CBRE Global Investment Partners (GIP) has taken a 45% stake in a US retail property portfolio.
The manager invested in the $1.5bn (€1.4bn) portfolio of 55 retail assets for its Global Alpha Fund and separate-account clients.
The 7m sqft portfolio is spread across 12 US West Coast markets.
Merlone Geier Partners (MGP) will remain the portfolio’s majority owner and operating partner.
Ian Gleeson, CIO at CBRE GIP, said: “This joint venture gives us a rare opportunity to access for our clients a large diversified portfolio of high-quality retail centres that would be challenging to acquire in scale.
“We are pleased to partner with Merlone Geier because it is a leading operator that has significant experience in the retail sector.”
The portfolio, assembled by MGP across five of its discretionary funds, is regarded as core-plus by CBRE GIP.
It includes neighbourhood, community and power centres with a strong tenant base.
Key anchor tenants are primarily grocery and other necessity-anchored retailers.