Munich RE’s asset management arm MEAG has acquired a 247-unit residential asset in the US via a new separate account relationship with CBRE Investment Management.
MEAG and CBRE IM have bought the Liberty Warehouse residential property in downtown Durham in North Carolina for an undisclosed amount. The property includes 20,700sqft of fully leased ground-floor retail.
The deal is part of a separate account mandate that MEAG recently signed with CBRE IM to invest in the US residential market.
Volker Zinkl, MEAG’s head of international real estate asset management, said: “Located in the heart of downtown Durham, Liberty Warehouse is a strategic addition to Munich Re’s growing US residential portfolio.
“We believe in the long-term outperformance of prime, well-located, urban assets in walkable neighbourhoods to foster a work/life environment that will continue to attract talent and growth.”
Jeff Torto, a portfolio manager at CBRE Investment Management, said: “Raleigh Durham has transformed into an attractive new economy hub. , “With the market’s established educational infrastructure, growing life science ecosystem and influx of STEM talent, we expect it to be an outperforming market.”
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