Netherlands Fund Acquires Majority Share of Abbey Co.
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Rodamco NA, a major property fund based in the Netherlands, has acquired a controlling interest in The Abbey Co., a Garden Grove-based commercial and industrial real estate concern.
The Abbey Co. will receive a $125-million infusion in exchange for 65% of the company’s outstanding common stock. Founder Donald Abbey, who launched the business nine years ago with $30,000, retains the rest.
The firm will retain its 90 employees. Abbey himself and Rodamco advisor Cecil Conlee will be co-chairs of the company, which has a 2-million-square-foot portfolio of commercial and industrial properties.
The deal represents Rodamco’s first move into the Southern California market.
Abbey said the company will look for undervalued properties “in Southern California, and perhaps expand into Phoenix, Las Vegas and the Northwest.” He said his firm expects to soon close on two retail centers in San Diego and one in Oxnard, totaling 200,000 square feet.
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