Cerberus Capital Management Renames Real Estate Investment Affiliate

Blackacre Institutional Capital Management, LLC To Be Known As Cerberus Real Estate Capital Management, LLC

NEW YORK, June 11 /Xinhua-PRNewswire/ -- Cerberus Capital Management, L.P., one of the world's leading private investment firms specializing in transforming undervalued companies into industry leaders for long-term success and value creation, today announced that the name of its real estate investment affiliate has changed to Cerberus Real Estate Capital Management, LLC.

Formerly known as Blackacre Institutional Capital Management, Cerberus Real Estate Capital Management, LLC, is an industry leader in providing customized debt, equity and hybrid capital solutions for complex real estate and real estate-related assets and business opportunities. The name change symbolizes the goal to directly identify the real estate investment affiliate with Cerberus Capital Management.

"At Cerberus, we focus on long-term investment opportunities where we can truly partner with corporate management teams and help them fully realize their potential by providing both financial resources and operational expertise. Changing the name of our real estate investment affiliate to Cerberus Real Estate Capital Management is meant to further communicate our commitment to real estate," said Mark Neporent, Cerberus' Chief Operating Officer and Senior Managing Director.

Ron Kravit, Managing Principal of Cerberus Real Estate Capital Management, LLC, added, "For the past 12 years, we have delivered a range of customized capital solutions for a variety of real estate business opportunities. During this time, we have routinely partnered with Cerberus. Moving forward as Cerberus Real Estate Capital Management, LLC, we will maintain our solution-focused culture and continue to draw upon Cerberus' comprehensive, global expertise, resources and ability to create specific debt, equity and hybrid financing approaches that help sophisticated owners and borrowers achieve their strategic business goals, capitalize on market opportunities and create value."

About Cerberus Real Estate Capital Management, LLC

Cerberus Real Estate Capital Management, LLC is an industry leader in delivering innovative, customized solutions for the capital needs of real estate professionals and owners of complex real estate and real estate-related assets. Offering a variety of debt, equity and hybrid financing options that provide owners capital across all levels of an organization's capital structure, Cerberus Real Estate Capital Management draws upon its comprehensive, global expertise and resources to help sophisticated owners and borrowers achieve their strategic business goals, capitalize on market opportunities and create value.

About Cerberus

Established in 1992, Cerberus Capital Management, L.P. is one of the world's leading private investment firms. Cerberus specializes in providing both financial resources and operational expertise to help transform undervalued companies into industry leaders for long-term success and value creation. Cerberus is headquartered in New York City, with affiliate and/or advisory offices in Atlanta, Chicago, Los Angeles, London, Baarn, Frankfurt, Tokyo, Osaka and Taipei. More information on Cerberus can be found at http://www.cerberuscapital.com .