Friday, January 4, 2008
Dutch pension fund to invest up to $300 million in Dallas-based Behringer Harvard
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DALLAS — Dallas real estate company Behringer Harvard announced today that Dutch pension fund PGGM has agreed to increase its investment in Behringer Harvard's growing portfolio of Class A apartment communities to $200 million. This amount reflects an additional $100 million over the initial $100 million PGGM committed to invest in Behringer Harvard's multifamily platform in May 2007. PGGM also has an option to expand its commitment to $300 million.
Photo not provided by Behringer Harvard
The multifamily Class A apartments will be infused with plenty of Dutch culture
"Since partnering with PGGM in May, our multifamily team has completed, or is in the final stages of completing, transactions in 11 outstanding Class A apartment assets," said Robert M. Behringer, founder and chief executive officer of Behringer Harvard. "We believe PGGM's decision to increase its investment in our platform is a testament to the quality of these properties, their geographic diversity and the unique approach we've developed to achieve exceptional pricing."
According to Mark Alfieri, Behringer Harvard's senior vice president -- real estate, the company has made investments in the metro areas of Washington, D.C., Las Vegas, Atlanta, Dallas and Houston and has additional near-term closings planned for properties in the Washington, D.C., Fort Lauderdale and Denver areas.
"Our program will continue to target the finance and purchase of well-located, high-quality apartment communities," said Alfieri. "These include projects from reputable national and regional developers that are planned, currently under construction or recently completed."
Source: Behringer Harvard
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