- CASTO Lifestyle Properties and JPMorgan Asset Management's Strategic Property Fund Form Joint Venture
- Wednesday, August 30, 2006
- Sarasota, FL — CASTO Lifestyle Properties, an affiliate of CASTO, which focuses on the development of mixed-use lifestyle centers, recently formed a joint venture with JPMorgan Asset Management's Strategic Property Fund. This partnership will acquire, develop and redevelop mixed-use lifestyle retail and multi-family properties through the southeastern and midwestern United States with a primary focus on Florida. As part of this joint venture, JPMorgan Asset Managment's Strategic Property Fund will acquire 50 percent of CASTO Lifestyle Properties' interest in five of its existing properties that have a current estimated value of $300 million. These properties include: Winter Park Village in Winter Park, FL One Hundred Central and Whole Foods Market Centre in Sarasota, FL Main Street at Lakewood Ranch in Sarasota, FL Lakeside Village in Lakeland, FL 443 St. Armand's Circle in Sarasota, FL "The joint venture coincides with our strategic plan of continued growth through new development, acquisitions and strategic partnerships," said Brett Hutchens, President & CEO of CASTO Lifestyle Properties. "The Strategic Property Fund's strong financial foundation coupled with our knowledge and experience in developing mixed-use lifestyle centers makes for an exceptional relationship that will accelerate our growth." "We are very pleased with this opportunity to venture with CASTO Lifestyle Properties," said Hilary Spann, Vice Prsident, JPMorgan Asset Management - Real Estate. "CASTO's strong reputation and proven track record will expand our access to some of the most dynamic markets in the country for mixed-use lifestyle investment." ABOUT JPMORGAN ASSET MANAGEMENT JPMorgan Asset Management is a global asset management leader providing world-class investment solutions to institutions, individuals and financial intermediaries. The firm is responsble for more than $898 billion in assets under management, including $41.1 billion in real estate managed by JPMorgan Asset Management - Real Estate, as of June 30, 2006*. With a 36-year history of successful investing and a staff of more than 200 real estate professionals, JPMorgan Asset Managmenet - Real Estate identifies, analyzes, negoiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells commercial properties on behalf of its clients. JPMorgan Asset Management's broad investment capabilities and framework for analyzing opportunities in today's complex real estate markets provide critical insights for its institutional clients in both the public and private markets. * Based on AUM for the Asset & Wealth Management (JPMAM, PB, PCS) division of JPMorgan Chase & Co. as of June 30, 2006 ABOUT CASTO LIFESTYLE PROPERTIES CASTO Lifestyle Properties, an affiliate company of CASTO, is based in Sarasota, Florida and focuses on the development of mixed-use lifestyle centers. Current projects include the firm's redevelopment of the 524, 000 square foot Winter Park Village in Winter Park, Florida; One Hundred Central, a private-public partnership with the City of Sarasota, anchjored by Whole Foods Market; Main Street at Lakewood Ranch, a 170,000 square foot lifestyle center development located in the heart of the 28,000 acre Lakewood Ranch project; and Lakeside Village, a 500,000 square foot mixed-use lifestyle center located south of Lakeland, Florida. To learn more about CASTO Lifestyle Properties, call 941.552.2700 or visit www.castolp.com. CASTO, a fully integrated real estate organization since 1926, is a recognized leader in the ownership, management, acquisition and development of commercial shopping centers and multi-family residences, office buildings and corporate parks. CASTO's growing portfolio currently includes over 20 million square feet of commercial property and nearly 7,000 residential units located primarily throughout the midweestern and southeastern United States. To learn more about CASTO, call 888.400.0878 or visit www.castoinfo.com.
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