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CIT Forms JV With Sovereign Investment

NEW YORK CITY-Sovereign Ventures will have up to $250 million in an initial capitalization.

By Natalie Dolce | Updated on July 19, 2007

NEW YORK CITY-CIT Group Inc., a global provider of commercial and consumer finance solutions formed Sovereign Ventures NNN LLC, a joint venture with Sovereign Investment Co., a private equity investors that provides sale/leaseback capital. Under the terms of the agreement, Sovereign Ventures will have an initial capitalization of up to $250 million. Sovereign will manage the new entity.

Sovereign Ventures will purchase the portfolios of net-leased properties in the retail, restaurant, office and industrial sectors, and will target companies seeking to expand operations, recapitalize or create liquidity through their real estate assets, according to a release made by CIT.

A source close to the deal tells GlobeSt.com that the portfolios will be domestic and all over the US, but would not go into further detail.

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