RPT Realty, a publicly traded real estate investment trust that owns and operates a national portfolio of open-air shopping destinations principally located in top U.S. markets, has formed a new joint venture with GIC, Singapore’s sovereign wealth fund.
The company contributed five properties valued at $244 million to the joint venture, referred to as the RPT-GIC Venture (RGV), and received $118.3 million in gross proceeds for the 48.5 percent stake in RGV that was acquired by GIC. Additionally, GIC has committed up to $200 million of additional capital to RGV over the next three years to fund its share of potential future acquisitions of grocery-anchored shopping centers in target markets in the United States. RPT retained a 51.5 percent stake in RGV and will receive property management, construction management and leasing fees from RGV. The company will also be responsible for the day-to-day management of th
