Joint Venture between Monarch Alternative Capital and Taconic Capital Advisors Acquires Warehouse Portfolio in San Juan, Puerto Rico
SAN JUAN, Puerto Rico, Aug. 22, 2019 /PRNewswire/ -- A joint venture formed by Taconic Capital Advisors LP and Monarch Alternative Capital LP has announced the formation of the Puerto Rico Industrial Solutions and Management ("PRISM") platform in connection with its acquisition of a 2,200,000 square foot portfolio of industrial and logistics warehouse properties in the San Juan, Puerto Rico metropolitan area. This portfolio of warehouses is believed to be the largest single assemblage of such assets under private ownership in Puerto Rico. The platform will be operated by a newly formed dedicated property management firm led by Ryan Christiansen as Chief Executive Officer and Hector del Rio Jr. as Chief Operating Officer. The principals, both of whom are San Juan residents, have formed a Puerto Rico-based team to provide tenant-centric management to the PRISM platform. The transaction and subsequent expenditures will aggregate to nearly $200 million of gross asset value.
"These warehouses comprise a critical portion of the logistics infrastructure for many of Puerto Rico's most important companies and we look forward to executing on our mission of providing upgraded assets and exceptional service to our tenants. Hector and I are proud to lead this effort, and in doing so, develop a premier industrial real estate manager in Puerto Rico," said Ryan Christiansen.
"Monarch has a long history of investing in real estate and other assets in Puerto Rico and the formation of the PRISM platform is a continuation of our firm's commitment to, and conviction in, the Island's economic recovery. We look forward to working with Ryan, Hector, and our partners at Taconic to build a best in class solution for tenants and creating value for all stakeholders," said Adam Sklar, Managing Principal, Monarch Alternative Capital.
"For Taconic, the PRISM investment is a testament to our confidence in the Island's continued recovery following Hurricane Maria and long term economic prospects. We are excited to partner with Monarch as well as Ryan and Hector to improve these extremely well-located assets and provide high-quality services that will attract existing and new-to-market tenancy." said Eric Sitman, Director, Taconic Capital Advisors.
Puerto Rico Fiscal Agency and Financial Authority Executive Director, Omar Marrero, Esq., added that "this investment represents a strong commitment from serious investors who continue to identify opportunities that will contribute to job creation and economic activity on the Island. Puerto Rico represents a tremendous opportunity for investors who believe in our future and in the capabilities of our people. We welcome this important investment, which confirms, once more, that Puerto Rico is open for business."
For more information about PRISM, please visit http://prindustrial.com/. For any inquiries, please contact:
Carretera #5, Km. 27.4
Barrio Palmas
Cataño P.R. 00962
(787) 778-7000
[email protected]
About Taconic Capital Advisors
Taconic Capital Advisors L.P. is a global institutional investment firm founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody. Taconic pursues an event-driven, multi-strategy investment approach dedicated to generating strong risk-adjusted returns with an emphasis on capital preservation. The firm has offices in New York, London and Hong Kong with 40 investment professionals, including 9 investing principals who average 14 years of investment experience at Taconic and 78 business function professionals across legal/compliance, finance, operations, technology and investor relations.
Taconic's commercial real estate business is managed by James Jordan and Jon Jachman and focuses on sourcing value-add opportunities through non-traditional, off-market processes. Leveraging its diverse network of relationships with CMBS special servicers, lenders and local operating partners, Taconic seeks to generate attractive risk-adjusted returns through the strategic repositioning and re-introduction of well-located real estate assets.
For more information about Taconic, please visit https://www.taconiccap.com/.
About Monarch Alternative Capital LP
Monarch Alternative Capital LP is a global investment firm founded in 2002 with approximately $5 billion in assets under management. Monarch focuses primarily on opportunistic credit and distressed situations across corporate debt, real estate, special situations, and other parts of the credit markets. Monarch has invested over $40 billion in the asset class while maintaining a consistent and repeatable approach. While disciplined in approach, Monarch's dynamic sourcing enables the firm to capitalize on overlooked and niche areas on a global basis. Monarch draws on the skills and experience of 69 employees, including 23 investment professionals, across its offices in New York and London.
Monarch has a long and successful history of investing in opportunistic real estate focused on areas that leverage Monarch's core tenets. In addition to significant internal resources, Monarch has substantial relationships with operating partners and advisors that it works with to help create value.
For more information about Monarch, please visit http://www.monarchlp.com/.
PRISM Media Contact:
Edison R. Misla, MBA
[email protected] | (787) 536-4320
SOURCE PRISM
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