Madison International Realty Opens London Office, Appoints Sean Kelly-Rand Director

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Nov 16, 2010, 09:51 ET

NEW YORK, Nov. 16, 2010 /PRNewswire/ -- Madison International Realty, the leading liquidity provider to real estate investors worldwide, announced the opening of a new office in London and the appointment of Sean Kelly-Rand, formerly of Lehman Brothers' London-based real estate group, as Director.

Kelly-Rand is responsible for sourcing London-based as well as U.S. and European investment opportunities from the U.K. and Irish markets, as well as creating and implementing Madison's business development strategy in these markets. Madison's London office is located at 33 St. James's Square, telephone +44 (0) 203 008 7990.

"We felt that it was the appropriate time to expand, as we are experiencing heightened demand from existing core real estate investors for the kind of exit strategies we offer," said Ronald Dickerman, Madison founder and president. "With the delay in property sales, numerous sponsors are looking to provide their existing investors with an exit event without selling the underlying properties or portfolios, amortize maturing debt with equity, restructure or recapitalize, or sell a minority ownership position so they can monetize some of the embedded equity.

"From our new London platform, Sean will continue to build relationships with existing property owners and intermediaries, and communicate Madison's investment strategy to facilitate future transactions," Dickerman said.

Prior to joining Madison, Kelly-Rand originated and structured mezzanine transactions at a subordinated debt boutique in London. In this position, he analyzed transactions across Europe including commercial properties and fund level recapitalizations/ restructurings. Previously, at Lehman Brothers, he analyzed, underwrote and structured principal equity, bridge equity, mezzanine and senior debt transactions across Europe. He also served as financial analyst for Intel Corporation in Boston, Mass., where he was responsible for product costing, financial reporting and analysis. He received an MBA from Columbia Business School and a BA/MA in economics from Boston University.

Madison provides equity capital to real estate owners and investors seeking to provide an exit strategy for their existing investors, de-lever their properties, or who wish to monetize a portion of their ownership position while still maintaining control. The firm, which also has offices in New York and Frankfurt, Germany, invests only in secondary transactions as principals on behalf of its private equity funds. With more than $1 billion in capital commitments, Madison focuses solely on existing core quality properties and portfolios in the U.S., U.K. and Western Europe.

Madison's London investments include the Devonshire House, a 10-story, 186,472-square-foot trophy office building in London's West End overlooking Green Park and Buckingham Palace. Madison acquired a 17.5% ownership interest, providing liquidity to a distressed financial institution seeking to sell down a portion of the equity on its balance sheet. Madison invested approximately $38.6 million in the property.

Other Madison portfolio investments include the Chrysler East Building at 666 Third Avenue, the Colgate-Palmolive Building at 300 Park Avenue, and 520 Madison Avenue in New York City; and the Falk Group office and medical portfolio in Munich, Rhineland-Pflaz and Nurnberg, Germany.

About Madison International Realty

Madison International Realty (www.madisonint.com) is a leading liquidity provider to real estate investors worldwide. Madison provides joint venture and preferred equity capital for real estate owners and investors that are looking to de-lever their properties; seek an exit strategy; or where existing sponsors seek to sell a portion of their ownership position. The firm provides equity for recapitalizations, partner buyouts and capital infusions; and acquires joint venture, limited partner and co-investment interests as principals. With $1 billion in capital commitments, Madison invests only in secondary transactions and focuses solely on existing properties and portfolios in the U.S., U.K., and Western Europe. Founded in 1996, the firm has offices in New York, London and Frankfurt, Germany.

SOURCE Madison International Realty