Among the investors are Citigroup Pension Plan, the John D. and Catherine T. MacArthur Foundation and The Bush Foundation. Five of the 10 investors were partners in Alliance Fund I, which closed in March 2000.

At closing, Alliance Fund II owned five properties consisting of 17 buildings, acquired by AMB on behalf of the Fund for $111 million between October of 2000 and May of 2001. Total equity committed to the Fund by investors and AMB is $200 million.

At closing, 5% of the equity capital committed had been contributed by investors and AMB. Bank of America N.A. provided Alliance Fund II with a credit facility of $125 million to finance the remaining capital requirements, of which $100 million was drawn at closing. A second and final closing is expected to occur in the third quarter of 2001.