Inland Real Estate forms joint venture with Dutch financial firm PGGM to buy retail centers

Inland Real Estate, PGGM in retail joint venture

OAK BROOK, Ill. — Inland Real Estate Corp. said Monday that it has formed a joint venture with the Dutch financial firm PGGM to acquire $270 million worth of grocery-anchored and community retail centers in the midwestern U.S.

PGGM, a pension fund administrator and asset manager, will contribute $20 million in equity and Inland Real Estate will provide three retail centers worth $45 million to the joint venture. The properties are located in Arden, Minn.; Elk Grove, Ill.; and Buffalo Grove, Ill.

Inland Real Estate will add more properties after the initial investment, and PGGM will contribute an additional $130 million in equity. PGGM will own a 45 percent stake of the joint venture and Inland Real Estate will hold the remaining 55 percent.

The joint venture will acquire more assets during the next two years.

Shares of Inland Real Estate rose 13 cents to $7.77 in morning trading.