SunCap Property Group Forms Joint Venture with Blumberg Investment Partners and Ping An Insurance Group of China
$1 Billion to be Invested in U.S.-Based Real Estate Assets
SunCap Property Group is pleased to announce a joint venture with Ping An Insurance Group of China (Ping An) and Blumberg Investment Partners, to create high quality, net-leased real estate assets across the United States. The initial portfolio contains assets valued in excess of $600 million and consists of newly constructed, Class A buildings occupied by highly-rated Fortune 500 companies. The properties are located in New York City; the Mid-Atlantic; the Pacific Northwest, South Florida, Atlanta and Colorado. The new venture intends to grow its portfolio of properties and has already identified assets in excess of $400 million for future investment.
"This partnership provides SunCap with abundant, highly competitive capital that will allow us to continue to grow our development platform and portfolio of Class A, institutional-grade build-to-suit projects," said Flint McNaughton, CEO and Founding Partner of SunCap Property Group. "From its inception six and a half years ago, SunCap has been dedicated to its mission as a "client centric" development company, focused on serving our clients' diverse needs across the entire US. Our incredible track record of successfully delivering projects on time, on budget and to our clients' complete satisfaction will be further enhanced by this exciting venture."
"SunCap is a best-in-class developer and we are excited to continue our relationship of providing them with early stage development capital and long term ownership solutions", said Howard Margolis, Managing Director for Blumberg Investment Partners. "Our dedicated capital and capability work well in conjunction with SunCap. Together, our expertise enables us to create unique opportunities for investors."