RPT Realty Announces Formation of New Net Lease Retail Real Estate Platform with Sovereign Wealth Fund GIC, Zimmer and Monarch
• The platform will target the acquisition of over $1.2 billion of net lease retail assets with a focus on essential and high credit quality tenants
• The initial investment portfolio is to be seeded with 42 single-tenant, net lease retail assets from RPT valued at $151 million
• RPT will retain a 6.4% equity interest in the platform, participate in new investments and earn fees as the manager of the platform
March 4, 2021
NEW YORK, March 04, 2021 (GLOBE NEWSWIRE) — RPT Realty (NYSE: RPT) (“RPT” or the “Company”), a publicly traded real estate investment trust that owns and operates a portfolio of open-air shopping destinations principally located in top U.S. markets, today announced the formation of a new core net lease retail real estate platform (the “Platform”) with GIC Private Limited (“GIC”), Zimmer Partners (“Zimmer”) and Monarch Alternative Capital LP (“Monarch”).
GIC, Zimmer, Monarch and RPT have committed to fund $470 million in the Platform over the next three years for approved acquisitions, including the initial investment portfolio that is to be seeded by RPT. The Platform will target the acquisition of over $1.2 billion of strategic assets, creating a scalable, stable-growth investment platform.
Leveraging RPT’s operational expertise and tenant relationships, the Platform will seek to acquire net lease retail assets, including assets that have been sub-divided from a select set of currently owned RPT open-air centers as well as future RPT acquisitions. As a result, the Platform will facilitate the bifurcation of RPT owned shopping center revenues by segregating tenant cash flows based on growth profiles, retail use and credit, while allowing RPT to retain the tenant synergies of the separated components.
