To invest in corporate divestitures of real estate assets, Cohen Asset Management has teamed up with Chanin Capital Partners to form a joint venture fund.
St. Pierre Real Estate Liquidity Fund will invest in individual properties with a transaction value between $3 million and $20 million and portfolio transactions up to $200 million. Los Angeles-based Chanin Capital Partners will provide deal flow to the fund.
The fund is debuting at an opportune time, when corporations are looking for ways to raise and save capital, says Russell Belinsky, senior managing director of Chanin Capital Partners. "St. Pierre will allow corporations to monetize non-core assets to fund their ongoing operations," he says.
Los Angeles-based Cohen Asset Management will provide capital and re-position, operate and manage properties held by St. Pierre. "One of the biggest assets on any corporate balance sheet is a company’s owned real estate. It’s also one of the most valuable — if you know how handle such an asset — and we do," says Brad Cohen, president of Cohen Asset Management.