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Volume 4 - Number 6 | March 21, 2006
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Top Story: First Industrial, UBS Fund Forge $900M JV
By Michelle Napoli
A new $900-million co-investment program that will focus entirely on the single tenant, net lease industrial property market has been inked by Chicago-based First Industrial Realty Trust Inc. and UBS Wealth Management-North American Property Fund Ltd.
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Update: LSAC Files to Go Public
By Michelle Napoli
Lexington Strategic Asset Corp. is slated to hit the public market. Its IPO filing for as much as $100 million comes only about six months after its launch with a private placement stock sale that raised $61.6 million from institutional investors and gave New York City-based Lexington Corporate Properties Trust, the parent of its advisor, about $33.2 million of stock in exchange for four real estate assets.
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Carey Contracts Overseas SLB Portfolio
By Michelle Napoli
Continuing the growth of its overseas investment activity, W.P. Carey & Co. LLC, an affiliate of W.P. Carey International LLC, has agreed to acquire a portfolio valued at approximately US$200 million of Polish properties in a sale-leaseback.
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Hotels Trade in $370M Sale and Management-Back Deal
By Michelle Napoli
Six Sofitel hotels in the US are being sold by the North American division of Paris-based Accor SA in a sale and management-back transaction. A joint venture of Chicago-based GEM Realty Capital Inc. and Whitehall Street Global Real Estate LP 2005, a Goldman, Sachs & Co. fund, agreed to pay $370 million to acquire the properties.
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