Rosen Partners, Russian Conglomerate Join Forces on Joint Venture
- Jan 04, 2012
New York—Rosen Partners LLC, a New York-based private real estate developer, has announced it is entering a joint venture with Alfa Group, one of Russia’s largest privately owned financial-industrial investment conglomerates.
The venture was formed with the intent of investing in commercial and residential real estate assets with values in excess of $100 million in major metropolitan markets along the Eastern Seaboard, from Massachusetts to South Florida. The venture will seek multifamily, hospitality and office properties.
“We believe the combination of our deep and agile capital, joint networks and hands-on experience will position this joint venture well, enabling us to take advantage of a variety of current market opportunities,” Dan Rosen, managing director of Rosen Partners LLC, tells MHN.
Founded 23 years ago, Alfa Group boasts a number of holdings, among them Alfa-Bank, one of Russia’s largest privately owned banks; TNK-BP, a Russian oil and gas company; Altimo, one of Russia’s most substantial players among wireless and fixed-line telecommunications firms; X5 Retail Group, the largest food retailer in Russia; and Alfa Capital Partners, a private equity management firm. The group customarily concentrates on value-oriented, longer-term opportunities.
Rosen Partners’ 30-year history has seen it build more than 3 million square feet of apartments, as well as senior living and hotel properties. The company owns a portfolio of thousands of multifamily apartments, and is known for its expertise in all phases of development, from acquisition to construction and renovation.
The two companies first came into contact with one another two decades ago. “Rosen was investing in Russia in the early 1990s, and that’s when we first met Alfa Group,” Rosen recalls.
The joint venture’s formation was announced by Jack Rosen, chairman of Rosen Partners, and Mikhail Fridman, chairman of the Alfa Group.
“We are aggressively pursuing investment opportunities where our entrepreneurial approach and hands-on, value-enhancement experience can make the most of the strong capital we have at the ready,” says Jack Rosen. “We have a terrific relationship of trust and success with our partners from Alfa Group, and we share a clear vision for the future of this venture.”
Adds Fridman: “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.”
Jack Rosen notes that Rosen Partners is poised to manage select assets within the growing portfolio and to work with third-party management firms and local joint venture partners, based on an investment’s location, size and type.
Adds Dan Rosen: “We are interested in making the most of our relationships with sellers and brokers around the U.S., investing in distressed opportunities as well as stable, core assets.”