Retail REIT RPT Realty, whose portfolio consists largely of open-air shopping destinations, is forming a net lease retail real estate platform with GIC Private, Zimmer Partners and Monarch Alternative Capital.
GIC, Zimmer, Monarch and RPT have committed to fund $470 million in the platform over the next three years for acquisitions, including an initial investment of 42 single-tenant assets seeded by RPT. The platform will target the purchase of over $1.2 billion of net lease retail assets.
The 42 net lease retail assets are being carved out of the REIT's existing open-air shopping centers that are located in top 40 metro areas. They are valued at $151 million and represent 6% of RPT's fourth quarter 2020 annualized base rent.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
