• ICAMAP is an independent real estate fund manager with a wealth of expertise in real estate, capital markets and private equity


    Our first fund is a €500 million closed-end fund primarily focused on European property companies, which allows us to act as a long-term investor alongside shareholders, management teams and other stakeholders


    We see ourselves as an independent, creative and knowledgeable business partner

     

    Our team, based in Luxembourg and London, operates throughout Europe

     

  • Who We Are

    An independent, creative, knowledgeable business partner

    Overview

    ICAMAP is an independent asset management firm whose name stands for “International Capital Meijer Aquien Poitrinal”. It refers to the three founding partners of the investment management company: Guillaume Poitrinal (Chairman of the Board), Harm Meijer and Alexandre Aquien.


    We manage a Private Equity Real Estate Fund with an investment capacity of €500 million which may rise substantially through co-investments. ICAMAP is delighted with the high quality of its global investor base: our investors are blue-chip, global institutions of several nationalities.


    The Fund is primarily focused on investment in European real estate companies. ICAMAP aims to be a long-term capital partner working closely with management, shareholders and other stakeholders.


    We strive to create adaptable capital solutions aimed at delivering growth in value over several years. We target sound businesses with strong potential. All capital investments are aimed at unlocking and accelerating growth in the companies we choose to support.

    Investment Approach

    ICAMAP combines the long-term, management-supportive approach of private equity with the adaptability of special situations capital, employing a disciplined, value-oriented approach to investing.

     

    We have implemented a differentiated investment strategy focused primarily on listed European Real Estate small- and midcap companies. In our view this segment offers attractive opportunities and tends to be overlooked by active investment platforms such as ICAMAP's.


    Central to our approach is a detailed property-by-property analysis in combination with our ‘Value Creation Cycle’. It is our strong belief that companies which operate their portfolios optimally in combination with a lean cost and capital structure will be rewarded by capital markets with a higher share price that in turn may be used as a currency for future growth.


    We aim to acquire significant equity positions in targeted companies which we underwrite for the medium to long term. Our mandate is flexible and can include buyouts, minority investments, preferred equity, structured investments, capital to support new businesses, build-ups and private investment in publicly listed entreprises.

    Strategic Alliance

    ICAMAP looks for strategic and supportive allies in any investment opportunity. We seek to align investors, management and other stakeholder interests.


    The governance approach is adapted to the specifics of each company. It is always constructed along the lines of a long-term partnership with management. Thanks to our expertise and flexibility, we are able to deal with complex and non-standard ownership and governance situations.

  • Team

    International Real Estate and Capital Markets Experts

    Guillaume Poitrinal

    Founding Partner

    ICAMAP Chairman

    Guillaume - a French national - is the former CEO of Unibail-Rodamco (2005-13), the largest listed European property company with a leading position in the capital cities of 12 countries in Europe. During his CEO tenure, the company rewarded shareholders with an annual +16% total return, largely outperforming its peers and stock market indices

    Harm Meijer

    Founding Partner

    Managing Director ICAMAP Advisory

    Harm - a Dutch national - graduated in econometrics at Rotterdam Erasmus University. He worked at Amsterdam Exchanges and ABN Amro, before he joined JP Morgan in London in 2005 becoming Managing Director in 2010. Harm was ranked 5 times best performing sell-side research analyst in the “Extel” Survey and 6 times in “Institutional Investor”

    Alexandre Aquien

    Founding Partner

    Managing Director ICAMAP Advisory

    Alexandre - a French national - was previously at alternative asset manager Boussard & Gavaudan (2010-13) managing over €2.5 billion where he invested in the energy, infrastructure, and construction sectors, and before at the private equity division of Goldman Sachs in the Infrastructure & Private Equity division (2007-10)

    Alexandre Thorel

    Investment Director

    ICAMAP Advisory

    Alexandre – a French national – has over four years of Investment Banking experience, both at Goldman Sachs (2015-16) and BNP Paribas (2012-15), including three years focusing on Pan-European Real Estate

    Raffaele Terrone

    Investment Director

    ICAMAP Advisory

    Raffaele – an Italian national – has over five years of Investment Banking experience, both at Goldman Sachs (2014-16) and Barclays (2011-14), focusing on Consumer and Retail transactions across EMEA

     

     

    Charles Persello

    Investment Director

    ICAMAP Advisory

    Charles – a French national – has over 6 years of commercial real estate experience working at Unibail-Rodamco (2011-17) both in Retail Development in France (2012-15) then in Asset Management in Germany (2015-17)

    Laurence Desmazieres

    Associate

    ICAMAP Advisory

    Laurence – a French national – has over four years of Investment Banking and Capital Markets experience, including over three years at Morgan Stanley (2014-2017)

    Vincent Buehler

    Analyst

    ICAMAP Advisory

    Vincent - a Swiss national - graduated from LSE (2015) and gained international work experience as an intern and analyst in Switzerland, Germany and the UK

    Giorgia Vergnano

    Analyst Intern

    ICAMAP Advisory

    Giorgia – an Italian national – graduated from London Business School (2018) has gained international work experience in Spain and Poland

    Quentin Verschoren

    Chief Financial Officer

    ICAMAP Board Member

    Quentin - a Luxembourg and Belgian national - was previously Board Member and Conducting Officer of AEW Europe Luxembourg (2014-16). Before this he was Audit Senior Manager at Mazars (2008–14), Finance Manager at COFRA Group (2007–08) and Consultant at Deloitte (2002–06). Quentin is Chartered Accountant and MRICS qualified

    Nicolas Dewald

    Compliance and Risk Officer

    ICAMAP

    Nicolas - a Belgian national - was previously at Mangrove Capital Partners (2015-17), Deloitte (2012-15) and Vectis (2009-12). He is Chartered Accountant (ACCA) and Certified Internal Auditor (CIA).

    Bernard Fournier Airaud

    Senior Advisor

    ICAMAP Board Member

    Bernard - a French national - was previously responsible for group-wide consolidation and Financial Director for France at Unibail-Rodamco (1992-2012)

     
     

    Patrick Sumner

    Senior Advisor

     

    Patrick - a British national - has 34 years experience investing in real estate, of which 17 at Henderson Global Investors (1997-2014), last ten as Head of Global Property Equities

    Paul Heiser

    Independent Director

    ICAMAP Board Member

    Paul - a Luxembourg national - is a Partner at Adeis and was previously at RBC-Dexia (1999-01, 2005-07), Dexia Fund Services (2002-04), and Dexia-BIL (1989-98)

    Catherine Koch

    Independent Director

    ICAMAP Board Member

    Catherine - a French national - is an Executive Director at Ocorian (Luxembourg) and previously served at the Management Committees of Mercuria Services (2001-08), SGG (2008-11) and Arendt Services (2011-15)

  • For Companies

    ICAMAP is an experienced business partner and supportive shareholder

    We focus on supporting strong management teams of businesses where our capital contribution can unlock and accelerate growth in enterprise value.


    Our philosophy is to be a disciplined, demanding and rewarding professional shareholder.


    We operate as a supportive long-term investor and partner through our capital commitment, structuring flexibility, focus on results, independence and the speed of our decision making.


    We value consistency, honesty, result-orientation, transparency, out-of-the-box thinking and capital investment discipline.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • News

    5.00% of Icade's share capital

    5 July 2018

    ICAMAP informed the French Financial Markets Authority (AMF) that the Concert formed by ICAMAP, GIC and Future Fund with respect to their shareholding in Icade crossed upwards the regulatory threshold of 5.00% of the share capital and voting rights of the Company.

     

    Download of the AMF’s release here.

    Guillaume Poitrinal appointed Independent Director of Icade

    29 June 2018

    The appointment of Guillaume Poitrinal as Independent Director of Icade, which was unanimously recommended by the Company's Board on 7 June 2018, was approved by 99.84% of the votes cast at the Company's General Meeting held on 29 June 2018.

    Guillaume Poitrinal will be a member of the Board of Directors' Strategy and Investments Committee and of the CSR & Innovation Committee.

     

    Download of ICADE’s press release here.

    The Board of Directors of Icade unanimously recommends the appointment of Guillaume Poitrinal as Independent Director

    7 June 2018

    The Board of Directors of Icade unanimously voted to recommend the appointment of Guillaume Poitrinal as Independent Director of the company.

    Guillaume Poitrinal’s appointment is subject to the approval of the General Shareholders’ Meeting of the company, to be held on 29 June 2018.

     

    Download of ICAMAP’s press release here.

    ICAMAP strengthens its position and becomes easyHotel's major shareholder

    12 March 2018

    easyHotel the owner, developer, operator and franchisor of super-budget branded hotels, announced a conditional placing to raise £50m. ICAMAP will become easyHotel's largest shareholder, increasing its stake from 29.9% to 38.7% of the share capital following the capital increase approved by the Shareholders' General Meeting held on March 12th. Additionally, Harm Meijer, one of the founding partners of ICAMAP, will become a non-executive member of the Board of Directors.

     

    Download of ICAMAP's press release here.

    10.01% of NSI's share capital

    20 February 2018

    ICAMAP informed the Dutch Financial Market authorities (the AFM) that it has an interest in 10.01% of NSI's share capital. NSI is a company listed on the Amsterdam Stock Exchange

    Alberto Baldan appointed CEO of Grandi Stazioni Retail

    17 February 2017

    The consortium formed by ICAMAP, Antin Infrastructure Partners and Borletti Group announced the appointment of Alberto Baldan as new CEO of Grandi Stazioni Retail, previously CEO of La Rinascente, with effect from 1 May 2017

    Lawrence Hutchings appointed CEO of Capital & Regional

    8 February 2017

    Capital & Regional announces the appointment of Lawrence Hutchings, former Managing Director at Blackstone, as new CEO, with effect from 13 June 2017

     

    Download of Capital & Regional's press release here.

    29.30% of easyHotel's share capital

    20 October 2016

    easyHotel received notification that ICAMAP Investments S.à r.l. has an interest in 29,445,000 Ordinary shares of 1p each in easyHotel plc. This represents 29.30% of the issued share capital of the Company. easyHotel is a company listed on the London Stock Exchange

    Guillaume Poitrinal appointed as Non-Executive Director of Capital & Regional

    10 October 2016

    Capital & Regional announces the appointment of Guillaume Poitrinal, founder and Chairman of ICAMAP, as a Non-Executive Director, with effect from 1 November 2016

     

    Download of Capital & Regional's press release here.

    Bernd Stahli appointed CEO of NSI

    25 August 2016

    NSI held an Extraordinary General Meeting of Shareholders (EGM) in which Bernd Stahli has been appointed as director of the company in the role of Managing Director (CEO) for a 4-year term, starting on 1 September 2016

     

    Download of NSI's press release here.

    ICAMAP and partners acquire 100% of the shares of Grandi Stazioni Retail

    20 July 2016

    The consortium formed by ICAMAP, Antin Infrastructure Partners and Borletti Group completed the acquisition of 100% of the shares of Grandi Stazioni Retail (GSR) from Ferrovie dello Stato Italiane and Eurostazioni. GSR operates the new long-term concessions providing exclusive rights to the commercial leasing and advertising spaces of the 14 largest Italian railway stations, as well as the concession for the redevelopment and management of two railway stations in the Czech Republic

     

    Download of official consortium press release here.

    ICAMAP and partners about to be selected to acquire Grandi Stazioni Retail

    16 June 2016

    A consortium formed by ICAMAP, Antin Infrastructure Partners, an independent European private equity firm focused on infrastructure investments, and Borletti Group, a private investment entity focused on retail, luxury and real estate, ranked first among bidders and is now about to be selected by Ferrovie Dello Stato Italiane (FS) and Eurostazioni as the winning counterpart for the purchase of a 100% stake in Grandi Stazioni Retail (GSR)

     

    Download of official consortium press release here.

    Harm Meijer appointed at the Supervisory Board of NSI

    29 April 2016

    The Annual General Meeting of Shareholders (‘AGM’) of NSI N.V. appointed Harm Meijer (Managing Director of ICAMAP Advisory) as a new member of the Supervisory Board (99.81% voted in favour of the resolution)

    7.02% of Capital & Regional's share capital

    25 March 2016

    Capital & Regional received notification that ICAMAP Investments S.à r.l. has an interest in 49,186,964 Ordinary shares of 1p each in Capital & Regional plc. This represents 7.02% of the issued share capital of the Company. Capital & Regional is a company listed on the London Stock Exchange

    5.12% of Capital & Regional's share capital

    26 January 2016

    Capital & Regional received notification that ICAMAP Investments S.à r.l. has an interest in 35,911,201 Ordinary shares of 1p each in Capital & Regional plc. This represents 5.12% of the issued share capital of the Company. Capital & Regional is a company listed on the London Stock Exchange

    5.04% of NSI's share capital

    21 January 2016

    ICAMAP informed the Dutch Financial Market authorities (the AFM) that it has an interest in 5.04% of NSI's share capital. NSI is a company listed on the Amsterdam Stock Exchange

    4.81% of NSI's share capital

    15 January 2016

    ICAMAP informed the Dutch Financial Market authorities (the AFM) that it has an interest in 4.81% of NSI's share capital. NSI is a company listed on the Amsterdam Stock Exchange

    4.61% of Capital & Regional's share capital

    22 June 2015

    Capital & Regional received notification that ICAMAP Investments S.à r.l. has an interest in 32,321,201 Ordinary shares of 1p each in Capital & Regional plc. This represents 4.61% of the issued share capital of the Company. Capital & Regional is a company listed on the London Stock Exchange

  • Contact

    ICAMAP

    35 rue Glesener

    L-1630 Luxembourg

    Grand Duchy of Luxembourg

    info@icamap.com

    +352 27 49 88 24 12

    ICAMAP Advisory

    36 Grosvenor Gardens

    London SW1W 0EB

    United Kingdom

    info@icamapadvisory.com

    +44 203 434 1005

     

  • Regulation and Governance

    ICAMAP is regulated under EU-wide Alternative Investment Fund Manager directive

    ICAMAP - the Asset Management company

    ICAMAP was incorporated in Luxembourg on 19 December 2013 as a société à responsabilité limitée (“S.à r.l.”) subject to Luxembourg law for an unlimited period of time. The Company has its registered office at 26 rue de Glesener, L-1630 Luxembourg.

     

    The Company is registered with the Registre de Commerce et des Sociétés in Luxembourg under the number B184448. It is authorized and regulated by the Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier (“CSSF”), as an Alternative Investment Fund Manager (AIFM) pursuant to the Alternative Investment Fund Manager Directive (AIFMD), with effect as from 20 June 2014.

     

    ICAMAP acts as the managing general partner (associé gérant commandité) and as the AIFM of ICAMAP Investors, SLP-SIF (the “Master Fund”) as well as ICAMAP Investors FPS, a French société d’investissement à capital variable formed as a French fonds professionnel spécialisé, in accordance with the AIFM Law.

    ICAMAP Advisory - the Investment Advisor

    ICAMAP Advisory was incorporated in Luxembourg on 16 September 2013 as a société à responsabilité limitée (“S.à r.l.”) subject to Luxembourg law for an unlimited period of time. The Company has its registered office at 26 rue de Glesener, L-1630 Luxembourg. The Company is registered with the Registre de Commerce et des Sociétés in Luxembourg under the number B180566.

     

    ICAMAP Advisory entered into an investment advisory contract with ICAMAP, in order to provide investment advisory services in the form of analysis and research. The research team is based in London, UK. To that end, ICAMAP Advisory opened a UK Branch, on 1 December 2014 and is registered as such with the Companies House under the number BR017373. The registered offices of the UK Branch are 36, Grosvenor Gardens, London SW1W 0EB.

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