WRI Weingarten Realty Investors

HOUSTON, Nov. 15 /PRNewswire-FirstCall/ -- Weingarten Realty Investors (NYSE:WRI) and AEW Capital Management (AEW), on behalf of an institutional client, announced a new joint venture which has acquired a portfolio of four grocery-anchored retail shopping centers and two power centers totaling 523,000 square feet. Four of the properties are located in the Seattle/Tacoma area and two are in Portland, Oregon. The centers are leased to a diverse mix of strong national retailers including Best Buy, Bed Bath & Beyond, Safeway, Longs Drugs, Food Emporium, Jo-Ann Fabrics, TJ Maxx, New Season's Market, and Walgreens. The joint venture acquiring the centers is 20% owned by WRI and 80% by AEW's institutional client. WRI will oversee the ongoing management and leasing of the properties. Center Total Name Square Feet Location Anchor(s) Occupancy Meridian 77,666 Puyallup (Tacoma), WA Safeway, Jo-Ann's 100% Town Center Mukilteo 90,225 Lynnwood (Seattle), WA Food Emporium, 95.9% Speedway Bartell Drugs Center Rainier 107,423 South Seattle, WA Safeway, Longs Drugs 100% Square Plaza South 134,020 Puyallup (Tacoma), WA Best Buy, Ross, 98.9% Hill Bed Bath & Beyond Center Clackamas 74,545 Portland, OR TJ Maxx 100% Square Raleigh 39,520 Portland, OR New Seasons Market, 100% Hills Walgreens Plaza Drew Alexander, President and CEO of WRI stated, "This is a very important acquisition for us as it marks our entry into two desirable markets -- Portland, Oregon and Seattle/Tacoma, Washington. These properties have exceptional locations, high-quality anchor tenants, and high occupancy rates. Furthermore, we are also pleased to add another strategic partnership with AEW." "This investment fulfills our client's objective of acquiring a portfolio of high-quality shopping centers on the West coast that are poised for revenue growth," said Bob Plumb, head of AEW Direct Investment Acquisitions. "We are also looking forward to expanding upon our relationship with Weingarten, whose management and leasing experience will be a huge plus in the success of these properties." 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 373 properties includes 309 neighborhood and community shopping centers and 64 industrial properties, aggregating 47.5 million square feet. Weingarten has one of the most diversified tenant bases of any major REIT in its sector, with the largest of its 5,400 tenants comprising approximately 3% of its rental revenues. To learn more about the Company's operations and growth strategies, please visit http://www.weingarten.com/ . Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. Currently, AEW and its affiliates manage over $34 billion of gross real estate assets and securities on behalf of many of the world's leading institutional and private investors. The firm actively manages portfolios in both the public and private property markets and across the risk/return spectrum. Headquartered in Boston, AEW also has offices in Los Angeles, London and Singapore, as well as affiliate offices in Paris and nine other European cities. To learn more about AEW, please visit http://www.aew.com/ . DATASOURCE: Weingarten Realty Investors CONTACT: Richard Summers of Weingarten Realty Investors, +1-713-866-6050 Web site: http://www.weingarten.com/ http://www.aew.com/

Copyright