October 2, 2015 | Pressemitteilung
HQ Capital forms partnership with CNL Commercial Real Estate
New York, October 1, 2015. HQ Capital, a leading provider of alternative investments with more than US$12 billion in assets under management in real estate and private equity, has formed a joint venture with the senior management of CNL Commercial Real Estate (“CCRE”), a wholly-owned subsidiary of CNL Financial Group, to buy out CNL Financial Group’s interest in CNL Commercial Real Estate. CCRE will continue to operate as a separate company and the newly formed company will begin operating under a new name later this year.
The investment, made through HQ Capital’s New York-based real estate affiliate, HQ Capital Real Estate L.P. (formerly Real Estate Capital Partners, LP), will allow HQ Capital to expand its platform from a real estate advisor/allocator of capital to a full service real estate operator, enhancing and strengthening its knowledge base. In addition, HQ Capital will be able to invest as a General Partner in the new company’s pipeline of commercial projects. Investments will be focused on development and value-add acquisition opportunities.
CCRE, launched in 2007, is an established regional real estate services company with significant experience in the South and Southeastern US markets. Under the new organizational structure, Paul Ellis will serve as CEO. Pryse Elam will serve as president of the Development and Investment platform, and Ken Loeber will serve as president of real estate Services. All three have led CCRE previously and are industry veterans with more than two decades of experience.
“We are excited about joining with HQ Capital. Its investment will provide our platform expanded access to capital and allow us to grow our services business and continue building a company that is needed in our space. We believe that there remains an opportunity to build an enduring company that focuses on our clients’ needs as our own, partners with the best talent in the market to grow meaningful relationships and impact the communities within and around the projects we service, acquire and build,” said Paul Ellis, CEO of the new company.
“HQ Capital is thrilled to be joining forces with the CNL Commercial Real Estate team,” said Paul Doocy, Head of Real Estate for HQ Capital. “The joint venture will provide the new company the capital it needs to continue the growth trajectory of CNL Commercial Real Estate, as well as bolster HQ Capital’s ability to provide excellent service to our investors.”