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J.P. Morgan and New York State Teachers Buy Interest in Edens & Avant for $250 Mil

NEW YORK CITY-J.P. Morgan Investment Management and the New York State Teachers' Retirement System purchased approximately 30% of Edens & Avant.

By Amy Vaughn | Updated on September 13, 2000

NEW YORK CITY- Edens & Avant of South Carolina has sold roughly 30% of itself to J.P. Morgan Investment Inc. and the New York State Teachers’ Retirement System for a cool $250 million. Morgan and NYSTRS will continue to contribute funds and will be reflected on the board of trustees.

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.”

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