Associated Estates Realty, a REIT, plans to buy MIG Realty Advisors, a pension fund real estate money manager for $306 million in cash and common stock.
MIG will contribute 11 of the 36 apartment communities that it manages for tax-exempt investors to the REIT, said Barbara E. Hasenstab, director of investor relations. Another 22 communities will be managed by MIG Realty Inc., a wholly owned subsidiary of Associated Estates. It is not known who will manage the rest of the properties.
Visy Industries, Conyers, Ga., allocated an additional $42 million to Putnam after the takeover of recently acquired Bell Packaging's defined benefit plan.
Putnam will manage the entire $102 million defined benefit plan in a global asset allocation portfolio, which includes stocks, bonds and cash.
