is growing by the day. mC. Luca Bucelli Veronica Artioli Potsios #20YearsOfInnovation #Entrepreneurship #AssetManagement #Finance #Milan #Growth

LET’S GET IT STARTED – MOMENTUM FOR CORE DEALS? New year, new deals. Looks like these first weeks of January have been particularly intense, with almost €0.5bn of core deals finalized. Is the market gaining confidence in light of possible rates cut? ECB, your move. No pressure... First of all, good ol’ Statuto is back at it with one more super deal, continuing its hospitality shopping spree. Gruppo Statuto has indeed inked on the acquisition of the Mandarin Oriental Hotel Group in Paris for €205m (€1.5m per room). Pas mal. Statuto, advised by Baker McKenzie (legal) and Three Stars Capital Partners (debt financing), has thus marked its first foray in the French market, just months after buying W Ibiza and Six Senses in Rome. Is he in the hospitality business or, rather, in the empire business? Kryalos SGR, in the meanwhile, has sealed some appealing disposals in quality of fund manager for two major investors. Firstly, Blackstone handed the keys of Palazzo di Fuoco, a 15,000 sqm grade-A office in Milan, to CORUM Investments for c. €70m. Kudos to the advisors involved: Dils, Cushman & Wakefield, PedersoliGattai (legal) and FIVELEX Studio Legale e Tributario (tax). Just few days before, Apollo Global Management, Inc. had disposed of four more office assets, spread in Milan and Rome, for €120m, as part of the Enpam portfolio strategy (if this name doesn’t ring a bell, please check our old articles). Ardian, as reported by the Italian press, is also close to finalize the disposal of its iconic trophy asset in Rome (Via Vittorio Veneto 89), a c. 20,000 sqm office fully let to Deloitte and Amazon. Rumor has it that Deka Immobilien signed a PSPA in 2022 for c. €280m at a 3.25% yield (good old times…). Let’s wait for the final announcement. Finally, Covivio has announced the disposal of a 12,500 sqm asset in the Symbiosis district, its major urban regeneration scheme adjacent to Scalo Porta Romana. The asset is fully let to ICS Milan International School, an international school for particularly wealthy kids, and presents some honestly cool features like a semi-olympionic swimming pool. Wish my middle school was that nice. The transaction was brokered by our friends at Dils. Will the transaction volume pick up? Stay tuned. #primeyield #milan #realestate #investments

Featuring the top 100 leaders in the debt space, yesterday (30/11) saw GRI Club host an important series of discussions to discuss refinancing, senior debt, back leverage, alternative solutions, and much more. 🔹 The decision-makers expressed optimism amidst a challenging market, noting positive sentiments and tough decisions by lenders. Anticipating an active 2024 for transactions, the discussions highlighted the need for realistic pricing in a changing landscape, emphasising the significance of borrower-lender relationships for a competitive edge in back leverage and refinancing. Concerns were raised about the shrinking lending universe against office spaces and the timing of market comfort with office values. In the senior debt and back leverage session, the market was likened to a period 15 years ago, with mezzanine deals expected to play a substantial role, particularly in large deals and the hotel sector. 🔹 The alternatives and special situations roundtable noted the advantageous position of mid-market lenders, limited competition from larger funds or banks, and cautious sponsor behaviour. Thanks to our discussion provocateurs Dominic Silman (LaSalle Investment Management), Ludovic Phalippou (Saïd Business School, University of Oxford), and Simon Wallace (DWS Group), and moderators Ashil Sodha (Tristan Capital Partners), George Molesworth (Apollo Global Management, Inc.), Grégoire Millet (Starz Real Estate), Guy Grainger (JLL), Katie O'Neill (Kennedy Wilson), Manja Stueck (BGO), and Mauro Savoia (Three Stars Capital Partners), as well as everyone else who took part in the event. 🔗 Find out more about GRI Club Europe and submit your request to join here: https://lnkd.in/dfJ2Atwb #griclub #realestate #europe #credit #debt