Search
 

Keystone Forms $210M JV with AFL-CIO Investment Trust

PHILADELPHIA-This is the West Conshohocken, PA-based REIT's second joint

By Marita Thomas | Updated on February 11, 2003

PHILADELPHIA-West Conshohocken, PA-based Keystone Property Trust has formed a joint venture with Baltimore-based Mercantile Safe Deposit & Trust Co., as trustee for the AFL-CIO Building Investment Trust, also based in Baltimore. The combined total investment capacity will be $210 million.

Keystone is contributing a $90-million portfolio, which consists of eight industrial properties totaling approximately 2 million sf. The properties are located primarily in Indianapolis, but also include facilities in Allentown, PA, and one in Central NJ. The joint venture will have the capacity to acquire an additional approximately $120 million in properties.

Keystone will retain a 20% equity interest in the JV and the BIT will contribute the remaining 80% of the equity. The partnership will have a leverage target of 40%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.