Inland Real Estate Corporation Announces Joint Venture Acquisition of Four Bank of America Office Buildings
2008-07-15 07:45:00
OAK BROOK, Ill.–(EMWNews)–Inland Real Estate Corporation (NYSE: IRC) today announced the
acquisition, through its joint venture with Inland Real Estate Exchange
Corporation (IREX), of four office buildings in sale-leaseback
transactions from Bank of America, N.A. The Company contributed
approximately $60.8 million, net prorations, to the venture to purchase
the buildings for an aggregate purchase price of $152.6 million. The
office properties comprise a total of 839,808 square feet of space and
are located in Pennsylvania, Nevada, Maryland and New Mexico. The
Company financed its contribution with a five-year, interest-only 5.6
percent fixed rate bank loan of $90.3 million, as well as a draw on the
Company’s existing $155.0 million line of
credit and cash on hand.
In accordance with the existing joint venture agreement with IREX, the
Company expects to earn acquisition and annual asset management fees.
“The transaction is another example of the
benefits the Company obtains from its joint venture with IREX,”
said Mark Zalatoris, Inland Real Estate Corporation’s
president and chief executive officer. “We
believe the joint venture provides us with a capital-efficient method to
generate valuable long-term fee income for the Company.”
About Inland Real Estate Corporation
Inland Real Estate Corporation is a self-administered and self-managed
publicly traded real estate investment trust that owns interests in 146
neighborhood, community, power and lifestyle retail centers and
single-tenant properties located primarily in the Midwestern United
States, with aggregate leasable space of more than 14 million square
feet. Additional information on Inland Real Estate Corporation is
available at www.inlandrealestate.com.
This press release contains forward-looking statements.
Forward-looking statements are statements that are not historical,
including statements regarding management’s
intentions, beliefs, expectations, representations, plans or predictions
of the future, and are typically identified by such words as “believe,”
“expect,” “anticipate,”
“intend,” “estimate,”
“may,” “will,”
“should” and “could.”
The Company intends that such forward-looking statements be subject
to the safe harbors created by Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. There are
numerous risks and uncertainties that could cause actual results to
differ materially from those set forth in the forward-looking
statements. Please refer to the documents filed by Inland Real Estate
Corporation with the SEC, specifically the Form 10K for the year ended
December 31, 2007, for a more complete discussion of these risks and
uncertainties. Inland Real Estate Corporation disclaims any intention or
obligation to update or revise any forward-looking statements whether as
a result of new information, future events or otherwise.
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Inland Real Estate Corporation (Investors/Analysts): Investor Relations Director Communications, Inc. (Media): Director |
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