Argosy-Lionbridge Management

Asset Management Firm Focused on Fundamental and Special Situation Investments in Publicly Traded Real Estate Securities

Overview

Argosy-Lionbridge Management, LLC ("ALM") is an asset management firm focused on fundamental and special situation investments in publicly traded real estate securities.

ALM extends the private real estate investment strategy of Argosy Real Estate Partners ($3.2 billion of real estate assets under management)⁽¹⁾ to the public real estate securities market.

⁽¹⁾ AUM includes $2.9 billion of gross assets where Argosy Real Estate Partners holds controlling interests and $234.8 million of unfunded equity commitments as of Q2 2023.

Market Opportunity

The market for public real estate securities is a niche market within the much larger public securities market. We believe this market is often inefficient, presenting investment opportunities at both the market level and in individual companies.

ALM seeks to capitalize upon this recurring pricing inefficiency and the liquidity provided by the public market to opportunistically invest across real estate asset classes, companies and positions in the capital stack of companies. We believe that market cycles and the lack of opportunistic capital focused on the public real estate markets can create opportunities to identify mispriced securities.

Competitive Advantage

We believe ALM's investment strategy, which focuses on intrinsic value and, when required, the selective use of corporate activism, benefits from Argosy Real Estate Partners' real estate private equity investment strategy. This combination of public and private market knowledge enhances ALM's capabilities to identify differentiated investment opportunities.

ALM has access to the extensive market insights of Argosy Real Estate Partners gained from its experienced investment team, operating partner network, industry contacts, and other sources, further strengthening ALM's research capabilities and idea sourcing.

Investment Strategy

Combining extensive fundamental analysis with deep operational experience, we seek to identify high conviction real estate opportunities while limiting downside risk.

We look for identifiable catalysts, often including constructive interaction with management teams and boards, that could result in a security's public market price more accurately reflecting its intrinsic or private market value.

Team

ALM's investment team, led by Chief Investment Officer Greg Morillo, has extensive investment expertise in public real estate securities, and Argosy Real Estate Partners has substantial experience investing in private real estate through a series of ten diversified, closed-end discretionary funds.

Morillo served in the same role of ALM predecessor firm Lionbridge Asset Management, LLC. David Butler and Andy Stewart, Co-Chief Executive Officers of Argosy Real Estate Partners, are Co-Chief Executive Officers of ALM and members of the ALM Investment Committee alongside fellow Co-Founder Morillo.