A number of large Asian insurance companies have awarded CBRE Global Investors a $200m (€145m) discretionary mandate to invest in global real estate.
CBRE Global Investors’ separate accounts group will build a core/core-plus real estate portfolio in Europe and the US.
The mandate will target both debt and equity investments across 25 markets in the UK, the US, France and Germany.
Matt Khourie, global chief executive at CBRE Global Investors, said: “Investors are increasingly diversifying their real estate portfolios by looking abroad.”
CBRE raised $3.3bn for separate accounts last year, including $1.2bn for cross-border investments, with Asian investors “particularly active” deploying capital via separate accounts in Europe and the US.
Meanwhile, Invesco Real Estate has bought Tour Prisma at La Défense on behalf of a new separate account client, an undisclosed Asian state pension fund.
Rory Morrison, senior director of fund management, said Invesco was assessing “additional opportunities in Europe, focused initially in France and Germany” for the client as it looked to build a high-quality European property portfolio.