The new company, formed in partnership with
Eldridge Industries, will focus on opportunistic investments across
diversified real estate sectors
LOS
ANGELES, May 3, 2024 /PRNewswire/ -- Today,
Eldridge Acre Partners ("EAP") announced its formation in
partnership with Eldridge Industries as a privately held
real estate investment management firm specializing in U.S. real
estate. EAP, the successor operating business to AECOM
Capital Real Estate, will leverage its team's hands-on real
estate investment and development experience to identify new
opportunities for growth, particularly in rental housing,
industrial, mixed-use properties, and student housing. EAP
will also provide support in respect of AECOM Capital's existing
investments and related investment vehicles.
"This strategic transition is the logical next step in the
team's evolution and positions us to operate with more flexibility
to create value for our stakeholders and continue to grow on the
success we've achieved over the last decade," said Warren Wachsberger, Chief Executive Officer of
EAP. "Current market conditions create strong potential investment
opportunities focused on assets that will benefit from long-term
structural tailwinds. We look forward to working with our new
partners at Eldridge Industries and our tremendous team of
investment professionals, asset managers, and development
professionals to find those opportunities."
"At Eldridge Industries, we look for opportunities to partner
with experienced management teams who are passionate and
committed," said Tony Minella,
Co-Founder and President of Eldridge Industries. "Warren and the
EAP team's impressive track record of sourcing, developing, and
managing diverse real estate has laid the groundwork for a
successful platform that we are proud to support and complementary
to our existing capabilities."
"Our team of investment specialists and in-house design and
construction experts will focus on special situations where we
believe this combination of execution capability and investment
expertise gives us a competitive advantage," said Josh Katzin, EAP's Chief Investment Officer.
"We believe this differentiated background and hands-on approach
positions us to provide meaningful value to each deal," added
Travis Skelton, Managing Partner and
Head of East Coast.
The new firm's Executive Committee members will include
Wachsberger as CEO; Katzin as CIO; Skelton as Managing Partner,
Head of East Coast; Paul Giorgio as
Chief Operating Officer; and Meredith
Strongin as Managing Director, Head of Asset Management.
For purposes of this transaction, the EAP team was advised by
Gibson, Dunn & Crutcher LLP and Eldridge Industries was advised
by Sidley Austin LLP. Berkshire Global Advisors served as financial
advisor.
About Eldridge Acre Partners
Eldridge Acre Partners is a privately held real estate
investment management firm specializing in U.S. real estate
opportunities. The firm operates in strategic partnership with
Eldridge Industries. Leveraging a unique blend of investment acumen
and in-house design & construction expertise, EAP will manage
investments in U.S. commercial and residential real estate on
behalf of a diverse global investor base. EAP is the successor
operating business to AECOM Capital Real Estate and will provide
support in respect of AECOM Capital's existing investments and
related investment vehicles. EAP is a newly formed, independently
owned and operated firm unaffiliated with AECOM. To learn more
about EAP, please visit www.acrecp.com.
About Eldridge Industries
Eldridge Industries invests in businesses across the Insurance,
Asset Management, Technology, Mobility, Sports & Gaming, Media
& Music, Real Estate, and Consumer landscapes. The firm seeks
to build and grow businesses led by proven management teams that
have demonstrated leadership and experience to scale an enterprise.
Eldridge Industries is headquartered in Greenwich, Connecticut, with additional
offices across the United States
and in London. To learn more about
Eldridge Industries, please visit www.eldridge.com.
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SOURCE Eldridge Acre Partners