The first of these funds was formed with $120 million and thesecond was established a year later with $300 million. OpportunityFund II invested in 35 properties in nine states that had beenowned by a bankrupt furniture chain as well as in 53 MontgomeryWard outlets. Since Lubert-Adler was formed in 1997, it has raisedmore than $1.25 billion in capital for opportunistic real estateinvestments.

Investors in Lubert-Adler Real Estate Fund III include six stateand municipal funds, nine academic endowments and five corporatepension funds as well as several high net worth individuals.IraLubert, co-founder of the company as well as several other privateequity firms, notes that, "We believe that this level ofinstitutional commitment represents a strong endorsement of thevalue-added redevelopment strategy that we employ."

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