Thu, 16/03/2017 - 09:53
CI Institutional Asset Management, a division of CI Investments, has launched a global real estate fund in association with CBRE Global Investment Partners.
Through the new CI Global Private Real Estate Fund, high net worth investors and smaller Canadian institutions can now gain exposure to CBRE Global Investment Partners Global Alpha Fund, an open-ended fund with direct investments in over 1,900 properties in North America, Europe and the Asia-Pacific region.
"Investing in a global portfolio of private real estate offers many benefits, including attractive returns, diversification, low or negative correlation to stock and bond markets, a potential inflation hedge, and stable income," says Neal Kerr (pictured), president of CI Institutional Asset Management (CIIAM). "Through CI Global Private Real Estate Fund, we are pleased to offer Canadian investors access to the expertise of a leading global real estate firm and exposure to an investment strategy that has posted exceptional risk-adjusted returns since its inception."
Ian Gleeson, CIO of CBRE Global Investment Partners, adds: "We are very pleased to be teaming with such a like-minded, well-regarded firm as CI Institutional Asset Management in this initiative. Through this relationship, we are able to deliver accessibility to a unique global real estate portfolio that normally only sovereign wealth funds could access."
CI Global Private Real Estate Fund is a Canadian-based trust that will invest indirectly in units of CBRE Global Investment Partners Global Alpha Fund, which has investments in over 1,900 office, retail, logistical and residential properties in more than 20 countries representing a combined net asset value of USD2 billion. Global Alpha Fund has an objective to deliver stable dividend income of 4-5 per cent per annum and a net total return of 9-11 per cent per annum (in local currency) over a market cycle.
Global Alpha Fund is managed by CBRE Global Investment Partners (CBRE GIP), which employs 78 professionals in offices in London, Amsterdam, Boston, New York and Singapore. CBRE GIP is a division of CBRE Global Investors, a global real estate investment management firm that benefits from its affiliation with CBRE Group, a full-service commercial real estate services and investment company with 70,000 employees in more than 400 offices worldwide.
The Global Alpha Fund portfolio is actively managed, using CBRE GIP's industry experience, strong research capabilities and global information network to seek the best investment opportunities by sector and geographic region. The team follows a value-oriented approach with a focus on relatively high income yields and predictable cash flows. In making investments, CBRE GIP partners with specialist local operators.
CI Global Private Real Estate Fund, which is offered on an exempt basis, is now available to permitted clients with a minimum investment of USD2 million (Class I units) and to accredited investors with a minimum investment of USD150,000 (Class F units) through registered dealers.
"We have structured the fund so that it's accessible to both individual high net worth investors and smaller Canadian institutions, allowing them to avoid the hurdles of investing in offshore vehicles," Kerr says. "To further broaden the fund's appeal, we have built in features designed to enhance the liquidity of the units, given that private real estate holdings are by nature a less liquid investment."
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