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UPDATE: Equity Switches Focus to Northeast, Southeast

NEW YORK CITY-By holding the minority stake in an 80/20 joint venture partnership with Investcorp for 30 properties throughout Texas, Equity One can focus its attentions on the Northeast and Southeast. The structure of the deal enables the firm to keep a toehold in Texas and possibly seek out additional opportunities.

By Barbara Jarvie | Updated on March 27, 2006

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NEW YORK CITY-”Equity One is starting on a new road,” said Chaim Katzman, chairman and chief executive officer of Equity One during an investor conference call discussing the firm’s joint venture transaction with Investcorp, valued at $402 million. The pair entered into an 80/20 partnership for 30 Equity One-owned properties, totaling approximately 2.9 million sf in Texas. Equity One will maintain the minority interest and a subsidiary will handle management and leasing activities under a separate 15-year deal.

“We expect this will the first in this line of deals,” Katzman said. “This was the right way to do it–sell a stable portfolio of properties and redeploy in other markets.” Those other markets include the Northeast and the Southeast. The firm has already made $100 million of investments to date this year, and anticipates at least $100 million more of acquisitions.

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