Russian conglomerate Alfa Group will join forces with New York-based Rosen Partners, forming a joint venture that will target $100 million-plus commercial and multi-family investments, CoStar News reported. Rosen Partners is a private real estate developer, and Alfa Group is a privately held company that counts among its assets one of Russia’s largest privately owned banks, a large telecom company, and Russia’s largest food retailer. The venture’s focus will be on multi-family, hospitality and office properties as well as debt investments in major metropolitan markets in the Eastern U.S.
“Alfa looks forward to working with our long-time partners, the Rosens, to take advantage of current market opportunities to acquire and manage a solid portfolio of properties,” said Mikhail Fridman, chairman of Alfa.
Rosen Partners head Jack Rosen told CoStar that his firm will manage some assets, but, depending on their size, may seek help from third-party management entities.
“We’re in a unique and enviable position of having deep and agile capital, along with a track record on both sides for getting deals done and creating value,” said Daniel Rosen, a managing director at Rosen Partners. [CoStar]