Industrial and Office Investment ProgramNational

The Challenge:
  • A startup investment company had an investment strategy centered on the acquisition of single-tenant net-leased industrial and office properties.
  • The company had a staff of two, no capital, no track record as managers of institutional equity and no track record of completing the kinds of acquisitions the business plan called for.

The Result:

  • Roseview made an investment in the company and assumed the lead role in raising capital, in three successive rounds:
    • Several million dollars in venture capital to fund company operations and institutional co-investment requirements
    • $50 million in real estate investment equity in a programmatic joint venture with an opportunity fund (“Fund I”)
    • $150 million in fully discretionary equity directly from pension fund investors (“Fund II”); the initial closing of Fund II took place less than two years after Roseview’s first investment in the company
  • Vincent Costantini played an active role on the investment committee; he reviewed and approved and/or rejected all property investments, and was involved in all major personnel decisions during the first few years of the company’s existence.
  • Within less than three years from a standing start, the company had made more than $500 million in acquisitions (total cost).
  • Fund I realized returns on equity in excess of 20% net to its limited partners.
  • Fund II has realized double-digit cash-on-cash returns on equity even before making any dispositions and is outperforming the vast majority of institutional investment funds from its vintage year (2005).

At A Glance

$150 million

in discretionary institutional equity raised and invested

> $500 million

total capital invested in less than three years

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