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NEW YORK CITY-New Plan Excel Realty Trust Inc. based here confirmed reports that it is exploring possible opportunities in Australia involving a number of its community and neighborhood shopping centers. The company issued a statement saying that "no agreement regarding any transaction has been reached and there is no assurance that any transaction will be consummated." A company spokesperson tells GlobeSt.com the retail REIT had no additional comment and intends to comment further on or respond to questions regarding a possible transaction only if and when a definitive agreement is entered into and an announcement is made.

In a statement to the Australian Stock Exchange, Multiplex Group said it had "held discussions US REIT regarding a possible transaction involving a portfolio of retail assets within the US." An Australian published report says the deal involved nearly 100 shopping centers and was worth approximately $1 billion.

New Plan held its first ever investor day last month. According to Bear Stearns analysts in attendance, their key takeaway was that "New Plan has significantly improved the quality of its assets through a combination of aggressive redevelopment and good portfolio management." They later said the REIT has been "more willing than many of its retail REIT peers to dispose of high-quality assets when value has been maximized."In New Plan's fourth quarter and year-end results conference call last month, company officials said there was an "unprecedented demand for retail properties." Total rental revenues for the fourth quarter of 2004 increased to $127.7 million from $117.9 million in the fourth quarter of 2003 and total rental revenues for the year ended December 31, 2004 were $495.5 million as compared with $470.7 million for previous year.

The company currently has a national portfolio of 404 properties, including 26 properties held through joint ventures, and total assets of approximately $3.8 billion. Its properties are strategically located across 35 states and include 384 community and neighborhood shopping centers, primarily grocery or name-brand discount chain anchored, with approximately 56.0 million square feet of gross leasable area, and 20 related retail real estate assets, with approximately 1.8 million square feet of gross leasable area.

Instant Insights /

New Plan Exploring Possible Portfolio Sale

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