PRUDENTIAL REAL ESTATE INVESTORS FORMS NET LEASING
CO-VENTURE WITH CORPORATE REALTY INVESTMENT COMPANY
Venture pairs major financial services company with leading net lease investor
PARSIPPANY, N.J. – Prudential Real Estate Investors (PREI) and Boston-based
Corporate Realty Investment Company L.L.C. (CRIC) announced today that they
have formed CRIC Capital, LLC, a new net leasing company, through a co-venture.
PREI is the real estate investment and advisory business of Prudential Financial,
Inc. (NYSE:PRU). CRIC Capital, LLC (CRIC) will be headquartered in Boston.
“CRIC’s senior managers have been pioneers in the net leasing industry,
and we’re pleased that we could create this partnership with them as we
expand our merchant banking business,” said John Gregorits, a principal
of PREI. “Most importantly, moving into the net leasing arena gives our
investors great opportunities to generate attractive risk-adjusted returns.”
Corporate Realty Investment Company, looking to capitalize on changing needs
and demands of the marketplace, decided to work with Prudential to form the
company following a search for an institutional investor-partner. Through the
co-venture, Corporate Realty Investment Company has gained broad access to capital
through PREI, giving it the flexibility to consider and execute a variety of
transactions for industrial, warehouse, retail and office properties. CRIC Capital
will also be able to use PREI’s well-respected research, underwriting
and analysis capabilities as valuable contributions to the underwriting process.
“This exciting partnership with PREI strengthens our position in the
net leasing industry,” said Marjorie Palace, a principal of Corporate
Realty Investment Company. “CRIC Capital, LLC combines the capital and
flexibility of a major financial institution with the expertise of a long-standing
investor in net leased properties. Given the current volatility in the capital
markets, this combination creates a co-venture that can meet the needs and demands
of a growing marketplace.”
CRIC Capital, LLC combines the pioneering net leasing professionals of Boston-based
Corporate Realty Investment Company L.L.C. with Prudential Real Estate Investors.
CRIC Capital purchases real estate from and leases it back to investment grade
and select below-investment grade companies through a variety of customized
net leases. Net lease transactions allow corporations and organizations to strengthen
their financial positions and free up capital to reinvest in their core business.
For more information, visit www.criccapital.com.
PREI provides global real estate investment management services to institutional
clients in the U.S., Europe, Asia and Latin America. PREI managed $11.6 billion
of assets on behalf of 353 institutional clients as of December 31, 2001. PREI
is the real estate and financial advisory business unit of Prudential Investment
Management Inc., a subsidiary of Prudential Financial, Inc.
Prudential Financial companies, with approximately $590 billion in total assets
under management and administration as of December 31, 2001, serve individual
and institutional customers worldwide and include The Prudential Insurance Company
of America, one of the largest life insurance companies in the U.S. These companies
offer a variety of products and services, including life insurance, property
and casualty insurance, mutual funds, annuities, pension and retirement related
services and administration, asset management, securities brokerage, banking
and trust services, real estate brokerage franchises and relocation services.
For more information, visit www.prudential.com.
Contact:
Victoria Nessen Kohlasch
CRIC Capital, LLC
617-388-9862
vkohlasch@criccapital.com
