Gemini Investments Limited, a Hong Kong listed company, has acquired a majority stake in Rosemont Realty of Santa Fe, the biggest owner of office properties in Albuquerque, to form a new venture, Gemini Rosemont Realty. The new company combines Gemini Investment's institutional capital with Rosemont's existing portfolio in the U.S., which includes 135 buildings, representing approximately 15.9 million square feet of commercial real estate in 22 states.
"We'd like to add 1 million square feet of space to our portfolio in the Dallas region, but it depends on the opportunities in the market," Michael Mahony, CEO of the newly formed Gemini Rosemont, told the Dallas Business Journal. "We see great opportunities to continue acquiring high-quality real estate in the U.S. market while also harvesting value for our investors, both existing and new. The possibilities for this venture are tremendous."
Gemini Rosemont will launch a multi-year acquisition program utilizing the joint venture's access to capital in the U.S. and throughout the world. The company's investment strategy will build on Rosemont's success targeting Class A properties in gateway, primary, and select secondary U.S. markets.
"Rosemont, with its comprehensive real estate platform and superior performance history, was precisely the investment opportunity Gemini Investments was looking for in order to invest in the U.S. real estate market," said Li Ming, chairman of Sino-Ocean Land Holdings Limited and Gemini Investments. "We look forward to a strong and successful partnership."
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