SAN DIEGO, Nov. 29 /PRNewswire/ -- Westcore Industrial Properties today
announced that real estate funds sponsored by Starwood Capital Group have
committed to invest $50 million of equity capital in the company. In
addition, Westcore is in discussions with other potential equity investors for
another $30 million of equity capital. The company has also entered into a
$100-million revolving credit facility with Prudential Securities Credit
Corporation. Westcore intends to utilize these capital resources to execute
its investment program of acquiring industrial property throughout the western
United States.
We are very pleased to have Starwood Capital as Westcore's lead
investor, said Marc Brutten, Chief Executive Officer of Westcore. We will
undoubtedly benefit from Starwood's capital markets acumen, as well as their
real estate acquisition and management expertise. Together with our team's
market knowledge and extensive network of relationships on the West Coast, we
have a strong platform to aggressively pursue a broad range of industrial
acquisition opportunities. We have already closed approximately $40 million
in acquisitions and have another $50 million currently in our pipeline.
We are delighted to be joining forces with Westcore as our first
strategic partnership on the West Coast for industrial and R&D properties,
said Jeff Dishner, Managing Director of Starwood Capital. Our goal is to
align ourselves and invest significant private capital with the best real
estate operators in targeted regions that have strong fundamentals and
attractive investment opportunities. Marc and his team have a proven track
record as astute acquirers and operators of industrial properties on the West
Coast. We look forward to developing a long and successful relationship with
Westcore.
Prudential Securities Incorporated acted as Westcore's financial advisor.
ABOUT WESTCORE INDUSTRIAL PROPERTIES
Westcore Industrial Properties is a full-service, private real estate
company focused on acquiring industrial properties throughout the western
United States. The company targets individual and portfolio acquisitions of
industrial, warehouse, manufacturing, distribution, R&D and multi-tenant
properties. Westcore's minimum acquisition price is $5 million and minimum
acquisition size is 100,000 square feet. The company currently owns
25 industrial properties encompassing over 2.8 million square feet. Westcore
is headquartered in San Diego, California. For more information, contact Marc
Brutten at (858) 625-4100.
ABOUT STARWOOD CAPITAL GROUP
Starwood Capital Group is a privately held investment management firm that
specializes in real estate investments on behalf of select private and
institutional investor partners. Founded in 1991, Starwood is one of the
nation's most active real estate investors, with a diversified portfolio that
includes residential, multifamily, hotel, office, retail, mixed use, and
industrial properties and mezzanine debt representing over 250 transactions
and $7 billion in real estate assets. For more information, contact Elizabeth
Behinke, Vice President of Investor Relations, at (203) 422-7700.
For further information, please contact Marc R. Brutten, 858-625-4100, or
Dan Peoples, 858-552-1456, both for Westcore Industrial Properties.
SOURCE Westcore Industrial Properties
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