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New Plan Looks to JV

NEW YORK CITY-The REIT enters its second joint venture with JPMorgan Fleming. The partners have a commitment of $150 million to acquire neighborhood and community shopping centers.

By Barbara Jarvie | Updated on February 26, 2006

NEW YORK CITY-New Plan Excel Realty Trust has formed a second strategic joint venture with JPMorgan Fleming Asset Management. Called NP/I&G Institutional Retail Company II LLC, it has an equity commitment of $150 million which will be used to acquire community and neighborhood shopping centers.

The joint venture is based on a 20%/80% contribution split betweenthe company and a fund advised by JPMorgan Fleming. New Plan will serve as the managing member and be responsible for initiating acquisitions and providing property management and leasing services.

Some of the properties purchased in the first joint venture–NP/I&G Institutional Retail Co. LLC–include Phase II of Conyers Crossroads, a 125,719-sf shopping center in Conyers, GA, the Plaza at EastChase and the Shoppes at EastChase, which are located contiguously in Montgomery, AL. It also purchased Rolling Meadows, a 130,436-sf center in Rolling Meadows, IL.

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