Hayfin today announces the acquisition of 70 St Mary Axe, the iconic office building in the City of London, in partnership with Capreon from Nuveen Real Estate (“Nuveen”).

Renowned for its distinctive design and benefiting from an outstanding location in the City of London, 70 St Mary Axe is a 21-storey Grade-A office tower developed by Nuveen and opened in 2019. The asset features high-quality amenities and ESG standards, receiving BREEAM Excellent certification. The property is currently fully let to 13 blue-chip tenants, including multinational law firm Sidley Austin LLP, and is nearby to both Liverpool Street and Bank stations. With the City of London accounting for one in every five financial services jobs in the UK and generating over £100 billion in economic output in 2023, Hayfin expects the building to continue benefiting from strong economic fundamentals and growth opportunities in the area.

The transaction was majority-funded by Hayfin and supported by Capreon, with whom Hayfin has worked on real estate investments since 2017. In addition to its investment, Capreon will also be the asset manager for the building. The acquisition follows Hayfin’s acquisition of Gropius Passagen, Berlin’s largest shopping centre, from Nuveen in September, cementing the two firms’ partnership. The deal also extends Hayfin’s established historic track record within European and UK real estate investment, with over €3 billion deployed into more than 40 real estate deals since inception. The transaction demonstrates Capreon’s continued confidence in the prime end of the UK office market following the firm’s acquisition of the “Technique” building on Goswell Road, London. 70 St Mary Axe also builds on Capreon’s recent landmark deal in Q2 2025 with the municipality of Eindhoven at Brainport Industries Campus.

Carlos Colomer, Managing Director at Hayfin, said: “70 St Mary Axe is a truly landmark London office building and an attractive addition to our real estate portfolio. This prime asset has an iconic design and outstanding location. Occupier demand for top-tier City offices with strong sustainability credentials remains robust, tracking significantly above the long-term average, with the number of jobs in the Square Mile having risen by 25% since 2019 while future supply declines. This investment provides us with high-quality exposure to this market, through a state-of-the-art space that supports collaboration and meets the needs of its tenants. We look forward to being continued stewards of this exceptional building after a highly successful period for the asset under Nuveen’s ownership.”

Raphael Noe, CEO at Capreon said: “We are pleased to be investing in 70 St Mary Axe, an iconic Grade A building that reflects the quality and long-term value we seek across our portfolio. We are delighted to work with Hayfin again, a long-term partner, and to have completed another smooth transaction with Nuveen. The building’s strong ESG credentials, high-quality amenities and focus on occupant wellbeing position it well within a market where demand for best-in-class workspace remains resilient. We look forward to applying our asset and investment management expertise to support the continued performance of this exceptional asset.”

Liz Sworn, Fund Manager, at Nuveen adds: “We are pleased to have successfully divested 70 St Mary Axe to Hayfin and Capreon. After recognizing the site’s potential, we aggregated the land originally owned by TIAA-CREF, secured planning consent, and achieved practical completion in Q1 2019. Since opening, we established this landmark property as a premier Grade-A office destination with full occupancy, high-quality tenants, and best-in-class sustainability standards. The sale proceeds will be reinvested into other market opportunities, and we look forward to our continued partnership with both firms.”

Macfarlanes and CBRE advised Hayfin and Capreon on the transaction. Clifford Chance, Cushman & Wakefield and Newmark acted on behalf of the vendor. Santander and CaixaBank provided debt financing for the transaction.

Hayfin today announces that Gina Germano is transitioning to the new role of Global Chair of Hayfin’s High Yield and Syndicated Loans business, effective 1 January 2026, after more than a decade spent serving as Portfolio Manager and head of the firm’s European High Yield & Syndicated Loans investment team. Jason Late, who joined Hayfin earlier this year as Co-Portfolio Manager and Head of Research, will become the new Head of European High Yield and Syndicated Loans, as part of the firm’s long-term succession planning.

After joining Hayfin in 2015, Gina played a key role in building the firm’s European High Yield & Syndicated Loans business into a platform that today manages c.€8 billion in assets. She has built and grown a highly successful business, establishing a disciplined, well-respected investment platform. Beyond investment performance, Gina has made a lasting cultural impact through her founding of Hayfin’s Global Women’s Initiative, which has promoted the advancement and retention of women across the industry.

While Gina will be stepping back from day-to-day portfolio management responsibilities, Hayfin’s investment team will continue to benefit from her insights on market risk, asset class attribution and portfolio framework. Jason is well placed to build on these strong foundations and maintain Hayfin’s established investment process and approach to portfolio management.

Mark Tognolini, Co-CEO of Hayfin, said: “We are deeply grateful for the contributions that Gina has made to Hayfin. Under Gina’s leadership we have built a successful, highly regarded European CLO franchise, and partnered with blue chip institutions across a range of high yield and leveraged loan solutions. Equally important, Gina has helped us build a robust research and risk framework centred on the metrics that drive returns and minimise downside. The processes, discipline and rigor she has put in place will continue to benefit Hayfin for many years to come.”

Gina Germano said: “While it was a difficult decision to step away from day-to-day portfolio management, now was the right time to begin the carefully orchestrated transition that we’d prepared, to ensure that we continue delivering for clients throughout this succession process. Building out Hayfin’s European High Yield & Syndicated Loans platform has been an extraordinary journey. I’m pleased to hand over to Jason with our team, portfolio, asset base and investment process in fantastic shape.”

Hayfin has appointed Marco Ferrari as a Managing Director in its Private Credit team. He will be based in Hayfin’s Stockholm office.

Marco joins with extensive experience, having been a Managing Director at Nordea where he focused on the origination and execution of leveraged loan and high-yield financings in the Nordic region. Prior to this, Marco worked in investment banking at Ermgassen & Co in London.

The appointment signifies another milestone for Hayfin’s active and growing presence in the Nordic region, following the launch of the firm’s Stockholm office and the addition of Christian Peters to the Partner Solutions team in 2022. In October 2024, Hayfin served as a lead investor through its Private Equity Solutions strategy, alongside Morgan Stanley Private Equity Secondaries, in a €320 million Single-Asset Continuation Fund established by Impilo to support its continued ownership of Immedica.

Today’s announcement follows a year of significant activity at Hayfin. Last month the firm announced strategic partnerships with Mubadala Investment Company and AXA IM Prime to acquire minority stakes in Hayfin from Arctos Partners. This follows the completion of a management buyout by Arctos in February of this year, which enabled Hayfin to increase team ownership, alignment and incentivisation while continuing to focus on delivering superior, risk-adjusted returns for its clients.

Marc Chowrimootoo, Portfolio Manager and Co-Head of Direct Lending in the Private Credit team, said: “We are delighted to welcome Marco to the Private Credit team. He brings a wealth of experience in leveraged finance having led complex transactions across the Nordic region during his time at Nordea. Marco’s arrival supports our ambition to scale the reach and impact of our Private Credit strategy as we continue to bolster our on-the-ground presence.”

Marco Ferrari, Managing Director in the Private Credit team, said: “I am delighted to join Hayfin at a time of strong momentum in the private credit space, which continues to yield significant opportunities for tailored financing solutions. I look forward to supporting the team in cementing Hayfin’s footprint in the Nordic region.”

Transaction delivers on Hayfin’s objectives for greater team ownership, alignment, and incentivisation

Hayfin today announced the completion of a management buyout of the business supported by Arctos Partners (“Arctos”), a private investment firm, acquiring British Columbia Investment Management Corporation’s (“BCI”) majority stake.

The partnership supports Hayfin’s long-term objectives of greater team ownership, alignment, and incentivisation, as well as generating superior and consistent risk-adjusted returns for clients. 

Arctos, via its Keystone strategy, which provides strategic partnership to leading financial sponsors, through bespoke growth capital and liquidity solutions, has underwritten 100 percent of the funding and will facilitate the Hayfin team becoming the majority owners of the common equity. 

Tim Flynn, Co-Founder and Chief Executive Officer at Hayfin, said: “We are excited to partner with Arctos as we continue to enhance our offerings for investors, borrowers and sponsors. With a shared commitment to investment approach and values, our firms are well positioned to collaborate and seize the vast opportunity set we see for the benefit of our investors. This marks the beginning of an exciting new chapter for Hayfin, as we continue to expand and evolve in a rapidly changing market.” 

Ian Charles, Co-Founder and Managing Partner at Arctos, said: “We are partnering with Hayfin, Europe’s premier private credit platform, at a pivotal moment in their growth trajectory. This transaction exemplifies Arctos Keystone’s mission to help great firms thrive and build the bridge from where they are to where they want to be. Together, our partnership positions Hayfin to accelerate its strategic growth ambitions, drive innovation across its platform, and bring more ownership and alignment to Hayfin’s leadership team. We couldn’t be more excited about the partnership.”

Founded in 2009, Hayfin specialises in providing critical debt, equity and hybrid capital solutions to meet a range of financing needs. The firm’s product offering spans direct lending, special opportunities, tactical solutions, high-yield/syndicated loans, healthcare opportunities, maritime yield and private equity solutions.

Hayfin is pleased to announce that it is serving as the co-lead investor through its Private Equity Solutions strategy, alongside funds managed by Morgan Stanley Private Equity Secondaries, in a €320 million Single-Asset Continuation Fund established by Impilo to support its continued ownership of Immedica.

Headquartered in Stockholm, Sweden, Immedica is a pharmaceutical company focused on the commericalization of specialty medicines for rare and orphan diseases.  Serving patients in more than 50 countries, Immedica is fully dedicated to helping those living with diseases which have a large unmet medical need. Established in 2018 by Impilo and an experienced management team, Immedica has quickly emerged as a leader in the European rare disease space, with revenues of c. EUR 100m and annual growth of more than 50%.

This Continuation Fund transaction follows the recently announced completion of Impilo’s partial sale of Immedica to KKR, who together with Impilo will jointly oversee Immedica through this next phase of growth.

Mirja Lehmler-Brown, Managing Director and Co-Head of Private Equity Solutions at Hayfin commented: “We are excited to continue our partnership with Impilo in supporting Immedica during this pivotal time for the business. The Continuation Fund will aim to support the company with funding for its continued  growth journey, furthering its mission to deliver essential therapies to patients with significant unmet medical needs.”