CBRE Global acquires US office assets for WealthCap account

Germany’s Wealth Capital Management has bought two office assets in the US through a separate account mandate with CBRE Global Investors.

Two completed campus buildings in the Silicon Valley’s Los Gatos were bought for the company by the manager, which is advising it on US commercial real estate investments.

The deal follows the announcement that GTIS Partners has hired three former Pramerica directors as it targets the German investors looking to invest in the US.

Mahmoud Hawari, president of WealthCap Investments, said: “This is a rare, newly constructed building in a supply-constrained market that fits very nicely with our strategy to invest in innovation districts in the US.

“This is a market where people and businesses want to be to enjoy a wide variety of benefits, which you can see by the dynamic growth in this market over the last few years.”

CBRE completed its first transaction for WealthCap last year, buying the 303 Bryant office building in California’s Mountain View.

The two office buildings include 260,979sqft and are both fully let to Netflix, which will use the buildings at its headquarters.

Peter DiCorpo, president of the CBRE Global Investors managed accounts group, said: “As a high-quality core office building in a highly desirable and high-barriers-to-entry submarket, the property is a strategic fit that is consistent with WealthCap’s targeted net return, product type and geographical acquisition criteria.”