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NEW YORK CITY-Investcorp, based here, and Equity One Inc. have teamed up in a deal to acquire 30 Equity One-owned properties in Texas for approximately $402 million. The properties aggregate approximately 2.9 million sf. Properties involved in the deal include the 298,354-sf Westgate in Houston, the 195,438-sf Bandera Festival in San Antonio and the 146,953-sf Townsend Square in DeSoto.

The North Miami Beach, FL-based-Equity One had 32 properties in the state. Under a separate 15-year agreement, a subsidiary of the firm will handle the management and leasing for the properties in the joint venture. Equity anticipates net proceeds will be $327 million once the deal closes in the second quarter.

"This venture allows us to recycle capital to higher growth opportunities in our target markets in the southern and northeastern United States as well as explore new opportunities in the Mid-Atlantic states," says Chaim Katzman, chairman and chief executive officer of Equity One, in a statement. "We believe that this transaction creates significant value for our stockholders with a meaningful gain on sale and the possibility of a special dividend distribution."