CBL & Associates Properties to Invest with Bain Capital in Chinese Mall Real Estate Company.CHATTANOOGA, Tenn. -- CBL Cbl cobalamin. & Associates Properties, Inc. (NYSE NYSE See: New York Stock Exchange : CBL) today announced that it had entered into an agreement with global private investment firm Bain Capital Bain Capital LLC is a Boston, Massachusetts-based private equity firm founded in 1984 by Mitt Romney, the former Governor of Massachusetts, and two other partners from the consulting firm Bain & Company: T. Coleman Andrews III and Eric Kriss. to make an investment in subsidiaries of Jinsheng Group, an established mall operator and real estate development company based in Nanjing, China. CBL and Bain Capital will acquire a significant minority equity interest through an initial investment of $60.0 million in subsidiaries of Jinsheng Group. CBL will contribute $15.0 million, and funds advised by affiliates of Bain Capital will contribute $45.0 million. CBL and Bain Capital have also been granted a three-year warrant in the business for an additional combined investment of $7.5 million, exercisable at the option of CBL and Bain Capital. In addition to several development projects currently underway, Jinsheng Group owns or operates two home decor shopping malls and two general retail shopping centers shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into in Nanjing, and two home decor shopping malls in Shanghai Shanghai (shăng`hī`, shäng`hī`), city (1994 est. pop. 12,980,000), in, but independent of, Jiangsu prov., E China, on the Huangpu (Whangpoo) River where it flows into the Chang (Yangtze) estuary. totaling 7.1 million square feet. CBL's president Stephen Lebovitz said, "We are excited to launch our international platform with such experienced partners as Bain Capital and Jinsheng Group. Bain Capital has an active presence and expertise in the Asian markets, and Jinsheng Group is an established Chinese mall operator and real estate developer with tremendous growth potential. We believe this investment positions CBL to take advantage of the incredible expansion and development opportunities currently underway in Chinese retail real estate, albeit on a measured and conservative basis." About Bain Capital Bain Capital is a global private investment firm whose affiliates manage several pools of capital including private equity, public equity, leveraged debt assets and venture capital totaling approximately $40 billion. Since its inception in 1984, Bain Capital has made private equity investments and add-on A purchase of additional goods before payment is made for goods already purchased. An add-on may be covered by a clause in an installment payment contract that allows the seller to hold a security interest in the earlier goods until full payment is made on the later goods. acquisitions in over 230 companies around the world. Headquartered in Boston, Bain Capital has offices in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , Shanghai, Tokyo, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , London and Munich. About Jinsheng Group Jinsheng Group is an established mall operator and real estate developer based in Nanjing, China. In addition to several development projects currently underway, Jinsheng Group owns or operates two home decor shopping malls and two general retail shopping centers in Nanjing, and two home decor shopping malls in Shanghai totaling 7.1 million square feet. About CBL & Associates Properties, Inc. CBL is one of the largest and most experienced owners and developers of malls and shopping centers in the country. CBL owns, holds interests in or manages 130 properties, including 79 regional malls/open-air centers. The properties are located in 27 states and total 74.0 million square feet including 2.0 million square feet of non-owned shopping centers managed for third parties. CBL currently has fourteen projects under construction totaling 3.0 million square feet including Phase II of Gulf Coast Town Center in Ft. Myers, FL; Alamance Crossing in Burlington, NC; Pearland Town Center in Houston (Pearland), TX; three lifestyle/associated centers; seven mall expansions, and a community center. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, and Dallas, TX. Additional information can be found at http://cblproperties.com. Information included herein contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and the "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" incorporated by reference therein, for a discussion of such risks and uncertainties. |
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