Moving Forward, Concord Pacific And HB Management Will Maintain A Close Strategic Relationship With Global Investment Advisory Firm, HQ Capital
Concord Pacific and HB Management announced it has entered into strategic agreements to become a majority shareholder of HQ Capital Real Estate. HQ will continue to own a minority interest in the ongoing business and maintain a close partnership going forward.
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Concord Pacific has always been active in multiple industries, including real estate development, hospitality, information technology, green energy, and telecommunication globally. Concord Pacific and HB Management have been looking for the right opportunity and the right partner to enter the real estate fund management business.
David Ju, Concord Pacific “HQ Capital Real Estate’s stellar coast-to-coast track record and impeccable support from both Germany and New York management teams attracted us to this strategic alliance. HB Management has also been a great partner of ours in the United States since 2018. We are excited about another wonderful endeavor with HB with their expertise in the residential multifamily business. Our vision is to collaborate with HQ’s well-established team and to explore new horizons in multiple markets.”
Jon Breiner, HB Management, “HB Management is very pleased with the opportunity to strategically invest with our close partner, Concord Pacific, by bringing new strategic resources to HQ’s multifamily investment platform. HQ brings a tremendous track record and new opportunities for HB and Concord to diversify their investment initiative, and to expand HQ’s capital horizons. This is a true win-win.”
Dr Joachim Faber, Chair of the supervisory board of HQ Holding. “With the transfer of the majority of its real estate business, HQ Capital continues to shape its profile as private equity specialist of HQ.”
Dr Bernd Türk, CEO of HQ Capital. “We deliberately took time to evaluate all options for the business in the interest of our existing investors. We are delighted to partner with Concord Pacific and HB Management and are convinced that they are best positioned to take our real estate business to the next level, creating added value for existing and new investors.”
The completion of this transaction is expected to occur in the next months of 2021 and is subject to customary approvals. The parties agreed not to disclose further details of the transaction. HQ Capital Real Estate will continue to build on its proven investment strategy focused on partnering with high-quality apartment developers and selectively acquiring existing multifamily properties with significant value creation potential in key growth markets across the United States.
