CBRE GLOBAL REAL ESTATE INCOME FUND The 247-unit Class A mid-rise residential property is located at 530 Foster Street. Embedded in Raleigh/Durham's Technology/Life Science corridor near three top universities - Duke, the University of North Carolina at Chapel Hill and North Carolina State University - the property includes 20,700 square feet of fully leased ground floor retail and is in walking distance to major employers and Durham's entertainment district.
This investment is part of a separate account mandate that MEAG recently signed with CBRE Investment Management to invest in the U.S. residential market.
"Located in the heart of downtown Durham, Liberty Warehouse is a strategic addition to Munich Re's growing U.S. residential portfolio," said Volker Zinkl, MEAG's Head of Real Estate Asset Management International. "We believe in the long-term outperformance of prime, well-located, urban assets in walkable neighborhoods to foster a work / life environment that will continue to attract talent and growth."
The state-of-the-art, amenity-rich building offers such high-end finishes as stainless steel appliances, smart thermostats, in-unit washers and dryers, as well as natural quartz or granite countertops and 10- to 14-foot ceilings in select units. Community amenities include a 24-hour fitness center, saltwater swimming pool, tenant lounge and club room, pet run and pet spa, EV charging stations and 376 parking spaces.
"Raleigh Durham has transformed into an attractive new economy hub," said Jeff Torto, Portfolio Manager, CBRE Investment Management, "With the market's established educational infrastructure, growing life science ecosystem and influx of STEM talent, we expect it to be an outperforming market."
The property is LEED certified for Building Design and Construction and will continue to be managed by Greystar Property Management.
About MEAG
MEAG is the asset manager of Munich Re and ERGO. With offices in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around €305bn, €55bn of which is for non-Group investors.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $143.9 billion in assets under management* as of September 30, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world's largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE's data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management's presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
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CBRE Clarion Global Real Estate Income Fund published this content on 23 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 January 2023 08:46:07 UTC.
