"The entity itself is not really changing," Deniger tells GlobeSt.com. The deal, which closed last week, merely formalizes the way in which Olympus has been operating for some time, he says. But, it does put Deniger and seven other partners in full control of decision-making.
Tom Hicks and John Muse along with five other partners in Hicks, Muse Tate & Furst Inc. will assume special limited partner roles and be co-investors in future Olympus funds. The HMTF breakaway establishes Olympus as a fully independent real estate investment enterprise.
Up and coming within 12 months will be a West Coast office, Deniger tells GlobeSt.com.And, he is in California today and tomorrow scouting future investment opportunities. "We are always looking for exceptional real estate opportunities," he says, "and now is a good time to be in real estate."
Deniger and HMTF co-founded Olympus in 1994, taking it to one of the nation's largest domestically funded real estate funds. It has invested more than $5 billion in US real estate assets that include in excess of 2.3 million sf of commercial space, nearly 52,000 apartment units, 53 resorts and hotels, 40 golf courses and 57 residential subdivisions.
The break-away also sets the stage for HMTF to focus on three critical categories, broadcasting and cable, food and other branded consumer products and manufacturing, according to John R. Muse's prepared statement.
Olympus' third fund is fully capitalized at $600 million, but another fund could surface in 12 to 18 months, says Deniger. As for his takeover, he says "it doesn't feel much different, but it does position Olympus to be viewed as an independent entity instead of a sub-tier entity of another company." Deniger has resigned as an HMTF partner.
Partnering with Deniger are Gregory C. Adair, Hal R. Hall, Clark W. Hanrattie, Robert P. Landin, Jeffrey G. Mundy, Robert S. Riggs and Timothy B. Smith. Olympus has offices in Dallas and New York City, employing more than 3,500 through its operation and affiliates.
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