Asset manager Callodine Group is moving into real estate through the acquisition of a majority stake in Thorofare Capital.
Boston-based Callodine, which focuses on “yield-oriented” investment strategies across asset classes, said it had agreed to buy most of Thorofare, which manages more than $1bn (€884m) of real estate assets.
Thorofare, which has offices in Los Angeles, New York, Miami and Dallas, will become the real estate arm of Callodine Group.
The comapny’s team of 23 employees will be retained and the management team, investment committee and investment process will all remain intact.
Callodine said it would provide strategic guidance and capital resources for the business.
“When choosing a strategic partner, our focus was to identify a company that possesses a strong corporate culture, credit discipline, and an investor-centric approach to position Thorofare for accelerated, long-term growth as we enter the next chapter of our business,” said Kevin Miller, founder and CEO of Thorofare Capital.
“We found all of those attributes and more in the Callodine team. The opportunity set we see before us at Thorofare is significant, and we are excited to enter the next phase of our firm’s growth with a partner like Callodine that will work alongside us to achieve our shared goals for the future.”
James Morrow, founder and CEO of Callodine Group, said: “We are incredibly fortunate to have the opportunity to partner with the Thorofare team and help them take what we believe is already a best-in-class real estate investment firm to the next level.
“The entrepreneurial spirit with which Kevin, Brendan Miller and the rest of the Thorofare team have built their business directly aligns with our core values here at Callodine.”