Chastain Capital Announces Stock Repurchase Program
ATLANTA--(BUSINESS WIRE)--August 3, 1998--Chastain Capital Corporation (Nasdaq/NM:CHAS), a hybrid commercial real estate investment trust managed by Lend Lease Real Estate Investments, Inc., today announced that its Board of Directors has authorized the repurchase of up to 898,000 shares which represent 10% of its common stock outstanding. Purchases in the stock repurchase program will be made from time to time in the open market or in privately negotiated transactions at Chastain Capital's discretion. No minimum number or value of shares to be purchased has been set and no there is no expiration date for the program.
Kurt Wright, Chastain Capital's chief executive officer, stated, "Our business strategy is to invest where we see the highest relative value and produce the best returns for our shareholders. We are currently extremely pleased with the level and pricing of commercial real estate equity, debt and mezzanine opportunities in our pipeline and remain committed to executing our business plan. In addition, with our common stock at recent levels, this repurchase program provides an opportunity to take advantage of pricing inefficiencies in the market and invest accretively for our shareholders.
" Our existing portfolio is shaping up as expected. We have now closed investments totaling $157 million. Additionally, we have 20 first mortgage loans under application totaling $117 million. Investments closed to date are broken down as follows: -0- *T
CMBS Investments $ 102.6
Mezzanine Investments 28.6
Commercial First Mortgage Loans 21.9
Equity Real Estate Investments 3.7
$ 156.8
Chastain Capital Corporation is a newly formed hybrid real estate investment trust that invests in commercial and multifamily mortgage and real estate related assets identified, managed and actively serviced by Lend Lease Real Estate Investments, the largest investment manager of real estate assets owned by pension plans and other tax exempt investors in the United States, with 12 offices located in major metropolitan markets throughout the country. Lend Lease Real Estate Investments, Inc. (formerly ERE Yarmouth) is the U.S. real estate investment unit of Lend Lease Corporation Limited (Australian Stock Exchange: LLC), the Australian-based international property and financial services group. |
