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REIT, Pension Fund Form $1 Billion JV To Invest in Retail

Focusing on major metropolitan areas.

A real estate investment trust affiliated with Inland Real Estate Group of Cos., Inland Western Retail Real Estate Trust, has formed a $1 billion joint venture to invest in United States retail properties with a state pension fund investor advised by Morgan Stanley.

The venture will focus on major metropolitan areas, Inland Real Estate said.

Inland Western is initially putting in $500 million of properties from its portfolio into the venture and another $500 million worth of properties is to be acquired.

The state pension fund investor is putting up 80% of the equity for the venture and Inland Western is putting up 20%.

This venture is a part of "our commitment to evolve towards an increasingly asset management-based platform," according to Inland Real Estate.

In another joint venture entered into by Inland Real Estate Corp. recently, the REIT proposes to develop $100 million in new shopping centers per year, over a four-year period.

The joint venture partner on that venture is Northbrook, Ill.-based Pine Tree Institutional Realty.

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