REIT Will Concentrate On Retail Assets In TX, OK

Posted by Orb Staff on May 02, 2013 No Comments
Categories : Commercial Mortgage

IAGM Retail Fund I Member LLC, a subsidiary of Inland American Real Estate Trust Inc. has formed a new joint venture with PGGM Private Real Estate Fund that will focus on investing in multi-tenant retail shopping centers in Texas and Oklahoma.

The new joint venture is anticipated to have a total levered enterprise value in excess of $600 million, in which Inland American will have a majority equity stake of 55%, function as the managing member and retain property management rights. PGGM put approximately $79.4 million of equity into the new joint venture, and Inland American contributed a portfolio of 13 stabilized necessity-based retail assets located in Houston, Dallas, San Antonio and Oklahoma City. PGGM will contribute an additional $50.7 million for a total of $130 million of equity toward new acquisitions.

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