LONDON, 15 January 2014 – CBRE Global Investors, the real estate investment company, transacted deals worth a total of €3.2 billion last year in Europe, as it positioned it client’s portfolios for investing in to new opportunities in 2014.
The company sold off close to €2 billion and acquired €1.2 billion of property as it wound down or repositioned certain funds across Europe and raised new capital for funds and from new separate account clients for deployment this year.
The fund manager has increased its transaction target for 2014 to €6 billion as it believes that 2014 will provide a broad range of acquisition and sale opportunities European-wide as the region’s economies recover.
Will Rowson, Chief Investment Officer EMEA, CBRE Global Investors, said: “2013 was the year to clearly position our portfolios in a timely fashion as the European-wide recovery begins to gather momentum.
We made a number of tactical disposals, mainly in core Western European markets, which have sold well with market liquidity at strong levels. Structurally, we, along with others in the industry, are seeing the end of the first generation of non-listed property funds. As a business, this means we were more focused on disposals as a natural part of this liquidation process.
Our disposals programme is about selling liquid, non-strategic assets in line with investors’ requirements whilst making more core plus and value add investments in markets where we perceive mispricing.
We aim to double the level of our transactions in 2014 following a successful year of capital raising and the recent hiring of Alain de la Belliere as Head of Transactions in France completes our team of key market facing professionals. We have capital to deploy and we will be a more active player in the market this year, sourcing investments that meet our wide range of stock selection criteria and investor requirements.”
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About CBRE Global Investors:
CBRE Global Investors is a global real estate investment management firm with $87.6 billion in assets under management* as of September 30 2013. 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), and harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services company for the benefit of its investors. CBRE has more than 34,000 employees (excluding affiliates) in more than 300 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to 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 properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. 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.