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NAPLES — The Real Estate Management Services Group, a Naples-based firm that manages REIT portfolios, has merged with a New York firm with an office in Southwest Florida, LDR Capital Management.
The companies declined to disclose the financial details of the transaction. A spokesman did not return an email requesting what the management structure of the merged companies will look like or the fate of REMS’ founder and managing partner Edward Turville and president John Webster II.
The spokesman, in an earlier email, did say LDR would be the surviving firm.
In a press release announcing the merger, Turville says that “we look forward to working with them to continue building on the successful investment approach we both share.”
Lawrence Raiman, managing principal and chief investment officer at LDR, says in the statement that the merger increases it assets under management, client base and adds industry experience. The merger also gives the firm new distribution channels.
REMS manages REIT security portfolios for institutional and private clients, as well as managing the REMS Real Estate Value-Opportunity Fund, a mutual fund. It was founded in 1997.
LDR was founded in 2011 though its investment team has been working together since 2006. The firm says it’s “primary investment objective is to seek attractive risk-adjusted rates of return in the publicly-listed shares of REIT and real estate-related securities market.”
While its primary office is in New York, LDR has an office at 405 Fifth Ave. South in Naples, a few blocks from REMS’ office at 1100 Fifth Ave. South.
“I have known Ed Turville and John Webster of REMS for more than 20 years and have tremendous respect for their investment expertise and focused approach,” Raiman says in the release.
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