Dutch property investor United Development Company (UDC) said on Thursday that it has launched a $1bn (EUR 628mln) investment and development fund to invest in the US retail property market. UDC was set up by Ton van Dam, the former co-founder of Dutch property firm Multi Development. UDC said it has already signed deals on 14 projects worth $40mln for the new fund.
Dutch property investor United Development Company (UDC) said on Thursday that it has launched a $1bn (EUR 628mln) investment and development fund to invest in the US retail property market. UDC was set up by Ton van Dam, the former co-founder of Dutch property firm Multi Development. UDC said it has already signed deals on 14 projects worth $40mln for the new fund.
UDC and SNS Property Finance, the real estate financing arm of Dutch financial group SNS Reaal, have set up the fund under the management of UDC’s Texas-based US unit N3 Real Estate. N3 currently has land and retail developments valued at $90mln. The projects include locations for Starbucks, Chase Bank, Sonic, Whataburger, Game Stop and Alltel in Texas, Oklahoma and Florida.
Biff McGuire, general manager of UDC in the US, said the company plans to boost its US retail investments to $2bn by 2010. He said the fund is targeting retail and mixed projects valued at over $2mln per development. UDC is looking to invest in the so-called Sun Belt regions of Texas, Oklahoma, Georgia, Florida, North and South Carolina, California, Arizona and Nevada.
