BOSTON (Thomson Financial) - Weingarten Realty Investors and AEW Capital
Management said Monday they have formed a joint venture that recapitalizes a
Weingarten portfolio of 18 properties, totaling 2.1 million square feet, for
$229 million.
The companies said the properties are located in Texas, including 15 in
Houston and one each in Galveston, San Antonio and Amarillo.
The joint venture acquiring the centers will be leveraged 65% and is 15%
owned by Weingarten and 85% by AEW's institutional client.
Stanford Alexander, Chairman of Weingarten, said the company will receive
more than $214 million in cash proceeds while maintaining a significant
ownership stake.
Shares of Weingarten, a Houston-based real estate investment trust, rose
2.4% to $34.65 on volume of 491,000 shares.
Greg Saulnier
gs/vj
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