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CHICAGO-First Industrial Realty Trust is on the prowl for up to $425 million worth of net-leased industrial properties in the US, buoyed by a $100-million equity stake put up by the Kuwait Finance House. The REIT also is putting up $18 million of its own equity, making it a 15% partner in the venture.

“The purpose of this new venture is to enable us to further serve the needs of our customers and expand our full-service capabilities to corporate America,” says First Industrial Realty Trust president and CEO Mike Brennan.

It is not the first time the REIT and $8-billion financial institution have teamed up. The two parties joined forces in late 2001 on a $300-million fund.

“Our initial venture with First Industrial has performed exceedingly well,” says Kuwait Finance House assistant general manager Mohammed S. Al-Omar.

First Industrial chief financial officer Michael Havala adds returns in the first venture have been higher than expected. “This new venture represents another opportunity for us to earn a high return on invested capital,” he says.

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