Westcore Properties Obtains Up To $200 Million Investment From Five Arrows Realty Securities Capital to Fuel Growth of Westcore’s Acquisitions Platform
SAN DIEGO – Westcore Properties, a San Diego-based real estate investment and acquisitions firm, announces that it has obtained up to a $200 million investment from Five Arrows Realty Securities V, LP (Five Arrows), according to Marc Brutten, the company’s Executive Chairman. Five Arrows is an investment fund managed by New York-based Rothschild Realty Managers, LLC (RRM), a leading provider of growth capital to public and private real estate companies.
“The investment by Rothschild Realty will be used to augment the ongoing business of Westcore Properties, which targets the acquisition of industrial and office real estate debt and equity throughout the West Coast,” said Brutten. Currently, the Westcore Properties’ worldwide portfolio totals 12 million square feet of industrial, office and retail space with a combined total value in excess of $1.2 billion.
Don Ankeny, Westcore’s President and CEO, said “Over the past 24 months, Westcore has acquired debt and equity on over 5 million square feet of office and industrial space with a combined value of over $350,000,000. Our volume could have doubled with more facile capital. The alignment with Five Arrows will allow us to scale our company to take advantage of the tremendous opportunities we see in the market today.”
Andrew Silberstein, Managing Director of RRM, which acts as an advisor to Five Arrows, said “We are pleased to establish this relationship with Westcore Properties to support its growth. Westcore is a strong vertically-integrated platform of seasoned real estate professionals with a 30-year track record of providing exceptional returns to its investors.”
As part of the transaction, Brutten and Ankeny will join Silberstein and Matt Kaplan, Managing Partner of RRM, on the newly formed Board of Directors.
About Westcore Properties
Westcore Properties (www.westcore.net) is a private, entrepreneurial commercial real estate investment firm with a specialized focus in the western United States and key European markets. Since its founding in 2000, the company and its affiliates have acquired and managed more than $3.9 billion in industrial and office assets comprised of 550 buildings totaling over 25 million square feet. In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in San Francisco and Denver; and European offices in Geneva and London.
About Rothschild Realty Managers
Rothschild Realty Managers (RRM) is a real estate investment advisor to public and private institutional pension plans, endowments and foundations. From its founding in 1981, it has invested $2.3 billion into a wide array of real estate opportunities. Since 1996, its primary investment activity has involved making private placements into public and private real estate operating companies through its Five Arrows Realty Securities private equity funds. Over $2 billion has been invested into 25 companies. Five Arrows Realty Securities V, closed in July 2008 with a total amount raised of $839 million. Five Arrows seeks to pair its capital with operators who, through development, re-development or active leasing and management strategies, can produce returns in excess of industry norms.