Prospect Ridge Advisors, a new property investment company, has been launched following a previously announced joint venture between AllianceBernstein and its real estate private equity group (REG).
In July last year, AllianceBernstein and REG announced the formation of the venture that aims to accelerate the joint venture鈥檚 growth in the real estate equity business.
Both AllianceBernstein and REG will be equity partners in this new venture, AllianceBernstein said.
Prospect Ridge will be led by Brahm Cramer and Jay Nydick and supported by its incumbent team of 17 investment professionals. Prospect Ridge will continue to maximise the synergies between its business and that of AllianceBernstein鈥檚 real estate debt platform.
Cramer said: 鈥淓stablishing Prospect Ridge reflects a natural evolution of the platform we鈥檝e built over the last 10 years.
鈥淥perating as a standalone firm affords us new opportunities to expand our business and develop new relationships while maintaining consistency for our existing investors and operating partners, who will benefit from our ongoing joint venture with one of the leading investment management platforms in the world.鈥�
Nydick said: 鈥橶hile we begin our next chapter with a new name, what鈥檚 not changing is our team, our investment process and the high level of service and attention to detail that we provide our investors.
鈥淲e鈥檝e structured a best-in-class platform that can thrive in all environments, and we believe the dislocation that is beginning to appear in today鈥檚 real estate landscape presents a well-timed opportunity to expand our differentiated platform.鈥�
Seth P Bernstein, the president and CEO of AllianceBernstein, said: 鈥淭his strategic transaction opens up new avenues of growth from which both Prospect Ridge and AllianceBernstein stand to benefit.鈥�
