Deal Pipeline
Monday 07 August 2017
The following is a list of deals covered in detail by M and A Navigator this week:

-CARGILL TO ACQUIRE ANIMAL FEED BUSINESS FROM SOUTHERN STATES COOPERATIVE

US-based food processing and commodities company Cargill has reached an agreement to acquire the animal feed business of Virginia, US-based farm supply retailer and service cooperative Southern States Cooperative, Inc., the company said.
Cargill said the move that will help the company better serve its customers in the eastern United States. The transaction is expected to close within 90 days, subject to customary approvals.
Status: Agreed



-WILDAN ACQUIRES PUBLIC UTILITY-FOCUSED DATA ANALYTICS FIRM INTEGRAL ANALYTICS

US-based professional technical and consulting services provider Willdan Group, Inc. (NASDAQ: WLDN) has acquired US-based data analytics and software firm Integral Analytics, Inc., the company said.
Willdan provides professional technical and consulting services to utilities, public agencies and private industry throughout the United States. IA is a specialist in data analytics that help utility managers evaluate, plan and dispatch electricity resources more effectively.
Status: Closed



-PROS ACQUIRES BULGARIAN SOFTWARE FIRM VAYANT TRAVEL TECHNOLOGIES

US-based cloud software company PROS Holdings, Inc. (NYSE: PRO) has acquired Bulgaria-based cloud software firm Vayant Travel Technologies, Inc., the company said. Under the terms of the all-cash transaction, PROS will pay USD 35m to acquire Vayant.
Vayant is a cloud software firm that provides advanced shopping, merchandising and travel solutions. The acquisition of Vayant accelerates PROS modern commerce innovation for the travel industry. Vayant Travel Technologies provides airlines with a sales offer creation platform independent from their PSS for pricing, shopping, merchandising and NDC distribution.
Status: Closed

-MYHERITAGE ACQUIRES THE LEGACY FAMILY TREE SOFTWARE AND WEBINAR PLATFORM
Israel-based family history and DNA testing resource MyHeritage has acquired US-based genealogy desktop software provider Millennia Corp., the company said.
Millennia are the makers of the genealogy desktop software Legacy Family Tree and genealogy webinar platform, Legacy Family Tree Webinars. This is MyHeritage's ninth acquisition to date. MyHeritage, which has developed a global mobile and web platform for family trees, historical records and DNA testing, used by more than 90m users worldwide, will now offer its services to Legacy's users.
Status: Closed

-J ALEXANDER'S HOLDINGS TO ACQUIRE NINETY NINE RESTAURANT AND PUB CONCEPT IN USD 199M DEAL
US-based J. Alexander's Holdings, Inc., (NYSE: JAX) US-based mortgage and real estate services firm Fidelity National Financial, Inc.'s Fidelity Newport Holdings, LLC, and the firm's Fidelity National Financial Ventures, LLC subsidiary have entered into a definitive agreement under which J. Alexander's will acquire US-based casual-dining concept 99 Restaurants, LLC, in an all-stock transaction valued at approximately USD 199m, the company said.
This total includes the assumption of USD 20m in net debt. The Ninety Nine Restaurant and Pub concept is a Woburn, Massachusetts-based casual-dining concept that began in 1952 with its initial location at 99 State Street in downtown Boston, Massachusetts.
Status: Agreed

-BARNES AND NOBLE EDUCATION ACQUIRES STUDENT BRANDS FOR USD 58.5M IN CASH
US-based educational products and services provider Barnes and Noble Education, Inc. (NYSE: BNED) has completed the acquisition of US-based direct-to-student subscription-based writing skills services business Student Brands for USD 58.5m in cash, the company said.
Student Brands is an education technology company that operates multiple direct-to-student businesses focused on Study Tools, Writing Help, and Literary Research, all centered around assisting students with the writing process. The firm has a community of online learners, with over 20m unique monthly users across its digital properties, which include 123HelpMe.com, Bartleby.com and StudyMode.com in the United States and TrabalhosFeitos.com, Etudier.com and Monografias.com in Brazil, France and Mexico, respectively.
Status: Closed

-BLACKROCK CLOSES ACQUISITION OF US NATURAL GAS UTILITY HOLDING COMPANY GAS NATURAL
A fund managed by BlackRock Real Assets' Global Energy and Power Infrastructure group has closed the acquisition of US-based natural gas utility holding company Gas Natural Inc. (NYSE MKT: EGAS), the company said.
The proposed transaction was initially announced in October 2016 by First Reserve Energy Infrastructure Funds, which BlackRock Real Assets acquired in June 2017. In conjunction with the planned closing, the company's board of directors has declared a special cash dividend of USD 0.028 per share to shareholders of record as of August 3, 2017, the business day prior to the expected closing date of the company's merger with affiliates of BlackRock, Inc.
Status: Closed

-US HOME BUILDER UCP CLOSES MERGER WITH CENTURY COMMUNITIES
US-based homebuilder and land developer UCP, Inc. (NYSE: UCP) has closed a merger with Colorado, US-based home builder Century Communities, Inc. (NYSE: CCS) in a deal valued at USD 336m to provide a homebuilding platform with 25,000 lots in ten US states, the company said.
The aggregate transaction value was approximately USD 356m, including the payment of approximately USD 149m of existing UCP indebtedness. With the addition of UCP, Century's reach now includes the states of California, Washington, Nevada, Utah, Colorado, Texas, Tennessee, Georgia, North Carolina and South Carolina.
Status: Closed

-INDEED ACQUIRES HR TECHNOLOGY FIRM INTERVIEWED
US-based job site Indeed has acquired HR technology firm Interviewed, the company said.
According to Indeed, Interviewed makes it faster and easier for employers to identify and evaluate candidates. Interviewed, founded in 2015 out of San Francisco, has developed a series of automated screening tools, such as programming tests, personality assessments, language skills, and others. Candidates can go through simulations that will give employers valuable insights into a candidate's readiness and qualifications unique to each job, while the candidate can experience what a typical day might be like, helping to better inform their job search.
Status: Closed

-RICARDO TO ACQUIRE US ENGINEERING FIRM CONTROL POINT
UK-based engineering and strategic, technical and environmental consultancy business Ricardo plc (LSE: RCDO) has signed a share purchase agreement to acquire US-based engineering firm Control Point Corp., the company said.
The total cash consideration is USD 10.2m, subject to any adjustment to reflect normalised levels of working capital, the achievement of certain financial performance targets and the retention of specific individuals. This deal comprises the business, operating assets and employees engaged in the business of CPC which will then become part of Ricardo's US subsidiary, Ricardo Defense Systems LLC. Ricardo said the acquisition of CPC is central to the growth of Ricardo's defence business, significantly expanding the range of opportunities that can be pursued within the US defence sector.
Status: Agreed

-THE VITEC GROUP SELLS US BROADCAST SERVICES BUSINESS FOR USD 35M
UK-based broadcast and photographic products and services provider The Vitec Group plc (LSE: VTC) has sold its US broadcast services business, Vitec Broadcast Services Inc., known as Bexel, to US-based NEP Group Inc's NEP Supershooters L.P. subsidiary for a gross cash consideration of USD 35m (GBP 26.5m), the company said.
Bexel provides premium outsourced broadcast services and rental equipment focused on the US sports, entertainment and live event production markets. With offices in more than 20 countries around the world, NEP serves the premium sports, entertainment and other live events production markets, where it offers outsourced solutions, including remote production, studio production, video display and host broadcasting. The disposal represents a further step in the transformation of the group and supports Vitec's said aim of improving operating margins.
Status: Closed

-CITYFIBRE CLOSES GBP 29M ACQUISITION OF WHOLESALE COMMUNICATIONS SERVICES FIRM ENTANET
UK-based fibre optic infrastructure company CityFibre Infrastructure Holdings plc (AIM: CITY) has completed its acquisition of wholesale communications services provider Entanet Holdings Ltd. for a consideration of GBP 29m (USD 37.84m) in cash, the company said.
This deal was announced in July. The acquisition of Entanet, a provider of wholesale communications services, will substantially increase CityFibre's wholesale capabilities and its relationships with service providers, thereby extending CityFibre's channels to market.
Status: Closed

-B AND M EUROPEAN ACQUIRES UK CONVENIENCE STORE OPERATOR HERON FOOD GROUP
UK-based multi-price value retailer B and M European Value Retail S.A.'s (LSE: BME) EV Retail Ltd. subsidiary has acquired the entire issued share capital of UK-based discount convenience retailer Heron Food Group Ltd., the company said.
Heron Food Group operates predominantly in the North of England, and has 251 stores. For the year ended 31 December 2016 Heron delivered revenues of GBP 274.4m, EBITDA of GBP 19.1m, profit before tax of GBP 8.6m and had gross assets of GBP 93.5m as at 31 December 2016. Like-for-like revenue growth in the year was 3.0%. The business currently employs c.3,800 people and has c.1,200 SKUs, including ambient, frozen and chilled foods.
Status: Closed

-BIOQUELL SELLS UK AIRFLOW SERVICE BUSINESS
UK-based bio-decontamination products and services provider Bioquell plc (LSE: BQE) has sold its UK AirFlow service business, the company said.
The disposal represents a further step in transitioning Bioquell's focus to its core bio-decontamination products and services business. Since ceasing production of Airflow safety cabinets in 2013, the company has continued to support these legacy products in the UK with dedicated service engineers, spare parts and filter manufacture.
Status: Closed

-MAJID AL FUTTAIM ACQUIRES MIDDLE EAST GEANT STORES FRANCHISOR RETAIL ARABIA
Dubai-based shopping mall, communities, retail and leisure operator Majid Al Futtaim has acquired franchise owner retail owner Retail Arabia, the company said. Retail Arabia is the franchise owner of 26 Geant stores across the United Arab Emirates, Bahrain and Kuwait as well as four Gulfmart supermarkets in Bahrain.
The deal has been agreed between Majid Al Futtaim and Retail Arabia's parent company BMA International. All of the acquired stores, which include hypermarkets, supermarkets and convenience stores, will be rebranded under Carrefour.
Status: Closed

-UK CMA MULLS PROBE OF TESCO DEAL TO SELL UK, IRELAND OPTICIANS BUSINESS TO VISION EXPRESS
The UK Competition and Markets Authority is considering whether UK-based grocery and general merchandise retailer Tesco plc's (LSE: TSCO) pending sale of its opticians business in the UK and Republic of Ireland to Vision Express may result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services, the CMA said.
In April Tesco agreed to sell the business. The company said the move will further simplify its business. Tesco Opticians currently operates in 206 stores across the UK and three stores in the Republic of Ireland, as well as online. It employs approximately 1,500 colleagues, all of whom will be covered by TUPE legislation to transfer into Vision Express following a consultation process.
Status: Agreed

-IRISH FILLING STATION OPERATOR APPLEGREEN TO ACQUIRE NETWORK OF SEVEN UK SITES FOR GBP 21M
Irish filling station operator Applegreen plc (LSE: APGN) has reached agreement to acquire a network of seven sites from the Carsley Group, consisting of six service areas and one petrol filling station in the UK, the company said.
The service area sites are predominantly located on the major arterial route of the A1 (M). Under the terms of the acquisition, Applegreen will acquire the Business for a consideration of GBP 21m (USD 27.40m), which will be funded from existing company resources. The transaction is expected to complete in early 4Q17.
Status: Agreed

-ROCKROSE ENERGY TO ACQUIRE SOJITZ ENERGY PROJECT, GAS PRODUCING ASSETS
UK-based oil and gas investor RockRose Energy plc (LSE: RRE) has entered into an agreement for the sale and purchase of the entire issued share capital of Sojitz Energy Project Ltd. from Japanese sogo shosha (general trading company) Sojitz Corp. and its Sojitz Europe plc subsidiary, the company said.
The consideration for the acquisition is USD 2.5m, however the company will receive USD 1.7m at completion to reflect an effective economic date for the transaction of 1 January 2016. The acquisition will be funded out of the existing cash resources of the company. Completion of the acquisition is conditional upon confirmation from the Oil and Gas Authority that there is no objection to change of control. As at 30 September 2016 Sojitz had corporation tax losses of approximately USD 59m and supplementary charge losses of approximately USD 34m.
Status: Agreed

-EMPIRIC STUDENT PROPERTY TO ACQUIRE HAHNEMANN BUILDING IN LIVERPOOL
UK-based student accommodation owner and operator Empiric Student Property plc (LSE: ESP) has exchanged contracts to acquire the freehold of the Hahnemann Building in Liverpool for GBP 10.8m (USD 14.09m), the company said.
The acquisition is expected to complete in October 2017. Empiric said the Hahnemann Building is a Grade II listed building within an established student area in Liverpool. The property was originally Liverpool Hahnemann Hospital and has been converted into a high specification student accommodation scheme comprising 98 studios with communal space.
Status: Agreed

-CENTAUR MEDIA CLOSES ACQUISITION OF B-TO-B MARKETING SERVICES FIRM MARKETMAKERS
UK-based business to business information, insight and events group Centaur Media Plc (LSE: CAU) has closed the acquisition of UK-based B-to-B marketing services firm MarketMakers Inc. Ltd., the company said. The deal, which was announced in July. The price was GBP 13.4m (USD 17.49m).
This follows the successful completion of the disposal of Centaur's B2C division, Home Interest, on 1 August 2017. MarketMakers, and its division ReallyB2B, is a leader in its field and will bring sophisticated B2B telemarketing, data analytics, database enrichment and automated lead generation to the Centaur portfolio.
Status: Closed

-ANVIL INTERNATIONAL GRINNELL ACQUIRES MECHANICAL BUSINESS PRODUCT SUITE FROM JOHNSON CONTROLS
North Hampshire, US-based piping system manufacturer Anvil International has acquired the North American mechanical business product suite of Grinnell Mechanical Products from Wisconsin, US-based building control systems supplier Johnson Controls, the company said.
Johnson Controls will retain the Grinnell Fire Suppression business globally. Anvil said this acquisition broadens its product portfolio, increases design service capabilities, and brings additional strength to the company's sales force. The acquisition includes grooved couplings, fittings and valves, G-Press systems, technical services and the Anniston, Alabama, US foundry.
Status: Closed

-WOLFSDORF ROSENTHAL MERGES WITH ATTORNEY DAVID FULLMER
California, US-based immigration law firm Wolfsdorf Rosenthal LLP has merged with the California, US-based team of immigration professionals headed by attorney David Fullmer, Esq. to expand immigration solutions, the firm said.
Wolfsdorf Rosenthal LLP said David Fullmer and his team's strengths are complementary to the firm's immigration practice, and will enable it to provide a new, broader set of global immigration and relocation services. 
Status: Closed

-BRUKER COMPLETES ACQUISITION OF FIELD-PORTABLE PLATFORM TO ACCELERATE BIO-DETECTION CAPABILITIES
Germany based lab equipment provider Bruker Corp. (NASDAQ: BRKR) has finalised the acquisition of a technology platform and product line with immunoassay detection assets to expand bio-detection capabilities for homeland security and microbiology applications, the company said.
The acquired assets include intellectual property, a field-portable, electrochemical chip-based detection instrument and associated consumable kits for on-site, fast identification of selected bacteria, viruses and toxins. The immunoassay kits, which Bruker now can offer for bio-detection and homeland security, include biothreat test, toxin test I an toxin test II.
Status: Closed

-ALDO GROUP TO ACQUIRE FOOTWEAR, ACCESSORIES BUSINESSES OF CAMUTO GROUP
Canada-based footwear and accessory brand creator Aldo Group Inc. has agreed to acquire the footwear and accessories businesses of Connecticut, US-based lifestyle fashion designer Camuto Group, the company said.
This transaction is subject to customary closing conditions and the terms of the agreement will not be disclosed. As part of the Aldo Group's continued expansion, this acquisition will increase both companies' capabilities and reach, and enhance their ability to offer a wider selection of footwear, handbags and accessories through all channels, including owned stores, franchise, online and wholesale. Aldo said it is a retail group focused on international expansion; Camuto Group is an expert in wholesale focused in the US market.
Status: Agreed

-CONTOURGLOBAL ACQUIRES 20MW OF OPERATIONAL SOLAR PLANTS FROM ITALY'S ERGYCAPITAL
Austria-based power generation company ContourGlobal has agreed to acquire 20mw of operational solar photovoltaic plants from Italy based ErgyCapital S.p.A., expanding Countour's solar portfolio, the company said.
The enterprise value of the transaction is EUR 68m (USD 80m). The transaction contemplates either refinancing or assuming approximately EUR 47m (USD 55m) of project finance debt. The plants are located in the regions of Puglia, Piemonte, Lazio and Campania, are in close proximity to ContourGlobal's existing Italian solar portfolio and benefit from approximately 12 more years of feed-in-tariff.
Status: Closed

-ANYTHING TECHNOLOGIES MEDIA ACQUIRES ANTI-MICROBIAL PRODUCTS PROVIDER SHIELD GLOBAL
California, US-based Anything Technologies Media Inc. (OTC: EXMT) (ATM) has acquired Indiana, US-based biotech company Shield Global, a provider of anti-microbial surface products, the company said.
ATM said Shield Global fits into the company's business plan to acquire new companies with innovative technologies and products. Shield currently is working on several contracts in the US and overseas, ATM said. Anything Technologies Media Inc. is a multi-media digital applications, production and marketing company.
Status: Closed

-VACO ACQUIRES CANADIAN RECRUITER LANNICK TO EXPAND GEOGRAPHIC FOOTPRINT
Tennessee, US-based talent acquisition and consulting firm Vaco has acquired Canada-based professional recruitment firm Lannick to provide services to more than 10,000 clients across multiple industries, the company said.
The acquisition of Lannick expands Vaco's reach geographically, and increases 2017 projected revenue to USD 458m. Vaco said its access to capital and proven experience and history in promoting and developing from within will excite emerging leaders.
Status: Closed

-HUB INTERNATIONAL ACQUIRES ASSETS OF CALIFORNIA-BASED EAST WEST INSURANCE
Chicago, US-based insurance brokerage Hub International Ltd. (Hub), has acquired the assets of California, US-based personal and commercial insurance solutions provider East West Insurance Services, Inc., the company said.
As of 3 August 2017, East West Insurance Services, Inc. operates as a subsidiary of HUB International Ltd. East West employees will join Hub's operations in California. Hub International Ltd. is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise.
Status: Closed

-GENESIS BIOTECHNOLOGY ACQUIRES 4PATH PATHOLOGY LAB
New Jersey, US-based Genesis biotechnology Group (GBG), a consortium of vertically-integrated entities concentrated in the detection of chronic and complex diseases, has acquired Illinois, US-based pathology laboratory 4path, Ltd., the company said.
The company said the acquisition of 4path will expand its Midwestern Great Lakes region's diagnostic scope of services, which includes GBG member Medical Diagnostic Laboratories, L.L.C. (MDL), a New Jersey, US-based molecular diagnostic testing service company.
Status: Closed

-NIELSEN ACQUIRES TECHNOLOGY STARTUP VBRAND TO INCREASE SCALE OF SPORTS BUSINESS
New York, US-based performance management company Nielsen Holdings plc (NYSE: NLSN) has acquired Israel-based artificial intelligence-powered technology startup vBrand to increase delivery speed and scale to Nielson's sports business, the company said.
The company said it plans to integrate vBrand's advanced machine learning platform into Nielsen Sports to measure brand exposure and impact in sports programming, increasing delivery speed and scale to its sports products, Sport24 and Social24. Nielsen Entertainment said bringing vBrand's technology into Nielsen Sports' existing sponsorship valuation process will expand the scale of programming and events it covers around the world.
Status: Closed

-AMERICAN EDUCATION PROPERTIES ACQUIRES 2 FLORIDA CHARTER SCHOOL FACILITIES
Oregon, US-based American Education Properties (AEP), a private equity arm of Charter School Capital, has acquired Florida, US-based charter schools Renaissance Charter School and Kid's Community College Southeast Riverview for USD 30.5m, the company said.
American Education Properties acquired Renaissance Charter for USD 22,297,330 and Kid's Community College for USD 8,208,100 from ESJ Capital Partners and MG3 Developer Group. As part of the transaction, the company has assumed the existing 20-year leases on both properties, which expire in 2032 and 2033, respectively. The two properties encompass a total of 134,000 square feet on 11.81 acres.
Status: Closed

-US ACCOUNTING FIRMS PRAGER METIS CPAS, VICAINO ZOMERFELD MERGE
New York, US-based accounting advisory firm Prager Metis CPAs, LLC has merged with Miami, US-based accounting firm Vizcaino Zomerfeld, LLP to expand presence in South Florida, the company said. The company said it chose to combine with Vizcaino Zomerfeld to better serve clients and to grow in the area because of Zomerfield's has a reputation for client services.
Vizcaino Zomerfeld works with small and midsize businesses, government entities, organisations, high-net-worth individuals and multinational corporations. Core industries served include not-for-profits, professional services, investors, entrepreneurs, logistics, healthcare, construction and real estate.
Status: Closed

-VERITAS GENETICS ACQUIRES BIOINFORMATICS AND COMPUTING FIRM CUROVERSE
Massachusetts, US-based genome company Veritas Genetics has acquired Boston, US-based bioinformatics and computing firm Curoverse, Inc., to increase production capacity and data management in genomics, the company said.
The Curoverse acquisition was made for an undisclosed amount, and the company will operate as a wholly owned subsidiary of Veritas Genetics. Curoverse is the computing and bioinformatics company behind the personal genome project at Harvard Medical School, and creator of the open-source platform Arvados.
Status: Closed

-DOMINION ENERGY TO ACQUIRE 4 SOLAR ENERGY FARMS IN NORTH CAROLINA, US
Virginia, US-based energy producer Dominion Energy (NYSE: D) has acquired two North Carolina, US-based 5mw solar-generating facilities and expects a 3Q18 acquisition of two additional solar farms representing 10mw, the company said.
Agreements are in place for the sale of the offtake from the solar facilities. Dominion Energy's solar portfolio in North Carolina and Virginia includes more than 600mw of capacity owned by one of the company's generation-holding subsidiaries and more than 500mw of solar capacity under contract by Dominion Energy's electric utilities in the two states.
Status: Agreed

-PATIENTPOINT ACQUIRES PATIENT EDUCATION NETWORK
Ohio, US-based patient and physician engagement solutions provider PatientPoint, has acquired Florida, US-based digital oncology waiting room provider Patient Education Network (PEN), uniting two patient-centred organisations to improve provider-patient engagements, the company said.
The acquisition solidifies the company's point-of-care position in oncology practices and positions it to more than double the size of its oncology network by the end of 2018. The PEN acquisition also signals the first of several strategic mergers and acquisitions for PatientPoint after receiving USD 140m in capital to expand the reach of its digital point-of-care networks.
Status: Closed

-AGI HOLDINGS ACQUIRES UK ELECTRONIC SYSTEMS SUPPLIER AISH TECHNOLOGIES
US-based private equity firm J.F. Lehman and Company affiliate AGI Holdings has acquired UK-based electronic systems supplier Aish Technologies Ltd. through one of its wholly owned subsidiaries, the company said.
AGI said through the acquisition, it can expand its offerings with Aish's cathodic protection systems in support of critical on-board communication and combat applications. Aish is a provider of ruggedised display systems, cathodic protection systems and other subsystems for the UK and US navies, as well as other global defense and commercial customers. AGI is a provider of proprietary situational awareness and LED lighting systems for naval vessels, military and commercial aircraft and military ground vehicles.
Status: Closed

-WELLS AND ASSOCIATES ACQUIRES COLLEGE TRANSIT PROVIDER BREAKSHUTTLE
Virginia, US-based transportation planning firm Wells + Associates (W+A) has acquired Vermont, US-based college transit services provider BreakShuttle from Boston, US-based private commuter shuttle service BRIJD, which ceased operations in April 2017, the company said.
W+A said it plans to expand university services with the acquisition and plans to modernise its transportation networks. Wells + Associates designs transportation plans and systems for commercial, residential, governmental and institutional developments across the US.
Status: Closed

-GRANITE INVESTMENT ACQUIRES TABOR CREST MEMORY CARE PORTFOLIO AS PART OF OREGON EXPANSION
California, US-based commercial real estate investors Granite Investment Group has acquired the Oregon, US-based memory care facilities belonging to Tabor Crest memory care portfolio, the company said.
The bridge loan was provided by Congressional Bank, and the HUD loan will be processed by Housing and Healthcare Finance. Additional terms of the transaction were not disclosed. The acquisition of the facilities are part of the company's planned expansion into Oregon, US. The facilities will be managed by the seniors housing division of Avalon Health Care Group. Granite Investment Group currently manages a portfolio of commercial real estate assets valued in excess of USD 500m, primarily comprised of senior housing facilities.
Status: Closed

-FEDERAL REALTY INVESTMENT TRUST CLOSES JOINT VENTURE WITH PROMESETOR DEVELOPMENT
Maryland, US-based retail property owner/operator Federal Realty Investment Trust (NYSE: FRT) has closed on a joint venture with California, US-based retail property owner/developer Primestor Development Inc., with seeded interest in seven shopping centres, the company said.
The trust's investment in the venture is approximately USD 345m, which includes a USD 20m commitment to complete the redevelopment of one of the centres. The Federal Realty holds approximate 90% interest in the venture. The venture is seeded with a 100% interest in five dominant community shopping centres, plus one centre under redevelopment and a 25% minority interest in a seventh shopping centre. These seven properties total over 1.3 m square feet on 114 acres of urban land.
Status: Closed