Stone Point Capital, the US private equity firm, has completed its takeover of Situs, one of the most significant commercial real estate advisory businesses in the world.
Stone Point, which is based in Greenwich, Connecticut and also has an office in New York, plans along with Situs’ management to expand upon a business that has already evaluated over $1 trillion in commercial real estate, resolved more than $50 billion in distressed assets, and has over $100 billion of assets under management in North America, Europe, and Asia. Stone Point bought the controlling stake in the company from Ranieri Partners and WL Ross & Co in a deal first announced on January 6.
With the acquisition now complete, Stone Point said that Steve Powel would remain as chief executive officer and Bruce Nelson as president.
Chuck Davis, chief executive officer at Stone Point, said: “We are pleased to be partnering with Situs and its outstanding management team during this next stage of the company’s development and growth.”
As previously reported, Situs has been expanding its footprint, opening up in hot real estate markets.
Last October the company announced the appointment of Fernando Salazar Lacalle as managing director and country head of its new office in Madrid.
Situs said its southern European expansion followed “strong demand” for loan servicing and debt advisory services as a result of “increased activity in the region from international investors”. Indeed, in July, the company revealed it had formed a joint venture with debt collection group Lindorff to service Spain’s nonperforming debt market extending to all debt classes – real estate as well as consumer debt, residential mortgages, and small and medium sized enterprises.