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Amstar Advisers rebrands

The Denver-based institutional investment manager has changed its name after finalizing its separation from Amstar Group.

Amstar Advisers, a Denver-based institutional investment manager, has changed its name to Ascentris following a final split from private equity real estate company Amstar Group.

The firms executed a settlement agreement to formalize the separation of the two entities on November 20, resolving all pending litigation, the groups said in a statement. Under the settlement, the terms of which were not disclosed, Amstar Advisers changed its name to Ascentris.

Amstar Group, which was founded in 1987 and makes real estate investments on behalf of a family office, and Ascentris, which was formed in 2011 and raises and deploys institutional capital, began operating as separate entities last fall.

The reason for the separation was the diverging interests of the two parties, PERE reported at the time. The family office, or the principal side of the business, is said to have wanted a team that would focus only on its real estate interests, which include investments in both the US and emerging international markets. Meanwhile, the third-party investment management arm is said to have wanted to continue managing institutional capital and focus on value-add and opportunistic investing across all major property types solely in the US.

Under the separation, Ascentris retained its chief executive officer, Gabe Finke – who also had acted as CEO of Amstar Group from 2003 until earlier this month – as well as the rest of its management team, including managing director Rob Toomey. The firm continues to be led by Finke and Toomey. Meanwhile, Amstar Group is now led by president Jason Lucas.

“We are pleased to have finally reached a resolution with Amstar Group,” said Finke. “The parties have worked hard to come to terms and now both can focus on the future to better serve their respective clients and organizations.”

Meanwhile, Lucas commented: “We worked diligently to reach a resolution that is favorable for both sides. I am excited about Amstar Group’s future and look forward to continue building on its successful 30-year history of value-add investing.”

Amstar acquires, develops and manages all major property types in the US and in select international markets. The company pursues value-add investments in the US and opportunistic investments internationally. It has 38 professionals across offices in Denver, London, Bermuda, Istanbul and Warsaw.

Ascentris invests in and manages commercial real estate in the US on behalf of institutional clients and is focused exclusively on value-add and opportunistic investments across all major property types and geographic regions throughout the country.