CalPERS Venture to Buy CenterPoint Properties
An investment firm owned in part by CalPERS agreed to buy CenterPoint Properties Trust, which invests in industrial property in the Chicago area, for $50 a share in cash, or $2.4 billion.
The buyer, CalEast Industrial Investors, invests in warehouses and distribution centers in North America. Its members include the California Public Employees’ Retirement System and LaSalle Investment Management Inc., a unit of Chicago-based real estate services giant Jones Lang LaSalle Inc.
Including the assumption of debt and preferred stock obligations, the transaction is valued at $3.4 billion.
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