CBRE GI restructures Euro industrial fund

The property services firm has raised €140 million of fresh equity for its industrial fund through secondaries transactions.

CBRE Global Investors has raised €140 million of fresh equity for its European Industrial Fund, Secondaries Investor has learned.

 The European Industrial Fund has been re-launched, following its restructuring and the introduction of an improved governance framework.The capital was committed by three new and two exiting investors through secondaries transactions, according to a statement from CBRE GI.

“The successful recapitalisation of this fund is a clear indication of the increase in liquidity provided for investors through secondary trading in our European funds,” said Mike Clarke, head of EMEA Investor Services.

The fund, for which CBRE GI invests in prime logistics assets in Europe, has a seed portfolio of assets valued at €465 million. The firm said it hoped to grow the value of the fund’s assets to €800 million through investments made over the next three to four years. Earlier this year, the fund reportedly sold three Dutch logistic distribution centres to funds managed by The Blackstone Group.

This restructuring comes a few months after secondaries transactions were announced for the €1.5 billion CBRE Dutch Office Fund. In June, Netherlands-based pension fund manager Blue Sky Group acquired a significant stake in the fund on the secondary market, though the exact value of that deal remains undisclosed.

Arshiya Khullar contributed to this report.