Stockbridge Real Estate Funds has hired RREEF executive Andrea Pauls Backman as managing director responsible for its core and value-added separate accounts.
Backman first joined the property investment arm of Deutsche Bank in 1990 and managed the firm’s core and value-added real estate portfolios valued at more than $1 billion, Stockbridge told PERE. She will be based in Stockbridge’s Chicago office.
Prior to RREEF, Backman spent 14 years at JMB Realty Corporation including as senior vice president and portfolio manager.
In 2007, Stockbridge hired 10 professionals from RREEF, including Steven Steppe, former managing partner and chairman of RREEF North America; Dwight Merriman, former managing director of RREEF, in charge of RREEF’s development and value-added investment opportunities in North America; and Sol Raso, who was former RREEF global client relations group head.
Stockbridge is believed to be raising two private equity real estate funds, the $3 billion Stockbridge Real Estate Fund III and the $800 million Stockbridge Value Fund.
In March, Steve Steppe spoke to National Real Estate Investor magazine about Stockbridge’s largest acquisition to date, the $448.4 million joint venture with the Teachers Retirement System of Texas for 90 industrial properties from logistics REIT ProLogis. Steppe said the assets were 95 percent occupied at the time of the transaction in June 2009, and “94 percent occupied six months later. They were acquired at over a 9 percent unlevered return. So we're pleased that the performance has slightly exceeded what we anticipated.”
“Stockbridge traditionally has just been an investment manager in the opportunity fund space,” said Steppe. “[We] came to Stockbridge a little over two years ago to build the core and value-added side of the business, and this was a core acquisition.”