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International investor raises its stake in Plano's $3 billion Legacy West

Atlanta-based Invesco Real Estate has been the lead equity investor in the huge development since the beginning.

The institutional investor that backed Plano's $3 billion Legacy West development has upped its stake in the project.

Since Day One, Atlanta-based Invesco Real Estate has been the lead equity player in the hugely successful mixed-use project in West Plano.

Invesco recently acquired a larger share in the ownership of the Legacy West project from developers Fehmi Karahan and Robert Shaw.

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Karahan Cos. and Shaw's Columbus Realty apartment building firm continue to participate in the ownership of Legacy West with Invesco.

"Robert and I are still partners in Legacy West and are continuing with the development," Karahan said.

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Karahan and Shaw are about to break ground on the next phase of Legacy West — a six-story combination office, retail and apartment building across the street from Liberty Mutual Insurance's high-rise office campus.

An Invesco affiliate provided funding for the new project, Collin County deed records show.

Invesco representatives said it's against company policy to discuss details of its real estate transactions.

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But Karahan confirmed that the real estate arm of the international investment adviser, which has more than $1 trillion in assets, has acquired a bigger stake in Legacy West. Terms of the transaction were not disclosed.

Invesco was one of the first major financial backers to step up and support the 250-acre Legacy West project when the development kicked off four years ago.

The project built by Karahan Cos., Columbus Realty and KDC is one of the largest and most successful real estate projects ever built in Texas.

It's home to large corporate campuses for companies including Toyota, Liberty Mutual, JPMorgan Chase and FedEx Office.

The development also has over 2,000 residential units, shops and restaurants and a luxury hotel.

Shoppers walk down the street at Legacy West in Plano.
Shoppers walk down the street at Legacy West in Plano.(Rose Baca / Staff Photographer)