The investment capital will reportedly be used by GBE to replace debt and equity investments and commitments made in January by venture capitalist Warburg Pincus. Warburg Pincus is, and would remain, GBE's largest common stockholder, although they would control only 22% of voting stock within the company, says Walner.
Michigan-based Kojaian Ventures is headed by C. Michael Kojaian, GBE stockholder and member of the GBE board since 1996. It is a privately-held company with domestic holdings in office, industrial and retail assets.
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