Published: 7 June 2005
The biggest US reit, Equity Office Properties Trust, is working the changing property market by selling blocks of noncore property to concentrate its investment in its top 17 markets.
President & chief executive Richard Kincaid announced 9 sales & 2 acquisitions achieved in May. 6 of the buildings sold were owned in joint-venture partnerships. The return to Equity Office from them was $US211.7 million and the total return from the total 158,000mÂ² sold was $US314.3 million, taking its total disposals this year to $US861.5 million, from which it’s received $US746.7 million.
In the other direction, it bought 2 buildings containing 28,780mÂ² (one building at shell completion stage, 22% pre-leased) for $US69.4 million, taking the year’s acquisitions to $US642.6 million, including $US505 million for 1095 Avenue of the Americas in New York, scheduled to settle at the end of the year.