Duke Realty forms venture with CB Richard Ellis

By Associated Press
May 6, 2008
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Duke Realty Corp. said Tuesday it formed a venture with CB Richard Ellis Realty Trust that will buy $800 million in newly developed industrial projects from Duke over three years.

Duke said the move fits its plan to raise capital and eventually launch new private investment funds.

The venture has agreed to buy three bulk industrial properties for $250 million in 2008 along with additional properties Duke plans to develop in the next three years.

CB Richard Ellis said the deal allows it to get access to newly constructed industrial properties.

Duke Realty shares rose 5 cents to $26.03 in morning trading.
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