OC METRO CALENDAR

  • August 2014
    SuMoTuWeThFrSa
    272829303112
    3456789
    10111213141516
    17181920212223
    24252627282930
    31123456
Add an event

REAL ESTATE INDUSTRY NEWS
Untitled Page

Grubb & Ellis sells Alesco Global Advisors

The local real estate services and investment firm completed the sale of its investment fund business.

By Kylie MalstromPublished: October 10, 2011

Santa Ana-based Grubb & Ellis Co., a real estate services firm, last Thursday completed the sale of its real estate investment fund business, Alesco Global Advisors, to Lazard Asset Management LLC.

Alesco Global Advisors is an investment consultant company that focuses on real estate securities and manages three mutual funds. Grubb & Ellis acquired a 51 percent interest in the company in 2007.

In explaining the transaction, Grubb & Ellis reps noted that the company is continually seeking to maximize its value for stakeholders, and that one way to do this is by selling unprofitable non-core businesses.

"The sale of Alesco, combined with last month's divestiture of Daymark Realty Advisors, has significantly strengthened the company's balance sheet and better positioned Grubb & Ellis as we continue to search for long-term strategic alternatives," said Thomas P. D'Arcy, president and CEO of Grubb & Ellis.

The pending transaction was first announced in June and was completed after it received the approval of the mutual funds’ board of trustees and shareholders.

Related headlines:
Grubb & Ellis sells its subsidiary, Daymark Realty Advisors
Grubb & Ellis secures $18 million in financing
Grubb & Ellis looks into possible sale, merger