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Weingarten Buys $1B In Assets

HOUSTON-Weingarten Realty Investors set a $1 billion acquisition record in fiscal 2006 in its first year of a three-year strategic plan.

By Beverly Ford | Updated on February 24, 2007

HOUSTON-Weingarten Realty Investors acquired a record $1 billion in assets in fiscal 2006, the first year of its three-year strategic plan that company officials say will streamline its focus on core metropolitan markets.

The Houston-based real estate investment trust said it acquired 34 shopping centers and six industrial properties during the year, formed three new institutional joint venture partnerships that will have a total investment of $1 billion when fully funded and sold off $316 million in assets for a gain of $150 million.

“2006 was a remarkably successful year in which we created the foundation for future growth while also exceeding our goals for the year,” Drew Alexander, the company’s president and CEO said in a conference call.

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