M3 Capital Partners

Evergreen Partners

13 specialized real estate company investments on five continents and across multiple sectors.

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    Centerscape


    Company Overview
    Centerscape was established in 2007 and is focused on the acquisition, development and ownership of high-quality food-anchored retail properties in Germany. Applying its research-driven approach to investing, Evergreen identified German food-anchored retail as an attractive macro-market opportunity. Given a lack of existing experienced and quality operators at the time, Evergreen backed a management team to create Centerscape as a start-up business and has worked closely with management to lay the foundations for successful platform growth. Today, Centerscape is an institutional-quality, food-anchored real estate company that is well recognized within its sector and market.


    Strategy
    Acquire, develop and own high-quality food-anchored retail properties in Germany, in densely populated areas with favorable and / or improving demographics and an above-average disposable income.


    Portfolio
     72 operating properties and two in-process developments totaling approximately 210,000 square meters of leasable area throughout Germany. Food-anchored retail tenants include REWE Group, EDEKA Group and Schwartz Group, among others.


    Website
    www.centerscape.de

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    Essential Living


    Company Overview
    Essential Living was established in 2012 and is focused on the development, operation and ownership of private rented residential properties in London, UK. Evergreen targeted this geography and sector having identified strong long-term rental growth prospects, resulting from demographic demand drivers and decreasing home ownership affordability, which is leading a structural shift towards renting in the London residential market.
    Essential Living was formed by Evergreen as a start-up company alongside the former management team of Essential Land, an established residential development company in the UK with expertise in land acquisition, planning and development. Today, Essential Living is well-positioned to access the London private rented sector, against a market backdrop of fragmented ownership and limited planning, development and operating capacity from competing institutional investors.


    Strategy
    Develop, own and operate a scaled portfolio of high-quality branded purpose-built residential properties in attractive London sub-markets. Essential Living has the capacity to take upfront planning and development risk.


    Portfolio
    Over 1,300 residential units under development, with an additional 470 units currently in the investment pipeline. At maturity, Essential Living is targeting a portfolio of 5,000 units.


    Website
    www.essentialliving.uk.com

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    Extra


    Company Overview
    Extra MSA is an owner, developer and operator of motorway service areas (“MSAs”), acquired out of administration by Evergreen from Lloyds Banking Group in October 2010. The acquisition of Extra MSA involved a complex public auction process, which Evergreen navigated in collaboration with the former senior management of Swayfields, Extra MSA’s predecessor company. In 2012, Extra completed its flagship MSA development in Cobham, on the M25 London orbital motorway, which was one of very few possible sites for new MSAs given strict spacing criteria in this sector. In March 2013, Extra purchased a national portfolio of nine MSAs operated by Welcome Break out of administration. This strategic acquisition doubled the number of MSA assets that Extra owns to 18, and reflects the platform’s ongoing commitment to invest in the UK’s motorway infrastructure.


    Strategy
    Develop, acquire, own and operate a high-quality portfolio of MSA properties with a stable, long-term income profile backed by strong tenant covenants. The original nine Extra MSA properties are operated under a lease structure, unique among MSA operators in the UK, and the nine properties acquired by the platform in 2013 are operated by Welcome Break.


    Portfolio
    18 existing MSA properties with in excess of 44,000 square meters of retail space at Abington, Baldock, Beaconsfield, Blackburn, Cambridge, Charnock Richard, Chesterfield, Cobham, Cullompton, Fleet, Hartshead Moor, Hopwood Park, London Gateway, Michaelwood, Oxford, Peterborough, Sedgemoor Northbound, and Winchester. Extra’s MSA tenants include Shell, BP, McDonald’s, KFC, Starbucks, WHSmith, Welcome Break and Moto, among others.


    Website
    www.extraservices.co.uk

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    GoodStorage


    Company Overview
    GoodStorage was established in late 2013 and is focused on the conversion and ground-up development, ownership and operation of high-quality branded self-storage facilities in Brazil, with an initial geographic focus on São Paulo. Evergreen is also a substantial owner of The Lock Up’s self-storage portfolio in the U.S., of Pelican Self Storage in Scandinavia, and of Quraz in Japan. Leveraging its global self-storage experience, Evergreen established GoodStorage in partnership with Hemisfério Sul Investimentos, an experienced local partner, as a start-up entity to convert, develop and operate self-storage facilities in strategic urban infill locations.


    Strategy
    Capitalize on the fragmented and underserved self-storage sector in Brazil through the conversion / ground-up development and operation of self-storage facilities in high-barrier locations within affluent submarkets, initially in São Paulo.


    Portfolio
    Two in-process conversions totalling in excess of 1,000 units, with an Initial Phase target of 10,000 units.


    Website
    www.goodstorage.com.br
     

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    Kitson & Partners


    Company Overview
    Kitson & Partners was established in 1992 and specializes in master-planned community developments, including residential and commercial uses (typically retail) in Florida. Evergreen targeted Florida land development as a geography and sector that exhibits the potential for superior relative long-term growth prospects based upon key demographic metrics, which are expected to materially outpace U.S. averages over the next 20 years. Evergreen pursued a recapitalization of Kitson in 2006 and has since participated in all of the company’s development and acquisition initiatives.


    Strategy
    Develop large, low-basis multi-phase projects with related commercial space in high-barrier prime Florida markets and submarkets.


    Portfolio
    Four master-planned community projects and 10 retail properties, comprising over 20,000 residential units and 4.7 million square feet of commercial space.


    Website
    www.kitsonpartners.com

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    The Lock Up


    Company Overview
    The Lock Up was established in 1976 and is focused on the development, acquisition, ownership and operation of self-storage facilities in affluent, high-barrier and densely populated submarkets within the U.S. M3 has substantial global experience in the self-storage sector, having advised Security Capital Group on strategic corporate self-storage-linked investments in the 1990’s, as well as having raised capital and advised on mergers and acquisitions for numerous self-storage operators and developers in the U.S. and UK. Evergreen is also a substantial owner of Pelican Self Storage in Scandinavia, of Quraz in Japan, and of GoodStorage in Brazil. Leveraging its extensive self-storage experience, Evergreen pursued a recapitalization of substantially all of The Lock Up’s properties in 2005 and has since participated in all of the company’s development and acquisition initiatives.


    Strategy
    Develop, acquire, own and operate high-quality self-storage facilities in densely populated, high-barrier, affluent U.S. submarkets.


    Portfolio
    29 facilities in seven states (Florida, Hawaii, Illinois, Minnesota, Massachusetts, New Jersey and New York).


    Website
    www.thelockup.com

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    NorthStar


    Company Overview
    NorthStar Memorial Group was established in 2004 and is focused on the acquisition, ownership and operation of cemeteries and funeral homes in select markets within the U.S. The company typically targets “combination” facilities, characterized by a large cemetery with a funeral home either on-site or in close proximity. At the time of Evergreen’s initial commitment to NorthStar, we believed that cemeteries and funeral homes presented a contrarian investment opportunity, where cyclically low valuations reflected a relatively capital-starved environment in the sector. In addition, Evergreen was attracted to the lack of correlation to broader economic cycles and the high barriers to entry of this niche sector. Evergreen pursued a recapitalization of NorthStar in 2006 and has since participated in all of the company’s acquisition initiatives.


    Strategy
    Acquire, own and operate “combination” facilities characterized by a large cemetery with a funeral home either on-site or in close proximity, and grow market share / provide additional cash flow stability by advancing a “pre-need” marketing program. In addition, NorthStar capitalizes on the growing cremation trend by investing in Smart Cremation, its wholly owned subsidiary focused on the cremation market.


    Portfolio
    26 cemeteries and 29 funeral homes in ten states (Arizona, California, Florida, Hawaii, Illinois, Ohio, Oklahoma, Oregon, Tennessee and Washington), together with 15 cremation locations (six stand-alone, four integrated and five virtual).


    Website
    http://www.nsmg-ext.com/

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    Pelican


    Company Overview
    Pelican Self Storage was established in 2009 and is focused on the development, redevelopment, acquisition and operation of self-storage facilities in Scandinavia. Evergreen is also a substantial owner of The Lock Up’s self-storage portfolio in the U.S., of Quraz in Japan, and of GoodStorage in Brazil. Leveraging its self-storage experience, Evergreen established Pelican as a start-up entity to develop and operate self-storage facilities within the underserved Scandinavian market. Since inception, Pelican has established market presence and is a market leader in Helsinki and a market participant in Copenhagen and Stockholm.


    Strategy
    Ground-up development, redevelopment, acquisition and operation of self-storage facilities in the underserved markets of Finland (Helsinki), Denmark (Copenhagen) and Sweden (Stockholm).


    Portfolio
    22 operational sites and two in-process ground-up developments in Helsinki, Copenhagen and Stockholm.


    Website
    www.pelicanselfstorage.com

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    Quraz


    Company Overview
    As the largest owner and operator of self-storage facilities in Japan, Quraz has a c. 20% market share and was placed top in Oricon’s rental-storage customer satisfaction ranking for the last four years. Founded in 2001 and headquartered in Tokyo, since inception Quraz has assembled a portfolio of well-located self-storage facilities in urban sub-markets in Japan. Quraz self-storage facilities are characterized by their locations in dense residential sub-markets, physical en-bloc scale, and enhanced level of on-site amenities (concierge, marketing office, free parking and security), which differentiates the product in the marketplace.

    Evergreen is also a substantial owner of The Lock Up’s self-storage portfolio in the U.S., of Pelican Self Storage in Scandinavia, and of GoodStorage in Brazil. Leveraging its self-storage experience, Evergreen identified in Quraz the opportunity to acquire an established, market-leading operating platform in what Evergreen believes is the first large-scale institutional transaction involving self-storage properties in Japan, to capitalise on an emerging sector in a developed market.


    Strategy
    Acquire, own and operate quality self-storage facilities in densely populated, affluent, infill locations in Japan, with a geographic focus on the Greater Tokyo sub-market. Quraz undertakes conversions to self storage from alternative uses, typically office.


    Portfolio
    In excess of 28,300 units between 48 properties across five districts in Japan: Greater Tokyo, Osaka, Nagoya, Kyushu, and Sapporo. The average catchment of a Quraz asset is c. 173,000 households within a three kilometer radius, and there is a concentration of 35 facilities in the Greater Tokyo area.


    Website
    http://www.quraz.com/company/default_eng.aspx

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    Raintree Partners


    Company Overview
    Raintree Partners was established in 2007 and is focused on value-add acquisitions, ground-up development or redevelopment, and ownership of multifamily properties in California. Evergreen targeted California multifamily as a geography and sector that exhibited the potential for outsized relative growth prospects over the long term. At the time of Evergreen’s commitment to Raintree, pricing for existing companies and portfolios was prohibitive, leading Evergreen to form the company as a start-up business alongside Raintree’s CEO, an industry veteran with over 30 years of sector experience on a local, regional and national level. Today, Raintree is recognized as a reputable owner and operator of high-quality multifamily properties throughout California.


    Strategy
    Own and operate multifamily properties in high-growth California submarkets, through the acquisition of “value-add” properties and ground-up development or redevelopment.


    Portfolio
    Over 3,200 residential units across 21 properties (including three in-process developments) in the San Francisco, Los Angeles, and San Diego metropolitan areas.


    Website
    www.raintreepartners.com

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    Urbanest Australia


    Company Overview
    Urbanest Australia was founded in January 2008 and is focused on the ground-up development, ownership and operation of quality branded student accommodation. M3 applied its experience in the student housing sector in the UK to identify on Evergreen’s behalf Australia’s nascent student accommodation market and backed a UK industry veteran to create and grow the Urbanest platform in Australia. Today, Urbanest has an international presence (expansion in 2009 to the UK market), and provides a student-specific “direct-let” offering, with a particular focus on international students who typically seek high-quality but affordable accommodation.


    Strategy
    Develop, own and operate quality branded student accommodation in attractive real estate markets in Australia, with a focus on Sydney, Melbourne, Brisbane and Adelaide.


    Portfolio
    In excess of 4,600 units between three operating assets (Adelaide, Brisbane and Sydney) and seven in-process developments (two in Melbourne and five in Sydney), five of which are developments due for completion in 2014 and 2015.


    Website
    www.urbanest.com.au/en

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    Urbanest London


    Company Overview
    Urbanest London was founded in March 2009, when Evergreen broadened the mandate of existing platform Urbanest Australia. It is focused on the ground-up development, ownership and operation of quality branded student accommodation in the UK (specifically London). Urbanest provides a student-specific “direct-let” offering, with a particular focus on international students who typically seek high-quality but affordable accommodation.

    The expansion of Urbanest from Australia to the UK (specifically London) in 2009 was intended to take advantage of: (i) growing demand for high-quality student accommodation as increasing numbers of international students are attracted to London’s high-quality academic institutions; (ii) a retreat from the market by incumbent student accommodation developers; and (iii) a correction in UK real estate prices. Urbanest’s senior management has considerable experience and knowledge of the UK and London student accommodation markets, positioning it to access this opportunity.


    Strategy
    Develop, own and operate quality branded student accommodation in attractive real estate sub-markets in the UK, specifically London.


    Portfolio
    In excess of 3,000 units between three operational, stabilized assets and three in-process developments.


    Website
    http://www.urbanest.co.uk/en