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Article: Colonial Properties Trust Signs Joint Venture Agreement with DRA Advisors to Acquire CRT Properties, Inc.
- Article from:
- Business Wire
- Article date:
- August 25, 2005
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BIRMINGHAM, Ala. -- Colonial Properties Trust (NYSE: CLP), a diversified real estate investment trust that owns a portfolio of multifamily, office and retail properties, today announced it entered into a joint venture with DRA Advisors, LLC, to acquire CRT Properties, Inc. (NYSE:CRO). Colonial Properties, which will manage substantially all of the office properties included in the CRT portfolio, will invest approximately $50 million for a 15 percent ownership interest. The acquisition of CRT Properties is expected to close late in the third quarter.
"We have a proven relationship with DRA in our multifamily joint venture, and are pleased to expand this to include ...