NEW YORK, NY -- Investcorp, a global investment group whose real estate team is based in New York, and CASTO, a fully integrated real estate services firm headquartered in Columbus, Ohio, today announced that they had formed a $230 million joint venture in connection with the recapitalization of eight Class A community shopping centers. The shopping centers collectively encompass approximately 1.6 million square feet of retail space, and are located in Ohio and Indiana. The properties are 96% leased and have as tenants a number of the most prominent retailers in the United States, including Wal-Mart, Sam's Club, Best Buy, Marshalls, Sears, Kohl's, PetSmart, Linens 'n Things, and Office Max.
Bradley Seiden, a Principal of Investcorp's real estate team, said, "We are extremely excited about the creation of and growth potential for our new joint venture with CASTO, which is one of the premier retail real estate firms in the U.S. This eight-property recapitalization in Ohio and Indiana represents both the initiation of this partnership and a continued major commitment by Investcorp to the retail asset class, a sector in which we and our investors have enjoyed tremendous success over the years."
Don M. Casto, Principal at Casto added, "Our joint venture with Investcorp coincides with our strategic plan of continued growth through new development, acquisitions and strategic partnerships. This venture is specifically appealing because we have added a strong partner, while continuing to have both active ownership and management responsibilities of this core group of strong assets."
About Investcorp
Investcorp's New York-based team of real estate professionals focuses on high-quality existing commercial, hotel and residential properties with strong cash flow and attractive potential for medium-term capital gains as well as a growing number of opportunistic investments. The team oversees a portfolio with a current value of more than $1.5 billion in selected urban and suburban markets in the U.S. Investcorp has concentrated its property investments in sector-specific real estate portfolios including office, retail, hotel, industrial, and residential properties.
In addition to investing in real estate, Investcorp focuses on corporate investments, asset management and technology investments. Since it was established in 1982, the firm has completed transactions with an aggregate value of approximately $28 billion. Additional information on Investcorp may be found at http://www.investcorp.com/.
About CASTO
CASTO, a fully integrated real estate organization since 1926, is a recognized leader in the ownership, management, acquisition and development of commercial shopping centers and multi-family residences, office buildings and corporate parks. CASTO's growing portfolio currently includes over 20 million square feet of commercial property and nearly 7,000 residential units located primarily throughout the Midwestern and southeastern United States. CASTO Lifestyle Properties, an affiliate company of CASTO, is based in Sarasota, Florida and focuses on the development of mixed-use lifestyle centers. To learn more about CASTO and its properties call (614) 228-5331 or visit http://www.castoinfo.com/.
Investcorp Media Contact: CASTO Media Contact:
Joseph Kuo/Todd Fogarty Linda M. Swearingen
Kekst and Company CASTO
212-521-4800 614-744-2010
Investcorp Business Contacts:
Jon Dracos /John Fraser/Bradley Seiden
Investcorp
212-599-4700
Source: Investcorp
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| Notes:
CONTACT: Investcorp Media: Joseph Kuo, or Todd Fogarty, both of Kekst
and Company, +1-212-521-4800; or Investcorp Business: Jon Dracos, John Fraser,
or Bradley Seiden, all of Investcorp, +1-212-599-4700; or Linda M. Swearingen
of CASTO, +1-614-744-2010
Web site: http://www.investcorp.com/
http://www.castoinfo.com/
About This Release
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