Real Estate Capital Partners (ReCap) has plans to grow its United States property trust after securing management rights from embattled group Mariner Financial.
In November 2008, ReCap took over three of Mariner's property funds, including the Mariner American Property Income Trust.
At the time of the deal, ReCap chief executive Andrew Saunders said the assets were very strong and he was particularly positive about the US properties.
Since the takeover, ReCap has made a number of changes, including restructuring the trust's foreign exchange income hedges and simplifying an existing debt facility with Commonwealth Bank of Australia.
The firm also appointed US-based property manager Cushman & Wakefield to undertake an asset review.
"We have been very confident with the way we have restructured this trust and we now see opportunities that are relevant to the fund," Saunders said.
The rebranded Real Estate Capital Partners USA Property Trust is now in a position to look at a number of opportunities in the market resulting from distressed owners, bank-driven sales and the failure of a number of listed real estate investment trusts, he said.
He said the firm would work with its advisers to identify potential transactions that would not add further risk to the balance sheet.
The firm was looking to mirror a similar strategy for the MacarthurCook Industry Property Fund (MIF), he said.
This week, ReCap launched a bid to takeover the MacarthurCook fund.
ReCap is a majority shareholder in the listed industrial fund, which has 11 properties across Australia.
The decision to take over the fund follows the move by AIMS Financial Group to take control of MacarthurCook.
AIMS has already announced its intentions to re-position the group's focus in Asia, a strategy Saunders dismissed.
"In these difficult times, funds like the MIF need robust strategies and active management. AIMS has been clear that the main focus is on Asia. We believe the fund's strategy should remain focused in Australia," he said.
