Weingarten will serve as the managing member, tasked withclosing the deals and then leasing and managing the properties. TheJV is looking to buy high-quality, supermarket-anchored shoppingcenters.

AEW has entered into the venture on behalf on one of its Fortune50 pension fund clients. Initial cash flow distributions will bedealt out on a non-preferential pro rata basis with neither partyreceiving a preferred return. Once certain performance hurdles aremet, Weingarten will get a bigger return.

"This alliance will further diversify Weingarten's availablecapital resources and will allow us to enhance our growth throughinvesting in our core property type, the supermarket-anchoredshopping center," said Drew Alexander, Weingarten president andCEO.

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