Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Friday, 04 December 2009

Blank-Check Co. Converting to Retail REIT Plans $800Mln of Investments

By John Covaleski, Commercial Real Estate Direct Staff Writer

A blank-check company that raised $400 million in a public offering of its stock two years ago is deploying those proceeds to acquire real estate under a plan to convert to a REIT.

The company, Retail Opportunity Investments Corp. of Purchase, N.Y., expects to make up to $800 million of retail-property investments. It just reached an agreement on its first deal, agreeing to pay a Southern California partnership $18.1 million for a 95,000-square-foot shopping center at 15717 Downey Ave in Paramount, Calif., a Los Angeles suburb.

"The Paramount deal is the first of what we like to believe will be many acquisitions," said John Roche, chief financial officer. He further said the leverage the company expects to use in its real estate deals would give it total investment firepower of $700 million to $800 million.

Management of the company, formerly known as NRDC Acquisitions Corp., opted to convert to a REIT after it was unable to find suitable investments under the company's original plan as blank check, or special-purpose acquisitions company that was to acquire operating businesses in retail and other industries.

The company, which hopes to gain regulatory approval for...


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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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