| CALABASAS, CA -- The Ryland Group, Inc., one of the nation's largest homebuilders, and Oaktree Capital have formed a Limited Liability Company to acquire and develop residential real estate projects. This venture will combine Ryland's operational excellence as a production homebuilder with Oaktree's expertise in investing in distressed assets in an effort to take advantage of the current dislocation in the residential real estate market.
"We are excited about the opportunities that will arise as a result of this partnership," said Chad Dreier, Ryland's chairman and chief executive officer. "With more than $55 billion in assets under management, Oaktree is one of the premier investment managers in the country. Their considerable capital base and strong track record as an investor in distressed assets make Oaktree an ideal partner for us."
An Executive Committee, comprised of representatives from both firms, will make the purchase decisions. The Company will then provide the necessary improvements and permits with the intent to ultimately sell the projects as finished lots. The Ryland Group will have the right to option all lots sold by the partnership.
Headquartered in Los Angeles, Oaktree is a premier global alternative and non-traditional investment manager with over 500 employees and $55 billion in assets under management. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, real estate, high yield and convertible bonds, specialized private equity, emerging market and Japanese securities, and mezzanine finance.
|
V 1.0
