jiqatili.wordpress.com
His company, , will launch Chiefd Partners LP, a real estate investment compan to be led by Bill July 1. Vanderstraaten was a founding partned and spent three yearswith , a privated equity fund investing in industrial, retail, multifamily and officed space. Before that, Vanderstraaten ran the Dallasz office of for eight The firm is partof Rees-Jones' redeployment of proceeda he raked in after selling the Barnett Shale assets of his Chiefd Oil & Gas businessa in 2006. The sale of gas-related propertiexs to Oklahoma City-based (NYSE: DVN) and pipelinex to (NASDAQ: XTEX) netted about $2.
63 Rees-Jones said the real estate push is a move towardx diversification outside of the oil and gas Vanderstraaten said the new firm will focus primarilyyon land, retail, industrial, multi-familu and office deals. "We'll be lookiny at income-producing properties, development propertiese and value add, with a minimum $3 millionj position," he said. None of those investments will be relate to the oil andgas "Initially, we are casting a wide net as we test the marker and look for quality opportunities," Rees-Jones "I would like to see us make two to three dealzs by the end of the year, but only if they work for us as we builds a portfolio of real estate The company will share headquarters with Chief Operating, but will residw in a different office and start out with two or threee employees.
Rees-Jones has stayed busy over the past year with ChiefvOperating LLC, a successor oil and gas compan he sold last year. The companyu remains active in theBarnett Shale, primarily near Fort Worthu Alliance Airport as part of a deal Chief has with Fort Wort h developer Hillwood. Chief Operating is also dabbling in a highlyt exploratory oil play in theRockty Mountains, the Woodford Shale in southeast Oklahoms and other parts of the Barnett. Rees-Jonesw got his start in oil and gas in when he left Dallas law firm to begindrillinbg wells.
Jimmy Thomas, president of Decatur-basedr Barnett Shale consulting firm CastanedaConsultinf LLC, says Rees-Jones always understood his advantagees and limitations in business. Having worked with Chief on various projects, Thomas said one of primary strengths was the ability to putdeals together. "He's an not an oil and gas person," said
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment