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
CataƱo P.R. 00962
(787) 778-7000
info@prindustrial.com
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
edison@newsmakerspr.com | (787) 536-4320
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SOURCE PRISM