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OAK BROOK, IL—The United States real estate market remains one of the most attractive places in the world to park your money, even for European investors. PGGM, for example, a Dutch pension fund service provider, has just made another major commitment to invest in America by forming a joint venture with a wholly-owned subsidiary of The Inland American Real Estate Trust, Inc. The new venture, between PGGM and IAGM Retail Fund I Member, L.L.C., will focus on acquiring and investing in necessity-based retail shopping centers in Texas and Oklahoma.

The partners say the venture will eventually have a value of more than $600 million. Inland American, a real estate investment trust based in suburban Chicago, will have an equity stake of 55% and brings in an existing portfolio of 13 retail centers scattered across the two states with about 2.3-million-square-feet. PGGM has contributed about $79.4 million of equity and will contribute another $50.7 million for new acquisitions in the targeted area. Inland has recently been on a spending binge in the two states. In January, for example, the trust completed the purchase of Rockwell Plaza, a 254,690-square-foot shopping center in Oklahoma City and Stone Ridge Market, a 218,436-square-foot shopping center located in San Antonio.

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