Northwestern Mutual takes equity stake in Theatreplex.Theatreplex Entertainment Properties, Inc., a real estate operating company operating company A business that engages in transactions with outsiders. specializing in the ownership of free-standing movie theater properties and theater-anchored retail centers, has announced that Northwestern Mutual Life Insurance Company has taken a significant equity stake in the company. "We are pleased that a savvy and respected institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. like Northwestern Mutual Life has placed its confidence in the long-termprospects of entertainment-related real estate - and in Theatreplex," said Kathleen H. Hosty, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Theatreplex. "Their participation underscores the unique opportunity in what is a small but growing niche of the real estate market." The size of the insurance company's initial investment in Theatreplex, an independent real estate company focused solely on movie theaters and related entertainment properties, was not disclosed. Additionally, ORIX Real Estate Equities, Inc., a U.S. subsidiary of the $40 billion international financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company ORIX Corporation, increased its equity position in Theatreplex. ORIX Real Estate Equities currently has more than $400 million of commercial real estate projects under development in 11 states. Based in Chicago, Theatreplex provides real estate financing and development services to motion picture exhibitors. Today, many exhibitors are rapidly converting obsolete OBSOLETE. This term is applied to those laws which have lost their efficacy, without being repealed, 2. A positive statute, unrepealed, can never be repealed by non-user alone. 4 Yeates, Rep. 181; Id. 215; 1 Browne's Rep. Appx. 28; 13 Serg. & Rawle, 447. facilities into larger, more luxurious multi-screen theaters - an industry-wide upgrade expected to require an additional $6 billion to $8 billion in real estate capital. Over the next two years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time company plans to invest more than $250 million in theaters featuring curved screens, digital sound systems and stadium-style seating. With 10 screens or more, such amenity-rich theaters can cost as much as $25 million to build. "High-quality real estate equities have long been an important component of our investment portfolio, and we are continually seeking new ways to invest in promising areas of the market," said Lois A. Smith, director of real estate equities for Northwestern Mutual Life. "Through Theatreplex, we can capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. an innovative retail real estate niche that would otherwise be too specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. for us to invest in directly." With more than $76 billion in assets, Northwestern Mutual Life is the nation's fifth largest life insurance company and is a top lender for commercial real estate projects and an active investor in real estate companies specializing in retail-oriented assets. The company has approximately $14 billion invested in mortgage loans and real estate equities. "To retain market share in today's competitive environment, motion picture exhibitors need large amounts of real estate capital to upgrade their theaters," said Ralph N. Cram (1) (Chalcogenide RAM) See phase change memory. (2) (Card Random Access Memory) An early magnetic card mass storage device from NCR that was made available on its 315 computer systems in 1962. , chief investment officer of Theatreplex. "Our relationship with Northwestern Mutual Life and other long-term institutional investors means exhibitors now have access to a reliable source of long-term capital - one unaffected by the gyrations of the public markets." |
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