- Including Equity One Assets, Investcorp Has Acquired Shopping Centers Approximating $1 Billion in Value in 2006 -
NEW YORK, Jan. 4 /PRNewswire/ -- Investcorp, a global investment group whose real estate team is based in New York, today announced the acquisition of the remaining 20% stake in a portfolio of 29 retail shopping centers located in Texas that it originally purchased in partnership with Equity One (NYSE:EQY) in April 2006. The transaction, which has closed, makes Investcorp the sole owner of the portfolio going forward.
Totaling 2.8 million square feet, the properties in the portfolio are located in the fast growing metropolitan markets of Dallas, Houston, and San Antonio, Texas. The portfolio properties have attractive demographics in their immediate trade areas, and are situated in established in-fill locations. The portfolio is 93% leased to over 500 tenants, including a number of major national retail anchor retailers such as Kohl's, HEB, Kroger and Randall's.
Herb Myers, a Principal of Investcorp, said, "Our belief in the underlying fundamentals of the Texas economy and the retail market, along with our initial success with the portfolio in partnership with Equity One, gives us a high degree of confidence going forward as we assume full ownership of these assets." Including the Equity One assets and other recent investments, Investcorp completed the acquisition of shopping centers with a total value of approximately $1 billion in calendar year 2006, and continues to actively pursue opportunities in the retail asset class.
About Investcorp Investcorp's New York-based team of real estate professionals invests in all major real estate asset classes throughout the U.S. with investment profiles ranging from core plus to opportunistic, for mid- to long-term holding periods. The team oversees a portfolio with a current value of approximately $3.0 billion in selected urban and suburban markets in the U.S. Over the past decade, Investcorp has acquired real estate with an initial capitalization of approximately $6.0 billion.
Investcorp is a manager of alternative asset management products, investing not only in real estate, but private equity, hedge funds and venture capital. Established in 1982, it now manages total investments in alternative assets of approximately $10.0 billion. Additional information on Investcorp may be found at http://www.investcorp.com/, or through the contacts below.
Business Contact
Herb Myers
Investcorp
212-599-4700 Media Contacts
Todd Fogarty/Joseph Kuo
Kekst and Company
212-521-4800
DATASOURCE: Investcorp CONTACT: Herb Myers, Investcorp, +1-212-599-4700; or Media Contacts: Todd Fogarty, or Joseph Kuo, Kekst and Company, +1-212-521-4800 Web site: http://www.investcorp.com/
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