[CPEO-BIF] "Restoring Poisoned Properties"

[Tony Chenhansa <cpeo@cpeo.org>]

(Copy and past the following URL to read the complete article)

http://www.sfgate.com/cgi-bin/article.cgi?f=/chronicle/archive/1999/10/27/BU
6440.DTL&type=printable

Restoring Poisoned Properties
S.F. investment trust to develop urban sites 
David Lazarus, Chronicle Staff Writer
Wednesday, October 27, 1999 
San Francisco Chronicle 


Seeking out opportunities in nasty places, San Francisco's AMB Property
Corp. is teaming up with one of the world's largest insurance firms to
purchase, clean and develop sites nationwide that are ``environmentally
challenged'' by hazardous materials. 

It is the first time that a real estate investment trust, or REIT, will
take an active role in turning around contaminated properties. REITs are
business entities that invest in property, mortgages or real estate-related
securities. They have been popular with many small investors. 

The scale of the initiative also is noteworthy. AMB will commit $50 million
to the venture, as will AIG Global Real Estate Investment Corp., a
subsidiary of American International Group, the country's largest
underwriter of environmental and industrial insurance. 

The two companies said they will focus on contaminated urban areas in San
Francisco, Los Angeles, Seattle, Atlanta, Chicago and New Jersey. 

... The joint venture has been dubbed the Greenfield Investment Alliance ...

(Copy and past the following URL to read the complete article)

http://www.sfgate.com/cgi-bin/article.cgi?f=/chronicle/archive/1999/10/27/BU
6440.DTL&type=printable


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