BOSTON, Nov. 28 /PRNewswire/ -- Cabot Industrial Trust (NYSE: CTR)
announced the formation of a joint venture with Teachers Insurance and Annuity
Association - College Retirement Fund ("TIAA-CREF") targeted toward
development of state-of-the-art bulk distribution properties. The investors
have initially committed approximately $22 million in equity to the venture,
of which 80% will be funded by TIAA-CREF. Cabot is the operating partner and
will be paid development and management fees for services it provides to the
venture. The program is non-exclusive to either partner.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000218/CABOTLOGO )
The venture has identified two properties in California to jointly develop
and own. The first property is the Cabot Freeway Distribution Center, a
240,249 square foot bulk warehouse property in Rancho Cucamonga that has been
100% pre-leased to American Building Supply. The second property is the Cabot
Distribution Center, a 401,226 square foot speculative bulk warehouse property
also in Rancho Cucamonga.
Ferdinand Colloredo-Mansfeld, Chief Executive Officer of Cabot Industrial
Trust, commented, "We are pleased to have formed this venture with TIAA-CREF.
Over the years, TIAA-CREF has been a secured lender to Cabot and an investor
in both our public debt and equity securities. We are pleased to expand this
relationship to private equity. This program with TIAA-CREF will allow us to
pursue very attractive development opportunities. These joint venture formats
help preserve our strong capital structure and enable us to continue to
increase our return on capital."
Philip McAndrews, Managing Director at TIAA-CREF, commented, "We selected
Cabot Industrial Trust as a partner because of their top quality reputation
and their focus and experience in the industrial sector. Cabot shares a
similar philosophy of building top quality properties in central distribution
markets that will attract strong tenants over time."
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.
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 in offering 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 201-369-3467
CONTACT:
Franz Colloredo-Mansfeld, Chief Financial
Officer of Cabot Industrial Trust, 617-723-0900
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