Cantor Real Estate is to acquire RREP Recovery Partners Manager from Ranieri Real Estate Partners.
RREP Recovery Partners, a commercial real estate investment manager led by Jon Vaccaro and Eric Schwartz, will become part of Cantor Real Estate.
Terms of the transaction were not disclosed.
"Cantor is fully committed to growing our presence throughout the real estate industry. Our acquisition of RREP Recovery Partners reflects the continued growth of our real estate and asset management businesses and investments," says Howard W Lutnick, chairman and chief executive officer, Cantor Fitzgerald. "We are confident that RREP Recovery Partners' highly respected team will complement our seasoned management and strengthen our rapidly growing real estate investment management platform."
The team will continue to acquire distressed assets from financial institutions, owners and operators, as well as originate subordinate debt and equity investment opportunities.
"We are delighted to join the Cantor franchise, which has unparalleled commercial real estate expertise and resources," says Vaccaro. "As part of the Cantor family, we look forward to building upon the firm's achievements and providing real estate investors with compelling investment opportunities. Cantor's real estate platform has depth and breadth that enhances our capabilities, and will enable us to deliver new investment products to our investors."
"We built RREP Recovery Partners around the dislocation during the banking crisis and are proud of what we were able to accomplish," says Lewis S. Ranieri, chairman of Ranieri Partners. "As the business continues to grow, a transition to a larger scale platform like Cantor's is a natural evolution. Both Jon and Eric have been good partners and friends, and we wish them continued success."
RREP Recovery Partners LP invests across all property types and creates value through special servicing, loan modifications, restructuring and other activities aimed at asset resolution. Clients of the fund include pension plans, money managers and foundations.