Watt Companies Inc., a Santa Monica-based commercial real estate owner and developer, has agreed to sell Centro Properties Group its stake in the two company's joint real estate venture.
Australia-based Centro Properties purchased the venture, called Centro Watt, for an undisclosed sum, according to a press release issued by Watt on May 4.
Centro Watt owns and operates over 155 million square feet of retail space across the United States. The assets are valued at over $10 billion.
Centro Watt was formed in 2003 and has acquired several companies, including New Plan Excel Realty Trust Inc. and Kramont Realty Trust.
"Centro Properties has been a quality partner, and now that the Centro Watt venture has achieved our shared objectives, we are pleased to have reached a mutually beneficial agreement which enables Watt to realize the value we have created and pursue attractive opportunities to create new value with other strategic partners," said Jim Maginn, chief executive of Watt, in a statement.
Watt's sale of its 50 percent stake in the venture allows it pursue a new investment partner.
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