BOSTON, Jan. 31 /PRNewswire/ -- Cabot Industrial Trust (NYSE: CTR), a
national developer, owner and operator of industrial property, today announced
that it has completed $43 million in acquisitions on behalf of a joint venture
between Cabot Industrial Trust and an affiliate of GE Capital Real Estate.
The new acquisition properties are located in the San Francisco Bay Area and
in Chicago. The Cabot/GE Capital joint venture has closed $55 million in
acquisitions to date and could ultimately have a total capitalized value of
$250 million.
/Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20000218/CABOTLOGO/
Ferdinand Colloredo-Mansfeld, Chairman and CEO of Cabot Industrial Trust
commented, "This investment activity demonstrates our business plan of pursing
high return joint venture acquisitions and our ability to work with large
sophisticated institutional investors."
Rick Hurd, Vice President of GE Capital Real Estate commented, "The joint
venture is another success story in our program to locate and acquire high
return industrial properties in prime locations. The joint venture
illustrates the synergies that are possible when two leading companies combine
their resources and experience to take advantage of outstanding opportunities
as they occur."
Cabot Industrial Trust (http://www.cabottrust.com) is a fully integrated
national real estate company that specializes in the ownership, acquisition
and development of industrial properties with 353 properties containing
42 million square feet in 22 states at September 30, 2000.
GE Capital Real Estate (http://www.gecapitalrealestate.com ), headquartered in
Stamford, Connecticut, is one of the industry's leading global sources for
commercial real estate capital through Structured Finance, Equity and Capital
Markets products with a portfolio of over $19 billion.
In addition to historical information, this press release contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based on management's
current expectations about the industry and the markets in which the Company
operates. Such forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties or other
factors which may cause actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Actual
operating results may be affected by various factors including, without
limitation, changes in national and local economic conditions, competitive
market conditions, uncertainties and costs related to and the imposition of
conditions on receipt of governmental approvals and costs of material and
labor, all of which may cause such actual results to differ materially from
what is expressed or forecast in this press release.
To receive Cabot Industrial Trust's latest news release and other
corporate documents please send requests via e-mail at ir@cabottrust.com
ir@cabottrust.com or visit our web site at http://www.cabottrust.com .
SOURCE Cabot Industrial Trust
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Related links:
http://www.cabottrust.com
http://www.gecapitalrealestate.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20000218/CABOTLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 201-369-3467
CONTACT:
Franz Colloredo-Mansfeld, Chief Financial
Officer of Cabot Industrial Trust, 617-723-0900
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