Partners Group buys US portfolio
Asset manager Partners Group, based in Baar in the canton of Zug, has acquired a U.S. real estate portfolio with a total value of $163 million in a secondary market transaction.
The portfolio, which Partners Group purchased for its clients, is managed by DLJ Real Estate Capital Partners (DLJ) and consists of seven buildings. These include two hotels, one in New York, the other in Tennessee, and two building lots in California.
The properties were acquired through an investment program launched in 1999, the term of which has already been extended. The secondary market transaction allows previous investors to exit, while providing capital to invest in the continued growth of the remaining assets, said Marc Weiss, partner and head of real estate secondaries at Partners Group. "While these types of secondary market transactions are still the exception at the end of investment program life in the U.S. real estate market, we believe 2015 merely marks the beginning and that many more mature real estate vehicles will take advantage of tailored liquidity solutions like this in the future." (ah)
