Kaufman Jacobs: Real Estate Investments

Case Studies

Rubicon US REIT Restructuring

Complex Situations and Structured Finance

Rubicon US REIT Inc. was a privately held real estate investment trust that Kaufman Jacobs, in partnership with Starwood Capital Group, identified as an acquisition target.

  • KJ and Starwood began acquiring portions of Rubicon’s corporate debt in 2008 and had acquired a majority position in the bonds by the end of 2009
  • In January 2010, Rubicon filed for Chapter 11 bankruptcy protection
  • KJ devised and implemented a debtor-led restructuring and was appointed to manage the REIT and reposition the portfolio
  • Post-acquisition, KJ has disposed of $250 M in assets, signed more than 1.2 M square feet of leases, and sourced and restructured more than $235 M in debt

Overview

18

97%

$506 M

$550 M