Regency Centers Corporation (REG), a real estate investment trust (REIT) engaged in owning and developing grocery anchored retail shopping centers in the U.S., plans to exercise its options to increase its interest in an existing joint venture called Macquarie CountryWide-Regency II LLC.
The joint venture is a co-investment partnership between Regency, Global Retail Investors LLC – a joint venture between the California Public Employees’ Retirement System and an affiliate of First Washington Realty Inc., and Macquarie CountryWide – a leading REIT focused on investing in grocery anchored shopping centers across Australia, Europe, New Zealand and the U.S. Currently, the joint venture has a portfolio of 86 retail shopping centers across the U.S. The deal is expected to be completed by Dec 1, 2009. With the deal, Regency’s stake in the joint venture will increase to 40%.
Regency seeks to own assets in high income in-fill markets that are tenanted by market-dominant grocers, category-leading anchors, specialty retailers and restaurants. The average household income in the markets in which Regency has a significant presence is over $90,000, nearly 30% higher than the national average. As of Sep 30, 2009, the company owned or had interests in 409 retail properties, including properties held in joint venture, spanning 54.1 million square feet.
Read the full analyst report on “REG”
Zacks Investment Research
