Equity One Joins JV Brigade
Apr 1, 2006 12:00 PM
In late March, Equity One Inc. joined the growing ranks of REITs forming joint ventures with international pension funds. The company sold 30 of its 32 Texas properties to Investcorp in a transaction valued at $402 million. The properties have a combined area of 2.9 million square feet. Equity One expects to record a $92 million gain on the sale of the properties. As in joint ventures formed by other REITs, Equity One will retain an ownership stake in the properties by controlling a 20 percent interest in the joint venture. In addition, it will earn fees through a 15-year arrangement to manage and lease the properties. Investcorp. is a Bahrain-based investment firm that was established in 1982.
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