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by CareyBot

Investcorp on Wednesday announced the purchase of a portfolio of retail shopping centers located in Texas from Equity One Inc. The transaction's final terms covered the purchase of 29 retail properties totaling approximately 2.8 million square feet for a combined purchase price of $388 million. Under the terms of the transaction, the properties were acquired from Equity One by a joint venture in which Investcorp holds an 80 percent stake, with Equity One holding the remaining 20 percent interest. Located in the fast-growing metropolitan markets of Dallas, Houston, and San Antonio, the properties included in this transaction are primarily situated in established in-fill locations. Approximately 50 percent of the space in the portfolio is leased by national retailers, including H-E-B, Bal...