BOSTON, June 28 /PRNewswire/ -- Cabot Industrial Trust (NYSE: CTR)
announced today that it has expanded a joint venture it had previously formed
with Teachers Insurance and Annuity Association -- College Retirement Fund
("TIAA-CREF") targeted toward development of state-of-the-art bulk
distribution properties. The investors had initially committed approximately
$22 million in equity to the venture. The partners have now expanded the
venture by an additional commitment of approximately $20 million in equity.
TIAA-CREF has funded 80% of the total equity of $42 million. Cabot is the
operating partner and is paid development and management fees for services it
provides to the venture.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000218/CABOTLOGO )
The venture was expanded to fund the development of a bulk distribution
facility in the Los Angeles market. The facility will total 573,000 square
feet and is being built on a speculative basis.
Cabot Industrial Trust is a publicly held real estate investment trust
with $1.8 billion in total assets. The Company's investment strategy is
focused exclusively on the industrial property sector where it seeks to own
high quality, functional buildings. As of March 31, 2001, the Company owned
360 warehouse, distribution or workspace properties in 19 principal markets
throughout the nation. The Company targets locations in major metropolitan
areas, which the Company believes have the best long-term prospects, based on
employment and distribution trends as well as actual or potential land
scarcity. The Company seeks to grow cash flows and shareholder value by
focusing on the following: active property management and tenant marketing
and leasing; disciplined value-based acquisitions; property development; and
investment advisory and co-investment programs with major institutional
investors.
TIAA-CREF is the premier pension system for people employed in education
and research in the U.S., serving over two million participants and 10,000
institutions. The entire TIAA-CREF group of companies serves the general
public with its offering of annuities, mutual funds, life insurance, long-term
care insurance, and trust services. The group also manages more state-
sponsored college savings programs than any other company.
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 at 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 212-782-2840
CONTACT:
Franz Colloredo-Mansfeld, Chief Financial
Officer of Cabot, 617-723-0900
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