The creation of the investment vehicle will not result in any changes to management or governance of the Related Group. A call to the Related Group seeking additional comment regarding the new venture was not returned before presstime.
"Our unwavering commitment to the Florida market has driven the creation of an investment vehicle to leverage the sluggish market," says the Related Group chairman and CEO Jorge Perez, in a released statement. "The vehicle strengthens Related's position by increasing our access to capital and expanding our company's ability to make larger deals with other developers, lenders and property owners."
Lubert-Adler is a real estate private equity firm specializing in redevelopments through joint ventures with local operating partners. Co-founded by Ira Lubert and Dean Adler in 1997, the company invests in all property types throughout North America and since its inception, has invested in over $15 billion of real estate assets. "The Related Group and Jorge Perez are the premier multifamily developer, owner and operator in Florida," says Lubert-Adler co-founder and CEO Dean Adler, in a released statement.
The Related Group has built and managed more than 70,000 residential units throughout Florida and the US. The company currently has a development portfolio valued in excess of $10 billion, with reported revenue of more than $1.4 billion for 2006.
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