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Volume 4 - Number 13 | July 5, 2006
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Top Story: Hedge Fund JVs With REIT on Net Lease Bank Portfolio
By Michelle Napoli
Dillon Read Capital Management LLC, the roughly year-old hedge fund launched by Swiss bank UBS, has formed a joint venture with American Financial Realty Trust to buy a portfolio of 241 fully occupied, triple-net leased bank branch properties.
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Industry Update: Inland American Eyes Agree Realty
By Michelle Napoli
Inland American Real Estate Trust Inc. has acquired a large enough stake in Agree Realty Corp. for it to be disclosed in a Securities and Exchange Commission filing and has stated it believes Agree should be sold.
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Lord & Taylor’s Real Estate ‘Being Reviewed’
By Ian Ritter, with additional reporting and writing by Anita Howarth
Now that National Realty & Development Corp. and a joint venture partner are acquiring the Lord & Taylor department store chain, the shopping center owner is transforming itself into a firm with a sizable portfolio of mall-based stores rather than a company with mostly open-air assets.
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Two Carey REITs to Merge
By Michelle Napoli
Two of the non-traded REITs sponsored and managed by W.P. Carey & Co. of New York City have agreed to merge. In a deal disclosed in Securities and Exchange Commission filings dated June 29, Corporate Property Associates 12 will merge into Corporate Property Associates 14. The boards of both REITs have approved the merger, which will now go before shareholders for their vote.
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