Ramco Enters Retail Property JV

Ramco-Gershenson Properties Trust, a Farmington Hills, Mich.-based retail real estate investment trust, has entered into a joint venture with another investor to acquire up to $450 million in retail properties in the Midwest and mid-Atlantic regions.Ramco will have a 20% equity stake in the venture, while its co-investor, an associate of Chicago-based Heitman, will have an 80% stake, the REIT reported. The venture is also expected to take on additional debt funding of 65% on the acquired properties. Ramco is contributing three retail properties to the venture for about $125 million. The venture is expected to acquire additional properties in two more years. Ramco can be found on the Web at http://www.rgpt.com.