Investors Confident About Florida's Future

Angel or vulture? You decide. It's certainly not a bad time to have cash, although I'm fairly certain commercial still has some room to drop. It sure ain't over. From MarketWatch.

Kitson & Partners and Their Investors Confident About Florida's Future
Capital partners commit $750 million for residential and retail acquisitions

PALM BEACH GARDENS, Fla., Sept 10, 2008 /PRNewswire via COMTEX/ -- A leading institutional investor is demonstrating confidence in the long-term prospects for Florida's real estate market. Chicago-based real estate private equity investor Evergreen Real Estate Partners and its backers have committed $750 million to Palm Beach Gardens-based developer Kitson & Partners to pursue additional residential and commercial real estate development projects in Florida.

Named 2007 Developer of the Year by Real Estate Finance & Investment for its work on the Babcock Ranch project in Southwest Florida, Kitson & Partners has an established track record of conscientious master planning and development throughout the State of Florida. Kitson & Partners has acquired in excess of $900 million of residential and commercial assets within Florida over the past two years. The capital commitment puts Kitson & Partners in a strong position to close additional deals as the opportunities present themselves.

"In a tight credit market, land owners are looking for certainty," Syd Kitson, CEO of Kitson & Partners, explained. "If our company makes an offer, we can close the deal with the seller. We have the financial strength to finish what we start."

Kitson said the firm is targeting high quality locations throughout the State of Florida including raw land, entitled land and improved or semi- improved land for residential development. The company is currently developing 21,270 acres in Florida which will include 25,770 residential units. Kitson & Partners is also actively seeking to grow its retail property portfolio by acquiring stabilized and value-added shopping centers as well as considering joint venture development opportunities. Kitson & Partners currently owns and operates eleven shopping centers around the state.

SOURCE Kitson & Partners

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