Madison International Realty Opens London Office, Appoints Sean Kelly-Rand DirectorBy Madison International Realty, PRNE
Monday, November 15, 2010
NEW YORK, November 16, 2010 - Madison International Realty (www.madisonint.com), the leading
liquidity provider to real estate investors worldwide, announced the opening
of a new office in London and the appointment of Sean Kelly-Rand, formerly of
Lehman Brothers' London-based real estate group, as Director.
Kelly-Rand is responsible for sourcing London-based as well as U.S. and
European investment opportunities from the U.K. and Irish markets, as well as
creating and implementing Madison's business development strategy in these
markets. Madison's London office is located at 33 St. James's Square,
"We felt that it was the appropriate time to expand, as we are
experiencing heightened demand from existing core real estate investors for
the kind of exit strategies we offer," said Ronald Dickerman, Madison founder
and president. "With the delay in property sales, numerous sponsors are
looking to provide their existing investors with an exit event without
selling the underlying properties or portfolios, amortize maturing debt with
equity, restructure or recapitalize, or sell a minority ownership position so
they can monetize some of the embedded equity.
"From our new London platform, Sean will continue to build relationships
with existing property owners and intermediaries, and communicate Madison's
investment strategy to facilitate future transactions," Dickerman said.
Prior to joining Madison, Kelly-Rand originated and structured mezzanine
transactions at a subordinated debt boutique in London. In this position, he
analyzed transactions across Europe including commercial properties and fund
level recapitalizations/ restructurings. Previously, at Lehman Brothers, he
analyzed, underwrote and structured principal equity, bridge equity,
mezzanine and senior debt transactions across Europe. He also served as
financial analyst for Intel Corporation in Boston, Mass., where he was
responsible for product costing, financial reporting and analysis. He
received an MBA from Columbia Business School and a BA/MA in economics from
Madison provides equity capital to real estate owners and investors
seeking to provide an exit strategy for their existing investors, de-lever
their properties, or who wish to monetize a portion of their ownership
position while still maintaining control. The firm, which also has offices in
New York and Frankfurt, Germany, invests only in secondary transactions as
principals on behalf of its private equity funds. With more than $1 billion
in capital commitments, Madison focuses solely on existing core quality
properties and portfolios in the U.S., U.K. and Western Europe.
Madison's London investments include the Devonshire House, a 10-story,
186,472-square-foot trophy office building in London's West End overlooking
Green Park and Buckingham Palace. Madison acquired a 17.5% ownership
interest, providing liquidity to a distressed financial institution seeking
to sell down a portion of the equity on its balance sheet. Madison invested
approximately $38.6 million in the property.
Other Madison portfolio investments include the Chrysler East Building at
666 Third Avenue, the Colgate-Palmolive Building at 300 Park Avenue, and 520
Madison Avenue in New York City; and the Falk Group office and medical
portfolio in Munich, Rhineland-Pflaz and Nurnberg, Germany.
About Madison International Realty
Madison International Realty (www.madisonint.com) is a leading
liquidity provider to real estate investors worldwide. Madison provides joint
venture and preferred equity capital for real estate owners and investors
that are looking to de-lever their properties; seek an exit strategy; or
where existing sponsors seek to sell a portion of their ownership position.
The firm provides equity for recapitalizations, partner buyouts and capital
infusions; and acquires joint venture, limited partner and co-investment
interests as principals. With $1 billion in capital commitments, Madison
invests only in secondary transactions and focuses solely on existing
properties and portfolios in the U.S., U.K., and Western Europe. Founded in
1996, the firm has offices in New York, London and Frankfurt, Germany.
Michelle Manoff, Rubenstein Public Relations, +1-212-843-8051, mmanoff at rubensteinpr.com; or Ronald Dickerman, Madison International Realty, +1-212-687-1899, rdickerman at madisonint.com
Tags: Madison International Realty, New York, November 16, United Kingdom