BIRMINGHAM, Ala., Sept. 27 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) announced today a $9 million investment in the acquisition
of a majority interest in Colonnade Properties LLC. Colonnade Properties is a
New York based real estate investment company that has focused on the
acquisition, management, redevelopment and stabilization of 11 million square
feet of office assets and is a direct owner of Douglas Entrance, a five-
building complex in Coral Gables, Florida. Colonnade has a relationship with
an investment fund; this relationship gives Colonial Properties the ability to
opportunistically leverage its equity and increase its returns through joint
ventures with the investment fund.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
Colonial Properties Trust is a diversified REIT that, through its
subsidiaries, owns a portfolio of multifamily, office and retail properties
where you live, work and shop in Alabama, Florida, Georgia, Mississippi, North
Carolina, South Carolina, Tennessee, Texas and Virginia. Colonial Properties
Trust performs development, acquisition, management, leasing and brokerage
services for its portfolio and properties owned by third parties. Colonial
Properties Trust is a diversified REIT, which has a total market
capitalization of $3.4 billion. The cornerstone of Colonial Properties'
success is its live, work and shop diversified investment strategy. The
Company manages or leases 22,400 apartment units, 6.8 million square feet of
office space and 15.7 million square feet of retail shopping space.
Additional information on Colonial Properties Trust is available on the
Internet at http://www.colonialprop.com . The Company, headquartered in
Birmingham, Ala., is listed on the New York Stock Exchange under the symbol
"CLP" and is included in the S&P SmallCap 600 Index.
SOURCE Colonial Properties Trust
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Related links:
http://www.colonialprop.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Sandra Lee Robertson, Senior Vice President,
Finance, of Colonial Properties Trust, +1-205-250-8788
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