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$200M Fund Closes First Deal

DENVER-A newly formed 90-10 JV between Dividend Capital Realty Trust and DCT Industrial Trust acquires a five-building portfolio in Kentucky.

By Brian K. Miller | Updated on September 21, 2008

DENVER-Dividend Capital Realty Trust and DCT Industrial Trust have closed on their first acquisition for a new 90-10 JV that will acquire $200 million of industrial properties, the company stated in a recent SEC filing. The inaugural purchase is a five-building industrial portfolio in Louisville, KY.

The Riverport Industrial Portfolio it acquired consists of five industrial properties located in Louisville that total 890,000 sf and are 90% leased to nine tenants with remaining lease terms ranging from one to seven years. Dividend Capital said it expects to acquire the portfolio this month using net proceeds from its private and public offerings and an equity contribution from DCT. The company is spending $30.9 million. The seller’s identity was not revealed.

As part of the agreement Dividend Capital granted DCT exclusivity rights until Dec. 31, 2008 that will generally restrict Dividend Capital from pursuing similar agreements with other industrial operating partners within the US and directly acquiring or developing industrial assets within the US.

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