Private equity investment firm HIG Capital has purchased a portfolio of retail and office real estate in Sweden and Italy in two separate transactions.
The acquisition, involving retail assets in Sweden and an office property in Rome, add approximately 646,000 square feet of space to the HIG European Real Estate portfolio. The seller and terms of the deal were not disclosed.
The two transactions represent HIG’s 27th and 28th real estate investment in the continent since the start of 2013. The firm
is primarily focused on value-added opportunities in both real estate debt and equity.
Riccardo Dallolio, managing director at HIG in London, said: “We have now closed our fifth transaction in Italy and our fourth in the Nordics. Both the Italian and the Nordics markets are key for HIG’s real estate strategy in Europe and we continue to actively look at opportunities in the small/midcap sector in both regions.”
HIG, based in Miami but with offices in London and throughout western Europe, has €18 billion of equity capital under management. In 2012 HIG founded subsidiary HIG Realty Partners with a $3 billion investment.
The firm was formerly known as Cronus Capital. By the end of 2015, HIG Realty held a first close on its latest fund with $253 million for HIG Realty Partners III. It launched the value-add and opportunistic fund in the summer of 2014 with a $500 million target.
HIG Reality focuses on single properties ranging from $10 million to $100 million, with portfolios of up to $150 million in transaction value. It specializes in acquiring underperforming properties, such as multi-family, hospitality, office, retail and industrial, with a specific turnaround plan generally over about three to five years.