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OAK BROOK, IL-AIG Global Real Estate and Inland Real Estate Development are getting hitched. The newly formed $200-million JV of Inland and an affiliate of New York City-based AIG is designed to hike development throughout the Chicago area, Northern Indiana, Southern Wisconsin and Southwest Michigan. AIG is the real estate investment arm of American International Group Inc.
The funds will be used to the purchase undeveloped land for the purpose of residential development. Matthew Fiascone, senior vice president of locally based Inland Real Estate, said in a statement that the partnership will by buying land throughout the next two years and overseeing the planning and design of development efforts.
In addition to the hands-on management of the venture, Inland Real Estate Development will also bring an initial portfolio of already-closed land acquisitions totaling approximately $60 million.
"Thanks in large measure to the industry-leading resources of AIG Global Real Estate, this venture will enable Inland Real Estate Development to do what it has done for the past decade--but on a larger scale," added Anthony A. Casaccio, president of Inland Real Estate Development.
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