Search
 

Inland Entity Buying $1B-Plus Stake in Florida Firm

OAK BROOK, IL-Inland American Real Estate Trust Inc. is buying an 80% stake in Coconut Creek, FL-based Minto Builders REIT, which recently acquired retail properties in the Houston and Tampa Bay, FL areas. Inland's first $294 million in property buys will serve as Section 1031 exchanges.

By Mark Ruda | Updated on October 18, 2005

(To read more on the debt and equity markets, click here.)

OAK BROOK, IL-Inland American Real Estate Trust Inc. is buying an 80% stake in a Florida building company for nearly $1.2 billion during the next 14 months. The company being acquired, Minto Builders REIT, will use Inland American Real Estate Trust’s investment to buy $2.7 billion in retail real estate, according to a filing with the Securities and Exchange Commission.

The Inland Group entity will control the MB REIT board of directors, with three of the five voting members. Meanwhile, Inland American is scheduled to buy $150 million in Minto Builders REIT common stock by Dec. 31, another $150 million by March 31 and $875 million by the end of 2006. If the stock buys are not made, Inland Western Retail Real Estate Trust must buy $300 million of Minto Builders REIT preferred stock.

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.