The State of Michigan Retirement System and Edens & Avant Management are the current owners of the company, and will continue to own the remainder after this sale. The $250 million is being billed by Edens & Avant as growth money for their acquisition, development and redevelopment programs, and the company has stated its plans to continue investing in the market.
In a printed statement, Edens & Avant's chairman and chief executive officer, Joe Edens, commented, "We are very pleased that J.P. Morgan and The New York State Teachers' Retirement System are now partners with Edens & Avant. Both organizations are experienced, sophisticated real estate investors with ownership goals that mirror our own. Their investment is further endorsement of the value of our grocery-anchored, Necessity Retail center model."
Edens also noted, "As with the State of Michigan Retirement System, we look forward to long, mutually beneficial relationships. The State of Michigan Retirement System continues to be an excellent partner, and our relationship has been very successful and prosperous."
Morgan made its purchase on behalf of Strategic Property Fund, which is a $4.5-billion pension trust fund from mixed sources with investments in retail, office, industrial and multi-family properties. J.P. Morgan was the investment advisor for the New York State Teachers' Retirement System for the transaction. Arthur Andersen advised Edens & Avant.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
