Partners Group invests in a 48-story luxury, residential condominium tower located in Philadelphia, PA
Press release
Baar-Zug, 12 March 2013
Partners Group, the global private markets investment manager, has invested on behalf of its clients in a luxury residential tower managed by Ritz-Carlton, located in the Center City submarket of Philadelphia along the Avenue of the Arts. The condominium tower is proximate to City Hall and Rittenhouse Square, in one of the strongest submarkets in Philadelphia.
The property consists of a 48-story, 270-unit residential condominium tower developed in 2008 by Arden Group and Gencom. The building benefits from luxury finishes and high-end appliances in the units and is reflective of a 5-star hotel product.
This opportunity offers an entry basis significantly below current market pricing. Combined with a favorable sellout of the existing condominium inventory in a market with limited comparable supply from competing properties in the market, we expect to generate attractive returns for the benefit of our clients.
Eliza Bailey, senior investment manager in the private real estate team at Partners Group comments, “We are very excited to have invested in this attractive opportunity. The property fits well with our investment strategy based on our current relative value assessment: quality real estate located in prime locations in tier 2 cities. We are also pleased to work with the Arden Group and Gencom who have experience in luxury residential and hospitality projects since the late 1980's.”
About Partners Group
Partners Group is a global private markets investment management firm with over EUR 28 billion in investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland and has offices in San Francisco, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Munich, Dubai, Singapore, Beijing, Seoul, Tokyo and Sydney. The firm employs over 600 people, is listed on the SIX Swiss Exchange (symbol: PGHN) with a market capitalization of over CHF 5.5 billion and a major ownership by its partners and employees.
For more information about the Residences at the Ritz-Carlton, Philadelphia, please visit www.philadelphiaresidences.com
Investor relations contact
Philip Sauer
Phone: +41 41 784 66 60
E-mail: [email protected]
Media relations contact
Dr. Anna Hollmann
Phone: +41 41 784 63 72
E-mail: [email protected]
Press release
Baar-Zug, 12 March 2013
Partners Group, the global private markets investment manager, has invested on behalf of its clients in a luxury residential tower managed by Ritz-Carlton, located in the Center City submarket of Philadelphia along the Avenue of the Arts. The condominium tower is proximate to City Hall and Rittenhouse Square, in one of the strongest submarkets in Philadelphia.
The property consists of a 48-story, 270-unit residential condominium tower developed in 2008 by Arden Group and Gencom. The building benefits from luxury finishes and high-end appliances in the units and is reflective of a 5-star hotel product.
This opportunity offers an entry basis significantly below current market pricing. Combined with a favorable sellout of the existing condominium inventory in a market with limited comparable supply from competing properties in the market, we expect to generate attractive returns for the benefit of our clients.
Eliza Bailey, senior investment manager in the private real estate team at Partners Group comments, “We are very excited to have invested in this attractive opportunity. The property fits well with our investment strategy based on our current relative value assessment: quality real estate located in prime locations in tier 2 cities. We are also pleased to work with the Arden Group and Gencom who have experience in luxury residential and hospitality projects since the late 1980's.”
About Partners Group
Partners Group is a global private markets investment management firm with over EUR 28 billion in investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland and has offices in San Francisco, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Munich, Dubai, Singapore, Beijing, Seoul, Tokyo and Sydney. The firm employs over 600 people, is listed on the SIX Swiss Exchange (symbol: PGHN) with a market capitalization of over CHF 5.5 billion and a major ownership by its partners and employees.
For more information about the Residences at the Ritz-Carlton, Philadelphia, please visit www.philadelphiaresidences.com
Investor relations contact
Philip Sauer
Phone: +41 41 784 66 60
E-mail: [email protected]
Media relations contact
Dr. Anna Hollmann
Phone: +41 41 784 63 72
E-mail: [email protected]