US-based private investor and developer CNL Financial Group and Australia's Macquarie Group have announced an intention to launch the CNL Macquarie Global Growth Trust, a new global real estate investment trust (REIT) which will be available to investors in the second half of 2009.
US-based private investor and developer CNL Financial Group and Australia's Macquarie Group have announced an intention to launch the CNL Macquarie Global Growth Trust, a new global real estate investment trust (REIT) which will be available to investors in the second half of 2009.
The REIT, which will focus on growth opportunities across multiple sectors of the global commercial real estate market, is a new, unlisted US REIT that will be jointly managed by CNL and Macquarie. The new fund will seek to identify investments which have the potential to generate returns through a combination of active management, renovation or repositioning, development or redevelopment. The REIT targets office, retail and shopping centers, business and industrial parks, multifamily housing and healthcare properties on a global basis.
The CNL Macquarie Global Growth Trust marks the first collaboration between the two companies under a new strategic relationship. Both companies have experience in investing in and managing real estate investments in their respective markets. The two companies said they expect around 30% of investments will be done outside the US.
