Carr Properties, a preeminent owner, operator and developer of office properties in Washington, D.C. metropolitan area, announced today that it completed a $300 million convertible debt investment with Clal Insurance Enterprises Holdings Ltd. and its affiliates. Under the terms of the deal, Clal’s $300 million investment will convert into Carr Properties’ equity by August 2018.
Commenting on the investment, Carr Properties Chief Executive Officer, Oliver T. Carr, III, said, “We are excited and honored to expand our investor base through this significant transaction with Clal, one of Israel’s leading insurance, pension and financial services firms. We believe Clal’s investment in Carr reflects its confidence in our people, platform and the long-term strength of the Washington, D.C. market.”
About Carr Properties
Carr Properties is a privately held real estate investment trust which maintains ownership of 16 commercial office properties totaling approximately four million square feet, as well as five major development projects, in Washington, D.C., and the close-in urban sub-markets of Maryland and Virginia. Upon completion of its development pipeline, these projects will add an additional 2.4 million square feet of trophy-quality office space to the company’s portfolio. For more information: www.carrprop.com.
Carr Properties’ lead investors are Alony Hetz Properties and Investments Ltd. and institutional investors advised by J.P. Morgan Asset Management.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $125 billion in assets under management and over 800 professionals (as of September 30, 2017), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from 23 offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: www.jpmorganassetmanagement.com.