BOSTON, Feb. 14 /PRNewswire/ -- Cabot Industrial Trust (NYSE: CTR), a
national owner and operator of industrial properties, announced the expansion
of its industrial property investment program with New York State Teachers'
Retirement System (NYSTRS). Cabot currently manages a $200 million separate
account for NYSTRS; this program has received an additional $100 million
capital commitment.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000218/CABOTLOGO )
This commitment will be entirely funded by equity capital from NYSTRS.
The investment strategy will be focused on acquiring top-quality bulk
distribution properties in major national markets. Cabot will be paid
acquisition, disposition, asset management and property management fees.
Robert E. Patterson, President of Cabot Industrial Trust commented, "We
are delighted that NYSTRS, one of the country's leading pension investors, has
chosen to grow their national industrial portfolio with Cabot. This is a
heartening tribute to our industrial expertise, and reflects the
attractiveness of the property class that drives our company's performance.
We are proud to be extending our long relationship with NYSTRS, which we
expect will extend many years into the future."
James D. Campbell, Real Estate Investment Officer of New York State
Teachers' Retirement System stated, "Cabot has been a major contributor to the
growth of our industrial program and we are pleased that they will be
enlarging it. We know them well, and we have confidence that they will
continue their fine performance for our fund."
Cabot Industrial Trust is a fully integrated real estate company, with
offices in Boston, Atlanta, Baltimore, Charlotte, Chicago, Cincinnati, Dallas,
Los Angeles, Orlando and Phoenix, which specializes in the ownership,
acquisition, and development of industrial properties. At September 30, 2000,
it owned 353 operating properties containing 42 million square feet in 22
states. The Company also manages an additional 11 million square feet of
property for investment advisory clients and for joint ventures. Cabot
Industrial Trust focuses on a broad spectrum of industrial property types
nationwide including Bulk Distribution facilities, Multitenant distribution
facilities and Workspace properties.
New York State Teachers' Retirement System is an $85 billion public
pension fund whose primary mission is to provide retirement benefits for
teachers in the State of New York excluding New York City. The industrial
properties to be acquired by Cabot will become part of NYSTRS' equity real
estate portfolio which is a component of a diversified investment strategy.
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 releases and other
corporate documents please send requests via e-mail 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
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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