Dubai Group transferred control of its $1.1 billion real estate portfolio to Silverpeak Real Estate Partners, a private equity firm based in NYC that succeeded Lehman Bros.
The transaction happened last Thursday and includes Jumeirah Essex House.The initiative is part of Dubai Group’s plan to restructure its $6.2 billion in debt.Silverpeak will actively manage the portfolio of assets acquired between 2004 & 2008 and focus on maximizing recoverable proceeds to Dubai Group over the remaining investment period. The portfolio consists of 30 hotels, office and retail properties across 11 separate investments in the U.S. (28 properties) and Germany (2 properties), at the current time."Silverpeak was selected based on its best in class experience as an investor, owner and operator of real estate in the U.S. and Europe," said Fadel Al Ali, acting CEO of Dubai Group. "Given the volatility of today's market environment, it is critical to have solid resources to best serve the needs of a mixed real estate portfolio.”The initiative is part of Dubai Group’s plan to restructure its $6.2 billion in debt.
