Cantor Real Estate to Acquire RREP Recovery Partners Manager

News provided by

Aug 07, 2014, 08:00 ET

NEW YORK, Aug. 7, 2014 /PRNewswire/ -- Cantor Real Estate, L.P., a subsidiary of Cantor Fitzgerald L.P., today announced it has entered into an agreement to acquire RREP Recovery Partners Manager LLC ("RREP Recovery Partners") from Ranieri Real Estate Partners LP. RREP Recovery Partners, a commercial real estate investment manager led by Jon Vaccaro and Eric Schwartz, will become part of Cantor Real Estate. Terms of this transaction were not disclosed.

"Cantor is fully committed to growing our presence throughout the real estate industry. Our acquisition of RREP Recovery Partners reflects the continued growth of our real estate and asset management businesses and investments," said Howard W. Lutnick, Chairman and Chief Executive Officer, Cantor Fitzgerald, L.P. "We are confident that RREP Recovery Partners' highly respected team will complement our seasoned management and strengthen our rapidly growing real estate investment management platform."

Cantor and RREP Recovery Partners are fully committed to continuing to provide excellent investment performance on behalf of investors in RREP Recovery Partners LP, the investment fund managed by RREP Recovery Partners, and to ensuring a seamless transition. The team will continue to acquire distressed assets from financial institutions, owners and operators, as well as originate subordinate debt and equity investment opportunities.

"We are delighted to join the Cantor franchise, which has unparalleled commercial real estate expertise and resources," said Mr. Vaccaro, Chief Executive Officer and Founding Partner of RREP Recovery Partners. "As part of the Cantor family, we look forward to building upon the firm's achievements and providing real estate investors with compelling investment opportunities. Cantor's real estate platform has depth and breadth that enhances our capabilities, and will enable us to deliver new investment products to our investors."

"We built RREP Recovery Partners around the dislocation during the banking crisis and are proud of what we were able to accomplish," said Lewis S. Ranieri, Chairman of Ranieri Partners. "As the business continues to grow, a transition to a larger scale platform like Cantor's is a natural evolution. Both Jon and Eric have been good partners and friends, and we wish them continued success."

RREP Recovery Partners LP invests across all property types and creates value through special servicing, loan modifications, restructuring and other activities aimed at asset resolution. Clients of the fund include pension plans, money managers and foundations.

About Cantor Fitzgerald
Cantor Fitzgerald, a leading global financial services group at the forefront of financial and technological innovation has been a proven and resilient leader for over 65 years. Cantor is a preeminent investment bank serving more than 7,000 institutional clients around the world, recognized for its strengths in fixed income and equity capital markets, investment banking, prime brokerage, and commercial real estate finance and for its global distribution platform. Cantor Fitzgerald's 8,000 employees serve clients through over 125 locations, including major financial centers around the world in the Americas, Europe, Asia/Pacific, and the Middle East. For more information please visit www.cantor.com.

Note to Editors: : Cantor Fitzgerald, L.P., led by Chairman and Chief Executive Officer Howard W. Lutnick, is the parent entity of Cantor Real Estate, L.P.

Photo - http://photos.prnewswire.com/prnh/20110721/MM39818LOGO

SOURCE Cantor Fitzgerald