QuadReal Property Group, a subsidiary of British Columbia Investment Management Corporation, has strengthened its presence in listed real estate markets by purchasing a 46% stake in Ranger Global Real Estate Advisors.
The two companies have invested US$1bn (€886m) in listed real estate together since early 2020 in a bid to take advantage of market volatility spurred by the COVID-19 crisis.
Ranger Global specialises in opportunistic investments in listed real estate markets and QuadReal said its investments with Ranger Global had generated outperformance.
As of 30 September 2021, Ranger Global’s global real estate composite ranked in the first percentile of the eVestment Global REIT peer universe for the trailing 10-year period.
Dennis Lopez, QuadReal CEO, said: “Ranger Global and QuadReal partnered to invest in the opportunities that were presented by the market volatility created by the pandemic.
“The Ranger Global team is nimble and astute in the investments they make on behalf of QuadReal. We value the success we achieved and sought to deepen our relationship by taking an equity position in the company.”
Jonathan Dubois-Phillips, president of international real estate at QuadReal, said: “Public real estate equities are an important component of QuadReal’s global portfolio.
“Working with the Ranger Global team enables us to invest thoughtfully in listed companies in global markets across all property sectors and business cycles.”
Andrew Duffy, co-founder and CIO of Ranger Global, said: “Over my 30 years of investing in listed real estate, I have learned to appreciate the research synergies and opportunities afforded by adopting a holistic investment perspective across both public and private markets.
”Our close working relationship with QuadReal over the last 18 months, now formalised through this strategic partnership, has further broadened and deepened our capabilities, which we believe will benefit all of our clients.”
Scott Tuck, co-founder and CEO of Ranger Global, said: “Ranger Global will continue to be majority-owned by our employees and senior advisor/chair.
“The power of employee equity ownership is that we have attracted and retained an exceptionally seasoned and talented team of investment professionals.”
Richard Saltzman, senior advisor and board chair of Ranger Global, said: “I’ve known and admired the current senior leadership of Ranger Global and QuadReal for many years and am delighted to see this collaboration take place.
“All parties share a mutual commitment to unlock value by combining the best of public and private real estate market expertise. In fact, it is very gratifying to already witness the synergistic results being generated by this partnership.”
Hodes Weill Securities acted as exclusive adviser to QuadReal for the transaction.
