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.
