RPT Realty (RPT) forms joint venture with GIC.
RPT Realty (RPT) announced today that it has formed a joint venture with the sovereign wealth fund of Singapore, GIC Private Limited. At closing, RPT contributed five shopping center properties valued at $244 million to the RPT-GIC Venture and received $118.3 million in proceeds from GIC's 48.5% co-investment. GIC has also committed an additional $200 million to fund its share of any third-party acquisition properties, resulting in $412 million of combined investment capital to be deployed by the joint venture over the next three years.
RPT Realty (RPT) is an equity retail REIT focusing on the ownership, management and development of open-air shopping centers in the Eastern U.S. As of September 30, 2019, the company's portfolio included 48 properties with 11.8 million square feet of owned GLA. RPT has a total market capitalization of approximately $2.1 billion and is a member of the S&P SmallCap 600 index.