NEW YORK, Aug. 19, 2019 (GLOBE NEWSWIRE) -- CenterSquare Investment Management, a leading global real assets investment manager, today announced that it has entered into a definitive agreement to purchase private real estate debt manager RCG Longview. The transaction brings together two highly experienced real estate managers with strong track records and complementary investment philosophies.
Founded in 1999 and headquartered in New York City, RCG Longview provides debt capital solutions for owners and operators of real estate. To date, the Firm has completed over 550 transactions with a total capitalization of over $4 billion. Founded in 1987, CenterSquare Investment Management has approximately $11 billion in assets under management in U.S. and global listed real estate and infrastructure, and private equity real estate investments.
“We are excited to welcome the RCG Longview team to our organization,” said Todd Briddell, CEO and CIO of CenterSquare. “In addition to adding deep capabilities in real estate debt, the RCG Longview track record, reputation and culture are a terrific fit for CenterSquare. Under the leadership of Michael Boxer and Richard Gorsky, this transaction brings an exceedingly talented group of professionals to manage and grow the combined firm’s debt strategies. As a complement to our existing real assets platform, this transaction allows CenterSquare to selectively expand our best-in-class investment offerings to meet the evolving needs of our clients.”
“Joining CenterSquare will position our firm to continue growing our investment strategies, providing new opportunities for us to work with existing and new clients,” said Michael Boxer, Founding Partner at RCG Longview. “We were attracted to CenterSquare’s premier reputation, long and successful track record, and like-minded focus on the importance of people and relationships. We are excited to become part of the CenterSquare team and gain additional resources that will better serve our clients.”
The acquisition of RCG Longview follows CenterSquare’s management buyout from the Bank of New York Mellon in January 2018, in conjunction with Lovell Minnick Partners, a private equity firm focused on financial services companies. As an independent firm, CenterSquare has sought to expand its real assets footprint through organic growth and select inorganic acquisitions into new strategies. Following the acquisition, CenterSquare will manage in excess of $12.5 billion across four key business lines – private equity real estate, private real estate debt, listed real estate and listed infrastructure.
Financial terms of the private transaction were not disclosed. The transaction is expected to be completed by year end 2019.
In connection with this transaction, Berkshire Global Advisors LP acted as financial advisor and Stroock & Stroock & Lavan LLP acted as legal advisor to RCG Longview. Stradley Ronon Stevens & Young, LLP acted as legal advisor to CenterSquare.
About CenterSquare
CenterSquare is a global investment manager focused on actively managed real estate and infrastructure strategies. Founded in 1987, CenterSquare manages approximately $9.5 billion of real estate and infrastructure securities through CenterSquare Investment Management, Inc. and approximately $1.1 billion (gross) of private equity real estate investments as of June 30, 2019. It manages investments for institutional investors and high net worth individuals throughout global markets and across public and private capital sectors.
About RCG
RCG Longview is a private real estate investment manager focused primarily on private real estate debt strategies. Founded in 1999, RCG Longview managed approximately $1.8 billion of private real estate debt and equity investments as of December 31, 2018. It manages investments for institutional investors and high net worth individuals throughout the US.
About Lovell Minnick Partners
Lovell Minnick Partners is a private equity firm focused on investments in the global financial services industry, including related technology and business services companies. Lovell Minnick provides developing companies with equity capital to support private company recapitalizations, execute majority buyouts, and pursue growth initiatives. Since its inception in 1999, Lovell Minnick Partners has raised $3.2 billion in committed capital and has completed investments in over 50 platform companies. Targeted investment areas include asset management, wealth management, investment product distribution, specialty finance, insurance and brokerage services, financial and insurance technology, and related business services. Over its twenty-year history, Lovell Minnick has built a steady track record of investment returns through a consistent investment process that focuses on driving portfolio company growth, strategic activity, and operational improvement, without relying upon excessive financial leverage. For more information, please visit www.lmpartners.com.
Media Contacts:
CenterSquare Investment Management
Marcia Glass, CFA
+1 610 818 4627
mglass@centersquare.com
Lovell Minnick Partners
Charlyn Lusk
+ 1 646 502 3549
clusk@stantonprm.com