Alpine Grove Partners closes €1.7b recapitalization through fund formation

Alpine Grove Partners has closed on a €1.7 billion ($2 billion) recapitalization through the single-asset spin out of Aurelis Real Estate GmbH & Co. into a newly formed continuation vehicle.

Aurelis, which was acquired by Alpine Grove in 2007, is a vertically integrated owner-operator and developer of German light industrial, built-to-suit office and urban infill land. Aurelis’ real estate portfolio consists of 130 assets totaling 11 million square feet of lettable building area and 65 million square feet of land, predominantly located in Germany’s manufacturing hub in the affluent Southwest corridor.

Evercore conducted a competitive, global auction process that concluded with Alberta Investment Management Corp. acquiring approximately 50 percent of existing LP interests in Aurelis. The transaction received roughly 100 percent approval from existing investors and resulted in providing a liquidity option for investors to sell their interests or to maintain the