• Mermeren sale delivers return of more than 5x invested capital
  • Fund realisations ahead of plan
  • Future business focus on complex secondary transactions and logistics real estate investments

Stage Capital (“Stage”), the private equity and real estate investor backed by funds managed by Goldman Sachs Asset Management and Glendower Capital (previously Deutsche Bank Private Equity), has celebrated a successful first year of operation with the recent sale of three assets totalling over €350 million in value.

Stage continues to focus on maximizing the value of its portfolio of investments, the latest phase of which comprises three major exits: Mermeren, The Mall and the Czech Logistics portfolio.

Mermeren is a global leader in the extraction and processing of snow-white marble. Stage sold its 88% stake in the business for €73 million to Pavlidis S.A, Marble-Granite, one of the main producers and exporters of white marble in the world market. This exit, together with prior distributions, delivers a return of over 5x invested capital.

The Mall, in which Stage was a significant minority shareholder, is the largest shopping centre in Sofia, Bulgaria. It has been bought by Hyprop Investments Limited, a leading specialist shopping centre investor and operator listed on the Johannesburg Stock Exchange, in a €156 million deal.

The Czech Logistics assets have been sold to CBRE Global Investors for a property price of €125 million. The portfolio of circa 151,000 square metres consists of four standing assets and development land with planning permission for one more asset. This transaction results in a return of 2.9x invested capital, and follows the successful exit of Stage’s Polish Logistic assets to real estate investor Hines in 2016.

Stage’s remaining portfolio includes control investments in the consumer, healthcare & education and services sectors in the UK, France and Southern & Eastern Europe; real estate investments including a large retail mall in Poland; and stakes in several innovative medical technology businesses.

Stage continues to invest in its platform investments. Last week, Stage supported Horizon Care, its specialist care and education business in the acquisition of Key2 Futures. Key2 is the UK’s leading independent provider of transitional services for 16- to 25-year olds with complex needs, and broadens the service offering Horizon is able to provide its customers.

Stage is also focusing strongly on the future direction of its business, developing a pipeline of complex secondary transactions of portfolios and single assets, where the firm can bring to bear its execution expertise and track record. In addition, Stage will focus on real estate investments in Central and Eastern Europe, building on its deep experience in this sector.

Graham Thomas, CEO of Stage, commented:

“We are very pleased with our first year of operation, and believe we are well placed to deliver leading market returns for our investors. We are focused on developing our business in those areas where we have proven expertise and track record, and are highly differentiated from the pack. Complex secondary investments and real estate are two key areas where we stand out, and where we will focus our efforts.”