Shopping center REIT RPT Realty has formed a core net lease retail real estate platform with GIC Private Limited, Zimmer Partners and Monarch Alternative Capital LP. The platform will target the acquisition of more than $1.2 billion of strategic assets.
GIC, Zimmer, Monarch and RPT have committed to fund $470 million in the platform over the next three years for approved acquisitions, including the initial investment portfolio that is to be seeded by Midtown Manhattan-based RPT. That seed portfolio, valued at $151 million, contains 42 single-tenant, net lease retail assets.
Brian Harper, president and CEO of RPT, said, “The current market disruption has further highlighted the need to service the entire retail distribution chain without regard to the specific form of distribution. We believe this platform is our first step in recognizing this paradigm shift and should enable us to capitalize on these strategic opportunities.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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