PAMERA expands to North America: First deal successfully closed in Manhattan, New York City

The multi-family office PAMERA Real Estate Partners (PAMERA) is expanding into North America and has founded PAMERA North America LLC (PAMERA NA) based in New York City. The company focuses on actively supporting German family offices and wealthy private investors with investments in the North American real estate market and accompanying them along the entire value chain.

PAMERA NA is currently focusing on the targeted acquisition and development of real estate in dynamic markets such as New York City, Boston and the Sunbelt states, which are characterised by robust economic data and long-term growth potential. These regions offer excellent conditions for value-adding investments.

The focus is on residential and logistics properties, which are optimised through location advantages and targeted development measures such as renovations and repositioning. The aim is to generate stable and sustainable income and to fully exploit the development potential of the properties.

Karl Groß von Trockau, Managing Partner of PAMERA, describes the investment strategy of PAMERA North America as follows: “With co-investments, 'hands-on' asset management and a data-driven decision-making process, we ensure alignment of interest with our investors. Active portfolio management and transparent communication are at the heart of our business, which is specifically tailored to the needs of German investors.”

PAMERA NA is headed by Cord Ernst and Adam Budgor, two experts with extensive experience in the US property sector.

As Managing Partner, Cord Ernst is responsible for investments, conceptualisation and investor relations. At the same time, he is responsible for a residential fund for German institutional investors as a partner together with Magnolia Capital. He began his career at HQ Capital / RECAP and subsequently held management positions at the Paramount Group and Wafra, where he focussed primarily on transactions and fund conception. With some 20 years of professional experience in New York City and a broad network of local partners, he has successfully completed transactions totalling more than USD 5 billion. His in-depth knowledge of the market and his role on the Urban Land Institute's Multi Family Council emphasise his leadership qualities.

Adam Budgor is in charge of Investments and Operations at PAMERA NA. He brings over 18 years of experience from various senior positions in the property industry, including Chief Investment Officer at CCL Capital and Chief Strategic Officer at a portfolio company of Apollo Global Management. Adam previously worked in the investment banking divisions of Credit Suisse, Barclays and Lehman Brothers, where he was involved in transactions worth over USD 75bn. With his expertise in structured real estate finance and an MBA from Columbia Business School, Adam Budgor adds valuable strategic and operational expertise to the team.

“Our approach in North America is also based on managing property from the owner's perspective,” explains Karl Groß von Trockau. “In Cord Ernst, our Managing Partner in New York, and Adam Budgor, we have found two property experts who not only understand the American property market very well, but also the needs of our family office clients,” continues Karl Groß von Trockau.

As part of an off-market transaction, PAMERA NA acquired a prestigious mixed-use property in the centre of New York's SoHo district for around USD 30 million in a joint venture with Drake Real Estate Partners back in spring 2024. The property on Crosby Street comprises eight luxury rental flats, two commercial units and a prominent advertising space on the outside wall.

PAMERA plans to leverage existing potential for value appreciation through targeted measures. Three new rental agreements with an average rent increase of 4.1 percent have already been concluded and a long-term retail rental agreement has been signed with the luxury brand Spinnelli Kilcollin.

“With this transaction, we have proven that PAMERA NA is not only able to react quickly and efficiently to opportunities, but also to increase the market value of a property in the interests of our investors within a short space of time. We will continue to implement this strategy consistently. Further acquisitions are already in the concrete due diligence phase,” explains Cord Ernst.

Photo: Cord Ernst and Adam Budgor, PAMERA NA