M&A Deal Summary

IRC Retail Centers and PGGM Acquire Stone Creek Towne Center

On February 29, 2012, IRC Retail Centers and PGGM acquired real estate company Stone Creek Towne Center for 36M USD

Acquisition Highlights
  • This is IRC Retail Centers’ 21st and PGGM’s 5th transaction in the Real Estate sector.
  • This is IRC Retail Centers’ 7th and PGGM’s 3rd largest (disclosed) transaction.
  • This is IRC Retail Centers’ 21st and PGGM’s 5th transaction in the United States.
  • This is IRC Retail Centers’ 1st and PGGM’s 1st transaction in Connecticut.

M&A Deal Summary
Date 2012-02-29
Target Stone Creek Towne Center
Sector Real Estate
Buyer(s) IRC Retail Centers
PGGM
Deal Type Joint Venture
Deal Value 36M USD

Target

Stone Creek Towne Center

Connecticut, United States
Stone Creek Towne Center, a power center totals approximately 142,800 square feet of leasable space and is anchored by Bed, Bath & Beyond, Old Navy and Best Buy.

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Buyer(S) 2

Buyer

IRC Retail Centers

Oak Brook, Illinois, United States
Category Company
Founded 1994
Sector Real Estate
Employees141
Revenue 204M USD (2014)
DESCRIPTION
Inland Real Estate's corporate headquarters in Oak Brook, Illinois.
Inland Real Estate's corporate headquarters in Oak Brook, Illinois.

IRC Retail Centers LLC is a real estate company focused on owning and operating open-air neighborhood, community, and power shopping centers located in well-established markets primarily in the Central and Southeastern U.S. IRC Retail Centers was founded in 1994 and is based in Oak Brook, Illinois.

DEAL STATS #
Overall 21 of 32
Sector (Real Estate) 21 of 32
Type (Joint Venture) 6 of 9
State (Connecticut) 1 of 1
Country (United States) 21 of 32
Year (2012) 3 of 4
Size (of disclosed) 7 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-24 Silver Lake

Minnesota, United States

Silver Lake Village, a grocery-anchored community center totals approximately 159,303 square feet of gross leasable area (GLA), plus a 144,046-square-foot Wal-Mart store on a ground lease.

Buy $36M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-06 Westgate Shopping Center

Fairview Park, Ohio, United States

Westgate Shopping Center, a grocery-anchored power center totals approximately 474,000 square feet of gross leasable area (GLA), including a 119,700-square-foot Lowe’s Home Improvement store on a ground lease. The center’s excellent visibility and infill location in an affluent suburban market contribute to its 94 percent occupancy rate.

Buy $73M
Buyer

PGGM

Zeist,, Netherlands
Category Company
Sector Financial Services
DESCRIPTION

PGGM is a pension fund service provider and manage the pensions for different pension funds. Currently, Company manage pension assets worth in excess of approximately EUR 188,7 billion.

DEAL STATS #
Overall 5 of 11
Sector (Real Estate) 5 of 8
Type (Joint Venture) 5 of 7
State (Connecticut) 1 of 1
Country (United States) 5 of 7
Year (2012) 2 of 2
Size (of disclosed) 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-24 Woodbury Commons

United States

Woodbury Commons, a community center totals 116,197 square feet of GLA, and its tenants include Outback Steakhouse, Applebee’s, Hancock Fabrics, Payless Shoe Source and Sally Beauty Supply.

Buy $10M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-19 Fort Smith Pavilion

Fort Smith, Arkansas, United States

Fort Smith Pavilion is a regional power center consisting of 415,000 square feet of gross leasable area, including shadow anchor Target.

Buy $43M
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