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LONDON (Alliance News) - JZ Capital Partners Ltd Monday said it has made three acquisitions alongside a long-term partner that expand its real estate portfolio.
The London listed private equity fund, which invests in US and European microcap companies and US real estate, has acquired 184-186 and 204-206 Bedford Avenue, two separate properties in the Williamsburg neighbourhood of Brooklyn, New York, for a total of USD39.7 million. The purchases were made together with partner RedSky Capital LLC.
In addition, the two partners have made an investment outside of New York, entering the property market in Miami, Florida. They have acquired 2407 NW 2nd Avenue, which features about 25,000 square feet of retail and office space. An additional "buildable" 50,000 square feet means there is the option to develop residential, office or hotel space in the future.
The Florida property was bought for USD10.6 million.
"We continue to see attractive real estate opportunities in the US, particularly in off-market assets with compelling value-add opportunities," David Zalaznick, JZ Capital's founder and investment adviser, said in a statement.
"The latest investments are a continuation of that strategy, and we are delighted to expand into Miami's Wynwood neighbourhood, which draws strong parallels to the rich, urban ecosystem of Williamsburg, Brooklyn," Zalaznick said.
"Over the past decade, Wynwood has seen an increasing trend of property restoration and regeneration, transitioning what was once a primarily commercial area into a vibrant work-live-entertainment hub, giving us further confidence that this is a solid investment opportunity with significant capital growth potential and secure income returns," he added.
JZ Capital shares were up 0.5% at 404.00 pence on Monday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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