NEW YORK CITY—Continuing Chinese real estate players' inroads into both the US and global realms, Vanke has formed Brightstone Capital Partners with a trio of veterans. Headquartered in New York City, as is Vanke's US subsidiary, the real estate investment management platform is seen as a key extension of Shenzhen, China-based Vanke's investment strategy.
“The domestic real estate market in China has transitioned from the high-growth 'golden era' to a 'silver era,' where Vanke is actively transforming itself as well,” says Yu Liang, president of China Vanke Co. Ltd. “Globalization is one of our long-term growth strategies. The founding of the Brightstone investment management platform will help strengthen Vanke's overseas investment position, assist the company in better leveraging its global resources and enhance our profitability.”
Brightstone's three US-based founding partners collectively have more than 80 years' experience in commercial real estate. Two of them, Dennis Irvin and John Rivard, now both managing directors with Brightstone, have a common background in Rockefeller Group Investment Management. There, Irvin was most recently president and CEO and Rivard was SVP, managing director and head of acquisitions and investments.
Managing director Douglas Lee has more than 25 years of experience in real estate, finance and private equity. He most recently served as a managing director, head of capital markets and member of the investment committee for the Carlyle Group's Metropolitan Real Estate platform, which has $3.2 billion in assets under management.
“We will deploy capital strategically,” says Lee. “Our initial capital commitments give us the capacity and flexibility to source a wide range of opportunities, including direct property transactions, joint ventures and entity-level investments for both Brightstone and our investment partners.”
Irvin calls Vanke “the ideal partner with whom to launch an investment management platform. The combination of Vanke's real estate development expertise, Brightstone's investment and management capabilities and our significant capital commitment will enable us to generate a wider range of strategic options for investors, while providing transparency and alignment of interests.”
Rivard adds that Brightstone's overall modus operandi is “to invest in high quality real estate assets. We will pursue a range of investment strategies, tailoring our risk-adjusted return targets to deal-specific factors as well as overall market conditions and investor requirements.”
Vanke says the Brightstone model accommodates a wide range of property types, deal structures and hold periods, while addressing investor requirements for transparency and alignment of interests. “Utilizing Brightstone's balance sheet to warehouse investments provides ready access to assets for third-party investors as well as speed and certainty to sellers and other counterparties,” according to Vanke.
China Vanke was established in 1984, and today is among the largest real estate development and services companies globally, with annual revenue of RMB 184 billion (approximately US$28 billion) and a gross profit margin of 21% in 2015. In China, it operates in more than 60 cities. Its US arm, launched in 2013, currently controls a portfolio of 1,000 condominium units across two million square feet of residential space, mainly in New York City and San Francisco.
“The domestic real estate market in China has transitioned from the high-growth 'golden era' to a 'silver era,' where Vanke is actively transforming itself as well,” says Yu Liang, president of China Vanke Co. Ltd. “Globalization is one of our long-term growth strategies. The founding of the Brightstone investment management platform will help strengthen Vanke's overseas investment position, assist the company in better leveraging its global resources and enhance our profitability.”
Brightstone's three US-based founding partners collectively have more than 80 years' experience in commercial real estate. Two of them, Dennis Irvin and John Rivard, now both managing directors with Brightstone, have a common background in Rockefeller Group Investment Management. There, Irvin was most recently president and CEO and Rivard was SVP, managing director and head of acquisitions and investments.
Managing director Douglas Lee has more than 25 years of experience in real estate, finance and private equity. He most recently served as a managing director, head of capital markets and member of the investment committee for the Carlyle Group's Metropolitan Real Estate platform, which has $3.2 billion in assets under management.
“We will deploy capital strategically,” says Lee. “Our initial capital commitments give us the capacity and flexibility to source a wide range of opportunities, including direct property transactions, joint ventures and entity-level investments for both Brightstone and our investment partners.”
Irvin calls Vanke “the ideal partner with whom to launch an investment management platform. The combination of Vanke's real estate development expertise, Brightstone's investment and management capabilities and our significant capital commitment will enable us to generate a wider range of strategic options for investors, while providing transparency and alignment of interests.”
Rivard adds that Brightstone's overall modus operandi is “to invest in high quality real estate assets. We will pursue a range of investment strategies, tailoring our risk-adjusted return targets to deal-specific factors as well as overall market conditions and investor requirements.”
Vanke says the Brightstone model accommodates a wide range of property types, deal structures and hold periods, while addressing investor requirements for transparency and alignment of interests. “Utilizing Brightstone's balance sheet to warehouse investments provides ready access to assets for third-party investors as well as speed and certainty to sellers and other counterparties,” according to Vanke.
China Vanke was established in 1984, and today is among the largest real estate development and services companies globally, with annual revenue of RMB 184 billion (approximately US$28 billion) and a gross profit margin of 21% in 2015. In China, it operates in more than 60 cities. Its US arm, launched in 2013, currently controls a portfolio of 1,000 condominium units across two million square feet of residential space, mainly in
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