SANTA FE, N.M. — Gemini Investments (Holdings) Ltd., a Hong Kong company, and Santa Fe-based Rosemont Realty have formed a joint venture, Gemini Rosemont Realty LLC, to acquire and manage Class A commercial office properties in U.S. markets.
According to media reports, the Chinese company has acquired 75 percent of Rosemont in a deal valued at more than $100 million. The new company will pursue a three-year acquisition strategy of more than $3 billion.
“Gemini Investments’ financial strength coupled with Rosemont’s existing platform, management team and superior track record creates a powerful partnership,” says Michael Mahony, CEO of Gemini Rosemont. “We see great opportunities to continue acquiring high-quality real estate in the U.S. market while also harvesting value for our investors, both existing and new. The possibilities for this venture are tremendous.”
According to a news release, Gemini Rosemont will launch a multi-year acquisition program utilizing the joint venture’s access to capital in the United States and throughout the world. The company’s investment strategy will build on Rosemont’s previous targeting of Class A properties in gateway, primary and secondary U.S. markets.
In addition, a substantial portion of Rosemont’s existing portfolio, comprised of 135 buildings representing approximately 15.9 million square feet of commercial real estate in 22 U.S. states will be transferred to Gemini Rosemont. The existing Rosemont team will remain in place to run the operations of the joint venture.
The other major partners in the Gemini Rosemont venture are Dan Burrell, chairman and CEO of The Burrell Group LLC, and former CEO of Rosemont; existing Rosemont senior management; and Neutron Property Fund Limited, a fund specializing in real estate investment.
Among Rosemont’s trophy properties is the two-building, 770,221-square-foot Denver Energy Center, formerly known as the Denver World Trade Center.
Gemini Investments is an investment arm of Sino-Ocean Land, one of the largest real estate companies in the People’s Republic of China, with an equity market cap of more than $4.3 billion.
Founded in 1991, Gemini Rosemont has sponsored approximately 165 investment vehicles, deployed more than $805 million of investor equity to make over $2.5 billion in purchases, and acquired or managed approximately 30 million square feet of commercial real estate.
— Scott Reid