Dubai Group Hires Silverpeak for $1B Portfolio

DUBAI-The Dubai Investment Group has hired New York City-based Silverpeak Real Estate Partners to manage a $1.1 billion commercial real estate portfolio in the United States and Germany. Silverpeak is the spin-off of Lehman Brothers Real Estate Partners, which was founded in 2000 to act as Lehman’s real estate private equity business.

The portfolio was acquired between 2004 and 2008, and consists of 30 hotel, office and retail properties. Two of the sites are in Germany, the Hansecenter outside the Baltic port city of Rostock (purchased for $100 million in 2005) and Markisches Zentrum in Berlin (purchased for $117 million in 2007). The US properties include the DoubleTree Hotel Chicago Magnificent Mile, the Jumeirah Essex House Hotel in New York City and a Denver office portfolio.