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JULY 2013
Transactions
119
H.I.G. EURoPE ACQUIRES FREEdoM FInAnCE noRdIC
Avenue Capital Group, a global investment firm focused on the private and public debt, equity and real estate markets in the U.S., Europe and Asia, recently acted as sole lender and agent in connection with the debt financing of the acquisition of Freedom Finance nordic, the largest prime consumer loan broker operating in Sweden, norway and Finland, by H.I.G. Europe . Avenue also has made a minority equity investment in Freedom Finance nordic alongside H.I.G. Europe , the European arm of global private equity firm H.I.G. Capital. the debt facilities provided by Avenue consist of a unitranche acquisition facility and a revolving credit facility. they closed in early May 2013.
“Avenue is very pleased to have been able to provide the debt facilities to Freedom Finance Nordic, which, under the stewardship of H.I.G. Europe , is expected to continue its rapid growth in serving the consumer loans market in Scandinavia,” said Marc Lasry , the Chairman and CEO of Avenue Capital Group. ”This financing was the first completed by our recently formed direct lending team, which provides an alternative source of debt financing predominantly to mid-sized European corporate borrowers with limited access to traditional lines of credit following the financial crisis.” LM
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CRédIt AGRICoLE ASSURAnCES And AG REAL EStAtE ACQUIRE StAKE In FREY
Crédit Agricole Assurances and AG Real Estate have acquired a 40% stake in French retail park REIt/SIIC Frey.
Following the acquisition, Frey is now aiming to grow its portfolio by €1 billion in a timescale of seven years. CEO Antoine Frey told French web portal Business Immo that it is ‘working every day to get there as quickly as possible.’
He added: "We prefer a strategy of organic growth because that is more profitable, but if an opportunity arose for external growth, we would be able to seize it. However, we are not racing flat out to get bigger. We are looking for growth that creates value."
Frey continued: "The entry of these two big institutional investors (Crédit Agricole Assurances and AG Real Estate) will allow us to secure the financing of our project pipeline. This marks an important new chapter for the company, because you cannot become a major real estate company without having large institutional investors among your shareholders." LM
Freedom Finance Nordic
FREY