iCrowdNewswire Nov 11, 20203:07 PM ET
Corten Real Estate Partners LLC (“Corten”) is pleased to announce that it has reached an agreement with GCM Grosvenor to create a $50 million separate account (the “Separate Account”) that will further Corten’s strategy of pursuing special situation and distressed investment opportunities involving multifamily, hospitality and office properties in the Mid-Atlantic region. The Separate Account will be complementary to Corten’s commingled funds and invest where they may be capital constrained or facing concentration risks. Corten Real Estate Fund I, LP (“CREF I”) will have the option to purchase a portion of any investments made and warehoused by the Separate Account for a finite period of time.
GCM Grosvenor’s real estate emerging manager programs invest with a long-term, growth- oriented view and partner with only a fraction of the investment managers that they screen. Going forward, Corten and GCM Grosvenor intend to build upon the success of the Separate Account and create a broader strategic partnership.
P.J. Yeatman, Managing Partner of Corten, said, “We are excited to partner with such a reputable firm as GCM Grosvenor and to have the opportunity to serve as a fiduciary for its emerging manager programs which are backed by some of the largest and most innovative public pension plans in the country. GCM Grosvenor and its team members bring strategic insight and deep industry relationships that will be highly accretive to helping us build out the Corten platform.”
About Corten Real Estate Partners, LLC (www.cortenrealestate.com)
Corten is a highly experienced operator and investor that focuses on special situations involving middle-market office, hospitality and multi-family real estate across the Mid-Atlantic region. The firm has particular expertise in providing creative capital solutions to stakeholders experiencing stress, distress or some other unique catalyst. Corten’s Managing Partners have over 100 years of collective real estate experience with a demonstrated track record in acquisitions, development, construction, design and property, asset and fund management. Corten is headquartered in Wilmington, DE, with satellite offices in the Washington, DC and Philadelphia PA metro areas.
About Grosvenor Capital Management, L.P. (www.gcmgrosvenor.com)
GCM Grosvenor is a global alternatives investment firm with $57 billion of assets under management in private equity, infrastructure, real estate, credit, absolute return strategies, and multi-asset class opportunistic investments. The firm has specialized in alternatives since 1971 and is dedicated to unlocking value for its clients by leveraging its cross-asset class and flexible investment platform. Its experienced team of approximately 500 professionals from diverse backgrounds serves a global client base of institutional and high net worth investors. GCM Grosvenor is headquartered in Chicago, with offices in New York, Los Angeles, London, Tokyo, Hong Kong, and Seoul.