Dallas-based Hillwood Development Corp. and ING Clarion Partners, a national real estate investment firm, have entered into a strategic partnership involving more than 8 million square feet of industrial properties, Hillwood said Monday.ING Clarion entered into the partnership on behalf of the Lion Industrial Trust, an open-end commingled fund focusing exclusively on the industrial sector.With the addition of the Hillwood portfolio, LIT owns 38 million square feet of industrial/distribution properties located in major markets nationwide.The partnership will serve as a platform for Hillwood and ING Clarion to work together on future development opportunities across the country. New York-based ING Clarion is the U.S. real estate management affiliate of ING Group, a global leader in insurance, banking and investment management, with $600 billion in total assets under management worldwide and $57 billion in its real estate portfolio.All of the properties included in the partnership are located outside of Hillwood’s 17,000-acre AllianceTexas development.Hillwood will maintain a significant ownership position and will continue its pre-partnership role of marketing and managing the buildings. Ten of the 16 buildings involved in the partnership were developed by Hillwood. The others were purchased by Hillwood over the past two years. The properties, the majority of which were constructed and leased within the past two years, are located in core industrial markets including Los Angeles, Dallas, Harrisburg, Pa., and greater Memphis, Tenn.”This strategic platform will allow Hillwood to strengthen its position as one of the top development companies in the nation and to better access international markets through ING Clarion and their Lion Industrial Trust,” said Ross Perot Jr., chairman of Hillwood.
News Article | 11/22/2004