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.
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