SSgA sells Tuckerman stake to Hunt
By Arleen Jacobius | January 14, 2013 5:59 pm
Hunt Investment Management is taking over SSgA's majority interest in real estate investment firm Tuckerman Group, including its $1.2 billion in multifamily real estate investment management contracts, said Douglas A. Tibbetts, Hunt Investment's CEO, in an interview.
Terms of the deal were not disclosed. SSgA spokeswoman Alicia A. Curran said the purchase price was “not material.”
State Street Global Advisors sold its interest in Tuckerman Group, a joint venture between SSgA and Tuckerman's senior management, because of “regulatory restrictions on investments in certain private fund offerings,” SSgA said in a written statement.
Tuckerman's six-member management team and five additional staff members are joining Hunt. Tuckerman manages three apartment value-add and development commingled funds and three separate accounts including a core-plus separate account and an affordable housing mortgage fund.
Tuckerman's real estate investment trust portfolios were moved to SSgA. CBRE Clarion Securities was appointed subadviser of the SSgA Tuckerman Active REIT Fund, which was renamed SSgA Clarion Real Estate Fund, according to SSgA.
The Tuckerman acquisition expands the capabilities of Hunt Investment Management, mainly a value-added real estate manager, into opportunistic real estate and development, Mr. Tibbetts said. It also adds real estate markets in Chicago and New York.