35 class A

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IPC US REIT's portfolio is top heavy with such top tier assetsas the 574,812-sf Loop Central at 4848 Loop Central Dr. inHouston's Galleria. It also owns properties in Florida, Kansas,Kentucky, Louisiana, Massachusetts, Maryland, Nevada, NewHampshire, New Jersey, New York, Ohio, Pennsylvania and Tennessee.Altogether the portfolio stretches across 9.6 million sf in 13states.

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Since the August announcement, IPC US REIT has been seekingbuy-out offers under the initial agreement's "go-shop" clause,which expired Sept. 30; however, all signs over the course of thelast few months pointed to a successful closing by BehringerHarvard--if only because IPS US REIT had conducted an exhaustivesearch for a buyer prior to inking the definitive agreement withthe Dallas-based REIT.

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For Behringer Harvard, the acquisition will expose its REIT I'sportfolio to 16 new markets, not to mention being the largestsingle acquisition in dollars and size in the company's history todate. REIT I tends to be populated with institutional-grade assetsacquired for eight- to 12-year hold periods so the firm's approachto its new acquisition will likely focus on tighter management ofthese assets as well as some strategic repositioning.

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