CBRE Global Investors Closes U.S. Value Added Fund
LOS ANGELES--(BUSINESS WIRE)-- CBRE Global Investors today announced the final closing of CBRE Strategic Partners U.S. Value 6, L.P., with equity commitments of nearly $1.1 billion from 22 institutional investors in the United States and Europe, exceeding its target of $750 million. The fund, which is now closed to new investors, is expected to have total purchasing power of $2.7 billion.
Strategic Partners U.S. Value 6 is a continuation and evolution of CBRE Global Investors' enhanced-return strategy in the U.S. 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 United States. Strategies include repositioning underperforming assets and improving occupancy levels through implementation of Strategic Partners' signature tenant amenity programs, 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," said Vance Maddocks, President of Strategic Partners U.S. "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 U.S. program, which was founded in 2000, has closed eight funds and three co-investment partnerships, raising $5.6 billion in total.
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $90.4 billion in assets under management* as of September 30, 2012. 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. (NYS: CBG) . It 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 Group, Inc. has approximately 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.
CBRE Global Investors
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