Edens & Avant Announces $150 Million Equity Commitment: Commitment Brings Total Capital Raised to Nearly $1 Billion in Last 12 Months

COLUMBIA, S.C., April 5, 2011 /PRNewswire/ -- Edens & Avant, one of the nation's leading retail real estate owners and development companies, announced today that it has closed a new $150 million equity commitment from the State of Michigan Retirement System, New York State Teachers' Retirement System and institutional investors advised by J.P. Morgan Asset Management.  This commitment, when combined with an existing equity commitment and other sources, including privately placed unsecured debt, brings the total capital raised by the Company over the past 12 months to nearly $1 billion. Edens & Avant is a private REIT with a market-dominant grocery anchored portfolio of 124 properties concentrated in Boston, New York, Washington, D.C., Atlanta and Miami.

"This equity commitment demonstrates the continued support and confidence our blue-chip institutional investors place in Edens & Avant," said Jason Tompkins, Edens & Avant Chief Financial Officer.  "With nearly $1 billion of capital raised within the last year, we remain committed to maintaining a conservative, flexible balance sheet while continuing to focus on urban retail investments in major East Coast markets."    

About Edens & Avant: Edens & Avant develops, owns and operates neighborhood shopping centers in primary markets throughout the East Coast. Focusing on innovative development and redevelopment together with key acquisitions in urban areas, the Company has built an institutional-quality portfolio of 124 retail centers. Edens & Avant has Regional Headquarters in Atlanta, Boston, Washington DC, Miami and Columbia, SC. For additional information about the Company and its retail real estate portfolio, please visit www.edensandavant.com.

SOURCE Edens & Avant