Inland Western Retail Real Estate Trust, a real estate investment trust affiliated with Oak Brook, Ill-based Inland Real Estate Group of Cos., has formed a $1 billion joint venture to invest in U.S. retail properties with a state pension fund investor advised by Morgan Stanley.The venture will focus on major metropolitan areas, Inland Real Estate said. Inland Western is initially putting $500 million worth of properties from its portfolio into the venture, and another $500 million worth of properties are to be acquired. The state pension fund investor is putting up 80% of the equity for the venture, and Inland Western is putting up 20%.

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