- Colony Capital, Inc. agrees to assume the
management of several key Funds
- Transaction also includes the acquisition of
Abraaj's stakes and commitments in and to those Funds
- Transaction includes interim support solution for
remaining Funds
DUBAI, United Arab Emirates and
LOS ANGELES, June 20, 2018 /PRNewswire/ -- Abraaj
Holdings, Abraaj Investment Management Limited (together "the
Group") and Colony Capital, Inc., (NYSE: CLNY) ("Colony" or the
"Company") through the Group's Joint Provisional Liquidators,
PricewaterhouseCoopers and Deloitte, are pleased to announce that
they have reached agreement on the principal terms for the sale and
purchase of the Group's Latin
America, Sub Saharan Africa, North
Africa and Turkey Funds management business and the Group's
Limited Partnership interests in the underlying Funds, along with
staff in the eight offices being transferred under the terms of the
deal.
Colony has also agreed to oversee, on an interim basis, other
Group Funds that are not being acquired so that the Group and all
its stakeholders have a comprehensive global solution in place.
The agreement has received in principle regulatory approval and
is expected to close upon approval from the Grand Court of the
Cayman Islands as well as other
customary consents. The transaction is expected to complete by
July 1.
Colony is a leading global investment management firm. Colony
has significant holdings in the healthcare, industrial and
hospitality sectors, in addition to other private equity and debt
investments, with an embedded institutional and retail investment
management business. It was founded by Thomas J. Barrack, Jr. in 1991.
Abraaj was founded in 2002 by Arif
Naqvi and emerged to become a leading private equity
investor in growth markets with a regional footprint spanning
Latin America to South East Asia. The Group has investments
which include a portfolio of mature businesses covering diverse
sectors including financial services, FMCG, industrials,
healthcare, education, manufacturing and logistics.
Tom Barrack, Executive
Chairman, Colony Capital, Inc. said, "We are delighted to have
crafted this comprehensive global solution for Abraaj and its
stakeholders and sincerely hope that this can enable the process of
rebuilding on all sides and also bring an end to the speculation
that has swirled around Abraaj over the last months."
Arif Naqvi, Founder, The
Abraaj Group added, "The appointment of the joint provisional
liquidators and the start of the process of restructuring this
business that we operated across diverse markets is a moment of
introspection, but also one of satisfaction, knowing that the teams
that have been nurtured over the years and the businesses that we
were proud to invest in now have a clearly defined future and a
good home that will become the custodians of the next phase of
this journey."
Selcuk Yorgancioglu and Omar
Lodhi, Co-Chief Executives of Abraaj Investment Management
Limited said," We are pleased to join the Colony platform and
team which allows us to continue building our businesses in the
fast-growing markets that we have been committed to for over two
decades."
Michael Jervis, Partner at
PricewaterhouseCoopers and Joint Provisional Liquidator of Abraaj
Holdings, said, "This is an important milestone towards
achieving the overall objectives of the Provisional Liquidation and
restructuring as set out in the Court Order. We shall be consulting
with our creditors in the coming days on this planned transaction
prior to seeking the approval of court."
Stuart Sybersma, Partner at
Deloitte and Joint Provisional Liquidator of Abraaj Investment
Management Limited ("AIML") said "We are pleased to have agreed
a sale of certain of AIML's business units and assets in such a
short timeframe, allowing, in line with our restructuring mandate,
for these business units to continue to trade and ensuring
continuity of service to investors and employment for the members
of staff employed in these regions. The next step is to seek
sanction of the Cayman Islands
Court for the transaction, which will be undertaken on an expedited
basis."
For Abraaj media enquiries, please contact:
Mitali Atal
Director, Communications
Abraaj
T: +971508503587
E: Mitali.Atal@abraaj.com
Jon Aarons/Andrew Cole
Sard Verbinnen & Co.
T: + 44 20 3178 8914/+ 1 212 687 8080
E: Abraaj-SVC@sardverb.com
For Colony Capital, Inc. media inquiries, please
contact:
Blicksilver P.R.
Kristin Celauro
T: +1 732 433 5200
E: kristin@blicksilverpr.com
About Colony Capital, Inc.
Colony Capital, Inc.
(NYSE: CLNY) is a leading global real estate and investment
management firm. The Company has significant property holdings in
the healthcare, industrial and hospitality sectors, other equity
and debt investments and an embedded institutional and retail
investment management business. The Company currently has assets
under management of $43 billion and
manages capital on behalf of its stockholders, as well as
institutional and retail investors in private funds, non-traded and
traded real estate investment trusts and registered investment
companies. The firm maintains principal offices in Los Angeles and New
York, with approximately 500 employees in offices located
across 18 cities in ten countries. For additional information
regarding the Company and its management and business, please refer
to www.clny.com.
The Company's name change to Colony Capital, Inc., NYSE ticker
change from CLNS to CLNY and website change from www.clns.com
to www.clny.com shall be effective June 25,
2018.
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SOURCE The Abraaj Group