London 21/07/2016 – CBRE Global Investment Partners (GIP) has acquired the Willow Brook Centre, Bristol for £88.8 million. The acquisition is made on behalf of the CBRE GIP European Co-Investment Fund (ECF) working with Arax Properties (Arax), and is ECF’s fifth purchase. ECF and Arax are already collaborating on a portfolio of logistics assets in France acquired by ECF in 2015.
The 231,000 sq ft Willow Brook Centre is a town centre retail park in Bradley Stoke, a substantial residential suburb north of Bristol with a local catchment of approximately 169,000 people.
The centre was opened in 2009 and is anchored by Tesco. There are a further 40 tenants, including Argos, Iceland and Boots, as well as a strong food and leisure offer.
Charles Baigler, Fund Manager ECF, CBRE Global Investment Partners, commented: ”We have acquired an asset that is anchored by a high performing tenant and offers a long term, stable income stream supported by strong catchment fundamentals. The Willow Brook Centre also provides a number of asset management opportunities that will allow us to increase and diversify income.”
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About CBRE Global Investment Partners
CBRE Global Investment Partners is the division of CBRE Global Investors that delivers investment solutions customised for clients’ individual objectives by constructing portfolios using private funds, secondaries, co-investments and joint ventures, partnering with leading operators and fund managers for each strategy. Investments cover the risk spectrum from core to enhanced, can be global or regional in nature, and use a variety of investment vehicles based on clients’ preferences. GIP has $14.0 billion in assets under management* as of March 31, 2016. CBRE Global Investment Partners’ AUM includes investments in programs managed by the direct side of CBRE Global Investors. CBRE Global Investment Partners Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA).
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $89.7 billion in assets under management* as of March 31, 2016. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.