AvalonBay Communities (NYSE:AVB) agrees to contribute its fee ownership of three Manhattan apartment communities as well as its leasehold interest in two others to a newly formed joint venture with Invesco (NYSE:IVZ) Real Estate.
AVB intends to use estimated net proceeds of about $460M from the deal for general corporate purposes, which may include the acquisition, development, and redevelopment of apartment communities.
AvalonBay will keep a 20% stake in the JV and act as managing member and property manager for the assets. The transaction is based on an aggregate asset valuation of about $760M and is expected to close by the end of the year.
READ FULL ARTICLE HERE
