Centro Watt to Buy Heritage

Published July 10, 2006, 2:00 p.m. EDT

1 Min Read

Centro Watt, a joint venture of Centro Properties Group, Melbourne, Australia, and Los Angeles-based Watt Commercial Properties, has announced an agreement to acquire Heritage Property Investment Trust, a Boston-based real estate investment trust, for $36.15 per share.The total transaction is valued at approximately $3.2 billion, including debt to be assumed or repaid. The Heritage Trust portfolio consists of 157 neighborhood and community shopping centers in 27 states. "This is a significant transaction for Centro Watt and will make us the ninth-largest owner/manager of retail properties in the U.S.," said Mark Wilson, chief operating officer of Centro Watt. The companies can be found on the Web at http://www.centrowatt.com and http://www.heritagerealty.com.

Processing Content

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

Servicing costs per loan climb as policy shifts bite

Technology and customer service were the two largest categories within operational expenses last year, according to the Mortgage Bankers Association.

By Bonnie Sinnock
Capital Markets Editor

11h ago
Marketing

Bright MLS, HouseCanary team up to boost Google visibility

Bright partnered with real estate data and analytics platform HouseCanary to deliver exposure on Google at no additional cost or operational efforts.

By Colin McNamara
Reporter

11h ago
Secondary markets

Fannie's portfolio dips, but duration gap widens

The move may have been related to the government-sponsored enterprise's duration gap but could also have resulted from many other considerations.

By Bonnie Sinnock
Capital Markets Editor

June 29
Cyber Security

Optimum First hit with class action after recent data breach

The lawsuit is the third against a California-based mortgage company this month after revelations of another early-2026 incident at a wholesale lender.

By Spencer Lee
Technology Reporter

June 29
Artificial Intelligence

AI boom could cause the next economic crash, BIS warns

The Bank of International Settlements compared the recent AI investment frenzy to the canal mania of the 1830s, the British railway craze of the 1840s and the dot-com boom of the late 90s.

By Penny Crosman
Executive Editor, Technology at Arizent

June 29
Secondary markets

Non-QM issuance on record pace, helped by 'fumbo' mortgages

Fake jumbo mortgages are helping non-agency securitization growth, but these loans could have higher than expected delinquency rates, an analysis said.

By Brad Finkelstein
Originations Editor

June 29

Load More