CBRE GIP sets up £150m joint venture with Cordatus
CBRE Global Investment Partners has given Cordatus Real Estate £150m (€208m) to invest in UK real estate.
Cordatus, which manages £400m in UK property on behalf of private and institutional investors, will invest in and manage retail, office and industrial properties for the real estate multi-manager.
He said the new partnership “builds on the success of our existing private client business, workout mandates and joint ventures”.
Alex Bignell, head of UK at CBRE Global Investment Partners, said: “We see an opportunity to invest in smaller lot sized assets in the UK regions to deliver attractive returns for our clients.”
The joint venture will target UK regional markets and lot sizes between £3m and £15m.
Cordatus co-founder, Mike Channing, formerly deputy head of property at Scottish Widows Investment Partnership, will manage the joint venture.