2008-04-01 22:56:56 -
- RSF Partners, Inc. Chris Mahowald, 214-849-9815 Managing Partner www.rsfpartners.com or Lewis Public Relations for RSF Partners Blake D. Lewis III, 214-635-3020 APR, Fellow PRSA 972-754-9966 (cell) blewis@lewispublicrelations.com A fund under management by Dallas-based RSF Partners today announced that it has teamed with funds managed by both San Francisco-based Farallon Capital Management, L.L.C. and Greenfield Partners, L.L.C., of
South Norwalk, Connecticut to create a land development joint venture to purchase properties from a subsidiary of Dallas-based Centex Corporation (NYSE: CTX).
The agreement encompasses a group of 27 projects and approximately 8,500 residential lots in 11 states, with the majority of the properties located in California and Nevada. The purchase price for the portfolio was $161 million and was funded without debt.
RSF and the other investors have formed a land development company to develop, manage and sell the projects. In transferring land assets to the venture, Centex has a 5% minority ownership interest in the venture, with the option to purchase a limited number of the lots from certain neighborhoods in the joint venture's portfolio.
This new joint venture was developed to take advantage of key synergies that each of the entities bring, delivering end-to-end efficiencies to the marketplace, according to RSF Managing Partner Chris Mahowald. "We're bringing together sound financial partners experienced in creating enhanced value for real estate assets. The land development company we have formed to manage the portfolio acquired in this transaction is now open for business."
About RSF Partners
RSF Partners, Inc. ("RSF") is a Dallas-based investment management company that focuses on real estate related investments. RSF was founded in 1997 and manages discretionary equity capital of more than $300 million on behalf of a select group of high net worth investors through a series of investment funds. RSF invests in real estate throughout the United States in a variety of forms of debt and equity. More information about RSF may be found at www.rsfpartners.com.
About Farallon Capital Management, L.L.C.
Farallon Capital Management, L.L.C. ("Farallon") is a global, San Francisco-based investment management company that manages discretionary equity capital of more than $30 billion, largely from institutional investors such as university endowments, foundations, and pension plans. Farallon was founded in March 1986 by Thomas F. Steyer. Farallon invests in public and private debt and equity securities, direct investments in private companies and real estate. Farallon invests in real estate across all asset classes around the world, including the United States, Europe, Latin America and India. More information about Farallon may be found at www.faralloncapital.com.
About Greenfield Partners, L.L.C.
Greenfield Partners, L.L.C. ("Greenfield") is a private partnership that specializes in real estate and related investments on behalf of itself and a select group of private and institutional partners. Since inception in 1997, Greenfield has secured in excess of $3.5 billion in equity commitments to eight different investment funds and operates in both North America and abroad. The firm's most recent funds are Greenfield Acquisition Partners V and Greenfield Land Partners II, which have equity commitments of $1.0 billion and $400 million, respectively. Greenfield has offices in South Norwalk, Connecticut and Chicago, IL. More information about Greenfield may be found at www.greenfieldpartners.com.
¶ Enterprise Creates a Residential Land Development Portfolio
