Canadian real estate group Dream has announced the launch of Dream Equity Partners, an asset management business for private real estate clients, and the hire of Rahul Idnani as president of the new platform.
Idnani was formerly global chief operating officer of Nuveen Real Estate which has $127 bn of assets under management. At Nuveen, he oversaw $90 bn of assets under management across various property types and investment strategies for the firm's institutional and retail clients.
Prior to this, he held senior leadership positions at TIAA and was instrumental in the acquisition of Nuveen Investments and build-out of its global real assets platform.
‘Through the launch of Dream Equity Partners, we intend to leverage our core competencies in managing and developing office, multi-family, industrial and mixed-use assets in Canada, the United States and Europe focused on core, core-plus and value-add investments,’ Dream said in a statement.
Jane Gavan, president of Dream’s asset management division, which includes the public and private management business, will become executive chair of Dream Equity Partners and oversee the new business.
‘I am very pleased to expand our asset management business focus to investing private capital in real estate. Rahul is a great addition to our team with his deep knowledge of the business and his global relationships,’ said Gavan. ‘We believe that globally the allocation of capital to real estate will continue to grow and our unique track record, operating platform and core strengths, position us well to attract investors, especially given the successful sale of the Dream Global business in late 2019, our track record of developing large scale innovative mixed-use projects and our asset management of our public vehicles.’
‘I am very excited to join Dream and collaborate with their management team to leverage their expertise to provide private real estate offerings and solutions to clients,’ said Idnani. ‘I am confident that Dream’s vertically-integrated operating platform, investment track record and history of astute capital allocation positions them as an ideal investment partner.’