Clearwater has advised Tikehau Capital and Foncière Atland on the sale of a real estate portfolio of 22 assets operated by Elis.
Tikehau Capital, an alternative asset manager and investment company, and Foncière Atland, a listed real estate investment company, have announced the sale of a real estate portfolio of 21 industrial laundries and 1 warehouse, located in France and operated by Elis, to the American investment fund Blackstone.
Acquired in February 2014 by the fund Tikehau Real Estate 1 (TRE 1), the portfolio initially consisted of 17 industrial laundry sites. A second operation took place in June 2014 increasing this number to a total of 22 sites totalling c. 180,000 sq. m. of usable area and whose management was delegated to Foncière Atland. The initial investment was backed by net investor leases over a firm period of 15 years.
This new operation offers TRE 1’s investors a global multiple of nearly 2.
Elis is the industry leader in the flat linen/workwear rental and laundry market in Europe and Latin America. It offers services to different sectors including hospitality, healthcare, industry, and trade and services sectors. Elis has become a major B2B multi-service provider by progressively adding to its offering the following services: floor protection, sanitary services, and supply and maintenance of water cooler and coffee machines.
Elis has around 400,000 customers and provides services in all sectors through its network of over 450 sites.
Elis realised €3.1bn in turnover in 2018 and employs nearly 50,000 employees across 28 countries.
