US - The global real estate platform for the US$40bn Ontario Municipal Employees Retirement System (OMERS) has formed a joint venture with retail-REIT Glimcher Realty Trust.
The OMERS platform, known as the Oxford Properties Group (Oxford), will work with the Glimcher Realty Trust (Glimcher) to acquire anchored retail properties in the US.
Oxford, which owns and manages a $10bn portfolio of diverse real estate assets, intends to allocate an additional $200m in equity towards the purchase of anchored retail properties through the venture, subject to final approval by its investment committee.
Under the venture agreement, Glimcher will be entitled to receive certain promotes once Oxford earns specified returns on each individual acquisition.
The venture’s first acquisition, completed 29 December 2005, was the US$170.1m purchase of Puente Hills Mall, located in the Los Angeles metro area.
Glimcher owns a 52% interest in the venture and Oxford owns the remaining 48% interest.
Oxford president and CEO, R Michael Latimer, said: Oxford is pleased with not only this first investment with Glimcher Realty Trust, but also the opportunity for further investments with this new strategic partner.
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