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 /CNW/ -- 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
www.cerberuscapital.com.

    Contact:
    Sergio H. Morales
    Weber Shandwick
    Tel: 212-445-8018
    E-mail: shmorales@webershandwick.com





For further information:

For further information: Sergio H. Morales of Weber Shandwick,
+1-212-445-8018, or shmorales@webershandwick.com, for Cerberus Capital
Management, L.P.; Web Site: http://www.cerberuscapital.com

Organization Profile

Cerberus Capital Management, L.P.

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BLACKACRE INSTITUTIONAL CAPITAL MANAGEMENT, LLC

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