NEW YORK CITY—Already a significant player in the sector domestically via its Brixmor Properties Group, Blackstone said Wednesday its US retail real estate portfolio companies have entered into partnership with Raider Hill Advisors. Raider Hill was formed by Daniel Hurwitz, most recently CEO of DDR Corp., the nation's largest power-center REIT.
Hurwitz expresses enthusiasm over working with Blackstone, “a firm with an unparalleled track record, reputation and network in the real estate industry. I look forward to sharing my knowledge and collaborating with Blackstone's talented real estate team as we work closely together on exciting opportunities in the shopping center real estate market.”
At Blackstone, senior managing director Nadeem Meghji, says, “We could not be more pleased to form this partnership with Raider Hill. We are significant investors in shopping centers both in the US.and internationally, and will take advantage of Dan's extensive experience and track record as the CEO of DDR.”
The announcement Wednesday from Blackstone provided no further details on a timetable for rolling out the partnership, or the extent and nature of Raider Hill's involvement in future deal-making in the space. As GlobeSt.com reported earlier this month, Hurwitz stepped down as DDR's CEO at the end of 2014, a year ahead of a planned departure that was to have occurred when his contract expired this coming Dec. 31. DDR did not offer an explanation for his early departure from the post.
However, analysts gave Hurwitz high marks for his five-year tenure at the helm of DDR. In September, Green Street Advisors said that Hurwitz has “presided over one of the REIT industry's most impressive portfolio and balance sheet turnarounds,” according to Crain's Cleveland Business.
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