CBRE Global Investors has completed its first transaction for Germany’s Wealth Capital Management.
The investment manager bought the 303 Bryant office building in California’s Mountain View for the separate account mandate.
Both CBRE Investors and WealthCap declined to comment on the purchase price for the 55,956 sqft asset.
According to published reports, the company paid $64.4m (€50.7m).
Peter Grey-Wolf, a vice-president with WealthCap, said the company will use CBRE GI to grow its US portfolio.
WealthCap is investing in core and core-plus assets in the US office, industrial, retail and apartment sectors.
Grey-Wolf said the company, which invests for institutions and wealthy individuals, defines core-plus as properties with vacancy issues, in need of higher leverage than core or requiring capital improvement.
The separate account, which has no specific amount of capital allocation, operates on a deal-by-deal basis.
CBRE Investors sees the relationship with WealthCap as part of a bigger trend in cross-border capital.
The manager last year raised $1.2bn for cross-border capital as part of $3.3bn raised for separate accounts.