Search
 

Kite, PREI Join to Invest $1B-Plus

INDIANAPOLIS-Kite Realty Group Trust and Prudential Real Estate Investors are joining to develop and acquire US shopping centers.

By Dana Dubriwny | Updated on September 25, 2006

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

INDIANAPOLIS-Kite Realty Group Trust and Prudential Real Estate Investors (PREI), on behalf of its investors, are joining to pursue joint venture opportunities for the development and selected acquisition of community shopping centers in the US. According to a released statement, as well as preliminary information released in August, the venture intends to develop and/or acquire up to $1.25 billion of well-positioned community shopping centers.

Under the terms of the agreement, Kite Realty Group has agreed to present to PREI opportunities to develop or acquire community shopping centers, each with estimated project costs in excess of $50 million. It is expected that equity capital contributions of up to $500 million would be made to the venture for qualifying projects throughout a four-year period.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.