Baar-Zug, Switzerland, 5 July 2016
Partners Group, the global private markets investment manager, has invested USD 265 million in a portfolio of seven retail, mixed-use and development property assets in the US on behalf of its clients. The investment was made via a secondary transaction involving the restructuring of an existing mature fund.
The portfolio was part of a 2006-vintage program managed by Madison Marquette and includes retail centers in California and North Carolina totaling 1,032,000 square feet of lettable area, and large-scale mixed-use waterfront development projects in Washington DC and Asbury Park, NJ. Partners Group will work with Madison Marquette to operate the assets and complete renovation and development plans.
Fabian Neuenschwander, Senior Vice President, Private Real Estate Secondaries, Partners Group, comments: "This investment is a great example of the opportunities that can be found in the US secondary market currently due to the number of maturing real estate programs that require resolution. With quality assets located in major US metropolitan markets, we believe this portfolio still has significant value creation potential and look forward to unlocking the value of these properties in the coming years through proactive asset management."