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Westcore Partners With Starwood in $50-Mil Equity Capital Deal

SAN DIEGO-The development firm is also in talks with Prudential for another $100-million credit line.

By Randyl J. Drummer | Updated on November 30, 2000

SAN DIEGO-Westcore Industrial Properties has announced that Starwood Capital Group will invest $50 million of equity capital in the company. In addition, San Diego-based Westcore is in discussions with other potential equity investors for another $30 million of equity capital. The company also has entered into a $100-million revolving credit facility with Prudential Securities Credit Corp.

Westcore intends to utilize these capital resources to execute its investment program of acquiring industrial property throughout the western United States.

“We are very pleased to have Starwood Capital as Westcore’s lead investor,” says Marc Brutten, CEO of Westcore. `”We will undoubtedly benefit from Starwood’s capital markets acumen, as well as their real estate acquisition and management expertise.”

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