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CIT Forms Sale/Leaseback Group

CIT Group Inc. (NYSE: CIT) today announced the formation of Sovereign NNN Ventures, a joint venture between CIT and Sovereign Investment Co., a private equity firm that provides sale/leaseback capital. Under the terms of the agreement, Sovereign Ventures will have an initial capitalization of up to $250 million. Sovereign will manage the new entity. Sovereign Ventures will purchase the portfolios of net-leased properties in the retail, restaurant, office and industrial sectors, and will target companies seeking to expand operations, recapitalize or create liquidity through their real estate assets.