CBRE GIP closes fund after $840m raised
CBRE Global Investment Partners (GIP)has closed a fund targeting European co-investment and joint venture strategies in the property space, after raising $840m (€770m) from six investors.
The fund seeks to invest in deals sourced via GIP’s network of specialist partners, to access deals CBRE said are “not widely available on the open market”.
As of the closure of the fund to new investors, it had committed $231m (€211m) to three transactions, including a French logistics portfolio, two retail assets in Madrid, and a logistics site in the UK, within London’s orbital M25 motorway.
Jeremy Plummer, CEO, CBRE GIP, said: “We are very pleased to have completed a successful capital raising for our European value-add strategy. The completed investments and those in due diligence follow our two main investment themes of prime logistics and dominant retail, with opportunities to enhance return through repositioning or de-risked development with experienced local operating partners.”
CBRE Global Investors is a global real estate investment management firm with $89bn (€81bn) in assets under management, as of December 31, 2015.