UPDATE: Equity Switches Focus to Northeast, Southeast

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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.