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Kite Plans $500M Joint Venture

INDIANAPOLIS-The REIT is in negotiations to form a joint venture to fund $1.25 billion in expansion.

By Marita Thomas | Updated on August 09, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

INDIANAPOLIS-Before the ink has dried, locally based Kite Realty Group Trust tells Wall Street analysts it is in negotiations with “a major financial institution” to form a $500-million joint venture. John Kite, president and CEO, disclosed the pending deal during a second-quarter conference call and said it would fund up to $1.25 billion in development and acquisitions.

Pressed for details, he said, though “not fully completed, we’re very close to executing documentation.” He said there was a chance Kite would “seed the JV with a few assets, but we’re not required to.” He also said his company was likely to retain a 20% interest in the joint venture.

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