Recently, Fortress Investment Group acquired Worth Avenue, a fascinating shopping thoroughfare located in Palm Beach, Florida. Worth Avenue housed Tiffany & Co. before the acquisition and will continue to accommodate the company after the acquisition. The purchase cost Fortress an amount of up to $20 million.
Worth Avenue property was sold after two business-oriented development organizations joined hands for its purchase. New York-based Kean Development Co. and Hyde Retail Partners are the new proud owners of top Florida’s shopping thoroughfare. Fortress Investment Group managed the funds used in the purchase hence its involvement in the business deal. The aim of acquiring the property is to make it even more productive.
Fortress Investment Group also had a successful business deal with SuperCom. SuperCom is an organization that has its specialties in offering security solutions for both governmental and non-governmental organizations in areas to do with finance and healthcare systems among others.
Fortress gave funds worth $20 million in credit form to boost SuperCom’s finances used for the various business operations. The credit is to last for four years and should be paid at an interest of a range between 7% and 8% with a LIBOR on any outstanding balance. The CEO of SuperCom, Arie Trabelsi, expressed his pleasure in the development through a statement released by the company.
Another recent development from the Fortress Investment Group is with its rail transport system, Brightline. The recent partnership between Brightline and Virgin Group (owned by Richard Branson’s) will change the system’s brand from Brightline to Virgin Trains USA. Virgin Group leads renowned global travel companies. The firm was brought on board to help with marketing and planning due to its expertise in the area.
Basic information about Fortress Investment Group.
Randal Nardone, Rob Kauffman, and Wes Edens came together in 1998 to form Fortress with the aim of offering services around credit providence, real estate management, private equity, and other various capital business ventures. Over the years, Fortress has grown and now mans assets of up to $41.4 billion according to a recent assessment. It has almost a thousand employees worldwide all managing assets of different kinds.