M&A Deal Summary

PGGM and IRC Retail Centers Acquire Newport Pavilion Phase I

On July 1, 2014, PGGM and IRC Retail Centers acquired real estate company Newport Pavilion Phase I for 43M USD

Acquisition Highlights
  • This is PGGM’s 7th and IRC Retail Centers’ 29th transaction in the Real Estate sector.
  • This is PGGM’s 2nd and IRC Retail Centers’ 4th largest (disclosed) transaction.
  • This is PGGM’s 7th and IRC Retail Centers’ 29th transaction in the United States.
  • This is PGGM’s 1st and IRC Retail Centers’ 1st transaction in Kentucky.

M&A Deal Summary
Date 2014-07-01
Target Newport Pavilion Phase I
Sector Real Estate
Buyer(s) PGGM
IRC Retail Centers
Deal Type Joint Venture
Deal Value 43M USD

Target

Newport Pavilion Phase I

Newport, Kentucky, United States
Newport Pavilion Phase I is a 471,800-square-foot grocery-anchored power center. Newport Pavilion Phase I comprises 222,300 square feet of retail space including ground leases, which is 98% leased to Kroger Marketplace, Michaels, PetSmart, Ulta, Famous Footwear, Chick-fil-A and others. The center includes a separately-owned 134,500-square-foot Target store.

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Buyer(S) 2

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 7 of 11
Sector (Real Estate) 7 of 8
Type (Joint Venture) 7 of 7
State (Kentucky) 1 of 1
Country (United States) 7 of 7
Year (2014) 1 of 1
Size (of disclosed) 2 of 7
PREVIOUS 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
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-23 Saur

Issy-les-Moulineaux, France

Saur is a drinking and wastewater management company focused on small/mid-sized cities across France. The company is also active internationally, particularly in Iberia, Saudi Arabia, and Poland. Saur was founded in 1933 and is based in Issy-les-Moulineaux, France.

Buy -
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 29 of 32
Sector (Real Estate) 29 of 32
Type (Joint Venture) 9 of 9
State (Kentucky) 1 of 1
Country (United States) 29 of 32
Year (2014) 2 of 5
Size (of disclosed) 4 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-31 The Mokena Marketplace

United States

The Mokena Marketplace is a 49,000 square feet of retail space that is 76% leased to PetSmart, Party City, Sally Beauty, and Lee Nails, plus a free-standing Chase Bank on a ground lease and five developable outlots.

Buy $14M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-21 Princess City Plaza

Indiana, United States

Princess City Plaza is a Class-A power center, with a high quality tenant line up of national retailers and chain restaurants. Princess City Plaza encompasses 178,500 square feet of retail space, including ground leases, and is nearly 99 percent leased to leading national retailers and chain restaurants.

Buy $29M
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