(Read more on the debt and equitymarkets.)
LOS ANGELES-Cabi Developers, the local arm of Mexico's Gicsa,has closed its $1.5-billion acquisition of a 33-property officeportfolio from Arden Realty. Cabi financed 90% of the acquisitioncosts with floating rate debt arranged by Carlton Advisory Servicesof New York City, according to Carlton chairman Howard L.Michaels.
The Cabi portfolio includes 4.6 million sf of properties in LosAngeles, Orange, Ventura and San Diego counties. The company'sbusiness plan calls for the disposition of some of the buildings inone-off transactions during the first few years of the investmentto reduce leverage on the portfolio, with Cabi planning to retainthe remaining properties for the long term.
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