CalEast Buying CenterPoint

CalEast Industrial Investors is acquiring Chicago-based CenterPoint Properties Trust, an industrial real estate investment trust, for a total consideration of about $3.4 billion.CalEast is a Columbus, Ohio-based investor in warehouse and logistics properties backed by the California Public Employees' Retirement System and LaSalle Investment Management. CalEast is paying $50 in cash for each CenterPoint share, which CenterPoint said represents a 13.1% premium over its closing share price over the past three months. The acquisition price also includes the assumption of CenterPoint debt and preferred stock. CalEast and CenterPoint have engaged in an industrial joint venture since 1999. "We believe that CenterPoint is very well positioned to capitalize on the continuing modernization of the global supply chain," said Mike McCook, senior investment officer for real estate at CalPERS. The companies can be found online at http://www.caleast.com and http://www.centerpoint-prop.com.