Shopping Center Developer Gets Boost

A European pension fund has invested $40 million in Newport Beach-based Donahue Schriber, the shopping center developer and operator said Wednesday.

The investment by BPMT (Stichting Bedrijfspensioenfonds voor de Metaal en Technische Bedrijfstakken) boosts Donahue Schriber's market value to about $600 million.

Privately held Donahue Schriber owns and operates 51 shopping centers in California, Nevada and Arizona. Part owner of the Glendale Galleria, the firm built the Tustin Marketplace and redeveloped both the Fashion Island shopping center and the Galleria at Tyler in Riverside.

Established in 1946, BPMT represents 37,000 companies and 328,000 workers in the Netherlands. It is one of the major European institutional investors with assets of $14 billion and real estate holdings worldwide.

"In recent months we have focused additional funds on retail real estate, in particular the area of neighborhood centers," Erwin Stouthamer, BPMT's head of international real estate, said in a statement.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World