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Equity One Joins JV Brigade

In late March, Equity One Inc. joined the growing ranks of REITs forming joint ventures with international pension funds. The company sold 30 of its 32 Texas properties to Investcorp in a transaction valued at $402 million. The properties have a combined area of 2.9 million square feet. Equity One expects to record a $92 million gain on the sale of the properties. As in joint ventures formed by other REITs, Equity One will retain an ownership stake in the properties by controlling a 20 percent interest in the joint venture. In addition, it will earn fees through a 15-year arrangement to manage and lease the properties. Investcorp. is a Bahrain-based investment firm that was established in 1982.

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