CBRE Investment Management has raised $599m (€558m) in total for its global special situations fund and co-investment vehicles.
The manager said capital raised for the CBRE Global Special Situations Fund (GSSF) and its co-investment vehicles exceeded a $500m fundraising target.
GSSF seeks to invest in situations where liquidity or capital constraints provide an “opportunity to acquire high-quality” real estate at an attractive basis.
CBRE said the primary execution focus has been through participations in recapitalisations and partial interests in high-quality assets.
According to the manager, 70% of GSSF’s capital has already been deployed across five investments providing exposure to European last-mile logistics, US light industrial, US single-family rental and US self-storage.
Matt Tepper, fund manager for CBRE Investment Management, said: “The fund’s strategy is designed to take advantage of inefficiencies in capital markets and create unique opportunities for our investors through recapitalisations and GP-led secondaries.
“We are seeing a significant and growing opportunity within these execution structures that can enhance the opportunity set for investors while providing access to high-quality real estate and attractive risk-adjusted returns.”
Achal Gandhi, CIO of indirect real estate strategies at CBRE Investment Management, said: “The fund allows us to expand our execution into the opportunistic return spectrum and take full advantage of our deep operating partner network.
“GP-led secondaries are becoming a more prominent execution path in private real estate markets globally, and we expect this theme to continue going forward.”
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