CBRE Global Multi Manager (GMM) has launched a new joint venture with Palmer Capital targeting £250 mln (€325 mln) of value add and opportunistic transactions in the UK.
CBRE Global Multi Manager (GMM) has launched a new joint venture with Palmer Capital targeting £250 mln (€325 mln) of value add and opportunistic transactions in the UK.
The programme will target a 15% Internal Rate of Return to investors by undertaking development and active management, as well as acquiring sites with change of use potential.
The institutional capital has been exclusively committed by clients of GMM.
This is the sixth joint venture that GMM has launched in the past 12 months, bringing the total capital commitments to over £800 mln. GMM has formed ventures with Ardstone Capital for one fund to invest in UK regional offices and a second fund to invest in Dublin offices and retail. GMM has also targeted student housing in the UK via a vehicle with Curlew Capital.
Outside of the UK, GMM has a debt fund and neighbourhood shopping centre fund in the US and in Europe, a German mezzanine debt fund.
'Through our relationship with Palmer Capital, having been investors in several previous funds, we saw an opportunity to establish a customised vehicle for our clients,' commented Alex Bignell, head of UK, CBRE GMM.
