Clarion Partners to acquire REIT.Clarion A family of application development systems for Windows from SoftVelocity, Inc., Pompano Beach, FL (www.softvelocity.com). Clarion provides a comprehensive set of tools for development, including a screen builder, 4GL and application generator. Partners, a leading national real estate investment advisory firm and member of ING Real Estate, has entered into an agreement to acquire Crow Holdings Industrial Trust, a private real estate investment trust ("REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ") which invests in industrial real estate throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Clarion is forming a new REIT which will acquire most of the properties. Another client of Clarion will acquire the remainder of the properties. The portfolio to be purchased consists of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 300 properties totaling 35 million SF in 22 cities and the total acquisition price is in excess of $1.5 billion. To manage the portfolio, Clarion is retaining the existing trust's management team which will form a new industrial group within Clarion. |
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