WASHINGTON, DC-Israeli real estate investment company Alony Hetz is buying a stake in local investment firm Carr Properties. The Israeli company inked a term sheet with the Special Situation Property Fund of JP Morgan Chase Bank and other entities to invest in Carr, which is a private REIT owned by JP Morgan Asset Management.

The term sheet calls for a new company, dubbed Newco, to be formed, which will manage the portfolio once the assets are transferred to it. Alony Hetz will invest $300 million in the new company. In return, it will be allocated a 45% share in the company–an identical percentage with the JPMorgan Chase Bank fund.

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