Rosemont, HK Investment Firm Forge $3B JV

SANTA FE, NM—Rosemont Realty, headquartered here, and Hong Kong-listed Gemini Investments (Holdings) Ltd. have formed a joint venture to acquire class A commercial properties in gateway, primary and secondary markets across the US. To be known as Gemini-Rosemont Realty LLC, the JV is targeting up to $3 billion in acquisitions over the next three years.

Additionally, a substantial portion of Rosemont's existing portfolio of 15.9 million square feet will be transferred to the JV. The existing Rosemont team, including CEO Michael Mahony, will remain in place to run the JV's operations.

“We see great opportunities to continue acquiring high-quality real estate in the US market while also harvesting value for our investors, both existing and new,” says Mahony. “The possibilities for this venture are tremendous.”

Aside from Gemini, the investment arm of Sino-Ocean Land, the other major partners in the Gemini Rosemont JV are Dan Burrell, chairman and CEO at the Burrell Group and former CEO of Rosemont; existing Rosemont senior management; and Neutron Property Fund Ltd., a Hong Kong-based fund specializing in real estate investment. CBRE Capital Advisors advised Gemini in connection with the JV.

“Sino-Ocean Land and Gemini Investments together represent one of Asia Pacific's leading commercial real estate platforms,” Burrell says. “This is an exceptional opportunity for Rosemont to aggressively push forward its strategic plan and I look forward to working closely with the company to make this a reality”

Although the JV's holdings of office, warehouse and retail properties span 22 states, its heaviest concentrations are in New Mexico and Texas, where it includes properties both in the primary markets of Dallas and Houston and in secondary markets such as Lubbock and Corpus Christi. In Albuquerque, its home state, Gemini Rosemont has 23 properties. Other states represented in the portfolio include AL, AZ, AR, CO, GA, IL, KS, KY, LA, MN, MO, NC, OH, OK, PA, TN, VA, WV and WI.