Weingarten Realty Investors and Mercantile Real Estate Advisors, Inc. Form Industrial Joint Venture
October 03 2006 - 6:07PM
PR Newswire (US)
HOUSTON, Oct. 3 /PRNewswire-FirstCall/ -- Weingarten Realty
Investors (NYSE:WRI) and Mercantile Real Estate Advisors, Inc.
("MREA") announced the formation of a strategic joint venture to
acquire and operate industrial properties within target markets
across the United States. WRI will oversee the acquisition process
and the ongoing management and leasing of the properties.
Acquisitions will be focused on bulk warehouse and business
distribution properties within target markets across the United
States. The partners plan to invest $500 million in total capital
over the next two years including leverage targeted at
approximately 50% of total capital. As part of this transaction,
Weingarten provided the initial "seeding" for the joint venture,
contributing sixteen buildings at five properties with a total
value of $123 million and aggregating more than two million square
feet. These properties are located in the San Diego, Memphis, and
Atlanta markets. Macquarie Capital Partners LLC acted as the
exclusive financial advisor to Weingarten Realty Investors in
connection with this transaction. MREA served as investment advisor
to the AFL-CIO Building Investment Trust ("BIT"). Drew Alexander,
President and CEO of WRI, stated, "WRI is very proud to have MREA
and the BIT as a strategic partner. This joint venture will further
diversify Weingarten's available capital resources, allow for
additional growth in our industrial and retail portfolio, and
enhance return on investment." Kevin P. McCarthy, President and CEO
of MREA, commented, "This venture enables us to co-invest with one
of the premier public real estate companies and access industrial
product in strategic markets." As one of the largest real estate
investment trusts listed on the New York Stock Exchange, Weingarten
Realty Investors is focused on delivering solid returns to
shareholders by actively developing, acquiring, and intensively
managing properties in 21 states that span the southern portion of
the United States from coast to coast. The Company's portfolio of
360 properties includes 295 neighborhood and community shopping
centers and 65 industrial properties aggregating more than 48
million square feet. Mercantile Real Estate Advisors, Inc., a
wholly owned subsidiary of Mercantile Bankshares Corporation,
provides real estate advisory services for institutional clients,
including the BIT. The BIT is a $2.4 billion bank collective trust
fund serving pension plans with union beneficiaries. Additional
information can be found at http://www.aflcio-bit.com/ .
DATASOURCE: Weingarten Realty Investors CONTACT: Richard Summers of
Weingarten Realty Investors, +1-713-866-6050 Web site:
http://www.weingarten.com/ http://www.aflcio-bit.com/
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