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RPT Realty, an owner of 48 open-air shopping centers across the U.S., has formed a joint venture with Singapore’s sovereign fund, GIC Private Limited.
RPT is contributing five properties valued at $244 million and has received $118.3 million for GIC’S 48.5 percent stake in the venture. Moreover, GIC has committed as much as $200 million of additional capital to the venture over the next three years to fund its share of future acquisitions of grocery-anchored centers.
RPT owns a 51.5 percent stake in the venture and will receive property management, construction management and leasing fees.
“We are thrilled to be partnering with one of the world’s leading sovereign wealth funds,” said RPT president and CEO Brian Harper. “GIC’s investment with RPT validates the strength of our operating platform, the quality of our assets and [of] the open-air shopping center sector overall, while providing the company with significant capital to accelerate our entry into our high-growth target markets that will support sustainable long-term NOI growth. Equally important is the access we will get to the intellectual capital of one of the world’s most successful and diversified real estate investors.”
By Edmund Mander
Director, Editor-In-Chief/SCT
