The Real Estate Industry Group advised RPT Realty (NYSE: RPT) on the formation of a new joint venture with GIC Private Limited.
RPT is a publicly traded real estate investment trust that owns and operates a national portfolio of open-air shopping destinations principally located in top U.S. markets. GIC is Singapore’s sovereign wealth fund.
RPT contributed five properties valued at $244.0 million to the joint venture, referred to as the RPT-GIC Venture (RGV), and received $118.3 million in gross proceeds for the 48.5% stake in RGV that was acquired by GIC. and received $118.3 million in gross proceeds for the 48.5% stake in RGV that was acquired by GIC. Additionally, RPT and GIC have committed to contribute their share of approximately $412 million of additional capital to RGV over the next three years to fund potential future acquisitions of grocery anchored shopping centers in target markets in the U.S. RPT retained a 51.5% stake in RGV and will receive property management, construction management and leasing fees from RGV. RPT will also be responsible for the day-to-day management of the properties as well as sourcing future acquisitions for the joint venture.
The Goodwin team was led by Gil Menna and Erin Claywell, with assistance from Vanessa O’Connor on real estate matters, H. Neal Sandford, Jonathan LaPlante, Trevor Skelly and Leon Peschel on tax matters; and Dan Adams, Milena Tantcheva and Eryn Mathews on general corporate and credit matters.
For more details on the joint venture, read the press release.