Silverpeak Real Estate Partners has won a mandate to manage $1.1 billion of real estate investments on behalf of Dubai Investment Group (DIG), a real estate subsidiary ultimately owned by Dubai Holding, the Middle Eastern state’s financial conglomerate.
Silverpeak, which is led by former Lehman Brothers real estate private equity bosses Mark Walsh and Brett Bossung, said the portfolio consisted of 30 properties acquired by DIG in 11 separate transactions between 2004 and 2008. The entire package includes 30 hotel, office and retail assets, 28 of which are located in the US and two in Germany.
As part of the mandate, Silverpeak has hired Anthony Juliano, who headed DIG's US and European investment platform, along with two other DIG staff members previously responsible for the investment and asset management activities.
Fadel Al Ali, acting chief executive officer of Dubai Group, heaped praise upon Silverpeak in a statement, saying: “Silverpeak was selected based on its best-in-class experience as an investor, owner and operator of real estate in the US and Europe.”
Al Ali added: “Given the volatility of today's market environment, it is critical to have solid resources to best serve the needs of a mixed real estate portfolio. We believe the Silverpeak team is best equipped for this engagement based on their direct experience in the portfolio's asset classes and submarkets, as well as their experience over the course of 10 years operating as a premier institutional fund manager.”
Bossung, managing director and co-founder of Silverpeak, said: “We are pleased to have been selected by DIG to carry out this important mandate and remain focused on improving the portfolio's operational performance and positioning. We see immediate opportunities to work with the existing operating partners to enhance value, and we look forward to a constructive partnership with DIG in the years to come.”
Silverpeak manages more than $3 billion of invested equity in assets acquired by the former Lehman Brothers Real Estate Partners (LBREP), which was founded in 2000 and grew rapidly to become one of the biggest private equity real estate firms in the world. Silverpeak took over the management of LBREP’s funds in 2010.
PERE interviewed Silverpeak in November 2010. To read the interview, click here.