Search
 

Mirvac Group Buying $393M in CenterPoint Assets

OAK BROOK, IL-Besides agreeing to sell 41 buildings totaling 10.1 million sf, CenterPoint Properties Trust locks up an exclusive foreign trading partner in Mirvac Group of Australia.

By Mark Ruda | Updated on April 07, 2005

OAK BROOK, IL-CenterPoint Properties Trust is selling nearly $400 million in industrial assets to JF US Industrial Trust, a property trust being formed by Mirvac Group of Australia. The $392.7-million portfolio includes 41 buildings totaling 10.1 million sf, with sales closing over four quarters.

While the local REIT says the buildings “are representative of the company’s entire portfolio of assets,” they reportedly include property near O’Hare International Airport and the former Joliet Armory in southwest suburban Elwood. CenterPoint Properties Trust will keep a 5% interest in the assets and manage them.

While being able to put sales proceeds into its higher yielding “value-added” acquisitions and redevelopment projects, CenterPoint Properties Trust also locks up an exclusive trading partner in James Fielding Funds Management Limited, which manages JF US Industrial Trust for Mirvac Group. In exchange for agreeing to only acquire properties in the Chicago market through CenterPoint, James Fielding Funds Management Limited gets a right of first refusal on additional sales by the REIT.

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.