ABP forms real estate venture in US with Prentiss
NETHERLANDS/US – Dutch civil servants pension fund, ABP, has agreed to form a joint venture with US real estate investment trust, Prentiss Properties Trust.
Prentiss announced yesterday that it has “executed a letter of intent to form a joint venture with ABP”.
The venture will target a combination of stabilised and value-added, class A office buildings in the US over a targeted 18-month horizon. Prentiss says that the venture will seek to invest up to 510 million dollars based on a 51%/49% contribution split between Prentiss Properties and ABP respectively.
Prentiss will be the general partner and will provide property management, leasing and asset management services to the venture. Prentiss Properties Trust is a self-administered and self-managed real estate investment trust ("REIT"). It owns interests in 130 operating properties with approximately 17.4 million square feet.
The venture is expected to close before the end of 2003.