CBRE Global Investors (CBREGI) said it carried out €3.2 bn worth of deals in 2013 as it positioned its clients' portfolios for investment in new opportunities in 2014.

CBRE Global Investors (CBREGI) said it carried out €3.2 bn worth of deals in 2013 as it positioned its clients' portfolios for investment in new opportunities in 2014.

The company sold off close to €2 bn and acquired €1.2 bn of property as it wound down or repositioned certain funds across Europe and raised new capital for funds and from new separate account clients for deployment this year.

The fund manager has increased its transaction target for 2014 to €6 bn as it believes that 2014 will provide a broad range of acquisition and sale opportunities across Europe as the region's economies recover.

Will Rowson, chief investment officer EMEA at CBRE Global Investors, said: '2013 was the year to clearly position our portfolios in a timely fashion as the European-wide recovery begins to gather momentum.

We made a number of tactical disposals, mainly in core Western European markets, which have sold well with market liquidity at strong levels. Structurally, we are seeing the end of the first generation of non-listed property funds. As a business, this means we were more focused on disposals as a natural part of this liquidation process.'

Rowson described the disposal programme as being about selling liquid, non-strategic assets in line with investors’ requirements whilst making more core-plus and value-add investments in markets perceived as being mispriced.

He added: 'We aim to double the level of our transactions in 2014 following a successful year of capital raising and the recent hiring of Alain de la Belliere as head of transactions in France completes our team of key market facing professionals. We have capital to deploy and we will be a more active player in the market this year, sourcing investments that meet our wide range of stock selection criteria and investor requirements.'