Angelo Gordon bolsters net lease RE business with new hire

The New York-based firm has raised almost $1bn for its latest fund targeting the strategy.

Angelo, Gordon & Co. has hired CBRE Capital Advisors veteran Paul Lewis to join its net lease real estate investment strategy, PERE sister publication Private Debt Investor has reported.

New York-based Angelo Gordon hired Lewis as a director to be focused on deal origination and acquisitions in Europe. He reports to Gordon Whiting, head of the firm’s net lease real estate business – a debt and equity strategy.

At CBRE, Lewis was most recently head of European corporate capital markets and before that served as head of loan advisory – a role in which he built and managed a team that worked on distressed commercial real estate deals.

Transactions the firm will invest in range from $15 million-$600 million in a multitude of properties, including office, warehouse, industrial, distribution, retail, research and development and special-use assets. The deals can be with a single tenant in either one property or a portfolio of properties with an initial leasing period of 12-20 years, plus the potential for renewal.

Its most recent vehicle, AG Net Lease Realty Fund III, has raised $950.63 million, according to May regulatory filings with the Securities and Exchange Commission. Limited partners include the North Carolina Retirement Systems and the Teachers’ Retirement System of Kentucky. The vehicle has posted a three-year net internal rate of return of 6.83 percent as of 31 March, according to Kentucky documents.

Fund II raised $559 million, had a final close in July 2010 and wrapped up its investment period in July 2013. Fund I raised $140 million, according to a March 2012 presentation to the Minnesota Commercial Association of Realtors.