Duke Realty Announces Joint Venture for National Healthcare Development; Bremner & Wiley Partner with Duke's National Development Group.INDIANAPOLIS -- Duke Realty Corporation (NYSE NYSE See: New York Stock Exchange :DRE DRE Digital rectal examination. Mentioned in: Rectal Examination ) Combined Market Expertise Seen as Significant Business Opportunity Today Duke Realty and Bremner & Wiley announced a 50/50 joint venture agreement to develop healthcare facilities. Under terms of the agreement, Duke Realty will provide the project financing Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. and construction services while Bremner & Wiley will provide the business development, leasing and property management of the co-developed properties. "A top priority of Duke's National Development group efforts is to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the growing nationwide healthcare demand. We're pleased and confident about this joint venture considering both firms' strength, depth and market expertise," said Dennis Oklak, President & Chief Executive Officer, Duke Realty Corporation. In December 2003, Oklak tapped Duke-veteran Chris Seger to lead the company's National Development Group. James Bremner James Bremner (25 September 1784 - August 1856) was a notable Scottish naval architect and harbour builder. James, the youngest of the nine children of Janet and James Bremner, was born in Stain, near Keiss, in the parish of Wick, Caithness,[1] in Scotland. , President & Chief Executive Officer, Bremner & Wiley added, "A number of factors, including patient demand for convenience and the aging of the baby boom generation, are all placing pressures on healthcare systems to develop new facilities. The timing of this venture leverages the market opportunities and combines our strengths in all the markets we serve." Chris Seger, Executive Vice President of National Development for Duke Realty added that several REITS REITS Real Estate Investors of the Tri-States (Harrison, TN) , pension funds, and investment firms invested over $1 billion in 2003 and have allocated another $1 billion for 2004 in healthcare real estate. "The investment community clearly has an appetite for this asset type," said Seger. Duke Realty Corporation Duke Realty Corporation is one of the largest real estate companies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. with a total market capitalization Total Market Capitalization The total market value of all of a firm's outstanding securities. approaching $8 billion. The Company is a full-service commercial real estate company that owns, manages or has under development more than 112 million square feet of industrial, office and retail properties in 14 major U.S. cities. Duke, which controls 4,600 acres of undeveloped land that can support approximately 69 million square feet of future development, also provides nationwide real estate solutions through its national development and construction division. Bremner & Wiley, Inc. Bremner & Wiley, Inc, headquartered in Indianapolis, Indiana “Indianapolis” redirects here. For other uses, see Indianapolis (disambiguation). Indianapolis (IPA: [ˌɪndiəˈnæpəlɪs]) is the capital city of the U.S. , is one of the nation's leading developers and managers of healthcare facilities for hospital systems throughout the Midwest, East, and South regions of the United States. Focused on a comprehensive and compliance-driven approach, Bremner & Wiley has developed over $500 million in healthcare facilities, and currently manages over 3,000,000 square feet of healthcare facilities. More information about Duke is available on the Internet: www.dukerealty.com For an updated list of available space from Duke, visit www.dukespacefinder.com |
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