BPP Retail has completed the acquisition of 12 shopping centers from...

BPP Retail has completed the acquisition of 12 shopping centers from AMB Property for approximately $246 million. BPP Retail is a joint venture between Burnham Pacific Properties, a retail real estate investment trust, and the $160 billion California Public Employees’ Retirement System, Sacramento. The centers, located in California, Nevada, Colorado, Texas, Illinois and Minnesota, add approximately 2 million square feet of retail space to the company’s portfolio of more than 11 million square feet. The acquisition is the second of three transactions to be completed by the end of 1999. BPP Retail has agreed to acquire 25 shopping centers owned by AMB, consisting of 4.2 million square feet of retail space, for approximately $560 million.