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NEW YORK CITY- Edens & Avant of South Carolina has sold roughly 30% of itself to J.P. Morgan Investment Inc. and the New York State Teachers’ Retirement System for a cool $250 million. Morgan and NYSTRS will continue to contribute funds and will be reflected on the board of trustees.

The State of Michigan Retirement System and Edens & Avant Management are the current owners of the company, and will continue to own the remainder after this sale. The $250 million is being billed by Edens & Avant as growth money for their acquisition, development and redevelopment programs, and the company has stated its plans to continue investing in the market.

In a printed statement, Edens & Avant’s chairman and chief executive officer, Joe Edens, commented, “We are very pleased that J.P. Morgan and The New York State Teachers’ Retirement System are now partners with Edens & Avant. Both organizations are experienced, sophisticated real estate investors with ownership goals that mirror our own. Their investment is further endorsement of the value of our grocery-anchored, Necessity Retail center model.”

Edens also noted, “As with the State of Michigan Retirement System, we look forward to long, mutually beneficial relationships. The State of Michigan Retirement System continues to be an excellent partner, and our relationship has been very successful and prosperous.”

Morgan made its purchase on behalf of Strategic Property Fund, which is a $4.5-billion pension trust fund from mixed sources with investments in retail, office, industrial and multi-family properties. J.P. Morgan was the investment advisor for the New York State Teachers’ Retirement System for the transaction. Arthur Andersen advised Edens & Avant.

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