Weingarten will serve as the managing member, tasked withclosing the deals and then leasing and managing the properties. TheJV is looking to buy high-quality, supermarket-anchored shoppingcenters.

AEW has entered into the venture on behalf on one of its Fortune50 pension fund clients. Initial cash flow distributions will bedealt out on a non-preferential pro rata basis with neither partyreceiving a preferred return. Once certain performance hurdles aremet, Weingarten will get a bigger return.

"This alliance will further diversify Weingarten's availablecapital resources and will allow us to enhance our growth throughinvesting in our core property type, the supermarket-anchoredshopping center," said Drew Alexander, Weingarten president andCEO.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.