CBRE Global Investors closes US Value Added Fund
CBRE Global Investors has held the final closing of CBRE Strategic Partners US Value 6, with equity commitments of nearly USD1.1bn from 22 institutional investors in the US and Europe, exceeding its target of USD750m.
The fund, which is now closed to new investors, is expected to have total purchasing power of USD2.7bn.
Strategic Partners US Value 6 is a continuation and evolution of CBRE Global Investors’ enhanced-return strategy in the US. The investment team will target value-added-level returns through investment in institutional-quality properties judged to have above-average return potential in highly-rated major metropolitan areas across the US.
Strategies include repositioning underperforming assets and improving occupancy levels through implementation of Strategic Partners’ signature tenant amenity programmes, including 5-Star Worldwide for office buildings and Red Carpet for multi-family assets.
“We have a proven investment team that has demonstrated the ability to identify assets and markets where value can be enhanced through strong operations,” says Vance Maddocks, president of Strategic Partners US “We sincerely appreciate the partnership we have with our investors and their consultants and the confidence they have placed in us through their commitments to this fund.”
The Strategic Partners US programme, which was founded in 2000, has closed eight funds and three co-investment partnerships, raising USD5.6bn in total.